A media-fueled panic may bring on a global depression. Mild risk is part of life -- a hundred people a day die in American traffic accidents, about 1800 a week from the "common" flu -- and, so far, the Covid virus has killed twenty-seven. (Most of the victims were near life's normal end.)
What will be the misery brought about by a global economic crash in terms of mental and physical health, shortage of resources or the end of travel? What will be the legacy of a fascist-like surveillance state if entire populations are locked-down?
Remember the 1978 Swine flu? Well, it killed nearly 7,000 Americans and then petered out. For the most part, you were unaware it was happening except for intermittent bulletins from the CDC. Common sense and acquired immunity kept that problem a no more than low-level nuisance.
The suffering that may result from a worldwide panic accompanied with lay-offs, a precipitous fall in commerce and the near-end of daily shopping and travel may turn out to be the real plague.
Either way -- its our funerals.
Italians are now dying at 200 per day and they are being quarantined. Why not flatten the curve and minimize deaths? It will be temporary and economy will come back sooner.
5
@Observer :
The swine flu is still with us. It is still killing people.
Word to the wise: don't allow the billionaires to not pay their taxes.
44
@NotKidding
The wise do not have a say.
The billionaires do.
1
Sounds like some need to pull themselves up by their boot straps. Thoughts and Prayers Wall Street, Thoughts and Prayers!
39
Our president imitates a deer in the headlights as a pandemic develops & the markets crash trying to discount reality. What could go wrong?
28
The inequitable structure of our economy -- where millions of people only get paid when they show up to work at their workplace -- provides one of the trickiest problems to address. My duaghter works The inequitable structure of our economy -- where millions of people only get paid when they show up to work at their workplace -- provides one of the trickiest problems to address. My daughter works at a boxing gym. If the gym needs to close, how does giving her [well-loved] boss a payroll tax cut help her pay her bills? The direct financial support workers like her may well need is not something this government is set up for. Let's focus on solving the probelm of keeping hourly workers housed, fed and safe! The inequitable structure of our economy -- where millions of people only get paid when they show up to work at their workplace -- provides one of the trickiest problems to address. My daughter works The inequitable structure of our economy -- where millions of people only get paid when they show up to work at their workplace -- provides one of the trickiest problems to address. My daughter works at a boxing gym. If the gym needs to close, how does giving her [well-loved] boss a payroll tax cut help her pay her bills? The direct financial support workers like her may well need is not something this government is set up for. Let's focus on solving the problem of keeping hourly workers housed, fed and safe!
6
@Judy Perlman sorry for the typos etc.!
The Times should not assume that this coronavirus plague is a ‘natural’ disaster. That is the preferred Chinese narrative that deflects suspicion from its negligence in creating this virus. In another article in today’s NYT the author writes “That was a man-made catastrophe” referring to the 2008 financial crisis. “This one is more like a natural disaster, with man-made mistakes along the way.”
The Times would do well to understand the math behind the improbability that this is a nature-made disaster. At best, the probability that nature randomly chose the city of Wuhan to birth this virus is .00123. Your chances are better drawing a red king and a black 7 out of a full deck of cards, blindfolded. We need to be real, and diligent about getting to the truth of how this plague started so we prevent worse pandemics that are more-likely man made.
2
I'm sick of hearing about Wall St woes. In 2008 the Banks made bad loans with the subprime debacle. Now the alarm bells are ringing about the looming crises with corporate debt. Will we all be played as suckers again? As far as I'm concerned the banks are responsible for making bad loans, that's why they charge interest- to cover the risk. If they made bad loans to over leveraged companies, too bad, they should take the hair-cut not the american tax payer. Maybe they will finally learn the lesson about greed.
1
Live by the sword, die by the sword.
It was scatterbrained folks that elected him, and it will be scatterbrained folks that throw him out. You can never know what scatterbrained voters are going to think next, because, by definition, they are scatterbrained.
2
Trump will address the nation at 9pm ?
I wonder if all his supporters are going to put on their MAGA hats and wear them on their heads in their living rooms will Donny reassures the nation of his stable genius leadership.
I will bet that the virus, if it gets much worse, will get trump to think about cancelling the election.
Does anyone doubt this?
4
Well if Trump thinks it's in the "nation's best interest" anything goes!
1
"President Trump, in an explosive tirade Monday, urged Treasury Secretary Steven Mnuchin to encourage Federal Reserve Chair Jerome H. Powell to do more to stimulate the economy, two officials familiar with the exchange said, revealing the president’s mounting fury as his administration struggles to corral economic fallout from the novel coronavirus."
Source Washington Post
Fury, bluster, frustration, anger, lashing out, blaming, tweeting, insulting, name calling, bullying, mocking, firing people, ranting; all characteristics of the Presidency
Well that should help.
8
Does anyone really think that the Commander of Grief has a clue about how to deal with this virus? Unless the solution is vetted by Hannity or Limbaugh first, it's DOA.
5
@Tom W
Public service is not his priority. He is the manager of the self service division. He is too lazy to do anything and he would love to resign but he knows he would not have the protection from prosecution once he reigns.
This should end well. Don't take that literally.
1
I wish Senator Warren would put out a statement about what she thinks should be done to help Americans through the Covid19 Pandemic. Then, I would like to hear what she thinks we need to do to recover economically. I'm sure her plan would put every American's well being/safety first and the rest would follow.
5
Hire a Democrat to scoop up the Republican's mess. Again.
5
The events on the stock market are perhaps one of the few places that could make the golf genius think.
2
The last recession was caused by man's folly. Nature, COVID-19, is no folly. Donald is folly.
2
The GOP was voted in to do nothing. Their job is to do nothing, to prove government does not work.
And they are doing it, what the American people want.
And it drives liberals nuts.
The GOP and Trump, Promises Made, Promises Kept.
Government so small it can be drowned in a bath tub.
3
All I know is what the GOP tells me, I can spend my money better than the government. The worst words I can ever hear is, "I'm from the government, and I'm here to help."
1
You’ll make your own tests and your own mask and your own vaccine.
6
@Zejee
He is being sarcastic (I hope).
Proving the intelligence and sophistication of the average republican.
Wouldn't it have been nice if we had elected that competent woman and had her be in charge of executive branch?
Too bad we're not going elect that other incredibly, thoughtful and competent woman who ran this year. The one that believes in reforming our health care system and tax codes.
6
Trump's solicitousness to our nation's elite shareholders and big money men is seriously misguided. Almost none of us own businesses or stock in businesses! Not to mention, it is the pandemic that threatens our nation's welfare, not just the wealthy few but the vast majority who work for their living. Trump needs to call on Congress to immediately pass a law requiring all businesses to grant two weeks of paid vacation time to all workers. This would provide hope of abating the spread of this dread illness which would be good for all Americans, not just Trump's buddies on Wall Street.
1
If a government is not competent and honest, in a crisis, a lot of bad things could happen to its citizens.
This is what most were afraid of, in the the event of a major crisis, how the Trump administration would handle such a crisis.
Here we are.
3
@freeasabird :
Well, keep voting GOP down there in Texas.
Texans believe that no government is the best.
We do not want any socialist medical guys messing with any health things.
Small government! FREEDOM!!!
1
No government? This is the first time I have heard of anarchy proposed in Texas. You are going way, way too far.
The United States has for my lifetime been the country the world looked to for stability and guidance. but, OUR ship of state is rudderless and we have no captain. A firm decisive response from a leader that we don't have might mitigate the panic and fear that has become the world's new normal. SOS
8
Forget help for the markets - just get tests to all states ASAP. The hardest hit areas were Japan and Italy - they have some of the highest concentration of elderly populations. Where are those areas in the US? Get test kits out to them soon.
5
Oh, Trump! #LieBetter
6
What a great time to have a moron in charge!
13
Trump needs to concentrate on containing the virus. The markets will stabilize if there is confidence in the government's response to the virus. What's causing the downturn is a loss of confidence in Trump and his government to handle this crisis. Get your act together, Trump. No one cares about a payroll tax cut. Deal with the virus. Show leadership. Instead, he's worried about the affect of the virus on his hotels and is still blaming Nancy Pelosi.
8
@Ms. Pea
Liberals do not care about the same things that Conservatives do, the state of Trump's golf game.
There is nothing Trump can do or say to make the country trust him.
He should resign, as should pence.
8
@MM :
The GOP loves his policies. The GOP believes Trump is the greatest President since Lincoln. The GOP has a great chance to keep both POTUS and Senate.
Re-election will show the trust the country has in the GOP.
Keep in mind, voters voted for the GOP to do as little as possible in every circumstance. Small government, and the GOP is delivering.
1
@MM - yes, this is what he could do: hand tonight's broadcast over to a small panel of health experts and manufacturing experts who could tell us all what to reasonably expect and how we can pull together to fight coronavirus. Test kits, medical supplies, hospital capacity, the US medical response to fighting the illness, the status of the path to a vaccine, etc. FOX news owns this administration yet they are incapable of the necessary communication. Like Wall Street traders, we citizens get fearful when faced with the unknown. Can't Kudlow figure this out???
1
The corona virus pandemic doesn’t care about politics nor race. It only responds to science and logic, which Trump GOP have demonized. When the public finds out how badly Trump GOP have managed this pandemic and the looming climate change, Trump GOP will have to answer for their denialism and decimation on the scientific community. MAGA has become a cruel joke on every person, being, and ecosystem on Earth.
6
I seek a percentage likelihood that this lethal, global pandemic turns President Trump humble.
1
The Media should view this as a time of unity and strength. We have a common enemy, actually, an enemy of the World, the CoronaVirus. We must beat it as quickly and safely as possible. There is nothing more important to me than the life & safety of the United States!
3
The highly contagious virus spreads ahead of test kits and clinical symptoms.
2
With world wide free trade comes world wide pandemics
Economists overlooked that.
1
@LArs
That is a non sequitur.. a Trump like deflection of blame. World wide trade isn't spreading it. Coughing and sneezing are. The virus does not travel on merchandise.
World connections could multilaterally defeat the virus. But as the stable genius says "only I can fix it".
