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

There Is No COVID Plan

The 2020 campaign for president has been surprisingly empty of substance since Joe Biden became the nominee. The Republicans notably didn’t even bother updating their party platform. Donald Trump’s team has spent many of the last days of the campaign making personal attacks, focused on the alleged financial ... Read More

There Is No COVID Plan

The 2020 campaign for president has been surprisingly empty of substance since Joe Biden became the nominee. The Republicans notably didn’t even bother updating their party platform. Donald Trump’s team has spent many of the last days of the campaign making personal attacks, focused on the alleged financial ... Read More
Elections

What Trump Needs to Win

On the menu today: walking through President Trump’s not-so-implausible route to 270 electoral votes, state by state, and taking a look at the gubernatorial races this year -- where GOP candidates from deep red states to a few blue ones are polling considerably ahead of Trump this cycle; and how the country ... Read More
Elections

What Trump Needs to Win

On the menu today: walking through President Trump’s not-so-implausible route to 270 electoral votes, state by state, and taking a look at the gubernatorial races this year -- where GOP candidates from deep red states to a few blue ones are polling considerably ahead of Trump this cycle; and how the country ... Read More
U.S.

The Lies We’re Told about the American Story

Editor’s Note: The following essay was adapted from remarks delivered to the annual dinner of the Lincoln Club of Orange County, in California, on October 4. Every American heart must break when lies are told to boys and girls, who then grow up to think the worst about their past: that the American ... Read More
U.S.

The Lies We’re Told about the American Story

Editor’s Note: The following essay was adapted from remarks delivered to the annual dinner of the Lincoln Club of Orange County, in California, on October 4. Every American heart must break when lies are told to boys and girls, who then grow up to think the worst about their past: that the American ... Read More
Books

Orwell, Huxley, and Us

To hear some people tell it, America entered a dystopia long before the coronavirus and measures undertaken to combat it altered everyday life almost to the point of unrecognizability. As for which dystopia, and when, well — that depends on whom one asks. For many on the left, the annus horribilis was 2016, ... Read More
Books

Orwell, Huxley, and Us

To hear some people tell it, America entered a dystopia long before the coronavirus and measures undertaken to combat it altered everyday life almost to the point of unrecognizability. As for which dystopia, and when, well — that depends on whom one asks. For many on the left, the annus horribilis was 2016, ... Read More