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The economy was in the longest expansion on record 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, 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 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.
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