Introduction

COVID-19: Impacts and Responses provides a roundup of AAF’s insights on the coronavirus pandemic. AAF experts are analyzing both the pandemic’s health and economic impacts and the government’s response. Check back often for insight on the latest developments.

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The AAF Exchange — Ep. 50: The Economic Impact of the COVID-19 Crisis (Pt.27)

AAF President Douglas Holtz-Eakin discusses the first presidential debate, the views of President Trump and Vice President Biden on health care coverage, and continuing negotiation over federal aid amid the COVID-19 pandemic in this episode of the AAF Exchange.

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Insight

Timeline: The Federal Reserve Responds to the Threat of Coronavirus

Executive Summary On Sunday, March 15, the Federal Reserve embarked on a large-scale program employing emergency powers in order to stabilize a tumultuous economy under pressure from the novel coronavirus COVID-19. Chief among these emergency actions are cutting interest rates…

The Daily Dish

Alaska, Oil, and Severance Taxation

Eakinomics: Alaska, Oil, and Severance Taxation COVID-19 has wrought havoc on world oil markets. The global recession, dramatic drop-off in travel, and a price war produced such a decline in demand that the price of oil futures briefly fell into negative territory this…

The Daily Dish

Financial Support for Business in the Pandemic

Eakinomics: Financial Support for Business in the Pandemic One of the most successful aspects of the COVID-19 policy response has been the Paycheck Protection Program (PPP), which quickly provided over $500 billion in support to the business community, allowing them to…

Insight

Assessing Financial Support for Businesses During the Pandemic – The State of Play

Executive Summary Six months after the national emergency declaration, the Federal Reserve has been extraordinarily slow to offer relief via its emergency lending programs; the Main Street Lending Program has provided only $2 billion of the $600 billion in funding…

Research

Severance Taxes: A Case Study Analysis of Alaska’s Ballot Measure 1

Alaskans will vote on a ballot initiative in November, Ballot Measure 1, which would increase the effective tax rate on oil per barrel by an average of 188 percent at a time when global oil markets are severely distressed.
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Economy

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The AAF Exchange — Ep. 49: The Economic Impact of the COVID-19 Crisis (Pt.26)

AAF President Douglas Holtz-Eakin discusses how the vacancy left by Supreme Court Justice Ruth Ginsberg may affect Congress's work, the impact of COVID-19 on insurance coverage, and expectations for a COVID-19 vaccine in this episode of the AAF Exchange.

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The AAF Exchange — Ep. 48: The Economic Impact of the COVID-19 Crisis (Pt.25)

Is another aid package dead? Where do we go from here? AAF President Douglas Holtz-Eakin discusses the latest in coronavirus and economic news.

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Insight

The State of the Lost Wages Assistance Program

Executive Summary President Trump’s executive order signed on August 8 created a Lost Wages Assistance (LWA) program that provided states that applied with $300 a week of additional unemployment compensation for an expected duration of 6 weeks. As with many…

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(CLIP) A COVID-19 Aid Package — Yahoo! Finance

AAF President Douglas Holtz-Eakin considers the likelihood that federal policymakers will reach an agreement on another COVID-19 aid package and discusses the impact of monetary and fiscal policy responses.

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The AAF Exchange — Ep. 47: The Economic Impact of the COVID-19 Crisis (Pt.24)

What's in the GOP’s "skinny" COVID-19 relief package? AAF President Douglas Holtz-Eakin walks us through the package as well as AAF's latest research on the federal unemployment supplement and the August jobs report.

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Testimony

The Need for Financial Aid to America’s States and Territories During the Pandemic: Supporting First Responders, Assisting Schools in Their Efforts to Safely Educate, and Preventing Mass Layoffs

*The views expressed here are my own and do not represent the position of the American Action Forum. I am indebted to my colleague Gordon Gray for many valuable conversations. Chairwoman Waters, Ranking Member McHenry, and Members of the Committee,…

Research

Poverty and Unemployment Supplements

Executive Summary There is concern that, without continued federal supplement to state unemployment insurance benefits, unemployed individuals and families will have an inadequate standard of living. This study uses poverty thresholds as the standard of adequacy and examines the implications…

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The AAF Exchange — Ep. 46: The Economic Impact of the COVID-19 Crisis (Pt.23)

New reports are coming out about the impact of the COVID-19 pandemic. AAF President Douglas Holtz-Eakin walks us through these results as well as issues concerning school closings and surprise medical bills.

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The AAF Exchange — Ep. 45: The Economic Impact of the COVID-19 Crisis (Pt.22)

From the Republican Convention to the potential for a double-dip recession, AAF President Douglas Holtz-Eakin discusses the latest in economic and policy news. 

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The AAF Exchange — Ep. 44: The Economic Impact of the COVID-19 Crisis (Pt.21)

The coronavirus is still terrorizing the United States, the economy is still only partially open, and Congress still hasn't come to an agreement on the latest relief package. AAF President Douglas Holtz-Eakin walks us through the latest economic news as well as the debate surrounding the USPS.

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The AAF Exchange — Ep. 43: The Economic Impact of the COVID-19 Crisis (Pt.20)

From the status of unemployment benefits to the likely impact of a payroll tax deferral, AAF President Douglas Holtz-Eakin walks us through the latest economic news—including Russia’s claim to have a COVID-19 vaccine.

