Simple Solution to our Double Crisis: Virus and the Economy

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Introducing a comprehensive national solution to fight the spread of the coronavirus and to save the US economy:

1.       Send EVERYONE HOME and proclaim a three-month, or whatever period required, economic standstill.               
This cannot be a piecemeal operation done state by state. The entire US economy needs to be closed down except for services considered essential.

2.       Suspend all financial activity                                       
Everything is closed: banks, buildings, businesses; everyone and everything. All monthly payments/financial obligations are deferred, not forgiven. Normal payments resume at the end of the standstill with extended terms.

3.       Make sure everyone can eat                                     

Everyone is at home with no monthly expenses, so all they need is cash with which to feed themselves and take care of emergent needs.

What does this accomplish? 

a.  The most effective way to enforce social distancing and to shorten the time the virus can spread, multiply and infect people.

b.  Elimination of the need for ad hoc government changes to banking regulations and unemployment insurance regulations. A single proclamation from the commander in chief eliminates the need for legislation and other ‘red tape’.

c.  No one is fired or laid off; jobs are simply suspended.

d.  No one needs to file for unemployment insurance.

e.  No one goes bankrupt or damages their credit or defaults on a loan.

f.  No small business fails or goes bankrupt.

g.  No lease defaults.

h.  No collapse of the mortgage system or any other financial system.

i.  No one needs to spend savings on expenses during this standstill; all financial obligations are suspended.

j.  No company need to spend reserves on payroll.

k.  No industry will need a bail-out.

l.  No stimulus money needed, except to make sure everyone has money for food and medical supplies. This in itself relieves the US of administrative costs associated with providing stimulus funds.

m.  Everyone across the US is treated the same.

n.  Relief comes to the public immediately.

While everyone is at home, take the opportunity to rebuild transportation networks using money that would have been spent on bailouts and loans. No one is unemployed; jobs are simply suspended. There is no systems collapse, business operations are simply suspended.

This cannot be accomplished if some states are open and some are closed. Then the Financial system is forced to remain operating. If everyone across the Nation goes home, this will work. And it would be the Days the US STOOD STILL.

The Federal government can effectively insert a three-month (whatever required) period into the middle of the year. Government also can use this concept of a standstill in the future to mitigate the impact of calamitous events/national emergencies which might hold potential to destroy our economy.

Currently, the government has stepped on a land mine, spending trillions of dollars needlessly and extending the amount of time we need to quarantine. This Concept allows us to step over the landmine.

The legal precedent is the 1933 National Bank Act, and the proclamation by FDR of the Bank Holiday.

I have a full letter which was sent to two Senators, which this outline summarizes, if anyone would like it, please contact me.


Robert Eisinger