We need a Pompeo Plan to tame the dragon
It is traditional that the serious statesperson should respond to a crisis such as COVID-19 by calling for a ‘new Marshall Plan’. The New York Democrat Chuck Schumer wants one for the domestic economy. The Texas Democrat Julián Castro wants one in Central America. A chorus of European leaders, some of them democratically elected, wants one for the European Union. It is only a matter of time before the Trump administration wants one too, but on its own terms, in order to counter the threat of China. Call it Marshall’s Law. Between 1948 and 1951, the Marshall Plan or European Recovery Program (ERP) transferred $12 billion (c. $130 billion in today’s money) to western Europe, most of it to Britain, France and Germany.
