Glenn Hubbard on Small Business Grants

摘要

If you shut down an economy in a pandemic, you need to replace private business demand. Think about all the small and midsize firms who have to turn off a switch and just not operate for eight weeks, 12 weeks, whatever it is, and lay off all their employees. That's a cataclysmic event. The health part is unavoidable. What's avoidable is the demand doom loop, and to do that you'd have to fill in private demand.