On this episode of Gridlock Break, we hear from Glenn Hubbard, the former dean of Columbia Business School and Chair of the White House Council of Economic Advisors. He explains why the current Federal Reserve lending program for businesses hurt by coronavirus may be doomed to fail and makes the case for a massive new infrastructure program to help restore demand across our economy.
The Fed’s focus on minimizing loan losses will prevent many solid small and medium sized businesses from getting the help they need. The good news is the Fed still has time to change course and fix the design of the program. Hubbard also shared some ideas about how smart tax and regulatory policy and infrastructure investment from Washington can help restore confidence as our economy reopens.
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