New economic tracker finds flaws in U.S. recovery plan
Results from a new economic tracker that looks at real-time statistics on consumer spending, jobs, and business revenue suggest that the government’s traditional recovery strategies to reverse the downturn triggered by the pandemic are not having a major impact, because they fail to address the root of the problem — consumer fear of the virus itself. The findings, summarized in a report published Wednesday by Harvard’s Opportunity Insights group, suggest that the only way to fully revive the economy is to address the virus itself through therapy or a vaccine. And in the meantime, barring some other medical advance or shift in the economy, a more effective approach would be to focus on bolstering the businesses, individuals, and areas most affected, instead of broad-based solutions like direct stimulus payments to all Americans. “The question is: Are you going to approach this as we are going to stimulate the economy and try to...