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William Lee, chief economist at the Milken Institute, suggested the United States is headed into what could be the first recession whose length and depth will be determined largely by how effectively Washington responds, both on the fiscal and public health fronts.
“This will be first recession induced by public health policies, and the nature of those public health policies and their effectiveness accelerating the recovery from the virus. And that will determine the course of the depth of the recession.
Lee said he was certain the second quarter would show a contraction, but that multiple policies, most of which are currently under consideration, could prime the economy to bounce back.”