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Warren Releases $400 Billion Stimulus Plan to off Set Economic Impact of Coronavirus

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Presidential hopeful Elizabeth Warren has criticized President Donald Trump for his response to the coronavirus outbreak.

In January, Warren released a plan to prevent and contain the spread of infectious diseases, as IJR has previously reported

Now, Warren has unveiled a $400 billion stimulus plan designed to limit the economic impact on businesses and individuals who may have to miss days or weeks of work for the treatment of the virus. 

“While it’s important that our leaders communicate calmly and clearly about the situation to avoid unnecessary panic, it’s just as important that we take decisive action to keep American families healthy and stabilize our economy as the virus spreads,” Warren’s plan reads.

The first part of Warren’s plan addresses healthcare and making sure Americans are able to get treatment for the coronavirus if they are showing symptoms of the virus. 

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“Our response must ensure that every person in this country can get recommended evaluation, diagnosis, and treatment for coronavirus for free. Congress should dedicate sufficient funding to reimburse health care providers and hospitals for uncompensated care relating to coronavirus.”

Warren also calls for an increase in funding for research for the development of a vaccine for the coronavirus. Her plan also calls for making the vaccine free.

To help offset the financial strain individuals, Warren also calls for mandatory paid time off for individuals who are showing signs of the virus or who have family members who are showing signs so that they can get tested and treated.

“Create an emergency paid leave program so that anyone presenting with the symptoms of coronavirus, or who has a family member or other dependent presenting with the symptoms of coronavirus, can get fully paid time off of work to see a doctor, get treatment, or provide care.”

However, Warren does not provide specifics about how much those initial parts of her plan would cost.

Finally, Warren cites experts who state that the coronavirus outbreak could lead to a three-point drop in the Gross Domestic Product. To counteract the impact of the outbreak, Warren calls for a $400 billion stimulus package to help businesses that are affected by disruptions to the supply chain. 

“Based on those factors and the range of projections for the economic impact of coronavirus, we should immediately enact a stimulus package that represents an authorization of at least 2% of GDP, or roughly $400 billion.”

Warren calls for offering low or no-interest loans to businesses, as well as expanding unemployment insurance for individuals.

Trump on Monday slammed Federal Reserve Chairman Jerome Powell for being “slow to act,” when it comes to lowering the interest rates. 

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