Congress is in the middle of a debate about the economy. It has taken a hit because of the coronavirus threat. Now it needs a stimulus. But how should they do it?
Let's face it. No one likes to hear the word 'stimulus.' It brings back up bad memories. Another word you're hearing is 'bailout,' especially when it comes to the airline industry. Jay Shambaugh with the Brookings Institution says at this point we have to face it; we need a stimulus.
"There's at this point no avoiding it. All the social distancing, and locking down the economy, is going to cause a sharp downturn. The goal is to cushion people against that," Shambaugh said.
So what should Congress do?. Sending thousand dollar checks to everyone is an idea Shambaugh likes.
"We want to send out cash, and help those people bridge the downtown. It's hard to figure out who needs it, so in some ways you're just better off sending it out to everybody," Shambaugh explained.
Shambaugh, who served on the White House Economic Council, also says delaying payments on taxes and student loans are things Congress should look at, too.