With the unrelenting drop in the stock market and off-the-charts UI claims, there are growing concerns that the economic costs of the “cure” are worse than the health costs of the “problem”
As @Austan_Goolsbee tells us, the first rule of virus economics is that the best thing for the economy is anything that slows the spread of the virus (🛑🦠➡️💰)
Even lockdowns, which harm the economy in the short run, allow us to transition to less aggressive measures over the medium run and are therefore good for the economy.
Writing in the @WSJ, Laffer and Moore criticize Democrats for their strategy of “paying Americans not to work”.
wsj.com/articles/obama…
I’m going to be generous and assume that Laffer and Moore made a sign error when doing their homework.