White House economists concerned about unemployment projections | TOP-NEWS
White House economists concerned about unemployment projections

White House economists concerned about unemployment projections

Members of the Economic Advisory Council stressed the need for more economic aid

On Wednesday, two top White House economists warned against overly optimistic interpretations of the Congressional Budget Office’s economic projections and called for immediate action to avert the risk of persistent and long-term unemployment in the United States.

The Budget Office estimates that there will be 7 million unemployed in 2021. Economic Advisory Council members Jared Bernstein and Heather Boushey said this “ominous” prediction underscores the urgency of President Joe Biden’s proposed $1.9 trillion economic aid package.

“Inaction will cost us far more than overly aggressive action,” they wrote in a lengthy blog post. – “You can’t wait years for the economy to return to full employment and the performance predicted before the pandemic.

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