Top Obama economist says there's 'a real danger' the coronavirus recession could be worse than 2008

The former top economist to President Obama is warning the coronavirus pandemic could throw the economy into a tailspin that's significantly worse than the financial disaster in 2008 — and believes its almost certainly in recession already.

In the past seven days, stocks continued their free-fall and recorded its worst finish since the financial crisis. Congress is scrambling to construct a colossal federal rescue package that may carry a price tag surpassing $1 trillion as economists warn layoffs are soaring and entire industries could be demolished in the fallout.

That type of chaos is familiar terrain for Jason Furman. Now at a professor at Harvard University, he helped shape the Obama administration's $800 billion stimulus package during the recession in 2009. Furman was later appointed to head the Council of Economic Advisors.

Yet the situation now is remarkably different. Businesses across the nation have shuttered in a bid to slow the spread of infections. Around one in four Americans were urged to stay home Saturday, effectively freezing substantial economic activity.

https://news.yahoo.com/top-obama-economist-says-theres-150700432.html

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