What if you were in charge of implementing Fiscal Policy? Our nation definitely had a wild ride in 2020 due to the impact of the COVID-19 pandemic. Down 31% in one quarter and then up 33% in the next! Real GDP: Percent change from preceding quarter 40 30 20 10 0 -10 -20 -30 -40 Q3 Q4 Q1 Q2 Q3 04 Q1 Q2 Q3 04 Q1 Q2 Q3 Q4 Q1 Q2 2018 2019 2020 2021 2022 U.S. Bureau of Economic Analysis Seasonally adjusted at annual The Federal Government went right to work with Coronavirus Aid, Relief, and Economic Security Act CARES ACT 2020 and more in 2021. You will want to do a little web-searching to see what all was included in the CARES ACT. Jerome Powell, the Chairman of the Federal Reserve, led the FED to take immediate action dropping interest rates back down to nearly zero percent. For our discussion this week I want you be critical about what was done. I want you each to identify at least two programs you feel were definitely needed and worked well to keep the US economy going during the worst global pandemic in our lifetimes. Give some detail about the program, whom it benefited, and how well it worked. Then I want you to identify at least one program that did not work as well, or perhaps wasn't needed. Too see the full extent of the Deficit Spending involved in the CARES act you may want to take a look at this Congressional Budget Office chart. We could be paying for this for a long time. If you were in Washington DC serving as a Legislator what Fiscal Policy action would you propose to keep our economy going and hopefully avoid a very severe recession. These can be things you would have implement back in May or June, or things you would recommend right now. At least two programs that worked well and were needed. At least one program that may not have been needed or didn't work well. (Note - in the State of Union President Biden mentioned going after perpetrators of COVID-19 fraud!) Then for your full Discussion points this week reply to at least one fellow student. In your reply you must either agree or disagree with their views. You must write two to three sentences why you agree or disagree; perhaps you knew people who benefited directly from a program they didn't feel was needed. Or something they say was important you feel was just a government give-away leading to huge deficits. As always, play nice, if you disagree do so respectfully