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13 Nov, 2020 13:55

‘The carnage has started’: US facing double-dip recession, economist tells Boom Bust

‘The carnage has started’: US facing double-dip recession, economist tells Boom Bust

The unemployment rate fell sharply in the United States last month despite the surging coronavirus cases in the country. The numbers have been better than expected by economists.

RT’s Boom Bust talks to Jeffrey Tucker from the American Institute for Economic Research about the current economic situation.

It will be almost impossible to have some good economic news soon, Tucker said, “given the calamity that the US experienced this year” and the fact that “the Fed is just throwing money around like crazy.”

He added: “It is very possible that at the end of this year, we’ll be looking back wondering, why did we destroy the strongest economy in the world for no apparent reason, just pure political panic?” According to the economist, another recession, another economic dip “is very likely.”

“We’ve already begun to see the carnage, I’m sorry to say it. And it’s going to emerge in the first or second quarters of next year.”

For more stories on economy & finance visit RT's business section