Washington Post: U.S. economy deteriorating faster than anticipated as 80 million Americans forced to stay at home
The U.S. economy is deteriorating more quickly than was expected just days ago, as extraordinary measures designed to curb the coronavirus keep 84 million Americans penned in their homes and cause the near-total shutdown of most businesses.
In a single 24-hour period, the governors of three of the largest states - California, New York and Illinois - ordered residents to stay home, except to buy food and medicine, while the governor of Pennsylvania ordered the closure of nonessential businesses. Across the globe, health officials are struggling to cope with the growing number of patients, with the World Health Organization noting that while it required three months to reach 100,000 cases, it took only 12 days to hit another 100,000.
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WNU Editor: I have just started thinking on what would be the impact on the U.S. economy from this pandemic, and what I am finding out makes me realize that we are all facing a disaster that is truly going to rock the U.S. and global economy. Case in point .... the impact of Covid-19 on U.S. union/municipal/and state pension funds after this market crash has now put these funds in a position where they will not be able meet their obligations and commitments. The prospect of millions of retired Americans having their pensions cut .... I can imagine the backlash. And as for everything else. The collapse of oil markets and OPEC. The destruction of global supply chains. Massive and unprecedented government deficits. A massive cut in global GDP. I can easily see us entering an era of double digit inflation, double digit unemployment, and the extinction of the American middle class as we know it. In the future, when historians look back on what happened in March of 2020. They will say it was the greatest financial disaster in world history. More global wealth was lost in that month than at any time in human history. Think about that.
19 comments:
Ouch that is a very sobering assessment.
1) SARS 2002, H1N1 in 2009, Ebola were not that bad. Nothing was going to be bad from JAN 2009 to JAN 2017. That is 2 decades of easy sailing.
2) How many people in the CIA are Brennan loyalists and have such bad cases of TDS that they worry about Trump more than anything else? At least since this started we have not heard from that cracker Brennan.
3) The Chinese Government lied.
4) The Average age of people dying is like 80. I have really old relatives like most people. It is sad when people go, but it is not a national emergency.
Look at the average of corona flu victims in Italy. It is around 80 years and 90% or more had conditions like diabetes or hypertension. Same here in the US.
IMO many in the media have committed treason and need to be sent to San Quentin or Leavenworth.
Pump up the maudlin! Unfunded liabilities in California alone amount to $1.3 trillion. Outsized government pensions have been the rule. Retired firefighters are receiving mucho dinero. Count in the cops, clerks, judges, teachers, librarians, etc. US 'gubmint never seemed to care before, likely won't now.
https://www.nytimes.com/2017/03/02/us/california-today-police-firefighter-pay.html
Welcome to the real world of non guaranteed pensions.
Russ, the military pays for your healthcare, lodging, clothing, food, dental work, has its own towns, police force and stores.
Weren't you in it? Sounds a lot like socialism. You are quite the rugged individualist.
yep! and I got the G.I. Bill=socialism!
“Unconscionable” is a feather-light word to use for the response to this pandemic by those in charge. After weeks of inaction, of downplaying the pandemic, of calling it a hoax, President Donald Trump had no choice but to shift tone once this crisis was undeniable. He then stood shoulder to shoulder at press conferences, shaking hands while declaring a national emergency that his own experts said only social distancing would quell. He has failed our nation.
Trump is in his own category
Trump's run for reelection, now, will be like no other: an impeached President who faced down a pandemic and then asked for four more years.
While the coronavirus has given Trump ample opportunity to take up the mantle of national leader and appear presidential at the White House, there's plenty to criticize in his handling of the crisis -- he's overly optimistic about treatments, brags about his early response for accomplishing more than it did.
And the pandemic will likely rob Trump of what has, heretofore, been his main argument for reelection -- a booming stock market, low unemployment and a strong economy.
He was getting maybe more credit than he deserved for those things, which were helped by his tax cuts, but also in the works long before he took office. But he may also get more blame than he deserves if the economy does not bounce back quickly from the Covid-19 shutdown.
Biden Actually Said This… “They Tell Me There’s Ways We Can Do Teleconferencing Via Us All Being in Different Locations”
"Russ, the military pays for your healthcare, lodging, clothing, food, dental work, has its own towns, police force and stores.
