Economic uncertainty is unsettling most countries today. Major, persistent headwinds are threatening global economies, and the severity of these impacts loom. Given Russia’s war in Ukraine, the ongoing economic implications resulting from the COVID-19 pandemic, climate-related disruptions, and central banks’ decisions to rapidly increase interest rates, another global economic downturn seems increasingly likely. Yet despite these global challenges, the U.S. economy remains strong with a tight labor market, a historically low unemployment rate, and a growing economy.
During and following the COVID-19 recession, fiscal supports, such as the American Rescue Plan of 2021, and a historic federal vaccination program helped steward the U.S. economy to an unprecedented recovery, averting a double-dip recession, higher poverty rates, and the scarring impacts of longer periods…
