Fed’s Powell says state and local governments are rebounding faster right now than during the financial crisis

Jerome Powell testifies before the Senate Banking, Housing and Urban Affairs Committee on his nomination to become chairman of the U.S. Federal Reserve in Washington, U.S., November 28, 2017. REUTERS/Joshua Roberts

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One of the biggest laggards of the previous economic recovery is recovering better this time around, Federal Reserve Chair Jerome Powell said Wednesday.

The direct payments and expansion to unemployment benefits included in President Joe Biden’s $1.9 trillion relief plan are already among its most popular elements. But the inclusion of state and local government funding also addresses what many deem the biggest mistake of the 2009 stimulus package.

A lack of sufficient funding for governments allowed for budget shortfalls that forced job cuts and gutted social programs for years. Economists at JPMorgan estimated the absence details ⇒

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