The $1.9 trillion recovery package set to go to a vote in the coming weeks won’t include automatic stabilizers. A perennially popular policy among left-of-center wonks and the public, automatic stabilizers can refer to any program that’s there when you need it. Unemployment insurance is an automatic stabilizer: Since it’s already in place, it can swell when more people are out of work and contract when the economy improves. The term can also refer to programs that kick in automatically once certain thresholds are satisfied. Instead of including such measures in the current stimulus, Congress is poised to say, again, that new benefits will expire based on its best guess for when life will get
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