The economy will not improve unless the virus is under control, says Austan Goolsbee, former chair of the Counsel of Economic Advisors. Furthermore, the longer this goes on, the worse the long-term damage.
Coronavirus cases continue to pepper the country, crimping reopening plans and an economic recovery. As extra unemployment benefits from the coronavirus relief bill are set to expire, things look far from back to normal.
“There can be no improvement to the economics unless you get control of the virus,” he told Yahoo Finance. But while President Trump endorsed masks in a tweet, Goolsbee expressed frustration that not enough was being done. “If we can get on the path that they’ve been on in Europe, in Korea, Japan, Australia, New Zealand, and places where they got control of the spread of the disease, you could be looking at smaller [stimulus] numbers,” said Goolsbee. But as the problem snowballs, the amount of stimulus required is much higher, since the economy “can’t ignite on its own.”
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