The Federal Reserve is the body responsible for fulfilling the responsibilities of the U.S. Central Bank. Federal Reserve Chairman Colin Powell on the 5th, but once again on the new crown pneumonia outbreak. He said the recent rise in cases in the U.S. was worrying and that “everyone should follow the advice of public health experts, maintain proper social distance and wear masks in public.” Powell said it would help return the economy to strong growth.
On the same day, the United States reported more than 120,000 new confirmed cases of coronary pneumonia in a single day, again a record high. Why is the Fed chairman so worried about the outbreak and calling for people to wear masks?
A screenshot of the Fox report
How does not wearing a mask affect the U.S. economy?
The Federal Reserve issued a statement after its two-day monetary policy meeting on Friday announcing that it would keep interest rates at zero. The statement said the ongoing public health crisis will continue to put pressure on economic activity, employment and inflation in the short term and pose considerable risks to the economic outlook in the medium term.
Federal Reserve Chairman Colin Powell said at a news conference the same day, the continued rise in U.S. cases is worrying, reiterating that the U.S. economic recovery depends largely on the control of the epidemic, and all Americans have a role to play in the response to the epidemic.
A screenshot of the Fox report
In fact, this isn’t the first time Powell has called for people to wear masks. In an interview with NPR in September, when the U.S. faced a third wave of outbreaks, Powell said the U.S. could achieve tremendous economic growth by wearing masks and keeping social distances to contain the virus epidemic. This is considered to be his strongest support for the two epidemic prevention measures recommended by experts.
Screenshot from NPR
Powell and his Fed colleagues and dozens of other economists insisted throughout the pandemic that the only way to fully recover from the pandemic-caused recession was to control the virus, or Americans would not be able to get together safely, which would lead to millions of job losses and force thousands of small businesses into bankruptcy.
Larry Fink, chief executive of Blackstone, one of the world’s largest asset managers, also pointed to the urgency of wearing a mask in an interview with CNBC. “If we all wear masks and we all care more about our fellow citizens, we will resolve this crisis more quickly,” Fink said. “
To cushion the impact of the outbreak and support the U.S. economy, the Federal Reserve cut interest rates to between 0-0.25% in March and has continued to do so ever since, returning to the “zero interest rate era” after the 2008 international financial crisis.
In theory, a rate cut could have the effect of reducing credit costs, increasing consumption and creating jobs. However, there is a period of interest rate cuts, the role of the real economy will not be immediate, the government’s new fiscal rescue plan before the U.S. economic recovery prospects remain bleak.
Data showed that the number of private sector jobs added in October was much lower than expected. The number of people filing for unemployment benefits for the first time last week still exceeded 750,000. The Fed expects the U.S. unemployment rate to be higher by the end of 2021 than it was when Mr. Trump was first elected president. In addition to unemployment, the United States faces a long-term problem, including rising inequality, rising federal debt and instability in international trade.
Fox News screenshot: 750,000 people in the United States are filing for unemployment benefits for the first time
At the same time, the outbreak in the United States is getting worse. On the 5th, the United States reported more than 120,000 new confirmed cases of new crown pneumonia in one day, more than 100,000 cases for the second day in a row, becoming the largest number of new confirmed cases in a single day in the United States since the outbreak.
The Wall Street Journal reported that more than 120,000 new confirmed cases of coronary pneumonia have been reported in the United States in a single day
As the U.S. plunges into its worst wave of new coronavirus transmission to date, action is taking place across the country. Currently, at least 33 U.S. states have masks that require people to wear them in public places or in certain situations.
Chen Fengying, a researcher at the Institute of World Economics at the China Institute of Modern International Relations, believes that controlling the outbreak is the key to the U.S. economic recovery.
Chen Fengying: “The economic recovery must bring the new coronavirus under control, and the most scientific way to control the new coronavirus is to wear a mask.” Including China and other countries have (such experience), wearing a mask significantly reduced the corresponding infection. I think Powell’s opinion is from the scientific point of view, to scientific defense, to scientific to operate social exchanges, there is no vaccine or special effects, perhaps the only way is to wear a mask. “
One of the main culprits in the worsening of the U.S. epidemic: the politicization of masks
The outbreak of new crown pneumonia in the United States is worsening, but today wearing masks is recognized as the simplest and most direct anti-epidemic measures in the United States has been controversial, and continue to cause various kinds of conflicts.
Francis Collins, president of the National Institutes of Health (NIH), urged Americans to “do the right thing” in winter, including wearing masks in public places. He singled out a new study published in the British journal Nature Medicine that could save as many as 130,000 lives by March next year if most Americans wore masks. Otherwise, by the end of February next year, the death toll could exceed one million.
The Nature Medicine model predicts that by February 2021, the number of deaths could exceed one million
In fact, wearing a mask has been one of the basic epidemic prevention measures that the U.S. scientific community and public health experts have unanimously urged people to take after the outbreak, but it has been difficult to advance effectively. That’s because the issue of whether to wear masks has been heavily politicized by U.S. politicians since the outbreak began.
Mr. Trump has previously refused to wear masks on various occasions, and even after he was diagnosed with new pneumonia, Aza, a hard-nosed supporter of the U.S. Department of Health and Human Services, defended Mr. Trump and his family for not wearing masks during presidential debates.
According to the Washington Post, wearing a mask is the easiest and most effective public health tool to combat new crown pneumonia, but “the poor communication of the federal government, coupled with the politicization of wearing a mask, has slowed the widespread use of masks”.
Screenshot of the Washington Post report
Regardless of the outcome of the U.S. presidential election, president-elect Donald Trump is likely to continue to lead the country through the darkest and deadliest of the epidemic this winter, the New York Times reported On 3, and he has now largely excluded key U.S. health experts from the core leadership circle.
Screenshot of the New York Times report
Guo Xiangang, a researcher at the China Institute of International Studies, said that whoever is elected as the new president of the United States in the future should make fighting the epidemic a top priority and seriously address it, starting with mandatory masks.
Guo Xiangang: “The reason why the United States does not pay attention to the wearing of masks, social distance does not care about such a phenomenon, or the United States government in dealing with the epidemic with political interference, interference in science is closely related.” Because this year is an election year in the United States, the U.S. government at the beginning of the outbreak, do not pay attention to, downplay the outbreak, downplay the purpose of the outbreak is to vote, sometimes even conceal the truth, so that the American people’s understanding of the outbreak is insufficient. Therefore, now many people of insight in the United States issued such an appeal, no matter who came to power, in the face of the growing epidemic in the United States, I am afraid that we have to put aside political interference, respect the views of scientists, with masks to maintain the appropriate social distance, this is probably the only way out of the united States to get out of the epidemic. “