Economist Warns of a Widespread and Simultaneous Impact of US Recession

Macro Mavens President Stephanie Pomboy and former Reagan admin economic adviser Art Laffer analyze potential market reaction to the Fed's rate hike decision Wednesday. #FOXBusiness Subscribe to Fox Business! Watch more Fox Business Video: Watch Fox Business Network Live: FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both Main Street and Wall Street. Headquartered in New York — the business capital of the world — FBN launched in October 2007 and is one of the leading business networks on television, having topped CNBC in Business Day viewers for the second consecutive year in 2018. The network is available in nearly 80 million homes in all markets across the United States. Owned by FOX Corporation, FBN is a unit of FOX News Media and has bureaus in Chicago, Los Angeles, and Washington, D.C. Follow Fox Business on Facebook: Follow Fox Business on Twitter: Follow Fox Business on Instagram: ...(read more)

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As the COVID-19 pandemic continues to wreak havoc on the global economy, economists are warning that the United States is headed for a recession that will hit "everywhere all at once." According to Nouriel Roubini, an economist who famously predicted the 2008 financial crisis, the US is experiencing a "severe recession" that will have devastating consequences for businesses, consumers and workers across the country. In a recent op-ed for The Guardian, Roubini argued that the pandemic has exposed longstanding weaknesses in the US economy, including high levels of debt, an overreliance on imports, and a lack of investment in healthcare and education. As a result, Roubini said, the US is ill-prepared to weather the economic storm that the pandemic has caused, which has led to widespread shutdowns, job losses and business failures. "The shock to the US economy from COVID-19 has been massive and sudden," Roubini wrote. "The recession will be deep, with a sharp contraction in GDP lasting at least two quarters, and the economic damage will be lasting, with higher unemployment and business failures." Roubini's warning comes as the US experiences record-high unemployment rates and plummeting GDP, with many experts predicting that the worst is yet to come. Some economists have argued that the US government needs to take an aggressive approach to stimulus and recovery efforts in order to mitigate the worst effects of the recession. This could include measures such as increased unemployment benefits, direct cash payments to households, and massive infrastructure investments. Others argue that the US needs to re-evaluate its economic policies and priorities in order to build a more resilient and sustainable economy in the long term. Regardless of which approach is taken, it's clear that the US is facing a major economic crisis that will require significant action and sacrifice on the part of all Americans. Ultimately, Roubini's warning serves as a reminder that the effects of the pandemic will be felt far beyond the realm of public health – and that the US must prepare itself for a long and difficult road to recovery. https://inflationprotection.org/economist-warns-of-a-widespread-and-simultaneous-impact-of-us-recession/?feed_id=83217&_unique_id=64270d9291487 #Inflation #Retirement #GoldIRA #Wealth #Investing #fedratehike #fedratehikeimpactonstockmarket #fedratehikenews #fedratehikenewstoday #federalreserve #federalreserveexplained #federalreservelive #federalreservemeeting #federalreservemeetingtoday #federalreservenews #FoxBusiness #FoxNews #foxnewslive #foxnewstoday #jeromepowell #jeromepowelllivetoday #MariaBartiromo #marketnews #recession2023 #stockmarket #thefedmeeting #ThefederalReserve #useconomy #usmarket #RecessionNews #fedratehike #fedratehikeimpactonstockmarket #fedratehikenews #fedratehikenewstoday #federalreserve #federalreserveexplained #federalreservelive #federalreservemeeting #federalreservemeetingtoday #federalreservenews #FoxBusiness #FoxNews #foxnewslive #foxnewstoday #jeromepowell #jeromepowelllivetoday #MariaBartiromo #marketnews #recession2023 #stockmarket #thefedmeeting #ThefederalReserve #useconomy #usmarket