As
forecasts darken with estimates for huge spikes in unemployment and
sharp drops in economic growth, economists and Wall Street analysts are
warning that even the huge stimulus package now under consideration on Capitol Hill may only make a small dent. Some suggest the number needs to be at least $2 trillion or perhaps far more.
“They should be doing much more than
they are thinking about and doing it much quicker, at least $2 trillion
with the promise of more to come,” said Ian Shepherdson, chief economist
at Pantheon Macroeconomics. “We have whole industries like the
restaurant industry that have been obliterated already. Jobless claims
next week could be two or three million.”
Shepherdson added that “we could see a
drop of 5 million jobs in April. We are going to see numbers we never
thought possible. This will be the biggest economic hit that any
developed economy has ever seen outside wartime.”
Read more at: The government’s multitrillion-dollar problem - POLITICO
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