Weren't you in it? Sounds a lot like socialism."
Somehow Karl Marx missed that memo.
Karl would have pointed out that the military was socialism.
Try again asshat.
Ugh, so how about good information instead of doom and gloom!! The backbone of our economy is still functioning - I work in this industry daily and although some work from home, the factories remain open. They have too! I service industries in the food and beverage sectors (mostly) and they might see actual increases due to demand. The major impacts are to restaurants, travel and entertainment sectors. I can see travel industries shuttering and lots of restaurants closing because they were just making it before but a total collapse of the economy- no sir. Just remember, these events have a way of making some sectors big winners in the market so just adapt.
One more thought; because those industries are going, the second tier industries are also open; Insurance, Heath Care, investment sectors, etc.
Keep calm and stay safe!
Stimulus approaching $2trillion according to Kudlow.
Weird, how with an R in the white house, deficits don't matter. Now if it were a dem, we'd see weeping pics of Paul Ryan sobbing "what about the grandkids and the debt we're heaping on them".
Don't fret boys, when Biden is president deficits will be a thing to gas on about again. I can see Mitch now, somber, serious look on his face, worrying about our fiscal future, trying not to laugh.
Yep. A whole lotta shrieking cut n' paste Trump bashing going on. Pretty pathetic. Funny to read though. Guess they had daddy issues growing up.
Fred, I'm happy you finally had an original thought. Keep up the fine work!
I respectfully disagree. Fred never had a original thought in his life. He joined the military and went to college, but it was always following a herd. Even marriage.
@Mike exactly - and good advice @ some industries are winners
The people who truly hurt your country are those who push division in the midst of a crisis. External and internal. The worst are those who think of them as heroes. Most political activists do think quite something of themselves - and the entitled reporter class who wants to cast an image and make headlines at any cost are the worst, just scum. Sad to watch. No dignity. Rally behind your president. You're under attack. Just some advice from a friend in Europe. You're being divided. Don't let it happen right now. Push back.
The CHUD mindset: Criticism of the current administration, no matter how thoughtful and accurate, is labeled "Trump bashing".
Therefore, everything is "Trump bashing"; therefore no criticism of the administration is valid or even allowed.
Makes sense. If you are a CHUD.
Is Chudley a FREDO or a webmaster?
https://www.americanthinker.com/blog/2020/03/anthony_fauci_the_nihs_face_of_the_coronavirus_is_a_deepstate_hillary_clintonloving_stooge.html
You just proved my point. Way to go.
The point that the person, who insults everyone with the name CHUD, may not be Fred, but someone
impersonating him?
In which case you made my point.
This so-called "thoughtful and accurate" criticism of Trump that you speak of is neither thoughtful nor accurate. Its a lot of whipped-up petulance. Most of it reads like autistic shrieking.
It equates to a cheering section for US downfall simply to remove Trump from office and install... Biden? Really? I'm a results guy. If Obama had presided over anything but an economic flatline - meaning an expansion, I'd be his biggest fan.
Instead he proclaimed key American industries dead - "The New Normal" - pushed 13 million into poverty, 8 million onto food stamps, signed on to every bad trade deal thrust in front of him and happily signed every progressive climate agreement he could. Failed at negotiations in Iraq which led to him summarily removing all troops requiring a redo of that war. The birth of ISIS. Obama created a disaster in Syria, created a disaster in Libya and nearly did the same to Egypt. Obama lost every negotiation he was involved in. Squandered US leverage at every opportunity. Couldn't even secure a US Olympic Games bid in his terms.
But that doesn't matter. He was "The One we've all been waiting for" and worshiped like a deity regardless of his awful results. I'd venture to say that if Obama were president right now and the exact same circumstances were in effect, the praise for him would be effusive and unending. Just like with his actions/inactions with regard to the H1N1 outbreak in 2009/10.
One big news piece that isn't getting reported is Trump's horrible poll numbers with the general population over his handling of the Chinese coronovirus outbreak.
(that's because he's polling heavily positive)
Rooting for national failure in order to attain political satisfaction is simply evil.
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