In this second of a two-part series of columns, UF Levin College of Law professor Neil H. Buchanan explains why Senate Majority Leader Mitch McConnell is incorrect in claiming that the reason Democratic-led states are in trouble is that they are providing excessively generous pensions to retirees who worked for state and local governments. Buchanan then examines a workaround, first described by Professor Darien Shanske of the University of California at Davis, that would allow the Federal Reserve to give assistance to states and cities without interference from Republicans in the Senate or the White House.
UF Levin College of Law professor and economist Neil H. Buchanan discusses the ongoing negotiations in Congress over the stimulus bill that would purportedly start to address the present economic crisis. Buchanan argues that while Democrats are right to try to stop Republicans from writing a huge unrestricted corporate handout into the bill, they will have to agree to something quickly—and the sooner the better.
Cornell law professor Joseph Margulies points out that in the face of the present COVID-19 pandemic, there seems to be general consensus nationwide that the federal government should intervene to mitigate the economic damage, even among those who very recently believed that social problems are better solved by the private sector than by the government. Margulies asks whether this new perspective will also evoke compassion. He points out that, given the expected duration of the fight against the novel coronavirus, $2,500 is not nearly sufficient for a struggling family of four who can no longer work. What will we do for the tens of millions of Americans facing disaster?
