The US economy is experiencing a catastrophe unlike any in recent memory. To slow the spread of the novel coronavirus, US states have shut down their economies. The unemployment rate rose from 3.5 percent in February to 14.7 percent in April. The effects could be long-lasting; the Congressional Budget Office expects the unemployment rate to be 11.7 percent at the end of this year.
In response, Congress has appropriated trillions of dollars in economic recovery packages, perhaps with more still to come. Sen. Marco Rubio (R-FL) was a driving force behind the Paycheck Protection Program, designed to keep small businesses afloat and workers attached to their employers during the shutdown. He has emphasized economic resilience over efficiency and argued for “a sweeping pro-American industrial policy.” Join AEI as Sen. Rubio and AEI’s Michael Strain discuss recovery programs during this pandemic recession.
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