3
@LArs
Well, yeah. Since the Silk Road and the Black Plague.
This will have interesting repercussions in the months or years ahead. In NJ we once had a world renouned hospital in the original Jersey City Medical Center. It was shut down and reopened as condos for the global rich. In NJ we had some of the top pharmaceuticals with oversight of our medicine and providing good jobs. Now closed and reopened as condos for the global rich. In NJ we had factories that manufactured just about everything and provided good jobs. They could have easily been refitted to manufacture supplies needed. Instead they were also closed to provide condos for the globe trotting rich.
The irony is many of these condos were already sitting empty or being used by Airbnb. Now that the market is plunging and globe has declined it will be interesting to see their new use. Will they return to being hospitals and factories or just empty ghost relics?
5
The coronavirus task force is led by a man who doesn't believe in evolution, thinks dinosaurs walked the earth with our ancestors some 6,000 years ago, and is adamant about continuing to shake everybody's hand. Competency, character, knowledge and smarts do matter. We should panic with the clowns running the country.
12
Don't panic!!!!! :)
"Bear market" is just a slogan. The difference between -19% and -20% is insignificant. Stocks are going down; that's all that's significant, and it's no different today than yesterday.
Why they go down so much is not entirely clear to me; the virus will pass, and an oil price war is not that harmful to the overall economy and is bound to be temporary. I suspect more important is that stocks have been overvalued due to the flood of money into the pockets of the rich, including the rich companies that spent it on stock buy-backs instead of investment.
5
@Thomas Zaslavsky
Tell my shares not to panic. Tried but like the great Don man they don't listen and like Donald they just go lower and lower and lower.
He started with casinos and has now moved into conferring this blessing on the USA USA USA USA USA.
1
@Bob Guthrie
FYI: Your shares have no feelings.
I am telling YOU not to panic. Here's why: Your shares have gone up up up and now they go down. You are still better off than originally. Panicking will accomplish nothing but to make you feel bad.
More fundamentally, the stock market is not the economy. I will worry (not panic) when there is trouble in the real economy.
In a crisis like this, it sure would be nice to have a government led by legitimate, honest, and competent professionals who care about their citizens first, and themselves and their party second.
Oh well, no point hoping for something that doesn't exist.
15
@Casey Oh, you mean Democrats?
2
@Hemp
Republicans Bro, Republicans.
2
It's also plunging because globalist lies are being exposed.
Best health care system in the world? I don't think so and now NY wants to use unregulated private labs for testing. Elizabeth Holmes is salivating.
Cuomo is waging a war on density. I thought NY and NJ were sanctuary states welcoming unlimited people with zero concerns about overpopulation.
Greatest education system with equal access for all? No way and it will be evident with all the poor rural and urban kids without online access. Will the Gates, Oprah and all the other billionaires donate educational materials ,such as laptops or internet access, to poor American kids? They have donated such items to foreign poor, time to step up and do the same at home during this crisis.
These will be telling times about so much that had been lied about and so much that needs to be done. In the meantime Congress is preparing to go on break like nothing is happening.
1
The minimum wage earner is going to be devastated. Without sick time and healthcare this could put those out on the streets. Big corporations, fossil fuel ect always get bailed out. What about the working poor ? Wake up America. Wages and healthcare shouldn’t be out of anyone’s reach in our country .
9
@LaLa
Minimum wage workers do not pay taxes and do not vote.
They are non-people to the GOP.
The markets might take some solace from proactive public health measures.
One to start with— Boycott all restaurant chains that offer no paid sick leave. They’ll change their tone mighty quick when customers back off and the media throws some sunlight on it. The boycott can then expand at viral speed to include all employers.
5
@RjW Never waste a crisis.
1
Do you want your server to come to work sick during a pandemic or any other time?
2
Forgive all federal student loan debt and watch consumer spending soar (including home purchases). But wait, that gives the wrong class of people a break.
13
@Midwesterner I paid my student loans off in the 70's over many years. Do I get a break also? What is wrong with this country? Don't sign for a loan if you're unable to pay it back.
2
In the 70s sir. I’m sure I could have paid off my student debt in the 70s as well.
8
Yes, lets debt bond our youth for 30 years but bail out banks, the auto industry, and the insurance industry. That's great for the country. And comparing 1970s college costs to today's costs is absurd. Hence, the huge generational divide in the country.
9
The crash in the stock market is the result of panic and the fact that the virus is changing peoples habits. People are cancelling travel, cruises, vacations, closing schools and staying home from work. This is a consumer-based economy. The coronavirus is scaring the wits out of people and throwing money at them is not going to change their behavior or the reality that the virus is spreading, as all viruses do, exponentially. With a mortality rate at a frighteningly high 2-3%, there is a very good chance we are looking at over a million deaths and millions critically sick. The White House, and this president in particular, and Republicans in general who have is distain for science and scientists, are the worst people to have in charge to deal with this public health crisis. This is not a financially based economic crash. This is a medically based economic crash. Something we haven't had to deal with for over a century. Tax cuts, stimulus and other financial bromides used in the past to treat financially-based market crashes will do little to nothing. All I can say is, kiss your 401K goodbye, wash your hands frequently, avoid crowded places, and get your affairs in order. It's going to get pretty bad folks.
7
What about diverting funds from the useless "wall" (instead of payroll tax reduction and deferring taxes) and putting them to good use - more test kits, ensuring people who can't work due to illness get paid for time off. Payroll tax reduction is the best the stable genius can come up with? No wonder the market is tanking if that's the best he can do.
5
Still too much market and not enough government!
2
Andrew Ross Sorkin Retweeted
Sheila Bair
@SheilaBair2013
·
1h
Replying to
@SheilaBair2013
@andrewrsorkin
and 3 others
We need fiscal stimulus. If the Fed intervenes, it should consider non-financial corporate bond purchases. That sector is the most vulnerable. To keep financing available and mitigate the risk of widescale layoffs and failures, the Fed should buy bonds in hardest-hit industries.
1
It becomes more and more obvious that as the crisis thickens, our Administration's ineptitude and lack of required focus becomes more and more apparent. This is not the time for Trump and cohorts to continue their presidential campaign---to start a committee's Benghazi-like investigative nonsense about Hunter Biden . This is not the time to announce: "It will soon be over---not to worry," There's a world to worry about--where are the test kits, where are the preparations for taking care of the growing number of sick---"not to worry??" Incompetency covered by lies can't solve real problems .
4
Tax Payment Extensions
Mnuchin: “That will have the impact of putting over $200 billion back into the economy and that will create a very big stimulus”
If there ever was a statement that exposes the cheats of Wall Street and how the Oligarch Republicans view fiscal responsibility - this is it! "Back into the economy" means only one thing -- SPEND your tax payment dollars now instead of holding on to them until you have to PAY at a later date. This is how corporations and Republican governments have been operating since Reagan, and now, they want the American people to be as crooked and irresponsible as they are.
Every family that plans its budget understands what a ridiculous flim-flam this is. This is just one more Trumplican, short-term monetary sugar high like the tax breaks to business and the 1%. The danger is that it encourages people who are already financially marginal to end up in serious trouble when their tax bill comes due.
This don’t-pay-now-because-you-might-not-have-to-pay-later method is what Wall Street and the Republican Party have been doing for years, but the difference is that when the bill comes due, Wall Street and the Banks get their bills PAID by the free money of tax-payer bailouts, while the American people get nothing and sink deeper in debt. The Banks are always ‘too big to fail’ while the American family is always ‘too small to matter’.
6
If you go to a casino you should expect to lose.
@Robert Weisbrod It's only a casino for traders and investors who fail to manage risk, which is job #1. I do it all day and have small losses and larger gains.
@1truenorth In other words, a level of manipulation available only to those above a certain high economic threshold. Your comment is evidence that it is a casino; just one with completely rigged rules.
2
@1truenorth
And I hear you paid off your student loans inthe 1970's! Bravo!
2
Can somebody confirm whether Trump will be playing the fiddle during tonight’s
COVID-19 press briefing?
10
Thank you for the laugh!
1
In the era of alternative facts and America's mayor and Trump sycophant, Giulliiani's "truth isn't truth " meme, how can the market- which likes data and normalcy cope with a calamity?
It was the saying that sums up the Trump era: “Truth isn’t truth.”
Truth isn’t truth.
Chuck Todd, host of NBC’s Meet the Press, was startled as any normal person would be.
“Truth isn’t truth? Mr Mayor, do you realize … I mean, this is going to become a bad meme.”
Abad meme to go with the bad administration, bad president,
and bad numbers on the stock market.
As they say "its all good".
1
Trump will address the nation at 9 pm eastern tonight.
He’s gonna declare that this recession is a hoax.
5
It’s amazing that trump gives a news conference and never mentions people
3
Worrying about the market right now seems a bit like rearranging deck chairs on a sinking ship. A little to the right or left, does it matter?
First, one has to survive CoVid19.
Odds on that are anyone's guess at this point.
I say, let the markets do what they will. Focus one's precious-- and often misplaced/misguided attention -- instead on time, conversation, e-mails and letters devoted to family and friends.
See how they're doing. Share concerns and burdens among each other, perhaps one can help another.
Have your affairs as 'in order' as possible,' write down your wishes if things still are unclear or unsettled, to your or potential heirs.
Try to stay healthy, and if / when this lifts, of course, take a peek at what the 'markets' are doing.
But really, one will get all the real economic info they need via their own locales, be it from store inventories to school closings, etc., etc.
Those on-the-ground, real-time reads will be far more revealing than the ups and downs of 'the markets.'
Best to all.
3
If we truly believe China has only 80,000 cases, we are over.
4
We knew there would be a general downturn soon. This C-virus was just a spark that lit the firestorm. The Trumpian deregs, myopic tax cuts, and policies left us glaringly vulnerable. We had few reserves to weather any storm. No prep.
A tiny spark would have set off a sell-off. A flame happened. and we have very few trained medically safe, fully outfitted and trained firefighters.
Elizabeth Warren@ewarren
"Our economy was already showing cracks before the coronavirus. But an incompetent administration leading the response, engaged in magical thinking, is only making this crisis worse".
