White House calls for urgent measures to save the US economy

The US authorities must take urgent measures to stimulate the economy in the face of the COVID-19 pandemic, otherwise they will have to get out “from an even deeper hole.” This was stated by the head of the National Economic Council of the White House Brian Dees at a briefing on Friday, January 22.

Deese noted that the country is “in a dangerous situation in terms of coronavirus and the economy.”

“Without decisive action, we risk falling into a very deep economic hole, even more serious than the crisis we are in,” the newspaper quoted The Independent his words.

After inauguration of US President Joe Biden, the White House named the main priorities in his post, including the fight against the spread of coronavirus and the economy.

The next day, the American leader unveiled a national strategy to tackle the pandemic based on scientific evidence rather than policy. He also signed a decree invoking the wartime production law to fill the shortage of goods needed to fight COVID-19.

A law passed in 1950 allows the US federal government to require private companies to accelerate the production and supply of goods in order to fill their deficit in an emergency.

Last year, at the beginning of the epidemic, this law was already enacted by then President Donald Trump.

Experts of the Expert Institute for Social Research (EISI), at the round table on the topic “Political Crisis in the United States: Lessons for the World and Russia”, agreed that the crisis in the United States, despite the coming to power of a new president, is not over and will only get worse. According to experts, the country has entered a period of instability, without restructuring the political system this cannot be overcome, but the political elite does not want this.

Professor of the Financial University under the Russian government, Oleg Matveychev, drew attention to the fact that the US budget deficit is 50%, and sovereign debt exceeded 100% of GDP.