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The AAF Exchange — Ep. 42: The Economic Impact of the COVID-19 Crisis (Pt.19)

It's been almost a week since the federal unemployment supplement expired. Where are we with the negotiations? What are the main sticking points? Will Congress get a deal? AAF President Douglas Holtz-Eakin discusses these concerns and more in this episode of the AAF Exchange.

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Research

Tracker: Paycheck Protection Program Loans

Introduction The following tracker uses the most recent data from the Small Business Administration (SBA) to chart the allocation of Paycheck Protection Program (PPP) funds. Context In the face of the economic and social disruption caused by the coronavirus, Congress…

Insight

Timeline: The Federal Reserve Responds to the Threat of Coronavirus

Executive Summary On Sunday, March 15, the Federal Reserve embarked on a large-scale program employing emergency powers in order to stabilize a tumultuous economy under pressure from the novel coronavirus COVID-19. Chief among these emergency actions are cutting interest rates…

Multimedia

The AAF Exchange — Ep. 41: The Economic Impact of the COVID-19 Crisis (Pt.18)

This week, the biggest issue in Washington is the "what" and "when" of the next coronavirus aid package. In this episode of The AAF Exchange, President Douglas Holtz-Eakin discusses the legislative package’s major components.

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Testimony

Reducing Uncertainty and Restoring Confidence during the Coronavirus Recession

Joint Economic Committee *The views expressed here are my own and do not represent the position of the American Action Forum. I am indebted to my colleague Gordon Gray for many valuable conversations. Chairman Lee, Vice Chairman Beyer, and Members…

Insight

The HEALS Act and the Paycheck Protection Program

Executive Summary Senate Republicans have set out their position for the next round of COVID-19 relief legislation in the $1 trillion Health, Economic Assistance, Liability Protection, and Schools (HEALS) Act. The HEALS Act, like the House Democrats’ HEROES Act but…

Insight

Tax Provisions in the HEALS Act

The Health, Economic Assistance, Liability Protection, and Schools (HEALS) Act includes a second round of direct payments to individuals.

The Daily Dish

Considering Cost in the Next Round of COVID Legislation

As Congress lumbers its way toward divining the mix of your money to sprinkle across a stricken economy, this week has predictably given way to the usual posturing, speculation, and contretemps that are the modern substitute for legislating.

Insight

The HEALS Act and Housing Assistance

Executive Summary Senate Republicans have set out their position for the next round of COVID-19 relief legislation in the $1 trillion Health, Economic Assistance, Liability Protection, and Schools (HEALS) Act. The HEALS Act would provide $3.3 billion in housing assistance,…

Insight

Education Provisions in the HEALS Act

Executive Summary The Health, Economic Assistance, Liability Protection, and Schools (HEALS) Act contains several education provisions that expand upon those in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Under HEALS, states would receive an additional $70 billion to…

Insight

Coal and the HEALS Act

Executive Summary Senate Republicans have issued proposed legislation to provide COVID-19 relief, the Health, Economic Assistance, Liability Protection, and Schools (HEALS) Act, which includes provisions to fund research and development for rare earth element extraction. There is little rare earth…

Insight

U.S. Banks Sufficiently Capitalized Even Against Worst-Case Coronavirus Scenarios

Executive Summary In the Federal Reserve’s (Fed) 2020 bank stress testing exercise, all participating banks were deemed to have sufficient capital to weather a crisis, even when judged against a separate, more extreme coronavirus sensitivity analysis. Despite this positive result,…

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The AAF Exchange — Ep. 40: The Economic Impact of the COVID-19 Crisis (Pt.17)

What has the U.S. done right in response to COVID-19? Where could the U.S. have improved its response? AAF President Douglas Holtz-Eakin discusses this and the negotiations over the next legislative package in this episode of The AAF Exchange.

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The AAF Exchange — Ep. 39: The Economic Impact of the COVID-19 Crisis (Pt.16)

Where do negotiations for unemployment supplements stand, and what will Congress include in its next response package to COVID-19? AAF President Douglas Holtz-Eakin discusses these questions in this episode of The AAF Exchange.

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The AAF Exchange — Ep. 38: The Economic Impact of the COVID-19 Crisis (Pt.15)

AAF President Douglas Holtz-Eakin discusses the economic impact of the latest surge of COVID-19, and what government leaders can do to help manage this new stage of the crisis.

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(CLIP) Assisting Businesses Amidst the COVID-19 Pandemic — Bloomberg Radio

AAF President Douglas Holtz-Eakin discusses the challenges in getting CARES Act funds out to businesses and the economic impact of the coronavirus pandemic on Bloomberg Radio.

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(CLIP) June Jobs Report — Meet The Press

AAF President Douglas Holtz-Eakin discusses the June jobs report and what the federal government should do to manage the new stage of the coronavirus pandemic.

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(CLIP) June Jobs Report & Unemployment — Fox Business

AAF President Douglas Holtz-Eakin discusses the June jobs report and the possible extension of the federal unemployment benefit.

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(CLIP) June Jobs Report — NPR

AAF President Douglas Holtz-Eakin discusses the June jobs report and its implications for the economic recovery on NPR’s All Things Considered.

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The AAF Exchange — Ep. 37: The Economic Impact of the COVID-19 Crisis (Pt.14)

How can policymakers help safely reopen the economy? Should the tax filing deadline be pushed back again? AAF President Douglas Holtz-Eakin shares his thoughts as states begin to reopen.

