The economic devastation wrought by coronavirus is so powerful that worries are mounting about the size of the rescue package
“This is literally like a combo of 9/11, the global financial crisis and an invasion of every nation’s homeland,” he said Thursday on CNN. “$1 trillion is six weeks’ worth of firepower. We need six months’ worth of firepower.”“$1.2 trillion in pure terms is going to cover about two to three weeks of economic activity,” said Torsten Slok, chief international economist at Deutsche Bank Securities.
Concern among those who say the current package is too small is driven mainly by fear that mass layoffs and business closings are already happening but have yet to show up in national economic data. White House officials continue to say that while the second quarter of this year will be bad, economic activity will quickly revive. President Donald Trump on Thursday said he thought the economy could emerge “stronger than ever before.”
Wall Street is counting on Washington to quickly pass the next rescue package, warning that failure would cause massive sell-offs across financial markets. But some are also warning that Washington will have to come back and inject more money into the economy to avoid a long and deep recession.
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