Stimulus talks are dead. It’s a tragedy for millions of Americans. Here’s what it means for the U.S. economy Kevin Hassett — Former Chair of the Council of Economic Advisors to @realDonaldTrump — tells me tonight: “We remain close to the edge of an economic calamity.”
“There’s going to be a big recovery in the 3rd quarter but it won’t move the US into positive territory which means that policy makers need to think of the current problem as responding to a big negative shock. Jay Powell is right to emphasize that more fiscal policy is needed.”
“With so many businesses still closed around the country – we remain close to the edge of an economic calamity.” At the end of Q3 the US economy will be 3% to 5% below where we started the year [with no 4th stimulus].”
“A stimulus [deal] between what Trump and Pelosi were talking about would have moved the U.S. economy into positive territory for the year.” — Kevin Hassett
Don’t forget what @benbernanke — the Republican former Fed Chair who led us out of the Great Recession — warned of in June: “Congress must act decisively — and it must act in ways that don’t repeat mistakes of the recent past, during the Great Recession.” google.com/amp/s/www.nyti…
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