cbpp.org
The necessary public health measures that the nation is taking ([link removed]) to reduce the spread of COVID-19, coupled with high levels of uncertainty about how long these measures — or even more serious ones — will need to remain in effect, are making a sharp economic decline very likely, with many economists noting ([link removed]) that the economy is almost surely already in recession.
Given the sharp rise in unemployment we will likely see in coming weeks, there is an enormous risk ([link removed]) that our fiscal policy response will be too small to cushion the blow to individuals and families or to significantly affect the downward trajectory of the economy.
The risk of an inadequate response ([link removed]) — resulting in significant hardship to families that can’t make ends meet and a considerably deeper and longer recession — vastly exceeds the risk of doing “too much.”
A new paper ([link removed]) presents CBPP’s policy recommendations for combatting the crisis we’re facing. These include:
* Helping more people access health care and providing states with fiscal relief to help them meet increased demand
* Assisting struggling individuals and families
* Issuing broad-based payments to bolster households’ finances and consumer demand
* Improving the new paid leave provisions of the Families First Act
Read the Report ([link removed])
Download the PDF (19pp) ([link removed])
** Additional Resources
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› The recently enacted Families First Act supplements and modifies SNAP ([link removed]) and WIC ([link removed]) .
› States can’t wait for additional Medicaid funding ([link removed]) .
› Payroll tax cuts ([link removed]) are too slow and too narrow to adequately address this crisis.
› Different states have different rules for unemployment insurance & compensation ([link removed]) . What does your state provide?
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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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