10
I would like to see the position paper where Secretary of the Treasury Steven Mnuchin argues that extending the IRS April 15th filing dates for small businesses and non-wealthy tax payers will generate a $200 billion economic stimulus.
I am dubious that this scheme will provide any noticeable economic stimulus, but simply serve as a shiny object to distract Americans from noticing that the Trump administration is doing nothing to alleviate the burdens of the Coronavirus that individual Americans and their families will have to shoulder without any assistance from the Trump administration.
Inasmuch as businesses and wage earning taxpayers are subject to withholding, I would imagine that a substantial portion of their taxes have already been paid on account. What remains owed to the IRS might be allowed a deferred payment, although Mr. Mnuchin is silent whether that deferral is a month or a year, it still must be paid and the taxpayer must have it in hand at some point to satisfy the IRS tax obligation.
So, in effect, that deferred tax money has limited utility for consumer purchases. If Mr Mnuchin believes otherwise, then he should publish his position paper that argues his strategy, and let it be examined by economists and laypersons. I, for one, would be interested in reading it.
8
@EDJ ...I, too, was wondering where that $200 billion number came from...sounds, at best, like wishful thinking...my guess the number is closer to zero...
3
Credit should aid responsible business growth for those services and products built on solid foundations.
Credit has been used for too long to keep pumping more sand under the muddy planks of business plans based on even muddier internet numbers and fast market companies that are not ongoing concerns that do not even acknowledge operating profit and cash on hand. Cotton candy P & L.
Venture capital needs to be squeezed out and much of the finance markets need to be forced to review cash basic 101 and business principal.
Th virus merely cracked the egg and the chickens are coming home to roost. Basics anyone ?
2
"Mnuchin says a tax delay for ‘virtually all’ Americans would pump $200 billion into the economy."
Instead, immediately rescind the tax cuts for the .01% that was Trump's giveaway to his BFFs. That would inject the needed $200 billion back into the treasury, easy-peasy. Of course, it might guarantee a serious negative hit on 11/3 for our "leader." (one could only hope)
17
Trump needs to declare the start of a new Manhattan project aiming at developing a new vaccine within 3 months. It will have a greater impact that any stimulus package.
1
Don't buy yet!
Peak hysteria will hit in a couple of weeks when the tests confirm a few tens of thousands of cases. (Not that there will actually be that many more cases, only that testing will confirm what's already out there.)
When peak hysteria hits, the market will shed at least another 10%, maybe another 20%.
That's the time to buy. And once the hysteria subsides another month or so after that, very handsome profits will be recognized.
5
@John ...my comment of a couple of weeks ago was a Dow of 18,000-24,000...I'll adjust my guess to just the lower number at this point...may even see the pre-2008 collapse high of 14,000...
@Jim
14K??
I love your optimism and will keep my fingers crossed!
I've been waiting for this type of buying opportunity for a long time.
The key question is timing of the drop. Any good thoughts on that?
Thanks.
A delay for tax filing is going to do absolutely zero.
Does Mnuchin actually believe people are going to go out and spend in the current environment; he's lives in the White House clearly out of touch to reality bubble.
Consumers are going to avoid any/all unnecessary expenditures until there is a clear and focused way out of this virus fueled economic frenzy.
8
Trump telling lies is not helping the market and oh yes the less important matter of public health. Get a load of this from the genius:
"No, I think the U.S. has done a very good job on testing. We had to change things that were done, that were nobody's fault. Perhaps they wanted to do something a different way, but it was a much slower process from a previous administration. And we did change them. We made the changes. But the testing has gone very well. And when people need a test, they can get a test."
The testing has been negligible and not everybody can get a test. He has had since December to get ready. But of course if you have shut down the agencies to deal with such a crisis it is difficult to respond.
11
Don't count on government to do anything.
And vote GOP to keep it that way.
10
Does anyone know why they’re leaving Washington THIS time?
1
We are all in the Wilderness now. Officially.
6
....virtually all Americans except the super rich....can delay tax payments .....
Does that mean DJT and Bezos have to pay taxes this year?
3
Payroll tax - shiny object.
6
Make sure the test for covid-19 is totally free. Let's see if Trump is capable.
9
Well, we were told we would get tired of winning. Yeah, I am really knackered at this stage. Please stop and let's go back to the Obama way of winning. The one that actually works.
13
Payroll tax cuts create new problems and solve no problems.
Halt all “wall” work. Re-appropriate wall funds toward testing and health treatment/recovery efforts.
13
Still another 30% or so to go
5
@R
Let's hope.
It will be the first decent buying opportunity in a long time.
2
Only taxpayers can bail out the speculators at this point. The corporations have exhausted their borrowing power to buy back sufficient shares to keep shareholders tricked into believing that all was well. Trump's payroll tax cut is just an underhanded means of undermining Social Security, the end game of the reich wing of the Republican Party. Clearly we're doomed. Go ahead, GOP, drown us in that bathtub you've been talking about for so many years!
8
I have a question?
If we all sneeze into our elbows, scratch our faces and push our hair away with our forearms to avoid transmission by hands touching...open restroom doors with our forearm...
...then use the elbow bump greeting in lieu of the handshake clasp—could we be introducing a different body part transmission event?
2nd questions? Can we stop this? Will containment work?
Will the virus abate with a prompt response? Etc.
1
Our government banned Chinese foreign students from coming to NZ and got lots of flack for doing so. Now it's paying off. Foreign students mightn't die from the virus but they can be carriers of the virus.
2
“trump” sure has made a huge mess.
9
Most are not surprised.
What useful and productive has he done in his life? Think about that, everybody knows this sad story. But, it is our story now.
Do you want four more years of this?
6
This is a PUBLIC HEALTH idsue
Stop treating like only businesses are affected
Businesses need people to work , buy stuff etc
These schlubs are too arrogant to admit it much less help out the country
The disaster is yet to come
Nov 3 cannot cone soon enough
The 1% have a very limited # of voted
11
What, precisely, are people going to spend it on? Maybe we pay off credit card debt, but growing the economy ain't gonna happen. Stimulus schimulus.
9
I'm sure the short sellers (Banks, Brokerage Houses, Investment Bankers) are making a killing!
4
A backdoor way to slash social security. You do know that according to the CDC, there were up to 52,000 deaths from the flu this year, don't you? How many so far from coronavirus? 30? And for this, mayhem ensues - mostly thanks to the media, the NYTimes is beating this one as hard as it can, and then there is WHO. Crazy!
In Italy, 500 elderly people with underlying health conditions died. They shut down the country. Years 2013-2017, 68,000 people died from the flu in Italy. No one shut down the country, or even a convention, or a school. Go figure.
1
@Miriam Two points, One - Our healthcare systems are built to handle seasonal flu, not seasonal flue plus COVID-19. An added pandemic strains healthcare beyond what it is built for. Two - This disease is more contagious and much more fatal that the seasonal flu. But since it is not a human-borne disease and only has a single source, unlike the season flu varieties - the shutdowns are an attempt to contain so it does not become like the Spanish Flu of 1918, which killed millions and had similar spreading and fatality levels to COVID-19. That is the capability of this virus if it cannot be contained.
9
It is clear. Trump must resign. DJM
6
January 25th, 2019. Trump signs bill ending government shutdown.
Remember that ? And Melania holding the baby of the parents killed in a mass shooting while Donald grins ear-to-ear and does a thumbs up for the cameras ? That was last August, Melania and the orphan baby.
It just goes on and on and on.
10
We the people are losing huge sums of money in the market. Trump dithers and fiddles while our hard earned savings go up in flames. I am furious with this president and his incompetence.
13
At least Trump is consistent.
He squandered what he inherited from his father.
And he also squandered what he inherited from Obama.
Maybe it’s time to call Trump as “The Equal-Opportunity Squanderer.”
10
Taxes? Taxes? I ain't paying no stinkin' taxes!!! Let's make our president pick up the tab.
3
just waiting to see how Trump will put the blame on this on the democrats, Hilary and Obama in his rallies...
4
Trump is meeting with Bankers and Facebook today. Deustchebank lends money to Trump when he is a terrible credit risk. Facebook is happy to take Trump's money and allow him to spread hate and lies. Great Combo
7
“Why do we even need all these federal employees?”
Donald Trump 2017
3
I know! Let's choose a completely inexperienced, incompetent, failed game show host, multiple bankrupt pathological liar to run the country. What could possibly go wrong?
11
Two words: Test Kits
How in God's name does anyone know they are spreading the virus unless they are tested.
Trump made the fatal mistake to try to hide the number infected by not testing them.
3 months into this pandemic and we still can't get tested.
321
@JM
Don't forget Trump didn't want that ship carrying infected Americans to dock because it would "increase the numbers".
The Trump Republican response to the coronavirus is to try to defund Social Security and Medicare.
They really care about Americans.
37
@JM great post! I read that the WHO had tests available for US citizens weeks ago. Trump et al decided big pharma could develop them here instead. They initially were showing too many false negative results and were pulled. Now FDA guidelines for lab testing and kit production have been loosened and production has improved and is slowly rolling out. Unconscionable! Take care.
19
@JM - The lack of testing is scandalous. I had been riding BART everyday for weeks with a pit in my stomach. I knew Coronavirus had landed in the Bay Area, but I still don’t know to what degree. Trump’s mishandling of this crisis is bordering on criminal negligence. I really hope people can get over themselves and vote for competent governance this time.
31
In less than a month the stock market has dropped off its all time high and there appears to be a swift slowdown in the economy. Apparently that’s enough to warrant talks and possible action of a stimulus, a tax cut, and a possible delay in the tax filing deadline. All things that have nothing to do with, and will have zero impact, on stopping a virus that a primary cause of this bursting bubble. If the American economy can’t absorb a market blip like this (after a 10 year expansion) what does that say about the resilience of our system? Save for a rainy day anyone?
291
@Jason Our entire system is based on magical thinking. Once in a while, the illusion drops. This is one of those times.
87
@Patrick Moore
"Pay no attention to that man behind the curtain..."
