Stemming the Current Economic Downturn Will Require More Stimulus

by Sabrina I. Pacifici on November 5, 2008

“Senator Charles E. Schumer, Chairman of the Joint Economic Committee (JEC), and Rep. Carolyn B. Maloney, JEC Vice Chair, released a new JEC report entitled Stemming the Current Economic Downturn Will Require More Stimulus. The current economic downturn follows the weakest recovery on record. Families face rising unemployment, high prices, dwindling assets, historically high debt, and their real income remains lower than it was over eight years ago, all of which makes prospects for a consumer-led recovery highly unlikely. The weakness of household finances means that absent aggressive government action, the current downturn could be particularly long-lasting and severe.”

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