Covid and the economy

“Unless this passes quickly, this would be worse for the economy than the [2007-2008] financial crisis.

In the financial crisis, most people kept their jobs. Many people maintained their spending. Now everyone is cutting their spending,” Furman continued. “Lots of people, if they don’t lose their jobs, are going to get substantial pay cuts in a potentially much more widespread way than the financial crisis.”

— Jason Furman, economics professor at Harvard University

“Policymakers need to get really creative really fast to keep this from escalating from what’s already a public health crisis into a deep economic recession.”

— Julia Coronado, MacroPolicy Perspectives

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