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Last week, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a huge package of federal spending and tax cuts, primarily aimed at helping the economy weather the recession triggered by our “social distancing” response to the COVID-19 virus.
The problem with COVID-19 is that it is both sufficiently contagious and sufficiently lethal to exact a terrible human toll. This toll, as can be seen from the mortality figures from China and Italy, can be made substantially worse when the health care system is overwhelmed.
The spread of COVID-19 continues to have a dramatic impact on lifestyles, economic activity, monetary and fiscal policy, and financial markets.
2020 has quickly become the year of the virus. It should, of course, first be recognized that, for some families around the world today and, sadly probably many more in the months ahead, issues of economics, politics and finance will be but a small footnote to personal tragedy.
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