What Do You Think About the CARES Act in the US?

The CARES Act in the United States was very effective at alleviating economic hardships. It essentially just gives you lower costs to livelihoods without really affecting deaths. And through the lens of our model, what we say is that economic welfare costs were reduced by 20 percentage points relative to the No CARES Act counterfactual. But there would have probably been a lot of room for improvement for doing it better.