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The economy was in the longest expansion on record ([link removed]) before the COVID-19 pandemic, but a sharp decline in economic activity is now inevitable, with unemployment insurance claims skyrocketing and many forecasters saying that the economy has already entered a recession.
The Great Recession left key lessons for policymakers ([link removed]) , who should now use a wide array of available policy tools to keep this and future downturns as short and shallow as possible.
Last month, lawmakers enacted three increasingly sizeable pieces of legislation ([link removed]) to address the harm that the pandemic and efforts to contain it are causing.
One of the most important lessons from the Great Recession is that they should be prepared to do more.
Read the Report ([link removed])
Download the PDF (28pp) ([link removed])
** Additional Resources
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› Our COVID-19 page is being updated regularly with new analysis. ([link removed])
› Join us today for a tweet chat at 1 pm ET/ 10 am PT discussing the needed state fiscal relief as states face harmful budget cuts due to COVID-19. Follow along using #StateCOVIDRelief. ([link removed])
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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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