Their tool kit is nearly empty because they've been supporting the wrong people.
It's time to acknowledge the civilizational scale of climate change and offer full on support to working together to solve these problems for everyone, not just the wealthy and existing corporate "winners".
The earth is finite. Coronovirus is a blip compared to full-on climate change/global warming, which is both relentless and threatens everyone on the planet.
The planet bats 1000, and it doesn't care about anything but reality.
9
Next week as the new test kits are put into use we will for the first time have hard data, not just estimates of the extent, showing how much spread there has been from the several hundred to several thousand (estimated) undiscovered cases in the US. If as seems likely there is already undetected pandemic spread inside the US, given the Moody's and Goldman Sachs estimates that there will be a recession in the US if a pandemic happens, seeing evidence that it is happening will be a major shock to the markets.
1
I’m not sure how and where macro economists source their data and statistics, but it looks like these economists are imbibing of koolaid in their ivory towers.
Most other countries are now either already in recession or preparing to contract (including China in the wake of the coronavirus pandemic). Even in the US per earlier reports, manufacturing is in already recession and events and travel are expected to decline). Yet economists continue to harp on positive numbers like the still grossly overvalued stock market abetted by a willing Wall St. We are supposed to believe that the US economy can continue to expand unconnected to the rest of the world.
For the common person on the street what smells like fish must indeed be fishy. Isn’t it logical to assume that White House “fake-onomists” like Kudlow and Navarro have taken Trump’s Orwellian thesis to bend the Bureau of Labor Statistics to his will, just as he has most other institutions? Now we’re supposed to believe we should monitor service sectors like hair salons for signs of a slowdown?
As Mark Twain said, “there are three kinds of lies: lies, damned lies, and statistics”. O’ ivory tower wallahs, descend to the real world and smell the fish.
3
Trump and his sycophants in Congress spend unceasingly in tax cuts for corporations and the 1% and spend nothing to improve ordinary citizens.
How do people still follow this guy straight the drain. The jobs they continuously tout are in the process of being laid-off.
Trump is the worse virus this country has ever suffered from, he leaves a mess for others to deal with while he just slides happily along.
2
The suggestion that governments might "offer rescue packages to industries most affected, like airlines..." shows up one of the bear traps of such a policy. Airlines, by carrying people with the virus around the world, are surely a key part of the problem here, certainly not part of the solution.
And whenever it comes to a stimulus package like the one advocated, there always comes the question of how to pick winners - companies and sectors that we lead us out of the current crisis, rather than bring us more quickly to the next one, be it global warming or whatever.
2
Until countries can get an accurate measure on the velocity of the outbreak and practical containment measures no amount of monetary or fiscal policy can deliver much effect. The Government’s focus has to be on public health, which notwithstanding Trump’s initial ill advised comments, seems to be occurring. Once this unfortunate event is in the rear view mirror rapid implementation of monetary and fiscal tools should commence. But, first we must handle the public health issues.
3
It’s breath-taking how quickly global financial and monetary administrators can coordinate policy in response to an outbreak of the ‘jet-set’ flu. Yet, to address child poverty, homelessness and climate damage, they can’t seem to agree on much.
If you like crony capitalism, there’s plenty from the donor-class remaining in the U.S. presidential field to choose from.
“Wrong forever on the throne.” Well done last night, President Sanders.
Rates were already low. The Fed’s “surprise” (?) action is consistent with recent knee-jerks supposedly not influenced by Trump. Ammunition for an actual recession has now been used in a thriving economy. Fun stuff.
6
Why is it the only thing never mentioned by supposedly "brilliant" economists is raising wages? More people with more money means more spending.
This college graduate has now been living an austere existence for over 20 years. No money for new cars. No money for house repairs. (Guess I was lucky I already had a house.) I've bought department store clothes 2x in the last 20 years. I'm still using furniture inherited from grandparents and a bedroom suite bought by my parents when I was 10. I've not had health insurance for most of the last 2 decades. We do movies maybe 2x a year. A dinner of more than $25 has been a rare occurrence. I've not any air travel but twice until last summer in over a decade.
