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Powell warns of lasting damage without more aid


A brief sampling. If I might of some of the choices phrases from Fed chair j Powell's well what was it a Webinar an online Q. and A. I guess after a quick set of remarks today sponsored by the Peterson Institute. Anyway here are some of the relevant things. The Chairman of the Federal Reserve had to say about this economy this morning. He said there's a possibility that there could be lasting damage. That things are both highly uncertain and they pose significant downside risks and that fiscal policy makers congress. That is although they've done a lot need to do. More additional fiscal support could be costly but worth it if it helps avoid long-term damage and leaves us with a stronger recovery. This trade off is one for our elected. Representatives who wield powers of taxation spending now to be fair fed chairs for years. Have been saying the same thing. Ben by Kimberly. Can I interject here for a minute? Kimberly Adams you are more than welcome to interject. Welcome to the program by the way thank you thank you so I mean you know I cover Washington and to be fair. Congress has done a lot of things in response to the Cova nineteen pandemic. We've had multiple rounds of stimulus and as we saw from house. Democrats just yesterday. They're working on another round. Well Yeah but two. Things Number One The the House Democrats bill probably going nowhere. Because Mitch McConnell the leader in the Senate has as much said so number two this economy as you know is defending strating in real time and yet here we have Congress con uh going back and forth although that is a great deployment of that. Sat word all pieces of legislation are originally when they come out of such a bitterly divided Congress going to be a wishlist to some extent but we should put this in a bit of context because the first couple of rounds of stimulus really were. Oh my good Lord. What are we going to do? Throw everything at this. Let's just try to again. Stop the economy from off a cliff but we also don't know how well what we've done already is working and house speaker. Nancy Pelosi basically said that this morning on MSNBC look. We're still waiting on data to see how this works and Mitch. Mcconnell has also said look we need to wait and see how the opening goes. How what we've already put out. There works before we can spend any more money on this now at the same time. The longer we wait the more the economy suffers. But there is sort of a wait-and-see moment we seem to be in right now. Okay Fair enough. Do you think before we get back to our regularly. Scheduled programing here DEA. Think there's going to be another bill I mean. Is there any doubt about that? Oh yeah there has to be more and I think what we heard from. Fed Chair Powell. Today is even more evidence of that and everybody knows there has to be more which means there is quite the lobbying scramble happening here in Washington because everybody wants a piece of it Kimberly Adams our Washington correspondent more from her in the program. A plan story as opposed to this Unexpected player Kimberly. Thanks a lot now. Problem One more item from bell this morning. The Fed is going to release a survey tomorrow. He said showing almost forty percent of those in households making less than forty thousand dollars a year had lost a job in March anti pointed out as he always does the Fed share that it was only in the last couple of years of the expansion. That is now over that people on the lower part of that income curve started to feel any of the gains. So there's that from the Fed chair

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