The United States is on the verge of a deep economic hole. These are not just headlines. This is an actual state of affairs in the country. The government admits the fact that economic problems are getting out of control and that the situation requires immediate intervention.
However, even a large-scale financial stimulus package cannot guarantee that such a complex issue will be tackled quickly enough. The good news is that the US authorities are aware of the problem and are ready to address it.
"Our economy is at a very precious moment. If we don’t act now, we will be in a much worse place and we will find ourselves needing to do much more to dig out of a much deeper hole," White House National Economic Council director Brian Deese said.
President Biden’s top economic adviser warns that without decisive actions, the US risks falling into a very serious economic hole if more financial aid is not provided soon.
Meanwhile, Paul Craig Roberts, former Assistant Secretary of the US Treasury, said that President Biden’s decisions could cause big economic problems in the country. The expert suggests that another lockdown will lead to the closing of businesses, growing unemployment, and widespread evictions.
