We won’t feel totally completely normal until we have, whether we want to call it herd immunity or a greater fraction or percentage of the American population is vaccinated. As we conquer the virus, we will regain normalcy. — Cecilia Rouse, the chair of the White House Council of Economic Advisers
We won’t feel totally completely normal until we have, whether we want to call it herd immunity or a greater fraction or percentage of the American population is vaccinated. As we conquer the virus, we will regain normalcy. — Cecilia Rouse, the chair of the White House Council of Economic Advisers
The Economy Is Booming but Far From Normal, Posing a Challenge for Biden
A summer that many business owners and consumers had hoped would bring a return to prepandemic activity has delivered waves of disappointment in key areas. Restaurants are short on staff and long on wait times. Prices have spiked for food, gasoline and many services. Shoppers are struggling to find used cars. Retailers are struggling to hire. Beach towns are jammed with tourists, but office towers in major cities remain ghost towns on weekdays, with the promised return of workers delayed by a resurgent coronavirus.

... Mr. Biden and his advisers are confident that many of those issues will improve in the fall. They expect hiring to continue at a strong pace or even accelerate, fattening worker paychecks and powering consumer spending. They remain hopeful that a reinvigorated labor market will take the place of the fading stimulus from the president’s $1.9 trillion economic aid bill signed in the spring, and that the latest wave of the virus will not dampen growth significantly.

On Friday, they released new projections forecasting that growth will hit 7.1 percent this year after adjusting for inflation, its highest rate since 1983.

“Our perspective is one of looking at an economy that is growing at historic rates,” Brian Deese, the director of Mr. Biden’s National Economic Council, said in an interview.

... Administration officials do acknowledge some potential hurdles. Some big-city downtowns may never return to their prepandemic realities, and the economy will not be fully “normal” until the virus is fully under control. They stress that increasing the nation’s vaccination rate is the most important economic policy the administration can pursue to accelerate growth and lift consumer confidence, which has slumped this summer.

“I don’t want to put a timeline on this,” said Cecilia Rouse, the chair of the White House Council of Economic Advisers. “We won’t feel totally completely normal until we have, whether we want to call it herd immunity or a greater fraction or percentage of the American population is vaccinated.”

“As we conquer the virus,” she said, “we will regain normalcy.”


The economy’s rebound this year has been stronger than almost anyone predicted last winter, a result of the initial wave of vaccinations and the boost from Mr. Biden’s stimulus bill. Gross domestic product returned to its prepandemic level last spring, and retail sales have soared far beyond their pre-Covid path.
Read the full article: https://www.nytimes.com/2021/08/31/business/economy/biden-economy.html