Congress and Trump admin have been discussing $750-850 billion stimulus packages to mitigate economic damage from the coronavirus pandemic. That’s not nearly enough. We needs to think bigger - 3x bigger - and smarter if we want to avoid a deep depression. Here is what I propose:
We should be treating this like wartime. That’s how grave it is. During WWII we ran deficits as high as 26% of GDP. Using 20% of GDP (1945) as a point of reference, we still have room for another $3 trillion+ in fiscal stimulus. We should overwhelm the enemy with firepower.
1) SEND CASH - Send $3k per adult and $1.5k per child ASAP to every American household to cover immediate financial needs. If it doesn’t slow down the process, means test it targeting families earning less than $85k (75% of country). Cost ~$800 billion. h/t @AndrewYang