12 Urgent Actions to Reopen America and Prevent an Economic Depression

From Daily Signal.com (May 13):

The steps we take to reopen America safely will determine whether the United States has to contend with an economic depression—regardless of whether COVID-19 is suppressed in the next several months or the next year.

How we build on those steps will not just be critical in restarting the American economy, but also could help to increase the soundness of the economy coming out of this crisis.

The Heritage Foundation’s National Coronavirus Recovery Commission has put forward 179 recommendations for governors, local leaders, federal officials, and the private sector on the steps necessary to reopen America.

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But as we talk specifically about getting America back to work, here are 12 of the most urgent actions that policymakers should take to prevent an economic depression.

1. Allow businesses in counties with low incidence of COVID-19 to reopen. Just five states—New York, New Jersey, Massachusetts, Illinois, and California—account for 54% of all of the confirmed COVID-19 cases in the U.S. and 61% of all related deaths. Most counties (80%) have had less than five deaths related to the new coronavirus.

2. Use stay-at-home orders sparingly and only where necessary. Better, more targeted approaches should focus on infection hot spots, isolate the sick from work, and protect the more vulnerable (those who are elderly, in nursing homes, or have preexisting conditions).

3. Establish a national portal with accessible data on the spread of the coronavirus as well as the modeling used to support decisions made by governments at all levels. Access to information is absolutely critical for governments, medical professionals, businesses, and individuals to make the best decisions on how best to respond.

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4. Immediately allow all medical offices to reopen. Many states shut down health care services considered “nonessential” to prepare for projected massive surges in patients infected by the coronavirus.

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5. Review all regulations that have been waived or modified in response to COVID-19 and consider permanent changes. Such a clear statement by President Donald Trump to executive agencies would provide more long-term confidence and stability for businesses by ensuring regulatory regimes work in good times and bad, facilitate innovation and market advancement, and still protect health and safety. [read more]

The other actions are:

1. Expand liability protections with a safe harbor for businesses and workers that follow guidance by the Centers for Disease Control and Prevention in good faith.
2. Liberalize future Paycheck Protection Program loans to broaden eligible expenditures, extend the relevant period, and limit the loans to businesses that were hit hard.
3. Reduce small-business tax liability with a “physical presence” standard.
4. Make legislative and regulatory changes to expand access to capital for small businesses.
5. Incentivize research and development and infrastructure investments with permanent full expensing.
6. Honor and enforce contractual insurance obligations.
7. Eliminate all tariffs imposed since 2018.