The Federal Reserve chair, Jerome H. Powell, stated on Wednesday that the United States was experiencing an economic downturn “without modern precedent.” The downturn could permanently damage the economy unless the government provides more bailouts to prevent bankruptcies and lengthy unemployment.
As congress engages in partisan bickering, it is not clear whether more bailouts are forthcoming. Without them, if there is a prolonged period of unemployment, there will be downward pressure on real estate values.