Get the US back to work to prevent government caused depression

Michael Busler
4 min readApr 1, 2020

The sooner we get back to work, the shorter the recession will be.

President Donald Trump wants to get the U.S. economy back to work as soon as possible — hopefully, by May.

His goal of opening the economy at the soonest possible hour is the right one. Failing to do so could turn this virus-caused recession into a government-prompted depression in no time at all.

There is no doubt this virus is having an unprecedented effect on our nation. We witnessed 3.3 million people become unemployed last week alone, and that’s not counting the zero-hour workers who haven’t applied for assistance.

For comparison, the highest number of weekly claims on record is 695,000 from 1982. That’s in stark contrast from the beginning of the year when the U.S. added an impressive 225,000 jobs in January and 273,000 in February. The coronavirus has been devastating the U.S. economy on a scale not seen since the crisis of 2008.

To mitigate this, last week Congress approved several measures aimed at propping up the economy during the outbreak. Means-tested $1,200 relief checks to U.S. adults, $500 to children in need, and at least $454 billion to the Treasury to support Federal Reserve lending programs to businesses will help Americans contain to make ends meet during this painful but necessary temporary economic shutdown. Additionally, the Treasury will work with the Fed to turn its new funds into $4 trillion to support the U.S. economy.

At this time of extraordinary circumstances, our agencies have needed to respond with unprecedented action. However, doing this over the long term would be wholly unworkable and detrimental to the long-term economic health of the middle-class. Worse yet, it could cause a government-created depression.

A long-term shutdown is unsustainable. Currently, our nation’s workforce has come to a halt, businesses are shuttering, and the circulation of money is grinding to a standstill.

Much of America’s bills and other commitments will be paid this month, but after that, our nation will be looking at the potential cliff with which we could fall into a depression.

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Michael Busler

Dr. Busler is an economist and a public policy analyst. He is a Professor of Finance at Stockton University. His op-ed columns appear in Townhall, Newsmax.