How fiscal hawks came to back a $2 trillion aid package
“We’re literally talking about something that is an existential threat to the entire world economy,” said Jonathan Bydlak, director of the Fiscal and Budget Policy Project at the center-right R Street Institute. “It’s as if an asteroid were coming and about to strike the Earth and all of the countries have to come together and pool resources and figure out how are we going to deal with this.”
What’s happening now is a “once in a 100-year event,” and fundamentally different than what happened in the last recession, Bydlak argues.
“In the late 2000s, I think the case is pretty strong that the economic situations that a lot of the companies or banks got themselves into was of their own volition,” Bydlak said. “They took risks they shouldn’t have taken, they profited massively off of it and they expected on the back end the government to come in and bail them out and essentially socialize their losses.”