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COVID-19’s recent resurgence in states that reopened prematurely shows the economy will almost certainly remain weak for many months and that a full recovery won’t occur until the virus is under control and people feel safe resuming economic activity.
These reopenings have failed as a strategy to bolster household and state finances, and this strategy cannot justify a federal retreat on robust fiscal help for families and states. Instead, policymakers should act now to build on the success of efforts to date to alleviate hardship and bolster the economy.
Federal policymakers face a major decision at the end of this month when the CARES Act’s significant boost in unemployment insurance (UI) benefits, which has provided a lifeline for millions of families, is schedule to expire. Policymakers should provide robust assistance to individuals and state and local governments for as long as it’s needed.
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