This is a national emergency. Trump and Congress must act - CNN

We have witnessed grave and traumatic events before: the Spanish flu pandemic of 1918; the 1929 stock market crash and ensuing depression; Britain after Dunkirk, facing a Nazi invasion; Pearl Harbor; the terrorist attacks of 9/11; and the 2008 financial crisis. Now the coronavirus, or Covid-19, batters us all. Covid-19 attacks indiscriminately. It knows no ethnicity, no race, no gender, no faith, no sexual orientation, no socio-economic group; it respects no national border or geographic boundary.

The Covid-19 pandemic may be the most serious and daunting crisis the world has confronted since World War II. At least it sure feels that way -- like a combination of an actual war, pandemic and financial crisis, all rolled into one catastrophic event whose endpoint is unclear.

My 14-year tenure in Congress began in 2005. During that time, the 2008 financial crash was the most traumatic crisis we had to confront. We responded with the very successful $700 billion Troubled Asset Relief Program (TARP). Lessons were learned then that should inform Congress and the President during this ordeal. It became abundantly clear over those turbulent 13 days in September and October 2008 that Congressional paralysis would likely have turned the financial crisis into a depression. Small half-measures would not have been enough to stabilize the financial services sector of the economy.

In other words, Congress had to go big on fiscal policy. The Federal Reserve by itself could not stabilize the situation. Hardest of all, Congress had no choice but to trust and grant broad authority and power to then-Treasury Secretary Hank Paulson and then-Fed Chairman Ben Bernanke to take whatever steps necessary to stabilize the economy with an unprecedented amount of funding.

As in 2008, Americans are frightened and anxious, and they are looking to Washington for leadership and quick action. There is no appetite for the usual, never-ending partisan trench warfare. The moment demands serious federal intervention as the economy is crashing into recession and millions are laid off.

Both the President and Congress will do things they ordinarily would not do. Emergency measures required to address fast changing circumstances forces policymakers to become ruthlessly pragmatic.

This is no time for ideological dogma, nor is it time for partisans to advance long-term policy priorities. While travel restrictions and bans during a pandemic are certainly necessary, President Trump and Republicans should resist nativist urges on immigration and trade policy, and Congressional Democrats must abandon attempts for permanent social policy changes and expansion of safety net/public welfare programs in the midst of this crisis.

Instead, they must address the most immediate problems by giving resources and support to health care providers and frontline workers; putting money directly in the hands of struggling Americans who work paycheck to paycheck and whose jobs are quickly vanishing; assist small businesses that are shuttered; help state and local governments; and do it all quickly.

Don't sweat every detail in the legislative package. Secretary Paulson's original draft bill requesting the $700 billion was three pages long (it did later expand to 106). House Speaker Nancy Pelosi on Monday introduced one of 1,404 pages.

Get the major items right. Mistakes will be made. Deficits will explode, just as they did during World War II. The Federal Reserve under Chairman Jerome Powell is taking necessary steps to provide liquidity, just as it did during 2008. This public health pandemic and economic crisis must not turn into a financial and banking crisis.

Finally, while everyone must practice social distancing, isolation and good hygiene, a reevaluation of the current emergency measures imposed to flatten the curve will need to occur in a few weeks. Balancing public health and economic interests is gut-wrenching. How long Americans can sustain the current restrictions that are causing enormous economic and social disruption is unknown.

Americans are resilient and will do what they must to ride the storm. But our leaders in Washington must act smartly, aggressively and promptly to shepherd us through the most challenging times. The President and Congress must rise to the moment. And they must do it now.

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"Opinion" - Google News
March 25, 2020 at 12:04AM
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This is a national emergency. Trump and Congress must act - CNN
"Opinion" - Google News
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