Whether you call it free money, an economic stimulus, or a mini universal basic income, it could be the best recession-fighting measure we have.
The novel coronavirus has been a boon to a handful of very specific businesses, including those producing disinfectant wipes, canned goods, and telecommunication apps. But, as social distancing and self-quarantining become the norm, the economy is taking a deep hit, as restaurants, hotels, airlines, theaters, and a host of other industries find themselves suddenly without customers, and workers are being left without tips, or furloughed, or simply laid off. The stock market’s continuing tumbles—exacerbated by the president’s performance—is prompting fears of a looming recession. Bloomberg News’ recession predictor now places the odds at 53%.