Nobel laureate Joseph Stiglitz in a Wednesday interview with Business Insider’s Sara Silverstein discussed the damage the coronavirus outbreak is inflicting on the US economy and what it might take to eventually rebound from the sudden shock.
While he expects the US economy to rebound at some point, “it won’t be a robust recovery,” he said.
He worries that there are gaps in the $2 trillion coronavirus stimulus bill making its way through Congress, he said.
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Nobel laureate economist Joseph Stiglitz is not anticipating a booming recovery from the coronavirus pandemic.
In a Wednesday interview with Business Insider’s Sara Silverstein, Stiglitz discussed the damage the coronavirus outbreak is inflicting on the US economy and what it might take to eventually rebound from the sudden shock.
Initially, there might be a quick recovery, Stiglitz said. “Not back to where we were, but remember, what shut down the economy was not failing banks, it was the disease, and once that goes away, people can go back to work.”
He continued: “I expect while it’ll bounce back from the extremes of unemployment that we’re seeing now, it won’t be a robust recovery.”
To combat the spread of COVID-19 cases, a number of states across the US have implemented drastic measures encouraging people to practice social distancing and shutting down non-essential businesses such as bars, restaurants, and museums. In addition, schools are closed, and millions of workers are stuck at home with no clear end date in sight. That’s led to a record spike in weekly unemployment claims, as coronavirus-induced layoffs begin.
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The problem is that the economic freeze is …read more
Source:: Business Insider