What did eight weeks and $3 trillion buy the U.S. in the fight against coronavirus? by hpschneider
FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019. REUTERS/Leah Millis/File Photo
For every community where case loads are declining, other hotspots arise and fester; for states like Wisconsin where bars are open and crowded, there are others such as Maryland that remain under strict limits. If there is consensus on any point, it is that the struggle toward normal social and economic life will take much more time, effort and money than at first thought. The risks of a years-long economic Depression have risen; fact-driven officials have become increasingly sober in their outlook; and the coming weeks and coming set of choices have emerged as critical to the future.
The hearing is also likely to be a platform for Democrats to coax Mnuchin and Powell toward acknowledging that more must be done - Powell said so directly in an appearance last week - and for Republicans arguing against quick new action.
And community agencies are noting increases in cases of domestic violence and suicide attempts after weeks of home confinement.At its passage in late March the CARES Act was regarded as a major and perhaps sufficient prop to get the U.S. economy through a dilemma. JPMorgan economist Michael Feroli estimated recently that the loans and transfer payments under the act turned what would have been an annualized blow to income of nearly 60% from April through June into an annualized decline of 15% - sharp, but far more manageable.
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