Federal government is weighing an infrastructure push to create jobs

From today’s New York Times:

Fears are growing that the global downturn could be far more punishing and long lasting than initially feared — potentially enduring into next year, and even beyond — as governments intensify restrictions on business to halt the spread of the pandemic, and fear of the virus impedes consumer-led economic growth.

“This is already shaping up as the deepest dive on record for the global economy for over 100 years,” said Kenneth S. Rogoff, a Harvard economist and co-author of “This Time Is Different: Eight Centuries of Financial Folly,” a history of financial crises. “Everything depends on how long it lasts, but if this goes on for a long time, it’s certainly going to be the mother of all financial crises.”

Stocks on Wall Street tumbled, with the S&P 500 closing down more than 4 4 percent, bringing its decline over two days to 6 percent, as investors braced for worsening economic conditions ahead.

The economic readings continue to worsen as well. On Wednesday, surveys of manufacturing and factory activity in the United States, Europe and Japan showed activity slowing to levels not seen in a decade or more. In the United States, factory orders and employment measures fell to their lowest since 2009, the Institute for Supply Management said.

In Washington, there was growing concern that the $2 trillion stimulus package enacted last week could be insufficient. Democrats and Republicans in Congress, as well as President Trump, are increasingly looking toward enacting a huge new infrastructure plan that could create thousands of jobs.

Read the complete article here.