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“The youngest workers suffered most during the 2008 financial crisis, according to research by The Hamilton Project.”

“Right now, with low interest rates, we don't need that much economic growth to start getting the debt on a downward path after all of this is over. I would worry about that after all of this is over.”

“There are a number of jobs that can't be done and home and aren't essential in the time of coronavirus...My guess is that we're less than halfway through the increase in unemployment insurance claims.”

“’Non-compete agreements have been used for many years by employers who claimed that agreements were necessary to prevent departing employees from sharing their trade secrets,’ says Ryan Nunn, the report’s principal author, in a recent phone interview.”

“’It’s not clear that businesses would stay open if the shutdowns were lifted. No one is going to go out because they will worry about the disease,’ says Jay Shambaugh, a fellow at the Brookings Institution and former chief economist for the Council of Economic Advisers in the Obama administration.”

“Jay Shambaugh, director of The Hamilton Project and a senior fellow in Economic Studies at the Brookings Institution, joins host Krys Boyd to talk about why health care prices are so high and how we can improve future outcomes. He’s an author of a new report published by The Hamilton called “A Dozen Facts about the Economics of the U.S. Healthcare System.”

“’You have to keep your payroll intact,’ said Jay Shambaugh, an economist at the Brookings Institution, a think tank. ‘The amount of loan forgiveness gets reduced if you reduce your payroll substantially.’”

“A new paper from Michael Greenstone and Vishan Nigam, both of the University of Chicago, estimates that moderate social distancing would save 1.7 million lives in the next six months, an astronomical number largely due to not overwhelming hospital systems.”

“’We don’t want states to say they can’t hire teachers or anybody else because they spent all their money on the coronavirus,’ says Jay Shambaugh, director of the left-leaning Hamilton Project think tank and who was an economic adviser to President Obama.”

“The US economy has almost certainly entered a contraction due to the Covid-19 pandemic, according to Jay Shambaugh, director of The Hamilton Project and a senior fellow in Economic Studies at the Brookings Institution.”

“I think we need to be investing, in a way far beyond what we are, in developing an infrastructure for widespread testing, widespread contact tracing, and widespread separation of those who are sick and those who are most vulnerable. We need to be at a wartime mobilization level.”

“I think the highest priority right now would be to add enough money for state and local governments, for mayors to take care of their people. That's the first priority. Second priority is, we have got to be on a wartime footing with respect to getting tests, with respect to getting protective equipment, with respect to getting ventilators to take care of people.”

“We are now learning that a statement made in a paper by The Hamilton Project was prophetic: ‘The health care sector is in many ways the most consequential part of the United States economy.’”

“One thing I will say broadly when you look at it, is, it often is getting described as a stimulus package, including by the people writing it, but I think we shouldn’t think of it purely as stimulus as much as economic support. You’re trying to cushion a downturn and set conditions for a recovery. We’re not trying to make the economy go super-fast today.”

“With job cuts hitting U.S. states as governors and companies order offices and workplaces closed, African Americans and Latinos are particularly vulnerable because they more often have jobs that cannot be done at home. 'That will make them more severely impacted by an extended coronavirus shutdown of the economy,' said Jay Shambaugh a White House economist during Democratic President Barack Obama’s administration.”

“It's an open question but a better than a 50/50 bet that we'll need another more conventional fiscal stimulus later.”

“Economist Jay Shambaugh suggested a better way to stimulate the economy amid the coronavirus scare would be to simply send a check to Americans, similar to the tax rebates given to taxpayers as part of a stimulus bill approved in 2008 under Bush.”

“Furman also supports massive investments in fighting the virus, unemployment insurance and other parts of a comprehensive approach to help Americans during the crisis. But he believes sending checks is an efficient and quick way to help people pay their bills and stimulate the economy.”

“But loosening restrictions too early and resuming public life could lead to tighter crackdown in the future, according to Jay Shambaugh, director of The Hamilton Project and a senior fellow in Economic Studies at the Brookings Institution.”

“Prematurely abandoning or relaxing social distancing will be disastrous on both economic and health grounds. If restrictions are lifted prematurely, the result will be a follow-on pandemic surge.”

“By all indications, if unabated, the economic damage Americans experience resulting from the COVID-19 pandemic could be severe, with a far sharper downturn than a typical recession.”

“One of the first lines of defense in any recession is the unemployment insurance (UI) system. The UI system has stabilized the lives of many workers and their families in previous recessions, but it has serious weaknesses that we must remedy now.”

“One thing is clear about stimulus measures in this crisis: Bigger is better. To my mind, the least-worst option is a large and comprehensive program of loans to businesses, as Sorkin has proposed, which could be extended quarterly and limited in the first instance to a share of 2019 revenue.”

“’This is unusual in that it may prove faster acting than past downturns,’ Jay Shambaugh, director of the Hamilton Project at the Brookings Institution, told The New York Times. ‘The drop in oil prices and drop in financial markets alone, and when you add those to the impact of the virus and the hit to global demand, at some point that has spillovers to the U.S. economy.’”