Curbing The Economic Impact Of Coronavirus

WAMU 88.5 | By Haili Blassingame

Published March 18, 2020 at 1:18 PM CDT

Traders work on the floor of the New York Stock Exchange this week. Stocks fell sharply again despite a drop in interest rates as the nation grapples with the spreading coronavirus outbreak.

The coronavirus crisis is affecting every aspect of American life, including the economy. Some expertsestimate that as many as three million jobscould be eliminated by summer and that a recession is inevitable.

In an attempt to soften the economic blow, the U.S Federal Reserve has cut interest rates close to zero. Congress is likely to pass a$1 trillion stimulus package, which could include a $1,000 check sent to every American household.

But are these measures enough?

Claudia Sahm is one of the leading experts on recessions and a former Federal Reserve economist. “We will need multiple rounds of money for everyone,” she told The Washington Post.“This recession is going to be more severe than the Great Recession.”

What the government is doing to curb the impact of coronavirus on the economy? What do these measures mean for you and your pockets?