Jonathan Williams and Lee Schalk: Reviving the Economy Amid COVID-19
In their latest op-ed in The Hill, ALEC Executive Vice President of Policy and Chief Economist Jonathan Williams and Center for State Fiscal Reform Senior Director Lee Schalk explain how the federal government can undo burdensome regulations to help the U.S. economy during the pandemic:
According to economist Arthur Laffer, President Ronald Reagan had a great response when asked by staff what to do about one of the economic crises of the 1980s: “Don’t just stand there, go undo something!”
This rings true amid our current situation. Yet some elected officials are inclined to impose a new law or regulation to address an economic crisis. In some cases that reaction is warranted. However, harkening back to the words of Reagan, some of the most effective government responses to aid individuals in the economy can revolve around repealing or suspending burdensome taxes and regulations. While many of the innovative policy solutions are currently happening at the state and local level, federal policymakers have major opportunities as well.