Employment won't recover for a decade, CBO says

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The nation’s unemployment rate will remain stubbornly higher for the next decade than it was before the pandemic, while economic output will be depressed for years under current tax and spending policy, the Congressional Budget Office said

on Thursday.

The calculations do not take into account any changes that could occur with the passage of an additional emergency relief bill that Congress is expected to take up prior to the August recess. “Low-income families have borne the brunt of the economic crisis, partly because the hardest-hit industries employ low-wage workers,” the agency said. “African American, Hispanic, and female workers have been hit particularly hard, in part because they make up a disproportionate share of the workforce in certain industries with jobs that involve elevated risks of exposure to the coronavirus.“

 

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Try to tell Trump that.

You people is the dumbest MF mascarade as journalists.

This assumes nothing is done about it. The question is, how much room is there to spend more to stimulate the economy moving forward without putting the US into an untenable deficit?

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