30
@Jason, Just as it wasn't Trump's rally (it is mainly to Obama's credit, but Trump claimed it), it isn't Trump's virus causing the crash (but he claimed it going up, so it's his going down) and it's his awful and incompetent mishandling of the situation that's responsible for making it worse. What a gross imcompetant we have in the oval office. Let's get him out of there!
12
The ideas being proposed at our highest levels of government are confirmation that America is a business first and foremost, a country of people second.
299
@Paul Kaye
And not even smart (long-term, stability) in business terms.
This is what happens with monopolies and crony capitalism - monopoly power and inside, "imperial court" interests override competition.
19
@Paul Kaye my wife, a healthcare provider, attended a meeting at her workplace yesterday. By all accounts, those attending expected their workplace leadership to advise its staff as to what was being done to prepare in anticipation of the outbreak. It wasn't. The leaders opened the occasion by asking everyone "who wants to work here, because if you don't I can find someone else in a heartbeat." The meeting wasn't even about coronavirus; it was about the hospital's anger over alleged healthcare worker responses to operating on patients that had been to China 4 weeks prior to their operation- and no one bothered to infomr the surgical teams. When TSHTF, my wife will not be thrown to the lions while an incompetent hospital tries to respond- I'll gladly work more to have her stay away from ungrateful sick people and the command of incompetent leadership. Unfortunately, the hospital's response doesn't surprise me; like every other institution in this country: its just a business.
42
@Paul Kaye But businesses are people, remember?
15
We need a public health response, not a public relations campaign. If Trump wants markets to respond positively, the first step is to take the virus seriously and to prioritize public safety and human lives.
356
@Joe S. What have you done? have you been tested? have you tried to get a test? Why should the government run everything since it just wastes money .I guess you haven't read George Gilder's books or The Road to Serfdom by Hayek
@Joe
That’s one of Trump’s biggest hang ups, though. He sees value in metrics that correspond to his ego—but he can objectively disregard human life in the abstract (as it seems he’s doing here).
@ Molly
The “government”/Trump Administration wants to spend our money bailing out industries again. Personally, I’d rather my tax dollars go towards keeping people, especially the elderly, safe than to big business, yet again.
2
I see Trump is floating proposals to help airlines, cruise companies and hotels. Should we expect Trump hotels to be excluded from any government rescue? (Remember after 9/11, when he unethically cashed in on government aid?)
12
Payroll tax cuts do not help people who need it the most, the ones working in the service industry that live on tips. And poor people. This tax cut will give thousands to the richer folk who are not necessarily going to spend it. People at the lower end of the economic scale will not bank the cash, they will spend it for necessities.
Do what W modestly did back during the 9/11 crisis or take a page out of Yang's ideas and send a reasonable sized check to all Americans.
Then the Government should tell the people that testing for coronavirus and the vaccine, if it ever materializes will be free. Hospitalizations, if it becomes necessary, will also be free of cost to the patients.
Maybe force a paid sick leave on companies that don't give it?
How about a gas tax to combat the Saudis and the Russians? enough to keep the prices high enough for our energy producers to survive and help the environment?
6
Once again the GOP has inherited a great economy from the Democrats and proceeded to ruin it. They will once again leave the country a mess, for Democrats to fix. Trump wanted to be judged by the Dow. So be it.
20
Tax cuts do not stop viruses.
What we need is a tax INCREASE, rolling back the massive tax cuts Trump gave to himself and his friends, including those rich GOP lawmakers.
Put that money to work building up our healthcare infrastructure and providing universal coverage for all Americans. Sick workers without insurance and/or paid family and sick leave will have to continue to work. And will continue to spread this disease.
Now is the time to put all that "America first" talk to work and look out for all Americans, not protect the tax cuts to the wealthy who can afford to stay home. They already have all the protections they need.
499
@avrds I agree. Thought - we know that a major part of the strain on our weak healthcare system is going to be caused by hospitals beds being filled with CV patients, and therefore less available to people with other illnesses that need critical healthcare. How about we get smart and get ahead of that problem by using the new money to convert empty commercial space in CV only treatment centers until we get this under control. Too much sense?
21
@avrds
What if we gave the virus a tax cut and it took a vacation to somewhere else?
Solved.
7
@Paul Lief (and Graham)
This is the kind of proactive thinking that this administration is not good at.
From what I can tell, they are not thinking about this much at all, except how they can squeeze a few more tax dollars out of the government in tax cuts. And maybe get rid of Social Security and Medicare once and for all.
Hard to tell what is scarier -- the virus or the administration.
19
The payroll tax? Seriously? Not only will it further reduce the Social Security and Medicare coffers, but will put a pittance into consumer’s pockets. And one trip to the doctor will wipe that out.
And submitting income taxes later? Why put off the inevitable? How will this help?
American’s aren’t looking for a few dollars every week to spend. If they’re not working none of these “ solutions” will solve anything. Most of us are limiting our exposure by staying away from crowds. Thus, no spending.
Trump, The Treasury Secretary, and the TV economist need to come come out of their bubble and see most people need real relief...extended unemployment benefits, short-term loan relief, a clear delineation that the government will pay all Coronavirus medical expenses, and an acknowledgement that we are all suffering from the chaotic messaging of the government ( ie should we be using public transport, planes).
Just one day of calm would do. Just one day of real information beyond numbers. Just one day with a competent government. Just one day....
870
@It’s About Time But from the Republicans' point of view this is the perfect foil to make a big step towards dismantling Social Security.
92
@PS
Indeed. Nice icing on the cake of their massive tax cut for the wealthy.
58
@It’s About Time
How about the banks take all their cash to the hospitals and throw it on the patients. Maybe that will help.
19
Trump took office in the middle of an economic expansion; unemployment was under 5% and 200,000 jobs were being created every month, for 72 months straight.
When President Obama took office in 2009 unemployment was over 10% and we were losing 800,000 jobs a month. He had to spend his first two years in office averting a depression and saving the American auto industry among others. Of course, he also made sure that 130 million Americans with the preexisting conditions could get health insurance. Wow.
The only major legislation Trump has passed in three years was a tax cut for the wealthy. This goosed the expansion a little, but nothing like what President Obama accomplished. Not even close.
Think about it. Trump brags about "creating 7 million jobs in three years." That's the same rate of 200,000 jobs a month that he inherited from President Obama.
It's ironic that the first actual test of the Trump presidency is coming in the form of a virus. He can't tweet it away. He can't say it's treating him unfairly, he can't play the victim, can't call it a hoax or fake news. The Coronavirus is a real problem that is causing real pain and suffering to real people. It's science. It's a fact. It's truth. And it's threatening to finally stop the expansion that President Obama set in motion.
Let's see if Trump can handle it.
14
Russia and Saudi Arabia are both criminal enterprises that routinely murder the citizens who displease them. Now they are tipping the global economy into a recession for their own financial gain. And Trump can only look on in admiration for the crimes they can get away with.
183
@Jeff Trump had been their puppet from day one. Why do you think he's terrified of disclosing his taxes. They own him.
13
CDC has spread the virus by limiting testing and preventing states and labs from running their own tests. It is a bloated bureaucracy of a criminal type.
Dr. Fauci as an in charge of bio 4 lab indirectly if not directly responsible for creation of bio weapons, and has a conflict of interest , he can’t be trusted to treat anything
Borders closed a bit too late and closed only after some people came in. This means that it was intentionally introduced to secure billions of funding for CDC
Does Trump care? No, he knows and he doesn’t
some solutions
Nutraceuticals: the usual vitamin c( take with food). And silver small ! dose and high quality ( only when needed)
Stay away from public places as much as possible. Note that just because you already got infected reinfection is an issue and causes more serious reaction. Plus there. Are two different strands of the virus.
start regularly wearing mask and glasses to public places. Sanitize masks carefully(!)
drink a lot of water if you are sick and drink three liters a day if you aren’t
@Rs " Preventing states and labs from running their own tests"
There are no tests for states to run. The states do not have the means, the equipment, the data, the virus samples. With no data, no samples, no information, what do you expect them to do?
Besides, Americans vote to keep government out of healthcare.
Tax cuts? For starters, how about getting hand sanitizer back into the stores instead?
6
What we are reading and hearing is that the Trump administration is hiding and classifying the extent of this pandemic. With the total corruption and incompetence at the federal level brought on by Trump, we will have to depend on the strength of the individual states and county governments to help us cope. Trump and his failure to govern is making his crisis far greater than it needs to be.
11
Trump likes 'his numbers' so he is doing or Not doing a few things.
At this moment, test kits are still woefully scarce - thus keeping Trump's virus numbers low justifying his claim the virus will just go away, no worries! However, no testing and or reporting does not help our medical professionals understand the spread and scope of the virus and therefore what to prepare for.
He loves his Wall Street stock market numbers when the 1% are turning money over for profit daily. Today, the market lost another 1000 points due to the unpredictability of our economy and the world's slowing down due to the virus. Trump's answer to all economic woes seems to be tax cuts for the Wall Street 1%. Somehow Trump can't think of anything else to do.
So our Dear Leader ignores reality, avoids confronting the problem of health completely and looks to give more money to his donors.
No wonder people are confused and scared.
Trump plans to reassure his base, "real" Americans, with another mass rally. He needs to keep his cult close.
2
Financial and economic stimulus makes sense when trying to recover from a disaster (like Corvid-19 will likely become). However, I don't think we are anywhere close to the end, thus any economic help isn't going to mean much when we don't know how much help will be required.
What would help the markets more is for the government to actively do far more than they are now to help affected areas, hospitals, local and state governments.
4
Let’s be clear. Trump met with only GOP lawmakers yesterday instead of the House Majority leader and other Democrats who he needs to actually get things done for the folks who are being hurt the most by the downturn. As usual the Dear Leader’s hurt feelings are more important than the American people. The market will continue to respond negatively to this kind of ‘leadership’.
14
@TF
The GOP solutions are simple common sense solutions. tax cuts. The Dems want to get all complicated with tests, and statistics and science. No GOP Congressman or GOP voter wants that. Investors know that getting government out of the way is always best for profits.