I'm afraid my experience is more typical of the American populace than is generally known or admitted.
10
Delighted to see a columnist state right out in plain words that governments have been happy to spend lavishly on tax breaks for the wealthy (persons and businesses) but reluctant, at best, to spend on what benefits ordinary people. British Tory austerity is only the most extreme such case I know of (barring the forced contaction of Greece's economy at the expense of the populace).
7
Its truly the greatest opportunity ever.
The usual abuse of fiscal policies by politicians put all the weight of keeping a healthy economy on the shoulders of central banks, which are given too many tasks and few instruments, just monetary policy. Many years ago, I learned while in college that you assign one instrument to each economic target. But we want the FED to manage shocks, coronavirus, unemployment and inflation. God has been on their side until now, but for how longer?
4
Since the coronavirus is projected to "get out" into the general public in a big way in the near future, is trying to "track down" analyze the source of the virus for each patient and who they might have exposed to the virus the best way to expend resources?
For example, the minute someone who comes down with it is shown to have taken the subway or the LIRR during rush hour, there will be no way to track everyone who was exposed. There will be thousands of potential cases all over the City, and no way to identify who they might be.
It seems like it would be more effective to put the money into rapid testing and expanding sites that can receive patients using proper protocols if/when there are outbreaks.
5
@Dan88
We need both, if the money to pay for it can be found in the cracks between tax breaks for the rich.
7
Like many Americans, Peter S. Goodman does not give Donald Trump enough credit for preparing America for the Coronavirus. First, to cut costs in 2018, Donald Trump shrewdly fired the U.S. pandemic response team. More brilliantly Donald Trump's fiscal year 2021 budget proposal included a 16 percent reduction in CDC funding from the 2020 spending levels. American's on the left are always criticizing the high level of corruption in the Trump administration, but his administration may be more rememberd for its spectacular level of incompetence.
28
The corporations should keep buying their own stock and prop up the market some more. Because there is jsu so much value there in all that great American manufacturing.
3
Our long national nightmare ( Trump presidency) with the addition of Corona virus pandemic become a night terror.
8
1. "Governments have tools that could limit the costs, but have been reluctant to use them, economists said. They could give cash to employees whose workplaces are shut,"
That policy was used by Germany following the 2008 recession. Known as Kurzarbeit [1].
2. As pointed out in the article , the impact is on the supply side. When supplies decrease, prices rise. In that case the standard monetary policy is to increase, not decrease the interest rate
3. On a deeper level, economy policymakers and economist failed to realize that with global trade of goods, services and people came, unavoidably, had to come the global trade of pathogens. The cost of which, was never considered,
[1] https://www.economist.com/free-exchange/2010/08/04/making-short-work-of-things
5
Folks:another four years of trump and we are doomed.
Signed, Cassandra
If you don’t know who she is, brush up on your Greek mythology.
6
If interest rates are to be cut to save the economy, don't cut the rates for bankers. Cut the rates on student loans, past and present.
We don't need "free college". We do need to let the young people of America pay the same 1% or so on those student loans as the bankers are paying the fed on their loans. Soon there will be millions of people getting off the debt treadmill and into the market for all sorts of goods. That's what the economy will really need.
13
This type of crisis needs to be managed with scientists and healthcare professionals. Politicians are making it worse and misguided economic policy is adding to the panic. I just wonder if Trump and his minions are still referring to it as a Democratic hoax. As the virus spreads and the death toll rises, we are reminded of how reckless, dangerous and counterproductive such statements can be.
10
Some policy makers are worse than a contagious disease. Jack Welch surrendered GE to China and all corporate America was infected with his policy to sell out USA for short term profits. But trade with China is suicide; thru trade, we build China’s empire, their military, their spy network and human rights abuses
6
They don't know what to do, so they did it.
7
It is sickening that trump continues to lie about the availability “very soon” of a vaccine for Covid-19. It’s still so far away that it may not help much.
And, by the way, it’s not a treatment or cure. It won’t help people who have contracted the virus.
False hope is worse than no hope. We have to live with the truth, whatever it may be.
We need a leader who acts but not one who couldn’t recognize the truth if it hit him in the face.
The current situation calls for a plan to contain the coronavirus since a proven treatment is unavailable. Who is doing that? Certainly neither the president nor his czar pence.
5
There was the same battle when Obama was guiding us through the bank collapse of 2009. The bailout packages were fought tooth and nail by Republicans. Especially, the package for the automakers. Not only should we have passed ACA, but a much needed infrastructure spend, which we are still yet to see. The underbelly of all of it goes beyond the obvious life and death struggle during the virus crisis. I strikes average Americans with an opiate crisis, veterans with PTSD and children with disabilities. The great nation that defeated fascism and communism and made the world safe for Democracy can do so much better. Just not with the Republican sycophants and shills who are part of the Trump cult. Shame on them all.
5
The author states:The move “could easily backfire by hinting that something extremely negative is about to come over the hill, possibly a recession.”
This suggests that investor sentiment can worsen a recession as distinct from driving down asset prices. My view is that there is another cause that can worsen a recession. I believe that in the 2008-2009 financial crisis, the management of corporate oligopolies decided en masse that the "right" response was to cut head count by 10%. Magically, the unemployment rate soon went to 10% based on the decision of a small elite.
Let's hope that this time corporate managements decide (or are forced) to do what's best for society, and not follow their misguided animal instincts for self-preservation.
3
Rate cuts will never treat a stock market decline from Corona virus.... only a massive coordinated response from the federal government would have any effect. On the scale that China was able to mount...every case isolated, all contacts quarantined using AI, hospitals built in a week, food supply stabilized, superb free medical care....all not happening with the Trump government.
13
The financial system does not control the two key parameters in what is now an inevitable global pandemic - transmission and mortality rate.
The WHO today confirmed a 3.4% mortality rate. I have been saying for over a month that the number was at least 3.4% and the earlier 2%-2.5% rates were too low, which fostered a sense of complacency leading to a failure of global leadership. Meanwhile, the rate of infection over the past few weeks has consistently indicated a 10% increase in reported cases every week to 10 days. That means over 10 million infections globally by year-end and deaths in the hundreds of thousands and an equal number of survivors in ICU or on ventilators. And that will not be the end of the pandemic.
Time to stop fiddling with financial response and move to all out government mobilization on the health front. We are stuck with the death rate. We can do something about prevention.
12
@Joseph L The problem with estimating the death rate at this time is that they don't know how many people have contracted the virus. Testing has been limited to those who seek medical attention and those who are known to have been exposed. Many more are likely to have had it and went undetected. However, the number of dead are absolutely known because they show up at the morgue. So regardless of what anyone says they do not know the death rate and it is very likely to be lower than 2%.
2
@Chris We shall see.
I have tracked the global data daily for the past two months from Johns Hopkins and other sources and modeled various lags under alternative assumptions. I think the CDC is now spot on with the 3.4% death rate based on what we know to date, despite all the methodological and data issues you point out. In comparison with the seasonal flu the evidence supports two key points: COV19 spreads more easily than the flu (e.g. virus lives on surfaces for up to 9 days) and is significantly more deadly than the flu. In clearcut samples, such as cruise ships, nursing homes and hospitals, the evidence of the higher death rate is compelling. There is no support for the 2% number other than people repeating earlier official comments than have turned out not to be very credible given outbreaks in the past few weeks. And, as I said, 2% implies a view that fosters complacency, which I think is disastrous from a public health policy perspective. Come back in 6 months and see where the numbers stand.
1
Yes, it makes sense. Our Twitter in Chief cut taxes for the rich two years ago, now he doesn't have the needed resources to fight the virus epidemic.
As he tries to prevent the side effects of this threat by lowering the interest rate, he appears to me as Don Quixote charging the windmills.
12
In this age of globalization it has become obvious that the United States must be always prepared to respond to outbreaks of any communicable disease in any part of the world which could eventually find its way here. A huge reason to do so is to minimize the spread to, and impact of these diseases on the American populace. George W. Bush established a pandemic influenza preparedness program which was used to great effect to combat the SARS outbreak in 2003 and this program was left in place. Obama expanded the program to combat Ebola, Zika, and other communicable disease outbreaks during his presidency.
And in 2018, the Trump administration fired the government’s entire pandemic response chain of command, including the White House management infrastructure. He really is a terrible president and an awful person.
I have learned that Arizona clinics in areas that have Coved-19 victims still have not received test kits. Americans should be worried.
31
China should be sued in an international court for this catastrophe, there is ample evidence for the prosecution. The proceeds should go to the families of the dead, to research institutes and education.
@sebastian
seriously, lets include Congo in that law suit for Ebola too.
America is a special case. Only here in America are millions uninsured and most everyone else is afraid to go to the doctor or hospital because of cost. We have Secretary of Health Azar who says private labs should make test kits because we can't have price controls.
When you speak of economic measures to fight the virus, the outcome in America will not be affected by monetary policy, it will be determined by our uniquely poor healthcare system compared to other industrialized countries.
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@Sherry
I read that the test costs north of $2000.
Here in Switzerland it costs equal to $250..
Why on earth is it so expensive in the US? Does someone has to make a profit out of the (healthcare) system?
17
@Sherry
Erik Trump and his family are here for plundering... that is all.
3
The worrying thing is that we maybe in a lull before the real storm. The virus does not give a stuff about man made economic models etc. I still think that many politicians seem to think that the virus needs to behave itself because of our political needs...hubris...hubris...hubris. Also it is now about 2 weeks since many of the Chinese factories re-opened. Any reasonable person would expect an increase in reported infections but according to officials these are close to zero! This would defy commonsense. Sadly I think that that Xi and his cronies are saying this to take pressure off themselves especially since it is now appearing in great numbers elsewhere.
4
When we sooner-than-later find ourselves in another recession, the Federal Reserve will have virtually no wiggle room to lower interest rates further and blunt the economic impact. The Fed has been acting on behalf of Trump’s re-election efforts, not the best interest of the American people. We will all pay the price and the next democratic president will once again be tasked with cleaning up the fiscal hot mess of the previous republican administration. Do American voters have no learning curve when it comes to politics? I would be grateful to anyone who can explain this maddening phenomenon. Vote blue no matter who this November like your savings accounts and lives depend on it, because they do.
55
@Dabney L
The 0.5% interest rate cut looks like nothing so much as Fed panic. No wonder it's not reassuring the stock market (which anyhow knows the Fed doesn't have the right medicine).
3
I’m not a fan of Boris Johnson but his address today on the UK government’s plan of action to deal with the coronavirus threat was far more enlightening and rational than anything coming out of the US administration.
28
@Paco varela
Whatever one thinks of Boris, he is intelligent.
2
Peter Goodman, we used to say, you can’t push on a string. Marcus Nadler ran Money Marketeers. Henry was involved. So was Cy. The economy will contract. Markets were extended. 1600 pushed equity. The FED crushed interest rates. Some are negative. That’s deflationary. Monetization crushes the common denominator: currency. We are hurting savers and those on fixed wages.
Politicians never get it. Mike gets it. He trained in bonds. Bonds are 95% of all value in securities.
The pandemic will not respond to any treatment. Quarantine will not do it. Our immune systems will save us or we will die. We are 81 and 84. We get it. Closing the borders will not matter. “Herd” health matters. Carriers may be well. The elderly are always at risk.
Keep your eye on Mike. UBER drivers I’ve used like him. All are naturalized. Hard working. All seem to like Mike. That’s my private poll.
I like Mike. Let’s get serious. We are in a mess.
9
While it is absolutely clear that Trump and his administration have done an unspeakably bad job of preparing for the impact of the coronavirus, I have to acknowledge that in one respect Trump has done the right thing, although for the wrong reasons.
Specifically, Trump has been dancing furiously to downplay the threat from the coronavirus for political purposes. But by downplaying the threat for (inexcusably) wrong reasons, he has helped to keep the Chicken Littles of our nation somewhat in check. People are already almost out of control. They've rushed out and bought up every available mask (to the detriment of doctors, nurses and others whose jobs require them to protect their lungs) even though masks apparently are ineffective. And they've even cleaned out supermarket shelves of bottled water -- as if water won't keep coming out of our faucets.
I do think the government urging calm is critical at this time. But at the same time, the government needs to be doing everything in its power to adequately prepare for widespread infections here. By muzzling Anthony Fauci at NIH, having Pence-the-Enforcer silencing honest government reporting on the virus situation, holding zero White House press conferences, etc., we are forced to conclude that this Administration is doing what it can to hide its incompetence and is, in fact, not doing everything in its power to adequately address the coronavirus situation. The stock market seems to agree.
25
The coronavirus crisis is a human biological health medical science issue dealing with a novel infectious agent.
Science is the only possible answer. Not economics nor politics
There is no science in economics nor politics. There are too many variables and unknowns to craft the double-blind and/or randomized controlled experimental tests that provide predictable and repeatable results.
20
The author properly notes that there are remedies available, not simply psychological bromides: "Governments have tools that could limit the costs, but have been reluctant to use them, economists said. They could give cash to employees whose workplaces are shut, provide credit to small businesses and offer rescue packages to industries most affected, like airlines and other tourism-related concerns."
Meanwhile, Trump's team has stated that the tariffs with China remain in place. I have a question for the author. Does such a policy make sense at a time like this?
7
Good article. Sadly, the Fed’s cut today was knee-jerk and now leaves little room for further cuts if we really do hit a recession. One wonders if Trump’s pressure on Powell pushed him to react emotionally when we need him and the Fed to be more rational for the long-term viability of the country. The reality is that the coronovirus will impact economic growth in short term but it is unlikely to be systemic as was the financial crisis that led to the Great Recession.
5
We deserve it, given the damage we've wrought on this planet.
I'm still working on finding treatments for COVID19 but humanity's behaviour against itself and the environment is severely disappointing.
12
Interest rate cuts don’t treat Covid-19.
It’s simple. Why doesn’t trump understand?
34
@Steve Ell I love that you assume this was Trump's decision. It was. The fed are about as independent as Melania or Junior, or Barr, or the Supreme Court, or the Senate. You know, so not too independent.
3
He understands how cutting rates helps him. He’s a shameless opportunist trough feeder.
5
The world cannot withstand continued growth with economics based on growth. We appear to prefer status quo growth now and ignore the future.
The virus is giving us an opportunity to control growth by figuring out where the excesses are, rather than controlling growth by running into a wall.
Also, if we had a controlled world population we probably would not get pandenmics like this with regularlity. They breed in overcrowded situations.
Cutting out material excess is good practise for the future.
Either we develop living conditions that protect the earth and provide a safe environment with enough space to survive or we don't. It is either we succeed, or the choice will be taken from us. Either way, the population will be reduced. But it is better to take the way that gives us the control. The whole world surely must understand this by now.
19
Is the real meaning behind “conservative” someone who procreates conservatively? Just a thought I thought you might you answer.
If this administration believes it is appropriate to divert Congressional appropriations for the military to build a wall why would it not agree to divert significantly more military funds to support the general economy and health of the population? Doing so would not increase the national debt but it may help avert an economic downturn.
13
And the distribution from poor to rich continues. No one is not borrowing because rates are too high, no one goes in to business to make a 1% return. This helps highly leveraged rich people who are able to take advantage of bank finance. For those on pensions and other fixed incomes it leads to more hardship as inflation, yes it isn’t zero, eats in to their savings. Everything over the last 20 years has led to inequality and the Cebtral Banks are in the vanguard.
27
Perhaps the threat of this pandemic will expose the sham that is monetary policy and currency trading and bundling bad debt into AAA rated “financial instruments”, or any of the thousands of other imaginary ways that paper profits get traded. Maybe we will retool some of that system to actually value labor, time, and productivity where it should be.
But probably not.
10
The public health response and messaging around COVID-19 in the United States has been about as miserable as it could possibly be. Markets thrive on clarity of information and we have nothing like that at the moment. Part of this is the virus - we don't know all there is to know about COVID-19 - but the remainder is due to the scientific illiteracy of Donald Trump. The US president appears intellectually incapable of understanding the true nature of the crisis and is therefore unable to provide competent leadership. This is one of those times where a president can actually make a major difference in how people view and respond to the history unfolding before their eyes. Donald Trump has failed to me this moment, completely.
31
What did they expect? If the fundamentals of the economy are sound, the chairman of the Fed and treasure secretary should sit tight and ride the wave of bad news because no monetary policy can solve the problem. However, an emergency rate cut, which was used after the 2008 financial meltdown or after 2001 terrorist attack, is required, this points out either, weak economic fundamentals or a worst health crisis then we were lead to believe. Therefore it justify the days sellout.
5
Congrats hedge fund managers and ultrarich investors on your 15 minutes of profiteering. Everybody else, you now have less.
46
Monetary policy is not the problem-public health policy is.The Fed can lower interest rates with the stroke of a pen.Public Health policy is tedious and expensive and does not show immediate and satisfying results.Too many are addicted to a quick and visible solution.If the government were serious about calming the markets they would roll out a program for extensive testing( thousands a day) provision for loans for small business, an extension of sick leave for affected individuals and a number of other practical solutions.Trump wants to minimize the threat so that he can bask in the glory of his decision to ban flights from China.That was easy and a no brainer.It did not prevent the virus from coming here and now because of lack of testing there are many more cases which will eventually shock the system.There will be no preventive medicine for over a year and springtime will not stop the virus.-back to the tedious work of public health ,amelioration and prevention.
18
Went to COSTCO today, store opened at 10am, very few customers at that hour. Left about 30 minutes later, parking lot full, most shopping carts taken, some folks wearing surgical masks, and you could sense the panic buying. And it was only 10:30am.
Cutting interest rates was not on people's mind.
49
"...governments must unleash the power of their budgets. They must transcend their aversion to spending money and increase taxes on wealthy people to secure the revenue to build more infrastructure and bolster government programs." Never, never going to happen, especially when some $86 billion will be coming due for oil companies in 2024. Additionally, there is SO MUCH leveraged-debt out there and the current returns on equity are WAY low. Where's the money going to come from? Not. Thus, watch the virus move to the southern hemisphere during the turn of seasons there (note the NYT's maps), and let's see where China's "Belt and Road" initiative goes in South America and Africa. The loss on those equity returns will be staggering, so as Paul Krugman just wrote, "...here comes the bump. Brace yourself." BTW: this particular coronavirus: SARS-CoV-2 and its attendant disease COVID-19 are masking with other, benign coronaviruses. In essence, piggybacking to survive and thrive. That's why they're asymptomatic until they're not; then suddenly detectable. Expect the caseload to spike in the U.S., now that the CDC has FINALLY constructed testing apparatus that works (the CDC, and U.S. exceptionalism-fantasy, blew off both So. Korea and Germany that had great testing apparatus to begin with...How's that for "innovation" at crisis mode??). Great article; just wish oligarchical-and-industry-controlled-governments thought long-term. They don't.
6
Could that be that they so much don’t care about us that for them it does not matter if we are dead? Do they live so much in their bubble that they honestly really! don’t see us? Of all things in the world is that it? We are invisible for them. And they keep playing their elite lonely game longer and longer. And we? Are just quiet?
24
@Elsa
That is correct.
Trump doesn’t care if we are dead.
7
The U.S. does not need additional economic stimulus as much as it needs competent leadership with any grasp of how to deal with science based problems. Diagnosing problems, assembling experts and then allowing them to execute a workable/realistic strategy should be the way forward. This administration has absolutely no clue what to do and it is mortifying to watch as lives are put at risk.
59
Interest rates and tax cuts will only feed the rich.
32
Fiscal policy, folks. Why no one’s trying probably has to do with the elites’ ignorance of basic economics. No, we don’t have a debt problem, and with interest rates so low it makes sense to take out a low-interest loan and finance some infrastructure spending or whatever is your pet project. That would inject billions into the economy. My spending is your income, and your spending is my income. Problem solved.
4
Seems money does not solve all problems, a reality the money-counters don't seem to grasp. Human beings are essentially children of the planet, susceptible to its vagaries and diseases...nothing a banker can do about that...but politicians can move to make this as bearable as possible with free medical care and rapid-response/testing/quarantines etc.
20
I find it hard to believe that the US government didn’t have a plan in place for such an event. We spend billions on military and planning for such events.
Republicans must take ownership of this system. And moderates as well. The only people providing solutions have been progressives with rational policy that will drive down medical costs and help us act in situations such as this.
Right me it appears evident that isn’t possible nor will it happen. And anyone telling medical professionals they have the virus and isn’t properly covered risks losing any and all assets. Maybe even their jobs as well.
We can get through this. Traditional power structures based on aristocratic models of wealth distribution though will yield the results of ages past.
Either we step up as a species together or we fail together. Right now we are choosing to protect the few at the expense of the many and choosing to fail.
Jobs programs, monetary backstops, medical infrastructure preparation. All of these things can be done if we had better leadership. And republicans have proven they are in able of this.
3
Economic tricks won't calm nervous citizens. Facts, science, competency can help reduce fears, but they won't ever go away until people believe the worst is over. The world is nowhere near that yet.
5
This pandemic was a catastrophe waiting to happen.
In 2018, Trump and the Republicans disbanded the office in Homeland Security that managed global pandemics. They also cut funding for the Center for Disease Control, forcing them to reducing their monitoring of infectious diseases in other countries from 39 to 10. One of the countries where monitoring stopped was China, where Covid-19 first appeared.
When the pandemic first appeared, the president's only concern was the stock market, since that was key to his reelection. He blamed the MSM and the Democrats for the stock market and tried to calm the markets by proclaiming that the pandemic was no big deal.
The public needed a clear understanding of the pandemic, but Trump is the least transparent president in living memory. Instead of having a infectious disease expert like Dr. Anthony Fauci lead the effort, he assigned that role to VP Pence, a science-denier who Trump could trust to keep the bad news away from the public. That was a fool's errand.
Trump didn't create Covid-19, but his response to the pandemic is shameful. He weakened our ability to respond and then tried to keep the American people in the dark.
120
@David great comment!!
12
@David
Trump is not transparent, but he can't help it. The part of him that is not dyed orange is permanently dollar-bill green (not the same as Green New Deal green). In other words, he is painted all over.
5
@David Agree with your conclusion. That's why Covir-19 in USA should be renamed #TrumpFlu or #TrumpVirus
3
Industrialized nations (G &7) need to do what China did. They need to place people under quarantine and provide free medical care to those suffering from the virus. Even though it seemed heavy handed, it is the only way that the virus will be contained. Of course, there will be a negative economic impact from the quarantine, but it will a lot less than dealing with a major outbreak, many deaths, and a major recession. So governments and corporations need to bite the bullet and pay the price of prevention, which is a lot lower than the price of treatment and its aftermath. Stop saying that people need to wash their hands well. That is not the answer. Make sure people can stay home instead of getting infected and spreading the infection left and right regardless of how well they wash their hands.
9
What we’re witnessing is the bursting of the bubble and the beginning of the Trump Recession.
69
Trump slump. It was predicted to slow later in 2020/2021. Covid 19 burst the balloon faster than forecast while the administration's incompetence is squeezing all the air out
14
"In the United States, the Trump administration delivered a $1.5 trillion package of tax cuts two years ago — its benefits overwhelmingly directed at the wealthiest households and corporations — and then began warning of the need to shrink budget deficits while seeking to cut programs that provide health care and housing to poor people."
What an excellent, succinct summary of the total economic strategy of the Trump administration.
131
@Jim Brokaw
Correction: What an excellent, succinct summary of the total economic strategy of Republican party for the past 25+ years.
39