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The Daily Dish

Banks and the Evolution of the Crisis

Eakinomics: Banks and the Evolution of the Crisis There is a reflex among policymakers to treat the current pandemic recession as a repeat of the 2007-08 downturn, including referring to the current woes as a financial crisis. But, in fact, the…

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The AAF Exchange — Ep. 36: The Economic Impact of the COVID-19 Crisis (Pt.13)

The news around COVID-19 this week has been mixed. AAF President Douglas Holtz-Eakin shares his thoughts on recent economic news as well as what one should look out for as states begin to reopen.

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The Daily Dish

To File or Not To File

Eakinomics: To File or Not To File The Wall Street Journal is reporting that Treasury Secretary Mnuchin has not ruled out the possibility of pushing the current tax filing deadline from July 15 to September 15. (The IRS extended the normal April 15 deadline to…

The Daily Dish

Safely Opening the Economy

Eakinomics: Safely Opening the Economy It is increasingly apparent that the speed and scale of economic recovery will be proportional to the speed and scale of modifying workplaces to operate safely in the presence of the virus. Without that, workers will…

The Daily Dish

A Real-Time Portrait of the COVID-19 Recession

Eakinomics: A Real-Time Portrait of the COVID-19 Recession If you are going to read one 85-page empirical research paper on the mechanics of the current recession, it should be “How Did COVID-19 and Stabilization Policies Affect Spending and Employment? A New Real-Time Economic Tracker…

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The AAF Exchange — Ep. 35: The Economic Impact of the COVID-19 Crisis (Pt.12)

Amid the surge in COVID-19 cases in some states, AAF President Douglas Holtz-Eakin considers the impact on states' ability to re-open their economies and on consumers' willingness to re-engage.

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The Daily Dish

No U-turns on Pandemic Tax Policy

Eakinomics: No U-turns on Pandemic Tax Policy The COVID-19 pandemic generated an economy-wide cash-flow crisis and recession. It has put a premium on Congress finding ways to rapidly infuse cash into businesses so they can keep their doors open and employees’…

The Daily Dish

Correlation and the Disproportionate Impact of COVID-19

Eakinomics: Correlation and the Disproportionate Impact of COVID-19 COVID-19 has a disproportionately large impact on the health and economic well-being of minority populations. (See my testimony before the House Committee on Ways and Means.) This stylized fact has been apparent for a while…

Testimony

The Disproportionate Impact of Covid-19 on Communities of Color

United States House of Representatives Committee on Ways and Means *The views expressed here are my own and not those of the American Action Forum. I thank Gordon Gray, Tara O’Neill Hayes, and Christopher Holt for their valuable contributions. Chairman…

The Daily Dish

The State-Local Government Employment Picture

Eakinomics: The State-Local Government Employment Picture There has been a steady drumbeat of dire warnings from the left regarding the outlook for employment in the state-local government sector. In the absence of a large infusion of funds from the federal taxpayer,…

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The AAF Exchange — Ep. 34: The Economic Impact of the COVID-19 Crisis (Pt.11)

AAF President Douglas Holtz-Eakin discusses his recent testimonies before Congress, how to target aid to those most in need, additional economic indicators to watch for, and the big picture concerning the federal budget.

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The AAF Exchange — Ep. 33: Labor Market Intervention & Unemployment Insurance

AAF Labor Market Policy Data Analyst Isabel Soto discusses federal and state labor market interventions in response to COVID-19, including the unemployment insurance supplement in the CARES Act and its implications for our economic recovery.

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Testimony

Implementation of Title IV of the CARES Act

United States Senate Committee on Banking, Housing, and Urban Affairs *The views expressed here are my own and not those of the American Action Forum. I thank Thomas Wade for his insight and assistance. Chairman Crapo, Ranking Member Brown, and…

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The AAF Exchange — Ep. 32: The Economic Impact of the COVID-19 Crisis (Pt.10)

AAF President Douglas Holtz-Eakin discusses the surging stock market, the role of consumer confidence in our economic recovery, and Title 4 of the CARES Act.

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The AAF Exchange — Ep. 31: The Economic Impact of the COVID-19 Crisis (Pt.9)

AAF President Douglas Holtz-Eakin discusses the phase four package and how the federal response conversation has recently shifted in the latest episode.

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The AAF Exchange — Ep. 30: The Economic Impact of the COVID-19 Crisis (Pt.8)

What's in the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, and how could it impact the economic recovery? AAF President Douglas Holtz-Eakin explains in the latest episode.

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The AAF Exchange — Ep. 29: The Economic Impact of the COVID-19 Crisis (Pt.7)

With unemployment at an all time high, will we see worse numbers in Quarter 2? AAF President Douglas Holtz-Eakin discusses the path toward economic recovery amid the COVID-19 crisis.

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Insight

Planning for COVID with Energy in Mind

Executive Summary The energy sector deemed critical infrastructure has continued to operate but with reduced demand for petroleum products facilities have reduced production capacity. Myriad factors—including staffing needs, refining proportions, and transportation bottlenecks—could lead to a shortage of petroleum products…

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The AAF Exchange — Ep. 28: The Economic Impact of the COVID-19 Crisis (Pt.6)

From re-opening the economy to the Defense Protection Act, AAF President Douglas Holtz-Eakin discusses the latest developments in the economic impacts of the COVID-19 crisis.