1
This will primarily benefit the relatively wealthy who have taxes to pay. It will delay revenue into the government coffers, possibly at the same time that this administration subsidizes the frackers and the Leisure industry. At the very least, this is abysmal economics and leadership.
1
Because we’re older and my spouse has an autoimmune condition , we’ve already changed our typical shopping and leisure activities. I've watched the numbers of those with Coronavirus soar in Italy and in our own country. We don’t want to add to the burdens of a health care system which already faces great challenges.
How many others will change their habits in similar ways as is and how will this impact the economy ? How many can work fro home ? I’m worried about them. We’re all need to pull together considering that many Americans are only a paycheck or two way from great financial trouble.
As for isl,For the time being, we’re not going to events with crowds - concerts, malls, shopping warehouses, Superstores,etc We’ll avoid crowded restaurants . We’re simply not in a position to take a higher risk of getting this virus. .
4
@Jace A main point I wanted to make, not sure I did: while younger adults may not be scared away from what crowded events will still take place, I’m betting a fair number of seniors won’t. No more shopping in large stores, etc. And if the number of sick individuals soar, I’m betting even those who were blasé ’ about the risks may reconsider. We’ll see. If I’m right, how will this affect our economy?
1
Too bad the primaries are not over. We need the election to be held tomorrow. So we can elect a real leader who has concrete plans on minimizing the effects of this pandemic. Not some one who is only worried about his personal well being and the financial well being of his Russian mob friends anonymously invested in the stock market.
9
It seems to me that the fact we are unable to test anyone who needs or wants a test for this virus may actually be hurting our economy. Markets and humans like stability, and when they can't have that, they like credible information - as much as possible - so they can create some stability. The U.S., so far, has not had that throughout this entire situation. It would have been better to have made sure we were ready to test people so we would have a true picture as to what we are dealing with. Now there is just too much uncertainty. I work with the public, and notice that people are falling into two camps - those who think this is nothing but a common flu and those who think this is the "Coronavirus Apocalypse." More testing of people would give us solid numbers and bring consensus to people as to what exactly is on our plate...therefore, creating stability. Too bad we don't have any leaders who are wise enough to understand this. Come to Jesus moment - people, markets, economy all work in conjunction, and each needs a different prescription to do it's job to keep things rolling along.
1
I always get a refund because I get paid so poorly. Can I get my refund earlier? No.
4
@Andrew Roberts ...double refund?
1
I do believe that Obama bailed out the banks and corporations in the last downturn. Just sayin'.
yes, because it was necessary.
and then he had an economic stinks package. that parts that distributed to large corporations were approved easily. the parts that works have needed regular folks were blocked.
3
@TT Well by bailing out the automakers, all those jobs were saved. So that helped the regular folks. Other places that were bailed out also helped to save jobs. The auto makers paid us back, as did most, if not all who were helped.
The problem now is that he will, maybe, bail out oil companies who are sitting on massive piles of cash, and other industries that are sitting on such cash who benefited from the tax break.
The fact that there is no-one at the helm is what is causing the panic.
1
@M
This is a crisis of confidence.
Obama's was actual finances, tons and tons of actual cash money.
Just saying'.
1
As usual, the Democrats will have to clean up the republican's mess.
17
@Chris
Red America will vote against Socialist policies.
Get America out of all healthcare. It is not in the Constitution. It is how investors vote.
Can't we assume that there's more reading about this catastrophe than Robot Traders ?
I believe a stock market is entitled to freeze trading, isn't it?
I believe a sober media puts human lives before "stock trends," although Donald doesn't. In which case, pls cover the unfolding crisis of humans-- first.
3
@Tara
Freeze Trading ?
It would not hurt anything if the exchanges were closed for ONE week worldwide.
Hit the reset button.
Let the pot boil over.
Money is not food or medicine .... is it ?
Meanwhile, Sacramento gives the go-ahead for 17,000 people to watch a basketball game tonight, allowing people not at risk (i.e. the young) to gather at events, because, "even if they got exposed even if they got the illness it’ll only be mild or no symptoms, that it would be OK to go ahead." This from the County Health director. So, no big deal. That is until they infect your 60+ year relative, since they've ended quarantine here, then what? Thanks for playing? Here's a nice parting gift? You'd laugh, but I imagine many us will be crying, quite soon.
5
Delaying the tax filing date can only help the very wealthy. They will be able to hold onto hundreds of billions for a little longer and accumulate some extra unearned income (a term that, in this case is doubly apt). It won’t help rhe rest of us even a tiny bit. Typical proposal of the Trump regime. Greedy down to the last dollar. The ignorant masses may be deplorable, but the very wealthy of Mnuchin’s type are beyond despicable.
7
This gang that can’t shoot straight (or do anything properly) is flailing away with proposals that will enrich themselves and their buddies. They will throw a few crumbs at everyone else, making deferred IRS filing sound like a windfall of cash. In the meantime, they totally bungle the one thing that could restore confidence and reduce panic, on Wall Street and everywhere else: a coherent, science-respecting, non-politicized, honest approach to the current pandemic. We have had incompetence before—remember the “best and the brightest”? The brain trust that greatly escalated the Vietnam War? Well, Trump and his minions are simply “dumb and dumber.” The few serving who had any good sense are long gone. If anyone needs proof that the current administration is clueless and corrupt, without one bit of empathy, this is it.
9
European report is showing if the Chinese reacted 1 month earlier - we would have seen 1/20 the cases. Instead they were locking up the doctors reporting this.
3
Hindsight is easy. Europe and the US are way too slow too. And perhaps not as effective as the Chinese.
2
A tax delay would pump $200B into the economy? And what happens when the taxes have to be paid? Doesn't that take the $200B back out of the economy? So what's the net impact? Zero?
7
@Jay
The same thing that happened with the last tax cut. The bill is passed to the kids. What do investors care? It is the kids' problem.
2
Why should my tax dollars go out to help people who work for companies that don’t provide decent wages and benefits like sick leave? And then employees find themselves in dire straits without a paycheck and safety net. Corporate tax rates were cut and what did we get????? Higher wages and benefits????? Barely a trickle. To me this is corporate welfare and socialism for the companies. We as taxpayers bailed out the banks with our savings and homes in 2008 and here we are again possibly footing the bill. If the virus is the New Democratic hoax, then any need for stimulus is the new Republican hoax.
6
Does this mean that billionaires, billion dollar companies like FedEx, and multi-millionaires like Jared Kushner won't be getting their checks from the IRS on time?
4
Looks like the Trump chickens are coming home to roost. After almost 3.5 years in office, one thing is clear:
The Trump Mis-Administration never fails to make a bad situation worse.
15
Only the best people. From the party who vowed to restore honour and dignity to the White House. Bwahahaha!
2
THE UNITED STATES ONLY HAS 65,000 ICU BEDS BUT IT ONLY CARES THE STOCK MARKET.
11
First priority is not business. No tax cut will improve our health. No tax cut will stop the spread of this highly contagious virus.
First priority is our health - and we desperately need Federal leadership and support should we need to
1. get a test
2. miss work
3. self-quarantine
4. travel and understand where and how we can
Enough with the insane business fix for a health issue. Just how hard is this to understand?? Only if you are such a narcissist, so ego-driven that others' health matters less than his bank account.
6
Congratulations GOP, the wrecking ball party, you did it again.
Why do we always rely on the Democrats to pull the economy out of the ditch, only to have the reckless Republicans run it into the ditch again?
Bush, Clinton, Bush, Obama, Trump.
There is a pattern.
11
Well the good news is that with the virus spreading fast many of us won’t need the cash for that much longer. So party on.
2
"Stocks Near Bear Market as Investors Look to Washington."
You forgot the words "in vain" at the end there.
6
Buried in one of today's updates in this very paper:
'Among the people in the United States who have died from coronavirus, almost all have been in their 70s, 80s or 90s. The youngest known fatality was a man in his 40s.'
'While the outbreak is a serious public health concern, most people who contract the coronavirus do not become seriously ill, and only a small percentage require intensive care. Older people and those with existing health conditions, like heart or lung disease, are at higher risk. More than half of those who have been infected have recovered.'
The media hysteria continues unabated. Shame on the press. They should be leading with these kinds of statements. For proof of the contrary, just read today's front page section of the Times.
WHAT IS WRONG WITH THIS WORLD?
@Hugh
Blame the media? C’mon Hugh. It’s time we get past the Trump nonsense and talk reality.
3
To look on the bright side, if there is a bright side, we did have 8 years of relief between Republican administrations. The Bush Administration (filled with greed) just about destroyed our economy and now it looks like the Trump Administration (filled with ignorance, pretentious, under-qualified members, and greed) is going to beat Bush's record of destruction. If we don’t get a Democratic president and a majority in the House and Senate, it will most certainly be curtains for the USA as we know it.
11
Single payer healthcare like Canada would pump 1.5 trillion into the economy and contain the virus.
6
I cant stand Trump but the blame for all of this is the hysteria from the general public which is being perpetuated by the media.
You basically have a super flu epidemic, one that will affect a small number of the overall population, and of which more than 98% will fully recover. Those most seriously impacted are the elderly, primarily those over 80 who have other co-morbidly factors, and those with immune deficiencies. Just like the typical flu.
You would think we're living through the plague by the way people are reacting. Most of those who have had Corona and recovered never even knew they had it. They thought it was a cold or flu.
Rather than reporting on these facts, the media is falling over themselves to hype the latest "outbreak", school closing, etc. Yes this should be taken seriously, but this is NOT the plague and nearly everyone and anyone who gets Corona will FULLY recover, and that's a fact. So lets all just calm down and stop the hysteria. And for the Media, how about balancing your constant doom and gloom reporting with some positive facts about this virus.
1
Yes, the great free market capitalists seek government help.
But what will help their hypocrisy?
2
A good point I read in comments: Why give tax break to the leisure industry...the common people aren't going to be going on a cruise any time soon.
4
Until people know if they have been infected which is nowhere in sight, the markets are going to react in a panic. Where are the test kits in our amazing economy mr trump?
