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Michael R. Bloomberg

The Economic Response We Need to the Coronavirus

A strong recovery requires immediate relief to be coupled with long-term investment.

There’s no time to lose.

There’s no time to lose.

Photographer: Andrew Caballero-Reynolds/AFP/Getty Images

Never before has a public-health emergency created such widespread economic paralysis. As government officials work to slow the spread of the coronavirus, treat the afflicted, and save lives, it is essential that Congress and the president take immediate actions to stabilize a dangerously teetering economy and lay the groundwork for long-term recovery.

The relief bill spearheaded by House Speaker Nancy Pelosi and signed into law by President Donald Trump Wednesday was an important first step in helping American workers hit hard by the crisis. Its main provisions — including creating temporary paid leave for many workers, extending unemployment insurance, and providing more funding for food stamps and children’s health insurance — will strengthen the nation’s social safety net.