It was good news that the economy added 2.5 million jobs last month. But we are still only one-tenth of the way to repairing the massive labor market damage caused by the novel coronavirus. The job growth was bolstered by massive governmental intervention, and most of the fiscal policies are coming to an end. In order to protect families from the worst pain, more will be required — but with the flexibility to respond to changing economic needs. A successful recovery plan must help businesses revive and resume hiring. It must bolster incomes battered by the pandemic shutdown without creating disincentives to work. And it must support state and local governments in their efforts helping to heal the economy and shield their residents from the worst effects of the downturn. With this in mind, the four of us as members of the Economic Strategy Group and from both political parties are releasing a plan to achieve those goals.
Furman, Jason, Timothy Geithner, Glenn Hubbard, and Melissa S. Kearney. "What a Successful Economic Recovery Plan Must Look Like." Washington Post, June 16, 2020.