Q&A Continues

Q: Continuation of unemployment payments being a disincentive to work? What
have you learned about the widening wealth gap in the pandemic?

• A: I wouldn't want to give very detailed advice on particular programs. I will
  say this pandemic is biggest shock to US economy in living memory. The
  response from the fiscal authorities was "strong, fast, broad, and
  appropriately so". I think we are seeing the results of earlier strong fiscal
  action. Small businesses staying in business, kept people in their
  homes, etc. So in a broad sense well spent, a good thing.
• In broad scheme, will be need for more support from us and more fiscal
  policy. Fiscal is up to Congress, they have ongoing discussions. Both sides
  wrangling over various provisions, but nonetheless believe there is a need for
  some additional fiscal support. Even if reopening goes well, will take long
  time for parts of the economy to recover. Won't be enough jobs for those in
  many industries who can't go back to their old job. They will need support.