According to Federal Reserve Chairman Jerome Powell, social distancing and other measures to slow the spread of the coronavirus are crucial to the economic recovery from the pandemic.
“The path of the economy is going to depend to a very high extent on the course of the virus and the measures we take to keep it in check,” Powell said. “Social distancing measures and a fast reopening of the economy – they actually go together. They’re not in competition with each other.”
Powell has consistently stated that choosing between fighting the virus and reopening the economy is a false choice.
Powell and other economists have said that workers in hard-hit industries will continue to have difficulty returning to jobs until the public is comfortable gathering in groups and in close quarters.
The Fed Chairman’s comments come as negotiations continue to falter between the White House, Republicans and Democrats.
While not commenting specifically on the negotiations, Powell repeated his longstanding call for a robust package that will help economically vulnerable Americans cover their expenses and stay in their homes as the U.S. fights to control the pandemic.
“The labor market really has a long way to go,” he said.
Story at The Hill.
