Lawmakers recently approved the Coronavirus Aid, Relief, and
Economic Security (CARES) Act designed to address the public health
and economic crisis brought on by the novel coronavirus (COVID-19)
pandemic. The CARES Act appropriates roughly $2.2 trillion of
spending, tax breaks, loans, and other resources over the next
decade. CBO estimates it would add $1.7 trillion to the
deficit over that period. Assuming that there is no demand shock,
discuss what effects you would expect the CARES Act to have on
consumption,...