Nouriel Roubini: the US economy needs a fiscal stimulus of 3% of GDP.

[Quemado]

NYU Stern Professor of Economics Nouriel Roubini (aka Dr. Doom), who, in 2006, correctly predicted the housing bubble and the stock market crash of 2008, says the US needs fiscal stimulus of 3% of GDP.

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Nouriel Roubini is well recognized for his work, so his warning regarding a global recession and financial crisis shouldn’t be taken lightly. He is one of the few economists who predicted the financial crisis of 2008 correctly, and he could be right this time around as well. In September 2006, Roubini gave a speech in front of economists at the International Monetary Fund (IMF), saying that the U.S. economy will face a once-in-a-lifetime housing bust, plummeting consumer confidence, an oil shock, and a deep recession. https://www.lombardiletter.com/analysis-nouriel-roubini-right-causes-financial-collapse-2020/30284/

US GDP in 2019 was approximately $21,000,000,000,000.

$21,000,000,000,000 x 3% = $630,000,000,000.

There are roughly 260,000,000 adults in the US.

630,000,000,000 / 260,000,000 = $2,423 per adult.

[uponit7771]

1. 2.75% to avg american and .25% to prop business's. Otherwise solution doesn't get to problem area

[alwaysinasnit]

2. Totally agree. It should not look like the 2008 crap where corporate interests got almost all the

help and most people about to lose their homes got crumbs.

[earthside]

3. Doubts.

I think we need to think about this more.

For example, the average rent in Denver is about $1800 a month.
So, a check for $2400 for a single person might get an individual through a month of expenses.
For a couple the $4800 would surely help.

However, depending on how long this keeping businesses closed ... this isn't going to help production or consumption.

Plus, as a retired person with a sufficient income, I don't really even need $2400.
I think I would rather see a package go to unemployment compensation, medical reimbursements, that is financial assistance going to people who really need it.

[Wellstone ruled]

4. This fellow is one of the smartest

when it comes to economics and how to fix our Nations screw up.

[Skittles]

5. the money from the massive tax breaks for the wealthy

WOULD HAVE COME IN HANDY RIGHT ABOUT NOW