The U.S. needs $3 trillion in fiscal stimulus to support coronavirus-hit economy, says economist
Pedestrians wearing protective masks walk by a sign displayed outside a retail store in Harlem, New York City, saying it’s going out of business.
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SINGAPORE — The U.S. needs around $3 trillion in fiscal stimulus to support its pandemic-hit economy, an economist said Thursday as Congress and the White House remain in a stalemate over what to include in the next relief package.
William Lee, chief economist at Milken Institute, said the $3 trillion should be spent on programs such as incentivizing businesses to increase remote working capabilities and helping the unemployed find jobs in companies with viable business models.
“I think the one thing that everyone … agrees with is we have to get in there and get in big. The issue is how do you get big without a permanent increase in fiscal deficit,” he …continued .
[Source: CNBC News]