The pandemic’s 2nd phase could have a worse psychological impact, Nobel Prize-winning economist Robert Shiller warns
- Nobel Prize-winning economist Robert Shiller says a second wave of COVID-19 could cause more damage to the national psyche than the first outbreak.
- “It might have a worse psychological response the second time,” he told CNBC’s “Trading Nation” on Tuesday.
- The US reported a record 60,000 new cases of COVID-19 on Wednesday.
- Shiller also warned the US economy could suffer once the Federal Reserve reduces its stimulus efforts.
- Visit Business Insider’s homepage for more stories.
Investors have been debating whether the US economy is better prepared to ride out a resurgence in COVID-19 cases than it was when the pandemic first broke out.
Nobel Prize-winning economist Robert Shiller argued a second peak in infections could have a more negative impact on the American psyche than the first bout, especially if the virus prevents states from reopening.
In an interview with CNBC’s “Trading Nation” on Tuesday , the Yale University professor said: “Looks like we might be entering a second phase. There might have to be closures again.”
“It might have a worse psychological response the second time,” he added.
Shiller’s comments come as COVID-19 cases have taken off across several US states including Atlanta, Florida, and Texas. A record 60,000 new …continued .
[Source: Business Insider]