4/10/20 Jeff Deist on the Economic Consequences of the Coronavirus
Jeff Deist discusses the political responses to the coronavirus, varying on a state-by-state level from complete lockdown to nearly complete normalcy. Deist says this is an example of federalism actually working, since beyond issuing recommendations and printing money, there isn’t all that much the federal government can do to enforce policies across the entire country. Deist fears the negative economic ramifications of both the way the virus has shut down major parts of the economy and the government’s response to the supposed crisis in the form of trillions of dollars in loans and bailouts, most of which is going to big business and special interests rather than into the pockets of the taxpayers. All of the recent stimulus threatens to cause severe inflation, distortions in the interest rate, and even worse asset bubbles than we’ve seen until now. Overall the economic consequences could end up being worse than those of the virus itself.
Discussed on the show:
“What Governors Can Do” (Mises Institute)
Jeff Deist is president of the Mises Institute, where he serves as a writer, public speaker, and advocate for property, markets, and civil society. He previously worked as a longtime advisor and chief of staff to Congressman Ron Paul, for whom he wrote hundreds of articles and speeches. Follow him on Twitter @jeffdeist.
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