Provide $1,250 per adult and $500 per child for each of the next three months, unless the lockdowns end sooner. After the third month, Congress can renew, modify, or discontinue these payments as appropriate.
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Make the payments universal to speed things up. We can consider recouping payments made to high-income households later, but we shouldn’t delay payments now. In any case, individuals who don’t need the money can donate the amount to help others who are struggling.
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When this is over, members of Congress need to be ready to adjust priorities on spending and taxes to avoid burdening future generations with the cost of these efforts.
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The proposals now coming out of Congress will make things worse by empowering government to make decisions individuals and businesses are best equipped to make themselves. They want to limit flexibility when we need it most—as we try to weather a crisis and eventually rebuild.
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The government can’t know how to serve everyone’s needs; that can be decided only by millions of people making individual choices. The best way to serve everyone is for the government to allow the people to make decisions without interference to the greatest extent possible.
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This is especially important in times of crisis. Our needs just changed very suddenly, and options for serving those needs have been abruptly limited by social distancing. As a result, many individuals and entities will have to make big changes very quickly.
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Likewise, neither Congress nor the Treasury secretary should be picking winners and losers. Corporate welfare is not only unjust but also reflects government conceit. Only consumers, not politicians, can appropriately determine which companies deserve to succeed.
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Congress can best help by giving people enough cash so they can continue covering their expenses in the immediate future, and then stepping back to give everyone—individuals, businesses, and other entities—flexibility to adapt to the new circumstances and survive the crisis.
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This is a better use of taxpayer money than all the other things being discussed. Don’t create a bunch of complex programs or targeted appropriations. If Congress is looking to spend more money here, just give it to the people.
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Complex, targeted interventions will cause unintended consequences and be less effective because we can’t know what kind of help everyone needs. Cash relief to the people is the best way to serve everyone, whether they need to cover a mortgage, food, a car payment, or child care.
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