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Research

Unemployment Benefits and Returning to Work 

Executive Summary:   The Coronavirus Aid, Relief, and Economic Security (CARES) Act increased the unemployment benefit amount so much that the maximum unemployment benefit is greater than the median wage in the majority of states.    While the expanded unemployment benefit is…

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The AAF Exchange — Ep. 27: The Economic Impact of the COVID-19 Crisis (Pt.5)

Oil prices, business loans, and health insurance — AAF President Douglas Holtz-Eakin discusses the latest developments in the economic impacts of the COVID-19 crisis.

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Insight

Potential Coronavirus Implications for the Congressional Review Act

EXECUTIVE SUMMARY The spring of a presidential election year traditionally marks the cut-off point after which rules published in the Federal Register are vulnerable to repeal from a new administration and Congress under the Congressional Review Act. Since the Congressional…

Insight

The Impacts of the COVID-19 Immigration Suspension

The suspension is limited in scope, but it is based on faulty reasoning that neglects immigrants’ contributions to economic growth, and its expansion could significantly harm the U.S. economic recovery.

Multimedia

The Federal Reserve’s COVID-19 Response

AAF’s Director of Financial Services Policy Thomas Wade discusses four important actions taken by the Federal Reserve to combat the economic impacts of COVID-19.

 

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The AAF Exchange — Ep. 26: The Economic Impact of the COVID-19 Crisis (Pt.4)

AAF President Douglas Holtz-Eakin discusses the latest developments in the federal government's response to the COVID-19 crisis as well as the topic of “reopening” the economy.

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Insight

Why Doesn’t CARES Cost $2 Trillion?

On April 16th, the Congressional Budget Office (CBO) released a cost estimate for the Coronavirus Aid, Relief, and Economic Security (CARES) Act

Multimedia

The AAF Exchange — Ep. 25: The Economic Impact of the COVID-19 Crisis (Pt.3)

AAF President Douglas Holtz-Eakin discusses the latest developments in the federal government's response to the COVID-19 crisis and looks ahead to what could come next.

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The Daily Dish

The Coronavirus Changes Everything

Eakinomics: The Coronavirus Changes Everything The coronavirus pandemic changes everything. Obviously. Having said that, I still get surprised by some of its implications. Take, for example, AAF's Dan Goldbeck’s latest paper on the coronavirus and the Congressional Review Act (CRA). Recall that the…

Multimedia

Three Coronavirus-related Trade Myths

AAF’s Director of Immigration and Trade Policy Jackie Varas discusses three coronavirus-related trade myths.

Insight

Coronavirus and Business Interruption Insurance Coverage

Executive Summary In the wake of the economic disruption caused by coronavirus many businesses are looking to make insurance claims despite their policies specifically excluding losses due to pandemics. The president and senior lawmakers have suggested that insurers should pay…

Insight

The International Response to COVID-19

Executive Summary In addition to significantly harming the U.S. economy, COVID-19 threatens to shrink the global economy. In response, nations around the world have instituted similar measures to what the United States has done, such as cash transfers, loan guarantees,…

Multimedia

Regulatory Updates During the COVID-19 Pandemic

AAF’s Director of Regulatory Policy Dan Bosch discusses three significant regulatory changes during the COVID-19 pandemic.

The Daily Dish

COVID-19 and Policy Development

Eakinomics: COVID-19 and Policy Development One can view life as an unfolding series of benefit-costs tests – especially if you are a soulless economist! Is the benefit of a classic, 2-pound, resealable bag of Twizzlers strawberry twists larger than the cost…

Insight

Fed Announces Extensive New Measures to Support the Economy (Updated)

Executive Summary On March 23 and April 9, the Federal Reserve (Fed) expanded on the already decisive deployment of tools from its monetary policy arsenal in seeking to mitigate the economic impacts of the coronavirus. In addition to expanding the…

Multimedia

The AAF Exchange — Ep. 24: The Economic Impact of the COVID-19 Crisis (Pt.2)

AAF President Douglas Holtz-Eakin discusses how—and when—the CARES Act will deliver economic aid.

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The Daily Dish

Policy Design and CARES

Eakinomics: Policy Design and CARES The U.S. economy is suffering from massive, cascading cash-flow crunches. With the arrival of the virus, large swaths of the economy – airlines, hotels, entertainment, restaurants, and so forth – overnight lost their customers and revenue.…

Insight

Operationalizing Small Business Emergency Loan Relief

Executive Summary The Coronavirus Aid, Relief, and Economic Security (CARES) Act directs an additional $349 billion to the Small Business Administration (SBA) for the relief of small businesses. There is a clearly articulated need for this aid to be delivered…

Insight

The CARES Act and Mortgage Servicers

Executive Summary The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides substantial relief in the form of up to a year of forbearance to homeowners with mortgages backed by federal loans. The Act, however, does not expressly provide for…

The Daily Dish

Making CARES Work

Eakinomics: Making CARES Work The United States needs to channel its inner Denmark, according to Emmanuel Saez and Gabriel Zucman – the People’s Republic of Berkeley economists who gave us the Sanders and Warren wealth taxes. (By the way, why do New…

The Daily Dish

Are Warrants Warranted?

Eakinomics: Are Warrants Warranted? The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides $32 billion in grants and $29 billion in credit assistance to the airline industry, as well as relief from excise taxation related to commercial air travel. As the administration,…

Insight

Evaluating CARES Assistance to the Airlines – As Enacted

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides $32 billion in grants and $29 billion in credit assistance to the airline industry, as well as relief from excise taxation related to commercial air travel.