The White House has ordered federal health officials to treat top-level corona virus meetings as classified, a step that has restricted information and hampered the U.S. government’s response to the contagion.
T
3
"Democrats have a plan, and it doesn’t include a payroll tax cut."
I have always voted democratic. It gets harder every election. They always have some grandiose, multi-layer, hodgepodge plan for everything. It almost never involves cutting out the middleman fat and putting money directly into peoples pockets.
EITC, block grants, tax 'credits', job training---but no direct hiring for actual jobs. Stop the nonsense.
A payroll tax cut puts money right into the hands of working Americans. It is so simple and so effective that I am amazed the Trump administration is suggesting it. Then along comes Pelosi and her wide ranging plans.
Good Grief!
PLEASE people..Write your Congressperson TODAY.
Go to thier websites and demand that the Trump family hotels do NOT get one dime of taxpayer bailout money, either from low interest loans for the "travel industry" or any other stimulus money.
IF Trump gets any money out of this, he will "use the laws" to claim his next bankruptcy, I guarantee it.
It only take a few minutes to e-mail your two state senators online. PLEASE do it...if ever there was a time.
Otherwise, your and my tax dollars will go directly into Trump's pockets..for Mara Lago....Jared and Ivanka's properties, and Don Jr.s enterprises.Everything they own will become "travel related".
1
Who honestly cares about the markets when 3% of your fellow citizens are about to die? What a totally out of touch approach from our President, our media, and our policymakers.
3
Global profits vs world health. Global profits win.
2
There is an overpowering emotional need to explain fluctuations in the various trading markets, but, in my opinion, it a mistake to do so. One should be careful about pinning this market decline mostly on the outbreak of coronavirus or the uncertainty of containing it, although somewhere in the mix, these are factors but not explanations. The market's internal technical condition had been weakening since December and the Dow Transports have been unable to reach new highs pretty much since the Trump tax cuts were implemented in 2019, although in or of itself, that too is a factor not the explanation. Further, interest rates have been declining in the bond markets for some time prior to the outbreak of the virus which experienced hands might infer suggests weakness in the economy.
Aside from weakening market technical internals and inexplicitly low interest rates given the prospect of huge USG deficits far into the future, what really got my attention over the last year was the inability of the Dow Transports to attain new highs while the Dow 30 continues to post record highs suggested weakness in the economy long before anyone ever thought about the coronavirus. It is easy and predictable to look for one event, or catastrophe to explain or blame market declines on, but really the markets itself suggested this decline long before any event actually occurred. Identifying a single cause as an explanation for this massive decline is misleading and, therefore, not helpful.
Our Republican colleagues don't seem to realize that the problem is not Wall St. The problem is that presidential leadership is absent, and there is no cogent plan for the effects of COVID.
You can't jump-start an economy that is under a spell of hesitation. Hesitation is affecting whether people go to a restaurant. Absent customers, restaurants will not make payroll, and this Mnuchin/Trump stimulus won't work there. Low-level panic means that people are behaving emotionally for a threat that is less than they expect. Why otherwise would the toilet paper section of a local supermarket be sold out? Hesitation and fear have already affected the number of people going for exercise at my local gym. We have no COVID in our immediate community, and the gym staff are taking good precautions against COVID. If there are no clients, the staff will lose their incomes -- again, the payroll tax gambit will not help at all.
What we need is leadership, not tweets.
6
The Republicans, who control the Presidency and Senate have one chance to stop this economic melt down.
A massive infrastructure and low income supplement plan paid for by a tax on the wealthiest Americans.
Borrow is too risky, a middle class and lower upper class tax will do more harm than good.
All that is left is the wealthiest Americans.
3
Keep things simple and non-bureaucratic. $1,000 checks Yang-style. That will reduce administrative burden on individuals.
It would also give those living month-to-month at least the option of stocking up on some supplies and perhaps putting a little money aside for what is seeming to be the inevitable sick leave that they we'll have to take.
Anything more complex than that, and we know that Trump and the Republicans will be gaming the system.
4
So much for the strong economy that the "stable genius" is always boasting about.
Will this change the minds of his "base?"
Or will they cling even more feverishly to him?
We will have to wait.
7
Where are the test kits? We are still woefully unprepared for this outbreak, and reported numbers of cases in the US are still artificially low. When Trump, Pence, HHS, and CDC say that a million test kits are already out there, they are flagrantly lying. Ask any true health expert or doctor at a major hospital.
I've been praying the last 3 years that we'd somehow survive the Trump travesty (just barely). But that possibility seems more and more remote by the day.
12
@Chris M
Once again, a government agency, the CDC, has interfered with the markets and the natural flow of the world. The existence of the CDC prevented private companies from stepping in and, immediately, provide testing kits and a vaccine for this virus. If government would just step aside business would fix everything. (Hint: never happens in the real world.)
One thing you can count on, the Republican response to any problem will be tax cuts for the rich and cutting programs that help the poor and working class.
23
@theresa, while I'm not an alarmist, I do wonder whether the notion of reducing payroll taxes is an attempt to reduce funding for Social Security.
9
@Karen Lee
That has been their (I'll refrain from using a descriptive here) dream for decades.
3
It would seem prudent to provide widespread testing for the virus in order to get a true picture of its morbidity and mortality rates. DJT is in the hear no evil, see no evil, speak no evil mindset. That only adds to panic. The idea of cutting taxes is a fallacious quest. That would be counterproductive when the nation needs to ramp up spending on healthcare, possible quarantines, and a rapid response to this crisis. It’s kind of like withholding food from a starving person. I don’t think that the administration quite understands this. The House response seems to be more in line with handling the situation for the good of the majority.
12
@Blueinred/mjm6064, to be fair, Donald Trump explained just days ago how the fifteen people diagnosed with COVID-19 were doing very well.
Perfectly, in fact.
@Blueinred/mjm6064
It would have been prudent to set up an infrastructure and the logistics so that such kits could be planned for, made, manufactured, and distributed.
Investors voted for government so small, you could drown it in a bath tub. See any use for any of that 3 years ago? No?
Then why would a capitalist spend a dime on it?
Investors got what they paid for.
Watch the only bill passed in DC will benefit corporate America.
Privatizing profits and socializing losses.
The American way.
36
@Futbolistaviva
privatizing profits and socializing DEATH.
2
If you can’t beat ‘em, you could also just invest, too. Go put some money in crypto and chill.
How is a break on tax payments going to help all those who were counting on getting a refund? Or have already paid through withholding? Or have paid thousands in estimated taxes? Will we all get back those funds which we have already paid? Didn't think so.
15
Relaxing tariffs wouldn't be crossing anyone's mind, would they??
5
Some facts (as of 2017): $996.6 billion in revenues. Of that amount, 87.7% was from payroll tax contributions and reimbursements from the General Fund of the Treasury and 3.8% was from income taxes on Social Security benefits.
In 2019, about 64 million Americans will receive over one trillion dollars in Social Security benefits.
The significant danger here is starving the SSA Fund and putting the Fund at risk with $0.00 being collected for the next 8-12 months and maintaining payments.
In 2011, the Administration REDUCED withholding from 6.2% to 4.2% giving households a financial boost while not starving social security.
To cut SSA revenue 100% for a year puts the nation ans our social safety net at risk in ways that we won't be able to understand for a few years, may not recover from for a decade.
The cut to $0.00 seems more like a way to poking a hole in the revenues that support SSA and Medicare benefit funds for two purposes:
1. Persuade the electorate that they don't need SSA or Medicare benefits if they just get the money upfront.
2. If taxes are then reinstated, the under funded SSA fund gives the GOP cover to later declare that these benefit programs are "too costly and we can't afford them."
Remember Bush wanted to "privatize" SSA way back in the early 2000s? This is another "play" from the same book. Watch out.
23
@LivingWithInterest, this is just the scenario that occurred to me when Donald Trump mentioned cutting the payroll tax. You explained it much better than I could.
1
@LivingWithInterest yes, an excellent comment, and very cogent description for the rationale behind cutting the payroll tax- a veiled lie by Trump and his corporate puppet masters to raid Social Security and decommission it. Why? To increase the war budget and revamp our nuclear war capabilities!
1
It seems like Washington is throwing it at the wall and hoping something sticks. Tax relief on the leisure industry will be nice if people spend on leisure, which they do not do now. A delay in tax payments would be terrific if we don't spend the money on other things and have to borrow to pay taxes later. Anyway, the problem is primarily medical and that is where the focus should be. I have not heard anything about more kits, free testing, a national emergency program, etc. If people don't spend the market will go down, can't be helped. But if people die for lack of care, well that's another story.
6
A payroll tax cut isn't going to help the S&P 500's performance. Neither is paid sick leave for affected workers, breaks on federal student loans and mortgages, block grants to help communities, assistance to help public transit systems stay in operation, and increased spending on food stamps and unemployment insurance.
What will help markets is more information on the coronavirus - the number of infected individuals, the number that get sick, the prospects for a vaccine, etc.
There is too much uncertainty as to how much economic damage the pandemic will cause; as more information is gathered and there is less uncertainty, the markets will react positively (assuming the information is better news than what is being transmitted currently).
10
Mnuchin and the Republicans gave away 2 trillion in corporate tax breaks to Trump donors.
If corporations actually paid their due. It wouldn't be an issue
28
Hysteria reigns. This is nothing new for the stock market, of course. Smart investors are using the opportunity to buy quality stocks, abandoned by the sheep and the Chicken Littles, at a bargain price.
3
Investors got what they voted for. Smaller government. Government out of healthcare. Fewer agencies monitoring, well, everything. I do not see what the problem is. Investors are getting what they paid for. This is capitalism, not mommy government.
21
Oh yes. It totally matters that my taxes, which are deducted from my paycheck already, would be due in June instead of April. I was worried about dying of coronavirus, but now Super-Mnuchin fixed everything.
34
The difference between the Democrats' plan and Trump Administration's is glaring.
The Democrats are focused on the effects of the crisis on the American people. Trump is concerned about its effect on his reelection prospects and his hotel profits, and the Republicans generally are interested in how it's affecting big business.
44
@Jackson
Then you didn't read the article.
Financial engineering isn't going to solve the economic problem. A prompt, thoughtful, and massive response to this virus to eliminate it is the only remedy. Sadly, we don't have leaders that seem to be capable of that.
32
Very little proposed by Trump to address covid19 has been truthful to- or helpful for- the average American. Those that have 401k are losing thousands in their accounts. It does absolutely nothing for those on fixed incomes due to age or disability. And forget the working poor who must work to make ends come close, let alone meet. These folks do not have jobs that offer healthcare coverage or paid sick days. Once again, the rich and special interest people will be given "assistance" at and by the rest of us- the taxpayers expense!
23
How much can we trust the economic policy of a former businessman who filed for multiple bankruptcies? Asking for a friend.
51
@Lori : Trump was SUPPOSED to do that. It is what made him a spectacularly successful businessman. That is the way ALL businessmen get rich. Trump is just a normal, super-successful, stable genius. And once he is president, he will become just super serious. No golfing or anything. That's what Fox News told me, anyway.
2
@Lori Why he even drove a football league into bankruptcy. His goal was not to care about the league, but to get the NFL give him a football franchise. Notice how he has offered to buy a team many times and the NFL won't touch him with a ten foot pole. I have always loved his base the common persons the same ones vote for him that he stiffed each time he went bankrupt. Being from NYC Coney Island conman by the way the Russian mob is headquartered in Coney Island. Jim Trautman
1
How does delaying filing taxes help? The money still needs to be paid, that just sounds like a recipe for disaster when the pandemic is over and people now need to rustle up the money they just spent.
39
It helps freelancers who will be having fewer gigs to pay bills.
His version of the payday loan .
1
Okay, maybe this is too simplistic. But, hear the idea out.
If quarantine is one mitigation strategy that seems to be effective, then why not just shut down the whole Nation for two or three weeks to eliminate contamination and community spreading.
That might be more cost effective (cheaper) than slowly bleeding small business and workers monies across weeks and months with each newly located and diagnosed case. At least then everyone knows what to financially expect and they can plan in some manner.
Just shut down, see who develops symptoms, treat them immediately, and work within some known parameters.
10
@LivingWithInterest :
The virus will be out there for decades. Viruses over the last decade, e.g., swine flu, are still out there. They do not go away. The people who get sick will get sick. Quarantines only slow the spreading so that resources are not overwhelmed. Perhaps buy a little time. That is all quarantines do, slow the eventual spreading
4
@LivingWithInterest What you're proposing is akin to FDR's "bank holiday" in 1933, when banks closed for a spell but businesses kept on, accepting scrip and IOUs. I still remember FDR's slogan, "There's nothing to fear but fear.
Republicans have become the party of manipulated fear for the past 50 years. Instead of experts and peer-reviewed scholars (with the exception of Mr. Powell of the Fed), this "administration" has toadies and TV personalities.
The difference between now and 1933 is that we had FDR and people of good will during that crisis, and now we just have grifters out for all they can skim.
9
@gratis
Maybe just enough time to come up with a treatment while not over whelming our healthcare system and threaten healthcare workers. We got to do something...
2
The Securities and Exchange Commission should halt trading.
There is no rational for the markets ups and downs unless its to make traders commissions churning the market. Down 2,000, up 1,000, down 1,500.
If Italy can close for a month, China halt major sectors of its economy for three weeks, the U.S. can halt trading for a couple weeks to allow the virus to stabilize and the markets to rationalize.
17
I thought we have the strongest economy of all time. That what they’re always crowing about. So why do we need to “juice” the economy.
Buying votes is all it is.
26
This 20% is nothing. Both 2001 and 2008 were 50%. Luckily we have plenty of cushion to go.
4
Delay tax filing? Lower payroll taxes? Trump and the GOP have absolutely no clue as to how to help the rank and file. No clue at all.
66
Oddly, even with such dire economic predictions, investors today are still willing to pay many multiples above what they did a year ago, for what were better earnings against the backdrop of a significantly rosier macro economic picture.
3
So Treasury wants to delay income tax filings. Individuals who were due a refund have likely already filed taxes; they are also likely the cohort that does not have adequate (or any) sick leave pay. This proposal is nothing more than another bonus to the wealthy.
The same is true for the proposed payroll tax temporary freeze. Those who've either lost jobs or have had to take a leave of absence because of illness - themselves or a family member - because of the coronavirus won't benefit a penny from this; last I checked a tax on zero wages is still zero.
Meantime, the Trump Administration has adopted the China approach: hide as much as possible about the spread and seriousness of the virus.
37
This was the concern months ago when trump was pushing for the Fed to cut rates even more. If you got rates to basically zero and you had a problem then what? Well here we are and it was all so predictable, but trump was trump and the Republicans keep looking the other way.
25
In Italy type situation , how American health system fare?
That will be the Ultimate comparison.
We will draw crucial lessons from that one.
Italians are going through a grueling health problem right now.
It will show how systems as a whole fare under this stress. ?
2
@SU Actually, Italians went thru something way more grueling with the flu the last few years. It really pays to ask questions and use legitimate sources on the internet for information. 2013-2017 there were 68,000 deaths from the flu in Italy. So, please explain to me, other than hysteria, the comparison.
By the way, we are up to maybe 30 deaths here. CDC figures for deaths from the flu in the US since October very from (crazy, i know) 20,000 to 52,000. Explain why our health care system is stressed by 1000 cases of coronavirus compared to 50 million cases of flu this year. I just don't get it.
1
The people most quickly and directly affected by these market contortions are the relatively affluent. Indirectly our average citizens are impacted by uncertainly and threatened jobs. But have you ever noticed, of course you have, that when things negatively millions of the affluent, Washington starts to do handstands on their behalf even though that's a form of social welfare they claim to hate? Some things never change do they? If their mansion is burning, call out the National Guard. But for the poor, the only solution is to be homeless and to be walked by everyday by the well off who avert their eyes and guard their wallets.
13
The market is full of people who we should not allow to handle our investments any more after this is over. Their reaction to bad news is the same every time. Panic sell off.
Doesn't anyone find it peculiar that one day the market is up and the next day it is down by the same amount. This happens regularly regardless of coronavirus. Of course, everyone is becoming afraid of coronavirus. Look how the media is portraying it. Maybe we should shut down the media for a week and then see what happens. There is still lots to learn about this virus and how really it really is. WHO called covid-19 a pandemic today? Well they are a day late and a dollar short. Everyone but WHO knew it was or would be a pandemic at least a month ago. As far as the death rate, no one knows for sure right now because it is too soon to tell with any accuracy. However, that has not stopped the media from panicking everyone had it?
2
The stock market is behaving exactly as it should: it varies, and re-prices. These are highly profitable times for certain investing, taking new bases in cost, re-balancing or diversifying. Real assets are robust, inflation nil, money supply flush, international money flow forceful, corporate savings and credit at unheard of levels, patent applications soaring, new business highly active, manufacturing repatriation dynamic and growing, labor costs attractive, taxes rates and policy moving in the right direction, and trade wisely re-negotiated. There are still challenges, as there always are, however that is not either an independent or dependent variable in the current context portrayed in most major media. The press is naturally propagating dramatic narratives that are thematically aligned with political special interests, but they have nothing to do with fundamentals in the real economy. As for the coronavirus, it is performing as it was designed to perform, which has little if anything to do with pathology (perhaps cerebral).
Not sure how delaying my tax payment is going to help? Are they expecting me to spend my tax money?
33
@John Seriously if someone could explain this to me I'd appreciate it.
18
@John Maybe they think it just sounds nice, makes it seem like they are doing something having to do with money, although for those of us on the outside of that trump bubble, it just looks like gobbledegook. Payroll tax cuts only help those who get a pay check, and even then, it would have to be a pretty hefty pay check to make a difference. Holding off paying your taxes, same thing, and what do you do with the extra cash? Fly? Take a cruise? Go to a concert? Vacation in Rome? Seriously. Gobbledegook!
18
@John In theory, if you lose hours at work you can use the money you owe in taxes to help you get by. But, it's ham-fisted and tone deaf. Wage earners (at the low to mid range) don't generally owe taxes, and they're the ones who will be most hurt by this pandemic if they're not compensated for lost hours.
10
The only thing Trump and the GOP seem capable of is reducing taxes, thereby further impoverishing the govt, at a time when more government intervention is needed.
I work at a renowned hospital, and what should be terrifying is that it is one of very few medical institutions with the capability of handling such contagions; and yet, like other such institutions, it has 10 beds, which can expand to 36. That’s it. So we are counting on not having a large number of seriously ill
patients, and hoping that self-quarantine would suffice for most of those infected.
19
@ml :
The GOP was elected for the sole purpose of cutting taxes and shrinking government. The GOP believes there is NO time when government is needed. The most horrible words any American could hear, "I'm from the government, and I'm hear to help." Vote GOP . Make America Great Again. No more mommy government.
2
@ml well, doesn't the GOP want government to fail anyway? Wasn't that Reagan's big shtick? The govt should get out of the way and govt can't solve anything and all that? Of course govt can't solve anything if you put buffoons like trump and his ilk at the levers of power. I don't think all of this is planned (I don't think the virus is deliberate and all that conspiracy theory some have argued), but making Americans get used to not counting on govt sure does seem to play well in to the GOP's long term plan.
3
No leadership, no willingness to admit error in judgment or prior false positive comments. Quick to criticize China for withholding info on the outbreak...yet Trump did exact same thing and even asked to keep Americans on a ship at sea to avoid having to count them as part of the american numbers of infected.
Why would anyone expect financial markets to act otherwise?
26
@Mike Don't forget there is no movement to even begin to prepare for the next nasty disease to come along, and it will come, at any time. Just think of what might hit in April or May, because we didn't have a winter to kill off the bugs. Who said we can't have another nasty disease hit even before COVID has passed? Are they even thinking about preparing for that by hiring the right scientists to do a better job than the politicians are doing?
