One year ago the U.S. economy was robust with unemployment at historically low levels and real incomes rising. No one would have predicted that a year later the economy would come to a halt and more than 20 million people would be applying for unemployment benefits. This reversal was not due to monetary instability, which has been the primary cause of most recessions, but rather to a decision by government officials to mandate business closures to battle a pandemic. The initial sharp supply-side effect of Covid-19 quickly turned into a strong demand for cash and