The Daily Dish

CARES Act in Historical Perspective

Eakinomics: CARES Act in Historical Perspective I get it. It is Friday of another long week of quarantine. You’ve had it with the coronavirus and even more over talking about it. After a week of drama the Senate finally passed the…

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The AAF Exchange — Ep. 23: The Economic Impact of the COVID-19 Crisis (Pt.1)

AAF President Douglas Holtz-Eakin discusses the economic impact of the COVID-19 crisis and how effective the federal government’s response will be in stabilizing the economy.

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Insight

Financial Services Provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act – As Enacted

Executive Summary The Coronavirus Aid, Relief, and Economic Security (CARES) Act is a $2 trillion stimulus package with significant implications across financial services and nearly all other aspects of the economy. The final version of the Act is similar to…

Insight

Fill It Up – The Limitations of Filling the Strategic Petroleum Reserve – As Enacted

Executive Summary  President Trump has proposed purchasing oil to fill the Strategic Petroleum Reserve (SPR), which the government developed to counter crude oil supply shortages.   COVID-19 has contributed to excess crude oil supplies that have driven prices to historically low levels.  The Coronavirus Aid, Relief, and…

Multimedia

Douglas Holtz-Eakin discusses the economic impact and response to coronavirus

AAF President Douglas Holtz-Eakin discusses the latest unemployment numbers and the federal government’s response to the coronavirus.

Insight

Tax Provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act -FINAL VERSION

The CARES Act includes substantial – in excess of $300 billion – individual rebates, among other relief provisions.

Insight

Stock Buybacks for Dummies

Executive Summary Stock buybacks are again part of the policy discussion, including the president opining that “we don’t want stock buybacks.” This assertion presumes that buybacks are in some way undesirable or damaging. A straightforward examination of buybacks indicates: Stock…

Op-Ed

What’s needed to prevent economic disaster during the coronavirus pandemic? Quick Intervention

Douglas Holtz-Eakin penned a brief op-ed for The Boston Globe explaining what the government needs to do to prevent an economic disaster. He wrote: The problem is enormous, but not complicated: The coronavirus has brought large swaths of commerce —…

The Daily Dish

Technology Policy and the Pandemic

Eakinomics: Technology Policy and the Pandemic Ten days ago AAF began a policy of optional teleworking, and nearly everyone has been working remotely since. Hopefully you did not notice. Beginning today, the District of Columbia’s latest closure order goes into effect, ceasing all…

Insight

How Technology Policy Enables COVID-19 Responses

The United States’ largely permissionless approach to regulating technology has allowed innovators and companies to build services that make social distancing more achievable and tolerable for many. User-generated content on social-media platforms has both enabled useful information to spread and…

Insight

Understanding Dislocated Worker Grants

Executive Summary Since its creation in 2014 under the Workforce and Innovation Opportunity Act, the Department of Labor’s Dislocated Worker Grant (DWG) program has expanded to address several different circumstances and populations. In response to increased unemployment due to COVID-19,…

The Daily Dish

Stimulus, Now Strategy

Eakinomics: Stimulus, Now Strategy The Coronavirus Aid, Relief, and Economic Security (CARES) Act is now on track to be the law of the land (or at least appeared to be when this was written!), so the administration now has its stimulus bill. But…

Insight

How to Evaluate Costs in the CARES Act

The Congressional Budget Office baseline is grounded in a January economic forecast that is now historical fiction.

Insight

The State of Immigration During the Coronavirus Outbreak

Executive Summary The Trump Administration has made several changes to immigration policy to reduce the spread of the coronavirus. The new policies aim to limit the flow of immigration with travel restrictions, border closures, and a temporary halt in new…

Op-Ed

Policy and the Pandemic

The United States faced economic crises after the 9/11 attacks and the 2008 financial collapse, but the coronavirus pandemic is producing the greatest economic crisis since the Great Depression, writes AAF President Douglas Holtz-Eakin in a new op-ed in The…

Insight

Evaluating CARES Assistance to the Airlines

The U.S. Senate CARES Act provides $58 billion in loans and loans guarantees to the aviation industry, as well as relief from jet fuel excise taxation

Insight

Labor Provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act

Executive Summary The new paid sick and childcare leave provisions already enacted in H.R. 6201 would be changed by the recently introduce Coronavirus Aid, Relief, and Economic Security (CARES) Act. As a result of Department of Labor and Treasury action,…

Insight

Fed Announces Extensive New Measures to Support the Economy

Executive Summary On March 23, the Federal Reserve (Fed) expanded on the already decisive deployment of tools from its monetary policy arsenal in seeking to mitigate the economic impacts of the coronavirus. In addition to expanding the powers of two…

Multimedia

Douglas Holtz-Eakin Discusses the Senate’s Stimulus Bill on MSNBC Live

AAF President Douglas Holtz-Eakin discusses the provisions in the Senate’s stimulus bill on MSNBC Live with Craig Melvin.

Multimedia

Douglas Holtz-Eakin Discusses the Federal Reserve’s Recent Actions on Bloomberg

AAF President Douglas Holtz-Eakin discusses the Federal Reserve’s recent actions and the larger federal government response to the coronavirus pandemic.

Insight

Tax Provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act – UPDATED

The CARES Act includes substantial – in excess of $300 billion – individual tax rebates and a delay in the April 15 tax-filing deadline, among other relief provisions.

