Corruption and the Pandemic Bailout

(This piece was originally posted on my Patreon page.)

Neil Irwin had an interesting New York Times piece on how concerns about moral hazard in the bailout may damage the recovery. The gist of the article is that the fear that bad actors will be wrongly rewarded will prevent us from spending enough money to get the economy back on its feet. Irwins point is very important, but it does require some further examination.

We might agree for example, that it is silly to oppose an airline bailout...