'There needs to be a stimulus at an economy-wide scale to avoid the real chance of a depression,' the entrepreneur tweeted.
Former Democratic presidential candidate Andrew Yang warned on Sunday that economic fallout from coronavirus could"be worse" than the financial crisis of 2008, as many have begun urging for at least a temporary version of his signature proposal of universal basic income.
The stock market experienced its steepest one-day slump since 1987 last week amid growing economic uncertainty. As fears surrounding the coronavirus outbreak have spread, air lines have canceled flights, people have been urged to avoid cruises or travel in general, many large events have been canceled and people have been cautioned against going to bars and restaurants, as well as any unnecessary public outings.
"This threatens to be worse than the financial collapse of 2008. The meltdown didn't cause people to stay home, cancel mass gatherings and travel and shut down schools for weeks/months," Yang tweeted on Sunday."There needs to be a stimulus at an economy-wide scale to avoid the real chance of a depression."
In a follow-up tweet, the entrepreneur added:"Treating this as a pandemic is one thing. Treating this as an imminent economic depression and societal catastrophe spurred by a pandemic is another. You should flood the zone with buying power and a sense of personal financial security as fast as possible."
This threatens to be worse than the financial collapse of 2008. The meltdown didnât cause people to stay home, cancel mass gatherings and travel and shut down schools for weeks/months. There needs to be a stimulus at an economy-wide scale to avoid the real chance of a depression.Treating this as a pandemic is one thing. Treating this as an imminent economic depression and societal catastrophe spurred by a pandemic is another.
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