The U.S. economy will recover from the recession in the second half of this year or anywhere in 2021, and according to a report by the National Association for Business Economics, a majority of economists say Congress wants to provide additional assistance.
Two-thirds of the panelists said the economy is still in the recession that began in February, while nearly
80 percent indicated that a double-dip recession has at least one in four chances. The NABE survey summarizes 235 members’ comments and was conducted between late July and early August.
A majority of panelists said they believe Congress should extend supplemental unemployment insurance and the Paycheck Protection Program for small businesses, with 22% indicating that the next fiscal package should be $1.5 trillion to $2 trillion.
When Congress failed to decide on a new stimulus package, causing the extra $600 a week in
unemployment assistance to expire, President Donald Trump announced in early August that
disaster relief funds would be diverted by executive order to provide federal assistance to
the unemployed.
While 40% of respondents rate the fiscal response by Congress as “insufficient,” 37% said it’s “adequate.” At the same time, more than 75% of panelists said the Federal Reserve monetary policy is currently “about right,” the strongest approval in more than 13 years.
