Annie Lowrey

Armed insurrectionists stormed the Capitol, chasing Congress members into hiding and threatening to hang Vice President Mike Pence and shoot House Speaker Nancy Pelosi. Congress impeached President Donald Trump for the second time. White nationalists promised further acts of terrorist violence. The COVID-19 daily death toll hit 4,000. Payrolls declined. And in response, the markets rose a touch, with the Nasdaq and the Russell index of small-cap stocks hitting record highs.

As the country plunged into a deep and unusual economic recession last year, it also plunged into a deep and unusual social recession: atomizing families and friends, evaporating hours of laughter and care and touch.This phenomenon hit nobody as hard as America’s seniors, who are much more likely than their younger counterparts to live in care facilities and many of whom have struggled to connect in a socially distanced or virtual fashion.

Ten years ago, the United States was clawing its way out of a miserable recession. Washington was running an annual deficit of $1.3 trillion, and the national debt had reached $9 trillion, roughly 60 percent of GDP. Those figures were frightening enough to spur the Obama White House and Congress to create a panel of experts to address the long-term budget and to kick-start several rounds of government austerity, making cuts to the defense budget and a wide range of domestic programs.

There’s an on-the-shelf policy the Biden administration could enact unilaterally that would save millions of American lives, without costing the government a single cent on net.That policy, one pushed for but never implemented by the Trump administration, is eliminating most nicotine from tobacco products. It would not render cigarettes illegal; they would still be available to adults, and the smoking experience would remain much the same. But the product would no longer be so addictive.

President-elect Joe Biden could conjure a sweeping financial-relief policy into existence on the first day of his presidency, without the participation of Congress, the Federal Reserve, or any other institution. That is, he could forgive student loans.On Monday, Biden said that loan forgiveness figures into his plan to rev up the American economy, citing a provision in the House’s stalled-out HEROES Act that would pay off $10,000 a person in student loans.