32 prominent economists from both parties just signed a letter arguing that saving lives from coronavirus would also save the economy
REUTERS/Jonathan Ernst
Thirty-two prominent Republican and Democratic economists published a letter on Wednesday arguing that saving lives during the coronavirus pandemic isn't at odds with saving the economy.
"Saving lives and saving the economy are not in conflict right now," the letter reads.
Signatories included former Treasury secretaries and top economists who served the Obama, Bush, and Clinton administrations.
A group of 32 prominent economists from both parties published a letter on Wednesday arguing that saving lives during the coronavirus pandemic doesn't conflict with saving the economy.
"Our paramount concern at this moment should be to slow the spread of this virus and equip our health care system to effectively respond," the letter said. "Saving lives and saving the economy are not in conflict right now; we will hasten the return to robust economic activity by taking steps to stem the spread of the virus and save lives."
The economists called for measures to be enacted that would soften the blow for businesses and individuals severely impacted by the outbreak.
"These collective efforts will allow more businesses to get up and running again as soon as possible and minimize the severity of the economic hardship on the American people," the economists wrote in the letter.
The letter was published by the Economic Strategy Group, a part of the Aspen Institute, a non-profit think-tank.
The signatories included former Treasury secretaries, Fed chairs, and top economists that served the last three presidential administrations.
Among them were Henry Paulson, Treasury secretary under George W. Bush; Timothy Geithner, Treasury secretary under Barack Obama; and Janet Yellen, former chair of the Federal Reserve.
Another one of its signatories was Jason Furman, the chair of the Council of Economic Advisers during the Obama presidency. He previously told Business Insider that "an even bigger, sharper shutdown" would be a worthwhile investment that bought time.
The letter came after President Trump said on Tuesday he was willing to start lifting social distancing guidelines and open up the American economy in two weeks.
Public health experts, though, are calling to keep distancing guidelines in place beyond March 30 to curb the spread of the virus. Relaxing those restrictions now, they say, would only serve to accelerate the outbreak during a critical period.
"I cannot see that all of a sudden, next week or two weeks from now, it's going to be over. I don't think there's a chance of that," Dr. Anthony Fauci, the nation's leading expert on infectious diseases, said on Friday.
But Trump said he'd like the country "opened up and just raring to go by Easter," which falls on April 12 — only 19 days away.
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