Lazard’s Orszag Warns of Cascading Bankruptcies Without More Aid

The video discusses the complexities of reopening the economy, highlighting the varied approaches across regions and the challenges faced by urban areas like New York City. It emphasizes the potential for rolling closures and the impact on small businesses. The discussion also covers the risks of prolonged unemployment and cascading bankruptcies, stressing the need for additional government stimulus to mitigate economic damage. The importance of balancing economic activity with public health measures is underscored, with a focus on the significant increase in business restructurings.

What are the risks associated with prolonged elevated unemployment?

In what ways can economic stimulus help mitigate the harms of business restructurings?