The U.S. economy could benefit if the nation were to "lock down really hard" for four to six weeks, a top Federal Reserve official said on Sunday, adding that Congress can well afford large sums for coronavirus relief efforts. The economy, which in the second quarter suffered its biggest blow
WASHINGTON - The U.S. economy could benefit if the nation were to"lock down really hard" for four to six weeks, a top Federal Reserve official said on Sunday, adding that Congress can well afford large sums for coronavirus relief efforts.
"If we don't do that and we just have this raging virus spreading throughout the country with flare-ups and local lockdowns for the next year or two, which is entirely possible, we're going to see many, many more business bankruptcies," Kashkari said.He said Congress is positioned to spend big on coronavirus relief efforts because the nation's budget gap can be financed without relying on foreign borrowing, given how much Americans are saving.
"That actually means that we have a lot more resources as a country to support those who have been laid off," he said. "There's obviously a need to support workers and support the economy," he said."On the other hand, we have to be careful about not piling on enormous amount of debts for future generations."
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