According to the Federal Reserve Chairman, Jerome Powell, the road to economic recovery is far from over and the Covid-19 pandemic has fueled the tragedy. During his speech at the National Association for Business Economics annual meeting, Powell highlighted that the federal budget was essentially a disaster, but stressed that “now is not the time to give priority to those concerns.”
The Fed’s Chairman, Jerome Powell, doesn’t seem enthusiastic about the American economy after the central bank funneled $9 trillion into the hands of private trading houses. Powell discussed his outlook at the annual National Association for Business Economics meeting and talked about Covid-19 quite a bit. According to Powell, a second wave of the coronavirus could “more significantly limit economic activity, not to mention the tragic effects on lives and well-being.”
“Managing this risk as the expansion continues will require following medical experts’ guidance, including using masks and social-distancing measures,” Powell explained to the meeting attendees. The Fed Chairman thinks that more money will be needed to battle the hardships the country faces and he argued there’s really no time to waste.
“The U.S. federal budget is on an unsustainable path, [and] has been for some time,” Powell said. “[But] this is not the time to give priority to those concerns,” the central bank’s Chairman added. For the most part, Powell said that the risks of not adding more stimulus injections into the economy would be far greater.
Powell further stated:
By contrast, the risks of overdoing it seem, for now, to be smaller.
At the meeting, Powell also explained that the distribution of funds at times wasn’t making it into the hands of those who need it most. He insisted that “once you’re permanently laid
