The head of the US Federal Reserve System (FRS) Jerome Powell predicted years of recovery for the country’s labor market. According to him, this is indicated by the experience of previous periods in the development of the economy, RIA Novosti reports.
As noted by Powell, extended periods of unemployment can create long-term damage to the lives and well-being of people, as well as erode the productive capacity of the economy. “We know from the previous period of economic development that it can take many years to reverse this damage,” he added. According to the head of the Fed, at the moment the United States is very far from forming a strong labor market.
At the same time, Powell said that there is no need to worry about the country’s public debt at this time. “We are very far from considering the ability of the federal government to finance itself in our policy,” he explained.