Clouds. 33.8   F New York
AI-Powered News Summarizer
U.S.

Biden's Covid plan has to work. The economy depends on it

January 22, 2021. Summarized by summa-bot.

Compression ratio: 15.4%. 1 min read.

U.S. President Joe Biden addresses the nation at the "Celebrating America" event at the Lincoln Memorial after the inauguration of Joe Biden as the 46th President of the United States in Washington, U.S., January 20, 2021. REUTERS/Joshua Roberts/Pool

The fate of the economic recovery is riding on President Joe Biden's mission to speed up the lackluster rollout of coronavirus vaccines.

New York (CNN Business)The fate of the economic recovery is riding on President Joe Biden's mission to speed up the lackluster rollout of coronavirus vaccines.

"We won't see a strong economic rebound until we get broad distribution of the vaccine," said Kristina Hooper, chief global strategist at Invesco.

Kevin Hassett, a former economic adviser to President Trump, told CNN Business the US economy is facing a "negative spiral" that could cause GDP to contract sharply in the first quarter, just like last year.

Biden's goal is to distribute 100 million doses in the first 100 days — and the CDC official said that is still the plan.

The timing is critical because health restrictions and voluntary steps by Americans are crushing virus-sensitive parts of the economy, especially the service sector.

"The vaccine has got to get here," he said.

Summarizer is on Google News. Now you can get the latest AI summarized news on your favorite news platform.

Don't like Google News? We have an RSS Feed for you.

Suggestions