We could do tremendous long-run damage to the economy if we don’t get things done quickly,” said Gus Faucher, chief economist at PNC.įaucher added that failing to repair the economy now will make it harder to fix the budget later and address structural challenges posed by Medicare and Social Security. The Back-to-Normal Index, created by CNN Business and Moody’s Analytics, shows that the US economy is operating at just 74% of where it was in early March. Movie theaters, airlines, hotels and other sectors are hemorrhaging losses. The goal of pursuing even more deficit-spending, so soon after the last package, would be to limit the scarring caused by the health crisis and address worsening inequality.ĭespite the record stock market highs, parts of the economy are reeling. “It’s a no-brainer.”Īt this point, there are no tax hikes in the works to offset the cost. “This is the time to hit the fiscal accelerator to get the animal spirits moving and get the economy back on track,” Brusuelas added. The United States lost 140,000 jobs in December, the first decline since the spring. Jobless claims remain well above the worst levels of the Great Recession. The economy is in no condition for austerity,” said Joe Brusuelas, chief economist at RSM.Īnother 965,000 Americans filed for first-time unemployment benefits last week, up sharply from 784,000 the previous week. “This is not the time to tighten the belt. It's easy for big business to dump the GOP now.
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