Past attempts by the federal government to “save the economy” have (at best) failed to achieve their goals and (at worst) exacerbated crises faced by the nation. In addressing the economic strife America now faces, policymakers must recognize the critical uniqueness of the novel coronavirus and learn from past mistakes. This means providing support to those in need but not bringing about a sort-of Trump New Deal that would expand entitlements.

This time really is different. Both the Great Recession and the Great Depression resulted from deeper, underlying issues in the economy. These challenges were often precipitated by years of faulty federal policy, such as the financial crisis of 2007-2008, and brought about the recession because of those underlying issues. President Barack Obama’s 2009 stimulus package didn’t help boost economic growth, and there is clear evidence President Franklin Roosevelt’s New Deal prolonged the Great Depression and made it even deeper than it would have been otherwise.