Though US policymakers took bold early action to prop up the economy during the COVID-19 crisis, the International Monetary Fund now expects America's GDP to contract by 8% in 2020. If the US government does not pursue a comprehensive recovery program, the outlook will become even worse.
BERKELEY – In just a few short months, the COVID-19 pandemic has done massive damage to the United States economy – and the workers who make it run. Unemployment has already reached its highest level since the Great Depression, with about 42 million workers – largely lower-income, less educated, and disproportionately black and Hispanic – having filed jobless claims since mid-March. Without concerted government action, America’s economic prospects – and its inequality problem – will only worsen.
BERKELEY – In just a few short months, the COVID-19 pandemic has done massive damage to the United States economy – and the workers who make it run. Unemployment has already reached its highest level since the Great Depression, with about 42 million workers – largely lower-income, less educated, and disproportionately black and Hispanic – having filed jobless claims since mid-March. Without concerted government action, America’s economic prospects – and its inequality problem – will only worsen.