# America needs hundreds of billions of dollars a month in relief ‘to make life tolerable,’ Nobel Prize-winning economist says
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America needs hundreds of billions of dollars a month in relief ‘to make life tolerable,’ Nobel Prize-winning economist says
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Paul Krugman makes the case for the U.S. government to potentially spend hundreds of billions of dollars a month to keep the economy float as the coronavirus pandemic continues to rage.
Paul Krugman
Getty Images
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‘We really are still very much in the disaster relief stage.’
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That’s Paul Krugman making the case in an interview on CNBC on Thursday for the U.S. government to potentially spend hundreds of billions of dollars each month to help keep the ailing economy afloat as the coronavirus pandemic continues to rage.
He pointed out that the U.S. is still 11 million jobs down from before the outbreak. “All of those people are without wages, state local governments are in extreme financial distress, thousands of businesses — maybe hundreds of thousands — are on the verge of collapse,” Krugman said.
Watch the interview:
As things stands now, with both parties at an impasse, millions of Americans are about to be cut off from a wide range of financial assistance programs designed to help people stay in their homes, make payments on student loans, keep their lights on and meet other financial obligations. Many of those programs are scheduled to end on or before Dec. 31.
On the coronavirus front, the news has been bleak of late. The U.S. counted a record of more than 100,000 new cases on Wednesday, the most in a single day since the start of the outbreak, fulfilling a prediction made by Dr. Anthony Fauci in June.
Nevertheless, the stock market keeps churning out big gains this week, with the Dow Jones Industrial Average
DJIA,
shaking off all the election uncertainty to rally more than 500 points in Thursday’s bullish session. The S&P 500
SPX,
and the tech-heavy Nasdaq Composite
COMP,
were also pushing higher.
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