The top global economy which represents the triumph of the capitalist society sets a great example to democratic countries of how to support its nationals. The US government provides staggering financial aid to cushion the population, businesses, and the whole economy amid the pandemic-induced crisis. 

Congress has acknowledged that the domestic economy needs further stimulus measures so that the government could step up public spending. Federal Reserve Chairman Jerome Powell said that scaling up budget spending, the government is sure to achieve its goals of almost full employment and steady inflation. Another burning issue is the Fed’s view on interest rates. “We’re not going to even begin to think about lifting off, we expect, until we actually get observed inflation -- and we measure it on a year-over-year basis, equal to 2%,” Federal Reserve Vice Chairman Richard Clarida said in a Bloomberg Television interview. “We don’t want it to be a fleeting, you know, one quarter and done,” the policymaker cleared up the official stance about keeping interest rates at nearly zero. Currently, it is too early to judge whether the monetary authorities and the government are on the right path with fiscal measures because the economy is “still in a deep hole.” Nevertheless, the Fed in tandem with Congress are determined to reach their employment and inflation goals.     

“It’s not a sustainable recovery, it’s still fragile. The country has lost years of output dealing with the coronavirus crisis. The recovery effort would need continued support from Fed policymakers and broad government actions,” President of the Federal Reserve Bank of Cleveland Loretta Mester echoed the viewpoint of other Fed officials.