Congress passed three bills in March providing funding and aid for the coronavirus pandemic. The first authorized $8.3 billion in emergency funding designed primarily to help government agencies fight the pandemic. The second, named the Families First Coronavirus Response Act, provides free Covid-19 testing to the public, creates a federal emergency paid sick and family leave program, allocates $1 billion in grants to states for expanded unemployment insurance and dedicates more than $1.5 billion for food assistance programs. The third bill, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, provides $2 trillion in aid to businesses and health care providers. While the measures passed to date are not perfect, many elements do serve to dampen the collateral economic damage of the pandemic. Ongoing economic policy should remain narrow in focus and correspond directly to the limited duration of the disruption. Such an approach provides an atmosphere conducive to the rapid expansion of economic activity.
At this webinar, John W. Diamond, the Edward A. and Hermena Hancock Kelly Fellow for Public Finance and the director of the Center for Public Finance, analyzed the economic policy responses to the coronavirus pandemic.
For John Diamond's PowerPoint presentation, please click here.
12:30 pm — Presentation
1:00 pm — Q&A
John W. Diamond, Ph.D., is the Edward A. and Hermena Hancock Kelly Fellow in Public Finance and director of the Center for Public Finance at the Baker Institute, an adjunct professor of economics at Rice University and CEO of Tax Policy Advisers, LLC. His research interests are federal tax and expenditure policy, state and local public finance, and the construction and simulation of computable general equilibrium models. His current research focuses on the economic effects of corporate tax reform, the economic and distributional effects of fundamental tax reform, taxation and housing values, public sector pensions, and various other tax and expenditure policy issues. Diamond is co-editor of "Pathways to Fiscal Reform in the United States" (The MIT Press, 2015) and “Fundamental Tax Reform: Issues, Choices and Implications” (The MIT Press, 2008). He has testified before the U.S. House Ways and Means Committee, the U.S. House Budget Committee, the Senate Finance Committee, the Joint Economic Committee and other federal and state committees on issues related to tax policy and the U.S. economy. Diamond served as forum editor for the National Tax Journal (2009-2017) and on the staff of the Joint Committee on Taxation, U.S. Congress (2000-2004). He has also served as a consultant for the World Bank on the efficacy of structural adjustment programs. He received his Ph.D. in economics from Rice University in 2000.