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Politics & Policies
COVID and the Myth of the Deficit – It is being destroyed (well, for the moment)
The Covid-19 crisis has clearly demonstrated what should have been obvious already: provisioning society – whether with food, disinfecting wipes, toilet paper or medical supplies – is not a financial issue. If we can’t produce enough masks, ventilators or food, finance will not help. Society’s capacity to produce real output is what limits its ability … Continue reading
CARES Act and UI in US – The three new programs
Pandemic Unemployment Compensation (PUC) From the date the bill is signed through July 31, 2020, all regular UI and Pandemic Unemployment Assistance claimants will receive their usual calculated benefit plus an additional $600 per week in compensation. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. A … Continue reading
COVID and Tax and Fiscal Policy – They should continue to support households and businesses through containment, then shift to bolstering recovery OECD says
Tax and fiscal policy responses are playing a critical role in limiting the hardship caused by containment measures, and should continue to do so as governments seek to support households and businesses, protect employment and pursue economic recovery from the global pandemic, according to new OECD analysis. Tax and Fiscal Policy in Response to the … Continue reading
COVID and Unemployment Insurance in US – How to make it work for all
Since its creation almost a century ago, America’s safety net has not kept pace with the changing economy. Reforming the Unemployment Insurance program is a case in point. Created in 1935, this essential component of the safety net, which provides a basic level of financial assistance to workers who lose their jobs through no fault … Continue reading
COVID in Canada – The Problem with Income Support (Update)
The die is cast. Canada’s governments can now count, at least temporarily, on four major measures to support the income of people affected by the COVID crisis, namely: 1. The Wage Subsidy amounting to 75% of salary up to a maximum of $ 3,388 per month ($ 847 X 4), offered to employers who maintain … Continue reading
COVID in Canada – The Problem with Income Support
The die is cast. Canada’s governments can now count, at least temporarily, on four major measures to support the income of people affected by the COVID crisis, namely: 1. The Wage Subsidy amounting to 75% of salary up to a maximum of $ 3,388 per month ($ 847 X 4), offered to employers who maintain … Continue reading
COVID and Jobs in Europe – Getting back to work
In this article, we describe how European policy makers and business leaders can think about how to prioritize both protecting lives and restoring livelihoods. Even in countries where lockdowns are unlikely to be lifted for several weeks, governments and companies need to be planning and preparing to restart their economies. We start from three observations: … Continue reading
COVID in US – A fiscal time bomb Nobel Prize-winning economist Paul Krugman says
The Nobel Prize-winning economist Paul Krugman says it is important to realize that legislation around the novel coronavirus so far is not a stimulus bill; it is mostly a disaster-relief bill. He says it is good for the most part but will probably need to be bigger, maybe as large as $4 trillion or $5 … Continue reading
COVID and Wage Subsidy in Ireland – Some anomalies
While praise is due to civil servants who have turned these schemes around with unusual rapidity, there have also been anomalies, resulting in some people being better off being laid off than kept on by their employer – particularly those in lower paid jobs. RTÉ has been told of examples of younger workers, for example students with … Continue reading
COVID and Unemployment Insurance in US – what has congress already done to address the current crisis?
WHAT HAS CONGRESS ALREADY DONE TO ADDRESS THE CURRENT CRISIS? The CARES Act—a $2 trillion relief package aimed at alleviating the economic fallout from the COVID-19 pandemic—extends the duration of UI benefits by 13 weeks and increases payments by $600 per week through July 31st. This implies that maximum UI benefits will exceed 90 percent … Continue reading
COVID in Japan – Main points of the US$1 trillion emergency package
Japan is unleashing economic stimulus measures worth about US$1 trillion as it battles the COVID-19 outbreak, which has prompted a state of emergency in several parts of the country, including Tokyo. The package, valued at 108 trillion yen, envisages the government spending 39.5 trillion yen to protect jobs, bolster the medical sector and ease the … Continue reading
COVID in US – Will the Coronavirus Aid, Relief, and Economic Security Act help?
Will the CARES Act ( Coronavirus Aid, Relief, and Economic Security Act) help? The CARES Act is a good start. It includes significant funding spread out in a variety of ways to help sustain the economy while people practice safe distancing to defeat COVID-19. The additional pandemic unemployment assistance provided to the self-employed and others … Continue reading
Jobs after COVID in US – Retooled for the Twenty-First Century?
In my 2016 book, Failure to Adjust: How Americans Got Left Behind in the Global Economy, I told the story of how economic globalization caught the United States off-guard. For most of our history, we were a reasonably self-sufficient economy, with an expanding domestic market that was more than large enough to exploit economies of … Continue reading
Unemployment Benefits in US – The Efficacy of Enhanced UI by St. Louis Fed
KEY TAKEAWAYS Social-distancing policies to slow the transmission of coronavirus have disrupted economic activity, shuttering firms and throwing many Americans out of work. Providing more generous unemployment insurance benefits to laid-off and furloughed workers can be an efficient, targeted means to help offset their loss of income. Small business loans aimed at keeping workers on … Continue reading
COVID in Canada – The Emergency Wage Subsidy is fixed at 75%
The Canada Emergency Wage Subsidy From: Department of Finance Canada Backgrounder What It Means for Canadian Businesses To help businesses keep and return workers to their payroll through the challenges posed by the COVID-19 pandemic, the Prime Minister, Justin Trudeau, proposed the new Canada Emergency Wage Subsidy. This would provide a 75 per cent wage … Continue reading
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