Federal Reserve Chairman: Economy would have been “much worse” without COVID-19 relief bills

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Federal Reserve Chairman Jerome Powell said the economy would have been “so much worse” if the COVID-19 relief bills had never been passed by Congress.
In an interview with “60 Minutes” that aired Sunday, CBS’s Scott Pelley asked Powell what he thought would have happened to the economy if the bailouts had never been passed.

“You know, I hate to even think. It would have been a lot worse, ”Powell told Pelley.

“Congress, in fact, has replaced people’s incomes. Kept them in their homes, kept them solvent, kept their lives together with what they did in the CARES Act. It was heroic, ”he said.

Former President TrumpDonald TrumpHarry Reid Responds To Boehner’s Book Excerpt: “We Have Not Much Our Words” Man Arrested For Allegedly Threatening To Stab Asian Undercover Officer In New York Trump Says GOP Will Take White House in 2024 in a prepared speech PLUS signed the first major coronavirus relief bill, the $ 2 trillion CARES Act, in March 2020. On December 27, 2020, Trump signed another relief program, this one totaling $ 2.3 trillion. dollars.

The 11th of March, President BidenJoe Biden Biden envisions greater U.S. role in global vaccination efforts Trump says GOP will take White House in 2024 in prepared speech Kemp: Taking All-Star Gambling Out of Atlanta Will Hurt Business Owners the color PLUS signed a third major COVID-19 relief bill, totaling $ 1.9 trillion.

Powell told the program that the unknowns at the start of the pandemic were “terrifying,” which is why he has become a staunch supporter of multibillion-dollar relief legislation.

He also acted on his own at the Federal Reserve, invoking the Fed’s emergency lending powers, “60 Minutes” noted. Powell lowered the benchmark interest rate to near zero and bought billions of dollars in bonds on the open market so that credit could continue to flow, the program reported.

Powell added that the economy was performing “significantly better” than expected when the coronavirus first took hold, however noting that the more than 550,000 lives lost are a “tragedy.”

“So I think if you look back a year ago when we last spoke, the economy actually performed better than we had feared. Much better, ”said Powell.

“The other aspect of this, however, is that if you had told me at that point last year that over 550,000 people would die from COVID-19, I would have been shocked. You know, it’s a lot of tragedy. It really is. And we don’t want to forget that, ”he continued.

Since the peak of the pandemic last spring, the United States has made progress in its recovery efforts. Earlier this month, the Department of Labor reported that the United States added 916,000 jobs in March, shattering economists’ projections of 675,000 jobs.

In addition, the ministry reported that the unemployment rate fell to 6% last month.

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