7 Things the U.S. Needs to Do to Recover From the Coronavirus Recession, According to Economists
As Congress debates what to include in the next stimulus package, the key to fixing the U.S. economy is fairly straightforward, economists say: Get the coronavirus under control. Economic recovery can only come if citizens feel safe.
Unfortunately, “straightforward” doesn’t necessarily mean simple, Michael Klein, executive editor of Econofact, a nonpartisan economic publication, tells CNBC Make It. A disjointed and unreliable federal response to the virus has exacerbated not just the virus itself, but likely the subsequent economic downturn as well, says Klein.
Because of the resurgence of the virus in states that opened too early and the following re-shutdown of local economies, “this is not going to be a V-shaped recovery,” says Klein. “There’s going to be a lot of economic pain, and policy makers should recognize that people will be put in a hard position without support from the government.”