"Think of this initial fiscal stimulus as a down payment on your most important medium-term macroeconomic goal, which must be to fortify the economy against future shocks. Another downturn could be catastrophic for many households and businesses that are teetering now. Your policy options will be severely limited if Congress is deadlocked, and the Federal Reserve has already pushed interest rates as low as they can go. The only reliable rule of recessions is that they’re caused by a shock you don’t see coming...and you must make sure that you’ve built the financial infrastructure you’ll need to respond with force."
Read his full commentary in the New York Times.
