While the bean counters said the last quarter’s economy showed some improvement?
Increased virus infections are driving states to order more restrictions on American’s that will result in some economy down falling thru the end of year….
President Trump isn’t interested in this since he lost the election…
Joe Biden doesn’t become President for two months….
In order the stop a possible government shut down one the coming spend bill due for passage in two weeks?
Biden & Co. are urging House Speakers to stop stalling and reach an agreement with Senate Republican’s on a spending bill that will less than what even Trump wants….
Biden & Co. wants a stimulus/virus bill even if THAT will less money than the Republicans would give fellow party member Trump….
Just like in the end of 2008?
Joe Biden finds himself agin in the position off having a Republican President drop a bad economy in his lap BEFORE even starting out the gate…
The economy returned to growth in the second half of this year after falling into a sharp and rapid recession. But sluggish retail sales growth in October, rising claims for unemployment insurance last week and a multiweek decline in employment and hours worked at small businesses nationwide have increased the odds that the economy could tip back into recession.
“The pandemic is raging, and it’s starting to do damage again,” said Mark Zandi, an economist at Moody’s Analytics.
Economists close to Mr. Biden and his campaign are circulating a spreadsheet containing new projections from Mr. Zandi, which predict that the economy will begin to shrink again in the first half of next year unless lawmakers break a prolonged impasse in stimulus talks.
Such a reversal would result in what economists call a double-dip recession, even as pharmaceutical companies prepare to distribute Covid-19 vaccines that lawmakers and economists hope will curb the pandemic and jolt the economy back toward rapid growth late next year or in 2022. Companies would shed 3 million jobs in the first half of 2021, Mr. Zandi projected, and the unemployment rate would climb from its current rate of 6.9 percent back to nearly 10 percent.
Jared Bernstein, an economist at the Center on Budget and Policy Priorities who was part of Mr. Biden’s inner circle of economic aides in the campaign, said that “speed, size and composition are all important” in a stimulus agreement, “but speed is especially important.”…
Economists are increasingly stressing the need for lawmakers to act quickly, even if that means reaching agreement on smaller package. A bipartisan group convened by the Aspen Institute’s Economic Strategy Group — including former Treasury secretaries under Democratic and Republican administrations — urged lawmakers on Thursday to approve a package that includes aid to small businesses, individuals and state and local governments, saying the economy “cannot wait until 2021” for relief.
“What I’m really worried about is the millions of people who are going to be without food or without a home during the winter,” said Melissa S. Kearney, the economist who directs the strategy group. “That level of individual suffering, really, to me, should be everyone’s priority and move them past their political differences.”….