US economic stimulus packages insufficient for speedy recovery post Covid-19 economists warn

17 June 2020 (Last Updated June 17th, 2020 07:49)

17 June

The Federal Reserve has announced trillions of dollars in stimulus packages, but it may not be sufficient as the damage caused by the Covid-19 pandemic is severely impacting the US economy.

Experts feel the need for additional relief measures including unemployment benefits to prevent a prolonged recovery for the economy.

Joseph Zeballos-Roig, a journalist and writer, shared an article on how former Federal Reserve chairs and 130 economists signed a letter requesting additional relief measures to stop the US economy suffering a prolonged recovery.

Although the Federal Reserve has announced $3.5bn in stimulus package, the experts felt that more needs to be done to ensure that the US economy recovers at a faster pace.

Prolonged economic downturn can damage the economic and wealth creation opportunities especially minority communities, the article added.

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