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The threat of a COVID-19 pandemic ([link removed]) demands not only an aggressive public health response to contain and treat the virus’s health impacts, but also an aggressive fiscal policy response ([link removed]) to try to avert a major recession, which is now a distinct possibility.
The Trump Administration has suggested trying to shore up the economy through a payroll tax cut ([link removed]) , but direct, immediate stimulus payments would do far more to reduce immediate hardship and buttress an economy that faces serious risk.
Such measures – along with strengthening Medicaid coverage, unemployment insurance, nutrition assistance, and paid sick leave – would deliver assistance quickly to people struggling to get by ([link removed]) , who will spend virtually all of the additional resources they receive and thereby help keep consumer purchases from declining too sharply and sending the economy downhill.
A payroll tax, such as the Trump Administration has suggested ([link removed]) , would be too slow, not well targeted, and too narrow.
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Contact: Caroline Anderson-Gray (mailto:
[email protected]?subject=CBPP%20Email%20Response) , 202-408-1080, Director of Digital Strategy
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