“Give a man a fish, and you feed for him day. Teach a man to fish, and you feed him for a lifetime,” goes the old adage.
During this economic crisis, the Federal government is giving a lot of “fish” to millions of American households through direct economic impact payments and expanded unemployment assistance. This financial assistance, a key provision of the estimated $2 trillion, Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) signed into law on March 27, 2020, gives short-term financial relief to over 80 million Americans. As the global health crisis recedes and economic policies turn to recovery, policy makers must now provide the long-term financial and tax infrastructure necessary to teach Americans “how to fish,” by creating individual financial safety nets through systematically saving money.
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