A Real Lifeboat for Main Street

(Rawf8/Getty Images)
Although it didn’t realize it then, when it came up with its “lever up” strategy, Congress was building castles in the air.

NRPLUS MEMBER ARTICLE M inor miscalculations can have tragic consequences. A wrong turn by Archduke Ferdinand’s driver triggered the First World War. NASA’s failure to consider what a frost could do to O-rings led to the Challenger disaster. And this March, a misguided attempt to save money caused Congress and the U.S. Treasury to come up with a plan for rescuing Main Street that now seems like the equivalent of dispatching a dinghy to the sinking Titanic.

When it was hatched back in March, the government’s plan seemed like a bargain. Instead of sending CARES Act dollars directly to struggling businesses, Congress gave the U.S.

George Selgin is the director of the Center for Monetary and Financial Alternatives at the Cato Institute.

Most Popular

Elections

How Trump Should Approach the Final Debate

The so-called mainstream polls of the swing states show the race narrowing. If the trend continues at the current rate, President Trump could poll even in two weeks—in addition to the “other” polls that show him near there already. So Trump’s mission at the final debate on Thursday is to continue to ... Read More
Elections

How Trump Should Approach the Final Debate

The so-called mainstream polls of the swing states show the race narrowing. If the trend continues at the current rate, President Trump could poll even in two weeks—in addition to the “other” polls that show him near there already. So Trump’s mission at the final debate on Thursday is to continue to ... Read More
Politics & Policy

A Bizarre and Revealing Biden Interview

William Voegeli of the Claremont Review of Books brought up a strange Joe Biden interview from 1974 I hadn't seen before in which Biden emerges as arrogant and determined to make more money, one way or another. Biden also speaks of his first wife Neilia, who had died two years earlier, in unusually frank ways: ... Read More
Politics & Policy

A Bizarre and Revealing Biden Interview

William Voegeli of the Claremont Review of Books brought up a strange Joe Biden interview from 1974 I hadn't seen before in which Biden emerges as arrogant and determined to make more money, one way or another. Biden also speaks of his first wife Neilia, who had died two years earlier, in unusually frank ways: ... Read More

The Pollster Who Thinks Trump Is Ahead

The polling aggregator on the website RealClearPolitics shows the margin in polls led by Joe Biden in a blue font and the ones led by Donald Trump in red. For a while, the battleground states have tended to be uniformly blue, except for polls conducted by the Trafalgar Group. If you are a firm believer only in ... Read More

The Pollster Who Thinks Trump Is Ahead

The polling aggregator on the website RealClearPolitics shows the margin in polls led by Joe Biden in a blue font and the ones led by Donald Trump in red. For a while, the battleground states have tended to be uniformly blue, except for polls conducted by the Trafalgar Group. If you are a firm believer only in ... Read More
Media

Jeffrey Toobin and Our Public-Hate Ritual

Oh, Jeffrey Toobin — let him among us with a free hand cast the first stone. Toobin, a writer for The New Yorker and fixture on CNN, was participating in a role-playing exercise on a Zoom call with his magazine colleagues, wargaming election-night scenarios. Toobin was standing in for the courts when he ... Read More
Media

Jeffrey Toobin and Our Public-Hate Ritual

Oh, Jeffrey Toobin — let him among us with a free hand cast the first stone. Toobin, a writer for The New Yorker and fixture on CNN, was participating in a role-playing exercise on a Zoom call with his magazine colleagues, wargaming election-night scenarios. Toobin was standing in for the courts when he ... Read More
Elections

Biden Is Still Underperforming Hillary

On October 20, 2016: Hillary Clinton was up 6.8 in the RealClearPolitics average in Pennsylvania. Today, Biden is up 3.8. (that race only tightened to 2.1 in the last week of 2016.) Clinton was up twelve points in Michigan on that day. Biden is up 7.5 right now. Clinton was up 6.5 in Wisconsin. Biden is ... Read More
Elections

Biden Is Still Underperforming Hillary

On October 20, 2016: Hillary Clinton was up 6.8 in the RealClearPolitics average in Pennsylvania. Today, Biden is up 3.8. (that race only tightened to 2.1 in the last week of 2016.) Clinton was up twelve points in Michigan on that day. Biden is up 7.5 right now. Clinton was up 6.5 in Wisconsin. Biden is ... Read More