We need to make sure this doesn’t happen.
Recently the Federal Reserve Chair Jerome Powell stated that there was a threat of an extended recession because of the coronavirus pandemic.
Powell advised Congress and the White House to take the warning seriously and act promptly to prevent economic disaster.
He stated that “Additional rescue aid from government spending or tax policies, though costly, would be ‘worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery.'”
He also made sure to point out that “Deeper and longer recessions can leave behind lasting damage to the productive capacity of the economy. Avoidable household and business insolvencies can weigh on growth for years to come.”
Powell is making sure the Fed will “continue to use [their] tools to [the] fullest” and hopes the rest of the government follows to prevent long lasting economic damage.
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