Insight

Financial Services Provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act – UPDATED

Executive Summary On March 22, Senate Republicans released a revised draft of the CARES Act that reflected Democratic input; the Act is now a two trillion-dollar stimulus package with significant implications across financial services, tax, health and all other aspects…

Insight

Assessing the Effect of the CARES Act on Student Loans

Executive Summary • The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides deferment of principal and interest payments on federal student loans for six months. • The Act only provides loan forgiveness for students that have or will withdraw…

Insight

H.R. 6201: Big Costs for Small Businesses

Executive Summary The paid sick and childcare leave benefit included in H.R. 6201, the Families First Coronavirus Response Act, is expected to go into effect on April 3rd, 2020. The legislation has outlined a funding mechanism of refunds from the…

The Daily Dish

The Case for Supporting the Airlines

Eakinomics: The Case for Supporting the Airlines Congress is considering the next step in responding to the coronavirus pandemic, and included in the mix is the request by U.S. airlines for $50 billion in cash grants and unsecured loans, as well…

The Daily Dish

Buy American – Coronavirus Edition

Eakinomics: Buy American – Coronavirus Edition The idea of “Buy American” is hardly new; it has the same perpetual, misguided appeal as minimum wage laws and price controls on drugs. But research has shown that Buy American laws increase the cost of goods purchased by…

Insight

Coronavirus, Tariffs, and Buy American Laws

The Trump Administration is pursuing twocontradictory policies, one targeted at expanding trade and the other at restricting it, are both aimed at combating the coronavirus outbreak. Only one will have the desired effect.

Insight

Evaluating Assistance to the Airlines: The Air Transportation Safety and System Stabilization Act

After 9/11 the federal government provided nearly $7 billion in grants and loan-guarantee disbursements to airlines.

Insight

Fill It Up – The Limitations of Filling the Strategic Petroleum Reserve 

Executive Summary  President Trump has proposed purchasing oil to fill the Strategic Petroleum Reserve (SPR), which the government developed to counter crude oil supply shortages.   COVID-19 has contributed to excess crude oil supplies that have driven prices to historically low levels.  Because the SPR is already close…

Week in Regulation

Regulation in the Age of the Coronavirus

In the midst of a week where the spread of COVID-19 took over the health and economic concerns of the nation, it is difficult to find much in the regular flow of regulations that comes anywhere close to the novel…

Insight

Financial Services Provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act

Executive Summary Companies with fewer than 500 employees are eligible for a loan for as much as $10 million, with wide flexibility on use; the total cost of this provision is $300 billion. Businesses will be able to achieve loan…

Multimedia

#Eakinomics: The Economic Response to the Coronavirus Pandemic

AAF President Douglas Holtz-Eakin discusses the steps needed to conduct a proper economic response to the coronavirus pandemic.

 

Insight

Tax Provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act

The CARES Act includes substantial – in excess of $100 billion – individual tax rebates and a delay in the April 15 tax-filing deadline, among other relief provisions

Multimedia

The CARES Act: Business Tax Provisions

AAF’s Director of Fiscal Policy Gordon Gray discusses the three most consequential business tax provisions in the CARES Act.

Insight

Data Protection and the Pandemic: What We Can Learn for Future Policy

As the United States considers federal data protection legislation, policymakers should consider how lessons from the pandemic illustrate the tradeoffs associated with stringent policies and the different choices individuals may make when it comes to their data privacy.   Stringent data…

Insight

Could Your Smart Phone Help in the Fight Against the COVID-19 Pandemic?

Personal information, such as location and health data, can provide important insights that can improve public health responses to the COVID-19 pandemic. Companies working to provide data are taking steps to use privacy-sensitive technology and allowing individuals to opt-in to…

The Daily Dish

Helping and Over-Helping People in Response to COVID-19

Eakinomics: Helping and Over-Helping People in Response to COVID-19 The Families First Act and the Coronavirus Aid, Relief, and Economic Security Act provided enormous support for workers and families through checks of up to $1,200 per person, paid leave, enhanced unemployment insurance, increased nutrition assistance,…

The Daily Dish

A Post-CARES Policy Platform

Eakinomics: A Post-CARES Policy Platform The 2nd quarter of 2020 will experience a dramatic economic collapse, with gross domestic product (GDP) falling at rates in excess of 20 percent (annual rate). The Coronavirus Aid, Relief, and Economic Security Act (CARES) is designed to…

The Daily Dish

CBO and CARES

Eakinomics: CBO and CARES On April 16, the Congressional Budget Office (CBO) released its preliminary analysis of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). Although widely touted as costing over $2 trillion, CBO concluded that “the act will increase…

The Daily Dish

Scandal, Finger-pointing, and the PPP

Eakinomics: Scandal, Finger-pointing, and the PPP This past week featured a lot of carping about the Paycheck Protection Program (PPP) created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. There were a spate of stories about large, multi-location businesses – Shake Shack, Ruth’s…

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(CLIP) The May Jobs Report — CNBC

AAF President Douglas Holtz-Eakin discusses the May jobs report and how it may impact future aid packages on CNBC.

 

Multimedia

(CLIP) The May Jobs Report — Meet The Press

AAF President Douglas Holtz-Eakin discusses the May jobs report and how the report’s numbers could impact a fourth legislative aid package.

