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" ... The policy response to a pandession is different than a policy response to a recession. Businesses that are shedding jobs and going out of business today are not doing so because of bad choices that they made or the creative destruction of the marketplace. They are closing either because the government told their consumers to stay home, the government has ordered them to stay closed, or the uncontrolled spread of the virus has spooked their customers. None of these things are in businesses’ control. ... "