Macro Mavens President Stephanie Pomboy and former Reagan admin economic adviser Art Laffer analyze potential market reaction to the Fed’s rate hike decision Wednesday. #FOXBusiness
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BREAKING: Recession News
LEARN MORE ABOUT: Bank Failures
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
As the COVID-19 pandemic continues to wreak havoc on the global economy, economists are warning that the United States is headed for a recession that will hit “everywhere all at once.”
According to Nouriel Roubini, an economist who famously predicted the 2008 financial crisis, the US is experiencing a “severe recession” that will have devastating consequences for businesses, consumers and workers across the country.
In a recent op-ed for The Guardian, Roubini argued that the pandemic has exposed longstanding weaknesses in the US economy, including high levels of debt, an overreliance on imports, and a lack of investment in healthcare and education.
As a result, Roubini said, the US is ill-prepared to weather the economic storm that the pandemic has caused, which has led to widespread shutdowns, job losses and business failures.
“The shock to the US economy from COVID-19 has been massive and sudden,” Roubini wrote. “The recession will be deep, with a sharp contraction in GDP lasting at least two quarters, and the economic damage will be lasting, with higher unemployment and business failures.”
Roubini’s warning comes as the US experiences record-high unemployment rates and plummeting GDP, with many experts predicting that the worst is yet to come.
Some economists have argued that the US government needs to take an aggressive approach to stimulus and recovery efforts in order to mitigate the worst effects of the recession.
This could include measures such as increased unemployment benefits, direct cash payments to households, and massive infrastructure investments.
Others argue that the US needs to re-evaluate its economic policies and priorities in order to build a more resilient and sustainable economy in the long term.
Regardless of which approach is taken, it’s clear that the US is facing a major economic crisis that will require significant action and sacrifice on the part of all Americans.
Ultimately, Roubini’s warning serves as a reminder that the effects of the pandemic will be felt far beyond the realm of public health – and that the US must prepare itself for a long and difficult road to recovery.
America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun.. Lloyd Bernard
I would be fearful if this was any other media. But fox news business model is everything is scary.
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Maskoffaid on youtube fund my PayPal account with whooping sum of $10,000 wow I was amazed you’re man of your words I appreciate you
This is scary. Rich people pay politicians to make sure they get access to taxpayer funds first when banks shutter or they're in jeopardy of losing all their money. I feel bad for the lowest paid workers that may be affected, but not CEO's. A lot of them have created this abusive corporate pay structure where they are paid 300 to 400 percent the salary of entry level workers. Most add very little value. They posture and perform with speeches, meetings, and excessive travel to provide the appearance of working hard. It's a con.
This is all Reagans fault he hoodwinked the American people to give richa tax break n they'll create jobs but the ploy was to move our industry to China pay scab wages and sell those products here at previous cost thus increase rich profit margin. The answer here in USA is to create worker owned co-ops with management hired from within using Mondragon as templet.the rich avoid paying taxes $6 Trillion owed now by buying bonds thus we the people are screwed several times over
last week yellen had a close door meeting with jamie & then on saturday jamie had a meeting with the ceo's of the 8 big banks, at his apartment they are planing to short the precious metal market between themselves to suppress the metals so again they can steal billions from the miners and the investors through racketeering, he needs yellen to keep the heat off them while they are doing what they do best rig & manipulate the medals, mark my words they will keep the price suppressed so that the people fleeing these other banks will not run to gold & silver, and run to the other 8 big banks, just saying, why else would they have these back room meetings. its to bad the doj is so corrupt, as there is a whole lot of criminal activity going on here.
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