As social distancing and self-quarantining become the norm in the fight against the coronavirus, the economy is taking a deep hit as many industries are seeing their sales crater, and many workers are losing tips, wages—or just being laid off. Combine that with a crashing stock market, and a recession seems likely.
But there’s a simple solution being touted by a range of economists and policy makers: Just give people cash. Sending households $1,000 per adult citizen or taxpaying resident, and $500 per child could give people out of work enough financial leeway to pay bills and rent, and would inject some much needed cash into the economy.
An even better idea: use this opportunity to make this something that happens automatically any time we come close to a recession, so we don’t have to scramble every time. Read more