Claudia Sahm joins Richard K. Green to outline the changes in economic policy as the Federal Reserve and Congress have reacted to the COVID-19 pandemic. Sahm, who was inside the Federal Reserve during the Great Recession and recovery, has since devised the Sahm Rule Recession Indicator to help policymakers and economists determine the start of a recession based on unemployment rates.

Sahm points out that economic policy has new goals, new tools are being considered, and change will come with growing pains. As for new goals, Sahm sees interest in concepts like full employment, reducing inequality, and acknowledging racism as harbingers of a new school of thought, and one that is less skittish about inflation as the Fed works to build momentum in economic downturns. The new tools and approaches like the child benefit cash transfers in the latest stimulus package display a shift towards providing direct aid, rather than commonly used tax incentives or other targeted programs. Sahm also acknowledges that change means pain while data catches up to policy for the simple reason that some benefits or programs have never before been attempted in the US.

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Originally recorded for “The Bigger Picture” podcast by the USC Bedrosian Center with host Oliva Olson.

Falling is the number one cause of injury and the seventh leading cause of death in adults ages 65 and older. In the newly published “Breaking Down Silos to Improve the Health of Older Adults,” Richard Green, Patricia Harris, and Anthony Orlando make the case for Medicare coverage of home safety renovations to minimize injurious falls. Olivia Olson speaks with the authors about their recent paper and the changes they hope to see in Medicare coverage.

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Lois Takahashi moderates a panel of public and private stakeholders on the roadblocks and success stories of rebuilding housing after fire in California, including Dave Sanson (DeNova Homes), Geoffrey Ross (California Department of Housing and Community Development) and Dan Dunmoyer (California Building Industry Association).

As California currently has a housing crisis due in part to the difficulties of constructing new and large-scale housing in the state, the panel concludes that rebuilding communities impacted by natural disaster remains a challenging process. Sanson points out that though most communities lack the resources to act quickly in rebuilding that requires federal support, a lack of unity via local control and NIMBYism also can hamper rebuilding efforts. Ross acknowledges that the federal system is not yet attuned to the unique needs of responding to fire, having focused for some time on flood, tornado, or hurricane relief. Though the question “should we rebuild” in fire-affected areas deserves examining, Dunmoyer identifies that homebuilding is not immune to natural disaster anywhere in California or even the US and emphasizes safe and smart building as a responsible solution.

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