There is a saying that goes ‘straight from the horse’s mouth’. The FED chair spoke about the economy and shared his views. Consequently, he believes it is going to take us some time to start to grow the economy again. The shock effects of COVID 19 have changed the economy in very profound ways. He claims it is doubtful that we will have the same type of economy ever again. This is because we are now working in different ways. More remotely, technologically more advanced, in different ways for example in restaurants and retail. Workers in these industries are going to be most affected according to him. Those who are now jobless will also be adversely impacted as it is unsure that a further stimulus is forthcoming.
He has voiced that there needs to be more help forthcoming to workers in this predicament. That is according to him the only way to help them transition to the new economy.