1、CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i Fiscal Policy in the COVID-19 Economic Recovery February 3, 2021 Congress is currently considering a new stimulus package to address the economic recovery. As of December 2020, the unemployment rate for private nonagricult
2、ural workers was 6.7%, down from 13.3% in May and 14.7% in April, but significantly above the 4.4% rate in March before the Coronavirus Disease 2019 (COVID-19) pandemic began to affect the economy. COVID-19 infections and deaths, while slowing in the late spring of 2020, began to rise steeply in the
3、 fall and winter. Causes of the COVID-19 Recession The recession was caused by a steep decline in demand in sectors requiring personal contact, including the service sector (and particularly travel and leisure), as well as petroleum products due to decreased travel (see CRS Report R46460, Fiscal Pol
4、icy and Recovery from the COVID-19 Recession, by Jane G. Gravelle and Donald J. Marples for a more detailed discussion of issues discussed in this Insight). Job losses and wage reductions were concentrated in low-wage workers. Although many state and local officials issued stay-at-home and shut-down
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