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BPC's Akabas: After Today's Jobless Numbers, Don't Expect a Quick Economic Turnaround

Washington, DC – The following is a statement from Shai Akabas, director of economic policy at the Bipartisan Policy Center, on the record 6.6 million unemployment claims filed last week:

“We’ve never seen anything like this, and as more bills start piling up, more paychecks are missed, and more businesses can’t keep the lights on, things are only going to get worse. In fact, they are probably already much worse than even these record-breaking numbers would suggest. I said two weeks ago we were seeing the sharp tip of the iceberg when it came to unemployment, and I think that’s still where we are.

“Unfortunately, I don’t think we should expect a quick rebound once the coronavirus crisis is over. Digging out of this hole is going to be a difficult process. Millions of Americans were living on the edge before this crisis, and it’s going to require policy changes to bring them the economic support they need in the long term.

“The question is not if but when Congress will inject another infusion of cash into the cratering economy to support families, businesses, and states.”

Shai Akabas is available for comment.