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The United States currently faces a range of complex challenges including deteriorating infrastructure, a changing climate, and an inadequate system of education.
It may be counterintuitive, but government shutdowns are expensive. They are also bad for the economy.
https://www.pgpf.org/blog/2019/10/four-reasons-why-a-government-shutdown-is-harmful
Growth earlier in the year was spurred by appropriations enacted in early 2018 as well as by the Tax Cuts and Jobs Act (TCJA), though the stimulus effects of the latter are fading.
Yesterday, the Federal Reserve announced a decrease in the federal funds rate — the interest rate at which commercial banks lend to each other overnight.
https://www.pgpf.org/blog/2019/10/What-Does-the-Fed-Rate-Cut-Mean-for-the-Economy-and-National-Debt
In its annual report on income and poverty, the U.S. Census Bureau publishes data on national economic measures such as household income, earnings, wealth, employment, and poverty.
“By any measure, the state of the Union’s fiscal outlook is unsustainable, and getting worse,” said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
Powell noted that the current economic expansion is the longest on record and emphasized the need to consider the long-term implications of fiscal policy.
“The coronavirus outbreak is an unprecedented national emergency, and we need to respond aggressively to address both the public health crisis and the economic risk,” said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
The official unemployment rate was 4.4 percent in March 2020, up from 3.5 percent in February. That increase was the largest of any month since January 1975.
The new numbers demonstrate the severe economic damage and significant fiscal implications of this unprecedented crisis.