There's a growing realization that the COVID-19 crisis has unleashed an era of activist government that’s likely to remain a central feature of economic policy for years to come.
Unprecedented U.S. policy stimulus to combat the effects of the coronavirus pandemic — and resulting lockdowns decimating jobs and growth — are ricocheting across the economy in multiple and long-lasting ways.
“It is already becoming clear that the exit from this heavy government intervention in the economy and daily life will be far from straightforward, as the progress of the disease will dictate which elements can be reversed or sporadically re-imposed,” ING’s economists wrote recently. ‘...Years to come’During the financial crisis, when the government bailed out Wall Street firms and put Fannie Mae and Freddie Mac into conservatorship, there were dire warnings about the symbiosis between the public and private sector, and where it might lead.
Fast forward to 2020, and the discussion has been galvanized by income replacement checks, loan programs for businesses and a central bank that’s buying exchange-traded funds and high-yield debt to stabilize markets.
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