Mohamed A. El-Erian , Columnist

Trump’s Executive Actions Are Just a Band-Aid

The president’s gambit does little to remove crippling economic uncertainties.

August 10, 2020 at 9:00 AM UTC

Mohamed A. El-Erian is a Bloomberg Opinion columnist. A former chief executive officer of Pimco, he is president of Queens’ College, Cambridge; chief economic adviser at Allianz SE; and chair of Gramercy Fund Management. He is author of “The Only Game in Town.”

Too little, and probably illegal.
Photographer: Jim Watson/AFP/Getty Images

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Financial markets will resume trading on Monday in the midst of a raging debate about President Donald Trump’s executive actions, which he said would extend relief to households and companies struggling from the Covid-19 shock. The measures are likely to do little beyond some possible immediate respite for the most vulnerable. As important as that is, the debate’s content and consequences range well beyond economics and encompass legal and political aspects. They may also risk the U.S.’s standing as the world looks to recover from both health and economic emergencies.

Three issues stand out in particular: