The legal critiques of President Trump’s executive orders for Covid economic relief are obscuring a critical economic issue. The executive orders are simply not up to the economic problem, even if they survive legal challenges.
“it took 10 years to catch up on the output lost in 2008”
due to the Great Recession. Output gaps represent not only lost incomes, but foregone investment in productive capacity for the future, so a larger gap now means a slower recovery and lower standard of living, and less productive capacity for future growth.Forbes contributor Simon Moore notes that this spring’s CARES Act “provided an absolute boost to GDP of approximately 20% over a six month period,” but Trump’s orders at best would be “only a tenth as large, closer to 2% over the remainder of the year.” into the economy. That spending has kept the economy from being even worse. But many experts now see the economy stalling out as Covid cases continue to rise, with no vaccine in sight.
So Trump’s executive orders are simply not up to the economic problem, even if they survive legal challenges. And they may not even go into effect. His state unemployment benefit proposal for an additional $400 weekly benefit requires states to provide 25% of the funds, at a time when When asked how governors can participate given their own dire budget problems, Trump said “if they don’t they don’t; that’s up to them.”
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