Testimony

Infrastructure and the Response to the Economic Impacts of COVID-19

United States Senate Committee on Environment and Public Works *The views expressed here are my own and not those of the American Action Forum. I thank Gordon Gray and Thomas Wade for their insight and assistance. Chairman Barasso, Ranking Member…

Testimony

Addressing the Economic Impacts of COVID-19

United States House of Representatives Committee on the Budget *The views expressed here are my own and not those of the American Action Forum. I thank Gordon Gray and Thomas Wade for their insight and assistance. Chairman Yarmuth, Ranking Member…
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Household

The Daily Dish

Renters and Eviction Threat

Eakinomics: Renters and Eviction Threat President Trump’s August 8 executive order required agencies to review what  might be possible to forestall further evictions in the midst of the COVID-19 recession. In response, the Centers for Disease Control and Prevention (CDC) has…

Research

Options for Extending the Federal Unemployment Supplement

Executive Summary On July 31 the Federal Pandemic Unemployment Compensation (FPUC) included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act will fully expire, meaning that unemployed individuals will no longer receive the additional $600 a week in federal…

The Daily Dish

Federal Unemployment Supplement — Part 2?

Eakinomics: Federal Unemployment Supplement — Part 2? Guest authored by Isabel Soto, AAF’s Labor Market Policy Data Analyst Since the passage of the CARES Act, legislators have debated the best course for extending the $600 Federal Pandemic Unemployment Compensation (FPUC).…

Multimedia

(CLIP) COVID-19’s Impact on Childcare — C-SPAN

AAF’s Labor Market Policy Data Analyst Isabel Soto discusses child care during the pandemic on C-SPAN's Washington Journal. Read her full insight here.

The Daily Dish

Whither the Housing Market?

Eakinomics: Whither the Housing Market? The National Association of Realtors reported yesterday that pending home sales (transactions for previously owned homes where a contract was signed but the sale had not yet closed) had soared 44.3 percent in May, the largest…

The Daily Dish

Child Care and Returning to Work

Eakinomics: Child Care and Returning to Work AAF’s Isabel Soto’s latest takes a look at a looming challenge: child care for working parents. This has been a perennial problem and each election year generates proposals to increase the supply or reduce the price of quality…

Multimedia

The Childcare Shortage & COVID-19

AAF’s Labor Market Policy Data Analyst Isabel Soto explains the worsening childcare shortage in the United States and the limitations of current policies and proposals.

Insight

Childcare and Returning to Work

Executive Summary Many parts of the United States faced a shortage in childcare before the pandemic, but the drop in demand for childcare services during the pandemic and capacity constraints as childcare centers reopen are creating a childcare crunch that…

Insight

The CARES Act and Housing Assistance: A User’s Guide

Executive Summary The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides substantial relief for some homeowners and some protection for renters, and this primer outlines the protections and aid for different kinds of residents. The CARES Act provides up…

Multimedia

The CARES Act: Individual Benefits

AAF’s Director of Fiscal Policy Gordon Gray explains how the CARES Act provides financial aid to individuals and families.

Insight

Direct Assistance for Individuals in the Coronavirus-Response Acts

Congress has recently enacted three new laws in response to the COVID-19 pandemic that provide myriad means of assistance for individuals.

Insight

Housing Provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act

Executive Summary The Coronavirus Aid, Relief, and Economic Security (CARES) Act is a $2 trillion stimulus package with significant implications across housing and nearly all other aspects of the economy. Those with mortgages backed by federal loans can request six…

Insight

Enhanced Unemployment Benefits in the Coronavirus Aid, Relief, and Economic Security (CARES) Act– FINAL VERSION

The UI benefits in the CARES Act will cost between $233.8 billion and $412.3 billion, depending on how many people use these expanded benefits and for how long.

Insight

Scoping the Initial Unemployment Insurance Claims Shock

The public health response to the COVID-19 pandemic will force the closure of a significant share of U.S. firms and induce a surge in underemployment insurance (UI) claims.

Research

Estimating the Cost of the Families First Coronavirus Response Act

Executive Summary Given the continued worsening of the COVID-19 outbreak in the United States and around the world, Congress is negotiating a deal on an additional emergency response package that is expected to cost $183.8 billion, according to estimates by the American Action Forum. If an important restriction…

Insight

Assessing the Administration’s Freeze of Student Loan Interest Payments

Executive Summary As part of a suite of emergency responses, the Trump Administration on Friday, March 13, announced that it will temporarily waive interest payments on federal student loans. This measure does nothing in the short term to change student-loan…

The Daily Dish

Update on Coronavirus Response

Eakinomics: Update on Coronavirus Response Friday saw important developments in the response to the coronavirus pandemic at both ends of Pennsylvania Avenue. The president announced a state of emergency that permits federal officials greater latitude in their activities. Good enough. But…

Multimedia

#Eakinomics: The Families First Coronavirus Response Act

AAF President Douglas Holtz-Eakin explains what the provisions within the Families First Coronavirus Response Act do for the U.S. economy.

The Daily Dish

Paid Sick Leave Meets COVID-19

Eakinomics: Paid Sick Leave Meets COVID-19 As part of the response to COVID-19 – the disease spread by the coronavirus pandemic – Speaker Pelosi and Minority Leader Schumer have floated the idea of having a taxpayer-paid sick-leave program. As reported by Talking Points…

Insight

Estimating the Cost of a Federal Paid-Leave Benefit During COVID-19 Outbreak

Millions of low- and middle-income workers do not have access to paid sick leave and there is concern that they are unlikely to voluntarily stay home despite the possibility of being infected.

