Although recounts and post-election anxiety dominate the news cycle, getting a second coronavirus stimulus bill to the congressional negotiating table still ranks near the top of the list of growing Washington concerns. As we debate how to hatch a meaningful federal response, let’s remember that something more than money is needed.
Indeed, removing as much fear and uncertainty as possible until a reliable vaccine arrives may be more important. To paraphrase a famous FDR quote, perhaps our greatest fear is fear itself. Data suggest this is the case.
First, a little background on the matter. There is still serious support for renewing generous supplemental unemployment benefits and mailing out $1,200 checks to a broad cross-section of American citizens. Prior to the election, President Trump challenged House Speaker Nancy Pelosi to whittle down her then-$2.2 trillion stimulus, and indicated that he would quickly sign a slimmer $1.6 trillion bill into law. Senate Majority Leader Mitch McConnell was less agreeable, but still willing to work with the House to provide financial assistance to a coronavirus-troubled nation.
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