(October 2020)
The outlook for US economic performance took a significant hit this week. That hit was when President Trump called off further negotiations about a stimulus bill until after the election. That means the odds for more stimulus dollars to land in consumer bank accounts in the next couple months plummeted. Oxford Economics argues that with the recent expiration of Trump’s extra payments that he created via executive order, there is going to be an income “cliff” for most Americans. “Without faster job growth — unlikely at this stage of the recovery — or increased fiscal aid, households, businesses and state and local governments will be increasingly susceptible to a deterioration of the health situation”, says Oxford Economics, adding that it may mean the US enters “stall speed”.
(New York)
FINSUM + Magnifi: Extra stimulus payments were successful in keeping consumer spending steady. Without them, it is easy to imagine growth slipping.
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