Bard’s Pavlina R. Tcherneva: Look to Congress, Not the Fed, for Help on the Coronavirus
As the coronavirus barrels toward the U.S., all eyes are on the Federal Reserve, which on March 3 delivered a 50-basis-point interest-rate cut. But interest rates are a blunt tool for tackling the many challenges we face, says Bard economist Pavlina R. Tcherneva. “Fragile labor markets, inadequate safety nets, lack of universal health care, and mandatory paid leave mean that public-health concerns are worsened and multiplied by economic insecurity,” she writes. “But neither exports nor competitiveness would resolve this crisis. What we need now is aggressive public-health-services mobilization and an economic stabilization package. And that’s the job of Congress, not the Fed.”
Post Date: 03-10-2020
Post Date: 03-10-2020