As parts of the United States begin to open up after months of coronavirus lockdown, hope is rising that some semblance of economic normalcy could be on the near-term horizon. That hope could still be dashed by lingering health, business, and consumer uncertainties, any of which could slow recovery. But for the least fortunate segments of the population, more economic pain is a virtual certainty. Far from the “great equalizer” that some initially dubbed the pandemic, COVID-19 has walloped the U.S. economy in a way that exacerbated inequalities in income, wealth, and opportunity. Absent a timely policy response, this

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  • MOHAMED A. EL-ERIAN is Chief Economic Adviser at Allianz, Professor of Practice at the Wharton School and a Senior Global Fellow at the Lauder Institute, Senior Adviser at Gramercy Funds Management, and President-Elect of Queens’ College, Cambridge.
  • MICHAEL SPENCE is Professor Emeritus of Economics and a Senior Fellow of the Hoover Institution, former Dean of the Stanford Graduate School of Business, Distinguished Visiting Fellow at the Council on Foreign Relations, and a co-recipient of the 2001 Nobel Prize in Economics.
  • More By Mohamed A. El-Erian
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