March 26, 2020

MICHAEL LIND: The Pandemic is an Alien Invasion.

As in a 1950s science fiction movie, the war against the alien invaders will be won by the combined forces of mobilized science and industry. The role of economic policy is secondary and has two purposes: providing wartime resources to science and industry and cushioning the collateral economic damage done by the government’s order that everyone hide from the aliens.

That’s not what we’re doing now. In battling the coronavirus, America’s political leadership is making two harmful mistakes. One mistake is focusing on the indirect economic consequences of the measures taken to slow the pandemic while neglecting the urgent need to contain and neutralize this lethal microbe. The other mistake is trying to deal with the crisis by means of ordinary legislation, rather than delegating authority temporarily to a bipartisan agency which can carry out fiscal policy quickly, backed up by the Fed with monetary policy.

Too few opportunities for corruption and graft.

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