This is not something I would ever advocate under normal circumstances, being that I am a strong fiscal conservative ideologically and all that. But these are far from normal circumstances at this point, and letting a financial death spiral continue is a terrible idea. Everyone should be able to acknowledge that.
Just from talking to people, the job losses associated with this event may be unlike any we have ever seen in the history of the United States. The “everyone shut in and watch Netflix” crowd won’t see it until they get the call that their working from home is no longer required, now they are just home. This is bad. Very, very, very bad.
The best thing Trump could do is listen to Bernie Sanders. Normally, the Fed printing money and distributing it to every household would result in inflation. And we went into this crisis with prices on some things (like real estate) being problematically high. (Those massive real estate bubbles in Denver and Dallas are going to be quite over now.)
But we are looking at a period of likely deflation, which is one of the worst things for an economy. At this particular moment, printing money will help, not hurt. Think outside the box.
President Trump doing a national television address and telling Americans they have nothing to fear because the government would provide a universal basic income to ALL Americans (including formally high earners that are actually middle class because they live in high-cost areas, many of which are not going to be earners at all after this and thus deserve assistance). And that there will be a government-mandated moratorium on foreclosures and evictions for a period of six months (at least). This would go a long way to restoring sanity in this climate. Don’t cry for mortgage investors – they have been riding a wave of prepayments from everyone refinancing their houses at lower interest rates going into this. They’ll survive, probably better than anyone else in this financial clusterfuck.
Trump should probably also consider shutting down the stock market at this point. Not because I think it will ease the panic (it won’t, though a universal basic income for a short period of time will) but because it might restrict the unnecessary and destructive pressure on liquidity in the markets.