Anticipating COVID Scarring

Tom Barkin

Speech from Federal Reserve Bank of Richmond

Abstract: A year ago, the economy was on the edge of a cliff. With the help of fiscal and monetary support, we are moving toward recovery. Despite improvements in the economy since last year, this downturn could leave lasting scars. Policymakers have the ability to limit this damage. Many primary caregivers dropped out of the labor force to care for children and elderly relatives during the pandemic. Policymakers should focus on programs that help caregivers return to work. The shift to remote learning could inflict lifelong losses on students with limited access to computers and fast broadband at home. Schools need resources to safely return to teaching in person. Support to help students catch up can prevent temporary disruptions from turning into permanent scars. The pandemic has hit small businesses particularly hard. Policies providing support for the companies of today should take care not to hinder the creation of the companies of tomorrow.

Keywords: monetary policy; employment and labor markets (search for similar items in EconPapers)
Date: 2021-03-21
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