Michael R. Strain, Columnist

Washington's Stimulus Triumph Remains Underrated

Hindsight shows that the Cares Act saved the U.S. economy, and how badly the country needs another round of bipartisan statesmanship.

November 24, 2020 at 6:30 AM EST

By Michael R. Strain

Michael R. Strain is a Bloomberg Opinion columnist. He is director of economic policy studies and Arthur F. Burns Scholar in Political Economy at the American Enterprise Institute. He is the author of “The American Dream Is Not Dead: (But Populism Could Kill It).”

Once more with feeling.
Photographer: Stefani Reynolds/Bloomberg

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There is widespread agreement that the $1.8-trillion economic recovery package that went into effect in March — the Cares Act — averted economic disaster after the coronavirus pandemic began. But even that conventional view understates its true success.

With each passing month, the evidence mounts that the Cares Act performed better than even its strongest advocates thought it would. Perversely, its success is undermining the perceived need for Congress to provide additional support. Households, workers and small businesses will bear the brunt of the lethargy among both Democratic and Republican congressional leaders.

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