“The United States is not facing an immediate fiscal crisis. Phillip Swagel, Director, Congressional Budget Office So, I think that we need to make sure that the relief is going to be there through that entire uncertain period, because if we do that, that increases the likelihood that as many people as possible, that everyone will be in a place where they can pick back up and our economy can start to run strongly again.” There’s still a lot of uncertainty about how things are going to move forward. “e’ve not really had a long experience with these sort of global pandemics and how they ripple through economies and how families and businesses respond in that regard.There’s still a lot of precariousness. Raphael Bostic, President, Federal Reserve Bank of Atlanta “With greater funding for state and local governments, will stem the adverse effects of what we’re seeing with respect to the virus.” Lisa Cook, Economist, Michigan State University They’ve thrown a lot of stimulus at it, but I think we need to be risk averse.” Now they are getting hit by another shock.You could end up in a negative spiral for the economy. “There are so many businesses treading water, barely hanging on. Kevin Hassett, Former Economic Advisor to President Trump The cost to society and the cost to families is far too steep.” “We can not have another 10-year recovery, that is far too long. In the last recovery after the financial crisis, it took 10 years to rebuild our labor market,” Kashkari said. “We have the capacity for this war-time spending to support our fellow Americans until we get this pandemic behind us. Neel Kashkari, President, Federal Reserve Bank of Minneapolis The same is true for many small businesses that are likely to prosper again once the pandemic is behind us.” In addition, workers and households who struggle to find their place in the post-pandemic economy are likely to need continued support. In the near term, policies that bring the pandemic to an end as soon as possible are paramount. Employment in January of this year was nearly 10 million below its February 2020 level, a greater shortfall than the worst of the Great Recession’s aftermath… Experience tells us that getting to and staying at full employment will not be easy. “Despite the surprising speed of recovery early on, we are still very far from a strong labor market whose benefits are broadly shared. Jerome Powell, Chair Federal Reserve System Economists Recognize the Extent of the Problem and Our Capacity for Response We have a bold, aggressive plan that our country not only needs, but can afford. That’s why Democrats have crafted a bill that will deliver the resources needed to end the pandemic, mitigate its economic impact, and generate a strong and inclusive recovery. We know from previous recovery efforts that going too small will cost us far more both in the short and long term. Further, economists agree that this targeted, evidence-based plan is needed – both for struggling families and for the American economy – and that the federal government has ample fiscal capacity to provide it. Experts and community leaders across the ideological spectrum are united in their support for the American Rescue Plan. The American Rescue Plan Act of 2021 will provide crucial aid to families, workers, and communities suffering from the dual health and economic crises caused by Covid-19.
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