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Please Don't Make Me Scream

Level 15

I know everyone calls it "stimulus."  But that is like calling heroin "plant-based painkiller."  So please don't use that word around me.  Or post "trigger warning" when you do. To steal NYT columnist Paul Krugman's explanation:

I still keep seeing news reports that frame congressional arguments about relief bills as a debate about “stimulus.” But stimulus is what you do when unemployment is high because people aren’t spending enough. And that’s not the problem we face.

Think about it. Why are there still two million fewer workers in “food services and drinking places” than there were before the coronavirus struck? It’s not because people can’t afford to eat out or go to bars. It’s because eating out and gathering in bars are dangerous activities. In many parts of the country these activities are, rightly, either banned or sharply restricted; even where they’re allowed, many people, understanding the risks, choose to stay home.

The role of economic policy in this situation isn’t to bring those jobs back while the pandemic is still raging — we actually don’t want a resurgence of employment in high-risk sectors until vaccines are widely available. What we should be doing, instead, is minimizing the suffering while we wait. That is, the issue isn’t stimulus, it’s disaster relief.

4 Comments 4
Level 15


Ukraine - hang in there
0 Cheers
Level 15

"That is, the issue isn’t stimulus, it’s disaster relief."

POe-tay-to, Poh-tah-toe. People just want money. Politicians want to put a label on it, so that they can take credit for that label.

"Level Up" is a gaming function, not a real life function.
Level 15


Level 15

We have been screaming about the PeePeePee loans for sometime now.  The local banks were chasing down every bank client that they could find to come on down to get their "free" money.  We had how many clients that ran down to get their free cash but couldn't even figure out how they were going to be able to pi$$ it all away.  And yet folks in the hospitality related industries and other businesses severely affected by COVID related issues, struggle to try and keep their doors open.  The whole program was rushed through by politicians looking at getting votes rather than stepping back and figuring out how to get the money to the folks that really needed it.

Ukraine - hang in there