Recession Ready: Fiscal Policies to Stabilize the American EconomyĪ year before the risks of the new coronavirus and the ensuing recession enveloped our nation, this book advanced a set of six evidence-based policy ideas for shortening and easing the adverse consequences of recessions. Finally, the issue brief explains why Congress should expand and reform the United States’ existing automatic stabilizers. This issue brief first explains what a recession is and what role public policy plays in fighting recessions, and then discusses a few important ways in which this recession differs from previous recessions. “ The coronavirus recession highlights the importance of automatic stabilizers,” by Greg Leiserson These automatic stabilizers would allow Congress to focus on novel aspects of the recession, whether they be public health, financial instability, or another cause, without having to relitigate fights over economically vital, previously authorized relief. The benefits would then phase out and end when the unemployment rate returns to near its pre-recession level. Many times, as during the Great Recession, vital aid is not renewed, causing the entire economy, and especially marginalized groups and communities, to suffer for years. Instead, Congress could set automatic stabilizers to start as soon as the unemployment rate increases in a recession. Without this commitment, aid for the most vulnerable can be caught up in partisan politics and deal-making when artificial deadlines loom. Improving automatic stabilizers to combat U.S.
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