6 ms·
The first source I could find puts 2008 crisis programs at 5.7% of GDP (it says output I assume gdp), and New Deal at 40%. [1] Call it 130MM households in the
by dillondoyle 7y ago
The first source I could find puts 2008 crisis programs at 5.7% of GDP (it says output I assume gdp), and New Deal at 40%. [1]
Call it 130MM households in the US. Exclude top 5% ~123M.
For 6 months stimulus 1k/house = 738B.
Doesn't sound like enough really for what we're facing. Less than 2008 stimulus. only ~3.6% of GDP.
This interview with Jason Furman has some other good comparisons+context and other back of napkin maths [2]
If we're talking permanent UBI lowering or even cutting benefits programs (to be replaced by UBI) could get it somewhat close to budget neutral - if you cut a lot [3]. But IMHO would never be able to cut social security etc enough to make a difference, gross tax revenue would have to be raised somehow - but not by a shocking amount.
1 https://www.stlouisfed.org/on-the-economy/2017/may/which-bigger-2009-recovery-act-fdr-new-deal https://www.stlouisfed.org/on-the-economy/2017/may/which-big...
2 https://www.vox.com/2020/3/13/21177850/coronavirus-covid-19-recession-stock-market-economy-jobs-stimulus https://www.vox.com/2020/3/13/21177850/coronavirus-covid-19-...
3 https://www.cnbc.com/2020/01/14/budget-neutral-universal-basic-income-plan-would-pay-1320-per-month.html https://www.cnbc.com/2020/01/14/budget-neutral-universal-bas...