Yes, I think that’s about right. But perhaps the key point is that the last thing governments and central banks should be doing for the next several years is sucking demand out of their economies via higher taxes: that would just make the recovery slower, weaker and more challenging.
Someone needs to write the new manual for economics beyond a global pandemic. Where’s the modern day Keynes?
Higher taxes and austerity all round would be the obvious choice but I think after a year of lockdown and social distancing (as it will probably turn out) this will go down extremely badly IMO
much as it pains me, I think the printing presses need to swing into action and print a few hundred billion and dish it out to Joe Public and the lenders
Interest rates and exchange rates will no doubt be severely affected but needs must