Insight

Tax Provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act

The CARES Act includes substantial – in excess of $100 billion – individual tax rebates and a delay in the April 15 tax-filing deadline, among other relief provisions
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Health Care

Weekly Checkup

The COVID-19 Pandemic’s Impact on Insurance Coverage

Ever since 22 million people lost their jobs in March and April, there has been appropriate concern about the implications of this pandemic-driven job loss on health insurance coverage. Considering that roughly 56 percent of the U.S. population receives insurance…

Testimony

Testimony on: Insurance Coverage and the COVID-19 Pandemic

U.S. House of Representatives, Committee on Energy and Commerce Subcommittee on Health *The views expressed here are my own and not those of the American Action Forum. I am indebted to my colleague Christopher Holt for his assistance. Introduction Chairwoman…

Multimedia

(CLIP) The ACA & COVID-19 Relief Bill — Fox Business

AAF President Douglas Holtz-Eakin discusses the future of the Affordable Care Act as well as whether Congress will pass on-time legislation to fund the government and another COVID-19 relief bill.

Weekly Checkup

Cutting Through the Vaccine Headlines

There’s been a lot of news and competing claims in recent weeks about COVID-19 vaccines. Questions about when they’ll be available, whether they’ll be safe, and just how soon this pandemic will be over are mixing with election-year politics, and…

Weekly Checkup

Contrasting the Health Provisions in HEALS and HEROES

This week saw negotiations on the next round of COVID-19 response legislation start up in earnest with the release of Senate Republicans’ Health, Economic Assistance, Liability Protection, and Schools (HEALS) Act. HEALS is primarily focused on the economic response to…

The Daily Dish

The FDA and COVID Testing Priorities

Eakinomics: The FDA and COVID Testing Priorities This Week in Virology (TWiV) is a podcast on viruses – “the kind that make you sick,” as they say – and, courtesy of my beloved wife Beth, I am now a fan. In…

Weekly Checkup

COVID-19, Medicare Advantage, and the Medical Loss Ratio

Even under the best of circumstances, setting insurance premiums can be tricky. Amid a global pandemic, however, it can become downright impossible to correctly rate risk. And it is particularly troubling for insurers who offer Medicare Advantage (MA) plans to…

Weekly Checkup

Questions Around a COVID-19 Testing Regime

Policymakers are caught between two competing concerns. On the one hand, both infection rates and deaths from the coronavirus continue to climb in parts of the country. On the other, the nation’s economy has been decimated, and states are seeking…

Insight

How the CARES Act Responds to the COVID-19 Public Health Crisis

Executive Summary The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains myriad health policy provisions and $140.4 billion in funding for the Department of Health and Human Services (HHS). The health provisions in CARES can best be understood as…

Weekly Checkup

COVID-19 and the Fiscal Sustainability of Federal Health Care Programs

Over the course of the last month, Congress has enacted roughly $4 trillion in spending measures related to the public health and economic fallout of the coronavirus pandemic. And that’s only the start: Politicians are already positioning themselves for a…

Week in Regulation

Significant Coronavirus Rules Start to Appear

The two most significant rules in the Federal Register from last week were, unsurprisingly, expedited measures aiming to address certain economic and health issues presented by the ongoing COVID-19 crisis. Beyond that pair of rulemakings, however, it was a relatively…

The Daily Dish

Capping Seniors’ Drug Costs

Eakinomics: Capping Seniors’ Drug Costs The COVID-19 pandemic has consumed the world, including the policy world. Congress has passed the CARES Act and included in it a variety of unrelated health policy provisions. This signals pretty clearly that legislation to address “surprise billing” and…

Week in Regulation

Modest Rulemaking Week as Focus Remains on Pandemic

In the pages of the Federal Register last week, there was a grand total of five rulemakings with some quantified cost or paperwork estimate. While it is difficult to say definitively, this relative lack of activity could be the first…

Insight

Regulatory Provisions in the Phase 3 Stimulus Package – UPDATED

Executive Summary The Coronavirus Aid, Relief, and Economic Security (CARES) Act now focuses on two major Food and Drug Administration (FDA) deficiencies as the agency continues to address the COVID-19 emergency: the prioritization of drug approvals, and its apparent lack…

The Daily Dish

H.R. 6201

Eakinomics: H.R. 6201 By now most people know that the House passed a bill responding to the COVID-19 pandemic. But what is in the bill is a bit more complicated. There are some fairly straightforward enhancements to Medicaid, food programs, and…

Weekly Checkup

BARDA and the Coronavirus Vaccine Race

As of this week, the number of diagnosed novel coronavirus (COVID-19) cases surpassed 1,000 in the United States. Amid understandable anxiety, some on the left have taken to heart former Congressman (and White House Chief of Staff) Rahm Emanuel’s famous…

Weekly Checkup

What Italy Can Teach Us About Reacting to the Coronavirus

As the public comes to grips with the critical actions necessary to curb the spread of COVID-19, we hear much about “flattening the curve” and “social distancing.” But why are these principles so important for protecting not just ourselves, but…

Insight

Regulatory Provisions in the Phase 3 Stimulus Package

Executive Summary The Coronavirus Aid, Relief, and Economic Security (CARES) Act aims to rectify two major Food and Drug Administration (FDA) failings during the COVID-19 emergency: its failure to waive red tape on laboratory-developed tests, and its apparent lack of…
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