Failure to pass adequate and timely stimulus endangers the US economic recovery, Federal Reserve Chairman Jerome Powell said Tuesday.
The remarks arrive as Congress remains stuck in deliberations on a new fiscal relief bill. While House Democrats passed a $2.2 trillion measure on Thursday, Senate Republicans have balked at the bill's price tag.Federal Reserve Chairman Jerome Powell inched closer to explicitly calling for additional fiscal stimulus on Tuesday, warning that an insufficient spending bill could cripple the US economic recovery.
To be sure, the Fed has shouldered much of the policy burden throughout the coronavirus pandemic. The central bank slashed its benchmark interest rate to near zero in March, kicked off an unprecedented asset-purchase program, and established nine emergency lending facilities. Still, Powell's commentary highlighted some bright spots. The recovery is moving "more quickly than generally expected," and could see the unemployment rate fall back to pre-pandemic levels by the end of 2023, he said. The initial fiscal response was "truly extraordinary" and fueled much of the rebound's early gains.
Source: News Formal (newsformal.com)
How is forcing small businesses into debt they can’t pay help the economy? Businesses will be making money to pay the government not themselves or employees.
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