I find it likely that the United States will experience a new or worsening recession within the next year. Even the most optimistic economic projections anticipate that travel will remain depressed, the hospitality industry will recover slowly, and that direct stimulus will end.
The US government should take action that bolsters the US economy, even after the pandemic subsides, without writing blank checks to US corporations.
Why not continue direct investment in US corporations? The United States Congress already provided $25 billion in bailout funds to airlines alone this year, and House Democrats are pushing for more.
Airline bailouts, in particular, are ineffective and unpopular. There are some indications that Americans’ trust of large corporations is shrinking, and corporate bailouts don’t necessarily increase the prospects of the American worker.
A perfect post-pandemic-policy proposal to aid the US recovery will need to address a few concerns:
- It needs to be popular with the public and both parties to pass into legislation
- The policy will need to help the travel industry
- Their must be a fiscal multiplier to funds allocated to the policy
What do I recommend?
The United States Congress should sanction a World’s Fair for the summer of 2021 or 2022 depending on the anticipated longevity of the COVID pandemic.
Although a proposal for a World’s Fair initially sounds like an immature policy response, I think it would be strong policy, both symbolically and economically, for the American people.
The World’s Fair, as I imagine, would focus on showcasing four aspects of American society:
- A Brighter Future–How technology and the nation’s youth will bring the United States into its brighter future.
- American Made–How Farming and Manufacturing make America.
- E Pluribus Unum–How immigration and cultural appreciation create the World’s Melting Pot.
- American Life–Sports, Theatre, Design, and Art
Ideally the Fair would be held for a few months in a city that had experience with significant air, bus and rail travel, and could hold hundreds of thousands of daily travelers. To ensure maximum economic benefit and avoid political entanglements, I’d propose to hold the convention in a mid-sized city, in the middle of the country. Omaha, Minneapolis, Indianapolis, Detroit, St. Louis, and Oklahoma City are likely candidates. Once the Fair finished, its exabits would travel to the marquee cities of the United States.
As a part of the policy funding, Congress would appropriate funds for grants associated with each of the four showcases and to subsidize travel/hotel costs for every American (at a graduated rate based on income). Additionally Congress would pay for the costs of the expeditions and for the traveling show; the winning city would need to allocate funds for the grounds and any city-specific exhibits.
The World’s Fair will jumpstart the aviation, busing, and rail industries. Symbolically, the subsidized travel will indicate to the population that it is safe to travel. Financially, it will allow millions of Americans to leave their home state for the first time, and bring in foreign travelers. Even after the Fair terminates, I anticipate many Americans and foreign citizens will travel more frequently than they would have without the encouragement.
Congress will add stipulations to the grants for each showcase that encourage competition in certain, popular and positive, arenas. For instance, the grants associated with youth and tech should promote changes to the education landscape, reduce the barriers for at-risk youth, and inspire future corporates leaders. The Farming grants would reward a return to suitable, local farming and encourage new small farmers.
In order for the World’s Fair to make a noticeable impact on the US economy or society, Congress will need to spend a lot on it. The last US World’s Fair (1984) failed because it didn’t receive the investment it needed. The US needs the cultural equivalent of a Ferris Wheel or Eiffel Tower (both World’s Fair inventions) to inspire confidence.
To make the endeavor palatable for both parties, the Fair will need to be sold as a support to the airline industries and to small-and-large businesses first. I propose the following funding sturcture:
- 40% of grant money to A Brighter Future
- 40% of grant money to American Made
- 10% of grant money to E Pluribus Unum
- 10% of grant money to American Life
In this structure, Republicans can promote the fact that farmers and manufacturers received a 40% of the overall funding, more than the “Liberal causes.” Democrats can sell the Fair as a celebration of culture and Art, 20% of trillions is a lot of funding for diversity and arts events. Both sides and the public should support the funding of children’s programs and the airline industry.
Obviously a single Fair will not save the airlines or build confidence and togetherness in the US economy. That should not be the goal. The Fair would save the airlines and hopefully bolster travel for years to come. The Fair should introduce youth to new cultures and business ideas. Ideally the Fair would inspire future economic growth both through the grant recipients, and for visitors who walk away inspirited with their personal ideas on how to build their brighter future.
Polly Wanna Math 