economy Markets

Neel Kashkari Floats New ‘Hard Lockdown,’ Says Congress Needs To ‘Support The People’

Neel Kashkari was (back) on CBS’s “Face the Nation" Sunday, and unlike Jerome Powell, he's not shy about using prescriptive terms when it comes to discussing how Congress should exercise its spending powers. "While historically we would worry about racking up too much debt, we’re generating the savings ourselves [and] that means Congress has the resources to support those who are most hurting", he told John Dickerson, referencing the surge in the personal savings rate. "Those of us who [are] fortunate enough to still have our jobs, we're saving a lot more money because we're not going to restaurants or movie theaters or [on] vacations", he continued. "That actually means we have a lot more resources as a country".   I'm not sure that's the best way to conceptualize of the nation's current predicament, but if it works to recast the narrative around the surge in the savings rate and, in turn, helps to prod recalcitrant Republicans along, then so be it. Some members of the GOP have pointed to the rise in the savings rate as evidence that more st
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7 comments on “Neel Kashkari Floats New ‘Hard Lockdown,’ Says Congress Needs To ‘Support The People’

  1. As much as it would hurt my business Kashkari is probably right. Shutdowns are the only solution demonstrated thus far that produce relatively quick results. However there’s no point in doing this if we don’t institute an expansive free testing and contact tracing program.

  2. Goldfinga' says:

    Agree with K on shutdown.

    Fitch has U.S. debt on Negative credit watch.

    If U.S. debt becomes questionable credit, probable depression will follow.

    This needs to be addressed now.

  3. Neel should probably not voice these dangerous thoughts out loud, we might get a 6 week “hard lockdown” right around November 3rd…

  4. Vlad is Mad says:

    Neel is wrong about a lockdown for the simple reason that the adherence to each successive lockdowns will prove lower and lower as it becomes clear that the costs of those lockdowns outweigh the benefits–deaths are not going to be avoided only spread out over a longer time frame. Sweden is right, few want to admit it

    • Jose Diaz says:

      We are an isolated, irresponsible case as always, in both the good and bad of situations. We can’t compare ourselves to anyone. We need our own solution, our own mandate and our own timeline. The numbers have shown we can’t match anyone else based on our populace, so it’s useless to consider ourselves part of a global experiment that had some semblance of structure and responsibility. I live in Florida and when the command came down to open up, there were no cheers of jubilant nature. All my circles decried it, we hung our heads for a few hours and eventually, almost on cue, the new “America 2020” spirit rose up from within each group and the cries for, “Well, screw it, YOLO and let’s be Florida and make the best of it!” came rallying out.

      People have become inherently more selfish these last few years for reasons we don’t need to get into. The point is, without a strict mandate to curb all of this for the betterment of everyone, without it coming off as some wanton desire to just “screw everyone needlessly” which is, honestly, so ironic that only in this country and in this time could make such a case be something it isn’t, we’re just going to go deeper into the rabbit hole.

      As crude and hyperbolic as it may sound, I tell my friends, “If you don’t wear a mask, you’re just making the wealth gap wider and I wish you luck in finding a way to close it,” and they look at me with blank faces. Welcome to our new economy and job pool.

  5. Bill Mapel says:

    Including Sweden I think.

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