1
It is interesting to me that when the market is up all the free market Capitalists don't want any interference from the Government...little to no regulation as we know what we're doing, and the economy is great (or perfect in Trump's words). When the market is down in the dumps alll the capitalists want action from Washington...lower taxes, lower interest rates, delay on the payment of taxes, and so on. This is all without regard to the massive deficit we are running up (and during a time when we have such a wonderful and perfect economy). Not really sure where the little guy fits in. Oh yeah, maybe some paid sick leave.
38
@roark
That's because Capitalists have no moral center.
2
Something like 50% of all Americans earn so little that they pay NO income tax already. So this action would only help the upper 50% of the population. And drive the deficit through the ceiling. If we are going to see the deficit soar even higher (and we will), it makes far more sense to have the government give everyone money rather than to tax them less. That way, everyone benefits. And the impact would be immediate.
Keynesian economics works. It has been proven time and time again. Supply side economics is nonsense. This has been proven time and time again. Republicans need to wake up to reality.
21
@Enigma Variation
Republicans woke up to it a long time ago. They don't care as long as they're on the winning end of things. And when things turn bad they are the first to put their hand out for a government bail out. And they will never admit that their dearly beloved Reagan had it wrong.
5
Someone needs to explain that declaring a national state of emergency and instituting a mandatory two week quarantine period is probably the only thing that can stop this pandemic in its tracks. Otherwise we are going to be chasing hotspots and local outbreaks while the virus spreads through the population as in Italy. Then again it could already be too late for that.
18
Sadly, I think it’s already too late. But that doesn’t stop you from circling your own wagons for two weeks...and lots of hand washing. Look a this:
WASHINGTON (Reuters) - The White House has ordered federal health officials to treat top-level coronavirus meetings as classified, an unusual step that has restricted information and hampered the U.S. government’s response to the contagion, according to four Trump administration officials.
The officials said that dozens of classified discussions about such topics as the scope of infections, quarantines and travel restrictions have been held since mid-January in a high-security meeting room at the Department of Health & Human Services (HHS), a key player in the fight against the coronavirus.
4
@Mia Culpa
Culpy,
The convention in the English language is that to "explain" something, that something has to be correct, or factual, or realistic in some sense.
Your dreamy notion of "declaring" a magical state in which wonder can occur, and then somehow "instituting" those wonders, doesn't qualify.
The national state is i a number of emergencies. There's no doubt about that. Your thought of "declaring" them is really not necessary.
Your problem is that they aren't magical and hence do not supply the necessary , uh, infrastructure for instituting your desired wonder, in this care a notably rambunctious population all following your orders or somebody's.
Your emergencies are here. Simply recognizing them might be a good start.
Step Two might be to see that emergencies are problems, not solutions.
Do you think you might be able to spot the cause of some of these emergencies?
Can you imagine that curing that root cause might make us better able to wait out the S-curve and then the decay of the epidemic with which we are -- also -- afflicted?
1
What EXACTLY is the status of test kits, INCLUDING QUANTITIES, the CDC was supposed to be sending out "all over the country"?
Haven't seen any data!
30
@Slann
14 kits were sent out, and there are 5 new cases.
Advance transcript of tonight's presser.
You don't have to worry you won't get it and if you do, it's just a cold.
The tests are only available to people like Gaetz and Meadows. If you are close to Trump then you get tested. If not, good luck...
@Slann
Does anyone have any idea what should be done next, assuming that these wondrous test kits appear and correctly identify thousands, hundreds of thousands, or perhaps an entire population carrying this rather nasty virus?
The infamous Trump comments that he liked the ship covid19 numbers where they were and that he did not need higher numbers ashore, as well as despicably callous were indicative of how he thinks about everything including the market.
“I like the numbers being where they are. I don’t need to have the numbers double because of one ship that wasn’t our fault,” Trump said.
Not a confidence inspiring comment in terms of the market.
He is not going to like where the market numbers are today; and as with the ship incident it is not his fault of course.
But Donald, taking responsibility, whether you think you deserve it or not, is part of the job description for President of the USA.
Perhaps you should not have applied for the job.
35
@Bob Guthrie:
This jerk thought being president would be "so easy." And his namesake said running for president (and by extension being president) was a "step down."
2
Starving government of already historically low rates of tax revenue will not help. What will help is to direct a little of the collected taxes to those in need, such as those with the virus who have to stay home or do not have sick leave, or have exhausted it. Also, testing needs to be widely available and subsidized. Furthermore, directing money to those in need is the very best way of supporting the economy because the money is spent immediately and in the US. Giving money to companies (and thus the rich) only fattens wallets in tax havens. I did my patriotic duty and paid my taxes in full today, in hope that Trump will direct help to those in need.
15
@D Na We should allow a delay of two months for average US citizen to pay their taxes; But raise taxes on the 1% to cover the shortfall and to reduce the deficit
11
Bad guys are suppressing coronavirus testing for their personal financial benefit:
* Morten Kiil in Enemy of the People
* Mayor Vaughn in Jaws
* Trump & DeSantis in today's Covid-19 cover up
Result: the algorithm will change from "double infections every two weeks," to "double infections every week."
3
You are ridiculously naive if you think Trump and everyone him around has not been tested! It is not difficult to be cavalier when one is dealing from the bottom of the deck. Come on!
10
I read repeatedly that this was "the best economy EVER" and now I'm reading the rich people want a bailout after the best economy ever was financed by ordinary Americans so said rich people and their counterpart corporations could buy more stock to juice their stock prices . . . Just a farm cat trying to avoid getting sick from covid19 and more insanity from Wa DC.
23
“I’m gonna run this government like I ran my business.”
— Donald J. Trump, failed businessman and serial banktrupter
Promises made, promises kept.
The Republicans are very happy with how the country is being run: tax cuts for the billionaires, gutting of social safety nets, destruction of the environment, perpetuation of ignorance and stupidity and racism.
Thanks, Republicans!
54
@Opinioned!
Republicans are the profligate son of wealthy man, they squander the patrimony and you will be out in the cold.
The White House needs to shut up. This administration is incompetent and exposing their incompetence does nothing good for the markets.
32
Waiting for Trump to act. In the face of a crisis Trump is beyond impotent. Oh how the nation will suffer.
29
A payroll tax cut is a bonus to businesses who employ people.
It will save the company money if their percent of match monies are cut.
Think Trump Organization.
5
Why in the name of God is Trump talking to bankers and not doctors? Why is the Times trumpeting economics and not medical issues? People are sick and dying. This is the bigger issue. Why does everything in America always boil down to the Almighty Dollar? It's awful.
37
@Jeffrey Gillespie Do you actually read the Times? Lots of articles everyday on COVID19.
Ireland has confirmed its first Covid 19 death.
6
@Elaine
Our condolences, but you are at least in good hands, we have Trump.
there's nothing more predictable than partisan news outlets laying the blame for natural disasters at the feet of Republican administrations. What a joke. Let's be clear. The New York Times has one standard of reporting for Republicans and a completely different standard for reporting on Democrats. It's quite transparent.
@Mike James I hate to break it to you, but reality has a "left of center" bias. All the NYT needs to do to appear biased in the world we live in today is to report the truth.
@Mike James Facts or Fox?
@Mike James
Once in a while Can you republicans shine under stress and disaster?
Once.
1929 - 2005 - 2008 just couple of them
In addition to all the added concerns about preventing spread of this virus, what do people think when they see asymptomatic, wealthy, influential individuals getting tested? Did they privately purchase tests? If so, for how much?
https://www.washingtonpost.com/powerpost/trump-allies-got-coronavirus-tests-despite-lack-of-symptoms-and-shortage/2020/03/10/e9512064-62e7-11ea-b3fc-7841686c5c57_story.html
5
@M If you have to ask, you cant afford it !!
I checked online at ONE lab locally. Test is only available IF you meet CDC criteria, its only done thru a hospital or clinic (that is to avoid everyone from walking into the lab and asking to be tested, reasonable request IMO) POssibly your doctors office IF they are set up to obtain the sample (not a blood test) Cost is $199 (No info on insurance coverage available)
1
Trump is lying to us.
21
@RIchard
That's not news.
2
How about we worry about the stock market and tax cuts AFTER we cover all the testing fees for diagnosing Coronavirus and after we put cash in the hands of those who can’t work from home, for a start?
24
This is basic economics. 70% of all economic activity is consumer spending and driven by the M2.
When people are quarantined or isolated and forced to stay inside, they’re not out spending money on concert tickets, concessions at hockey games, buying drinks at the movie theater etc.
The only thing a tax cut will do is deprive the government of funding resources it needs to combat the virus, which will actually make the pandemic recession worse. It won’t even help billionaires, because their wealth is tied to the value of their assets which are closely related to the overall economy. When the economy tanks, so do their holdings. It’s one of the few drawbacks of being literally too wealthy. Don’t get me wrong, they’ll still be incredibly well off, but taking a multi-billion dollar loss hurts no matter who you are.
Tax cuts are a terrible idea. Of course Trump will love it!
23
It never ceases to amaze me that as soon as a crisis hits the planet---2008 credit crunch---now the corona virus---all the free-market, uber-capitalist, libertarian, conservative, Milton Friedman acolytes come running to government for a bailout.
42
@Kevin Rothstein
Government exists to help the people. Period. It's only function is to protect the people. Not to protect corporations, but the people.
7
@lynchburglady:
But didn't the SCOTUS rule that corporations are people?
Sad.
3
@lynchburglady: Corporations are people, my friend.
Just ask Mittens..
2
The Bear is closing in on Trump.
Trump is finished.
20
@Rod:
God, let's hope so.
But as Bill Maher says "Trump won't go." He will do whatever he has to do to stay in power.
1
@Claire Whenever one raises the Maher question people just laugh. Donald has litigation and possible jail looming. He will definitely try to stay in the WH. I would like the Maher question raised and addressed
Our president has his priorities. Funding for the border wall, bailouts for business. He wants to shut down the government, who believes in science? Thoughts and prayers is what we need to get us through the viral crisis. What a criminal, he is!!
23
@$ well spent
A criminal in a powerful position is very dangerous indeed!
2
So people start wondering if there will an "adequate response from Washington?" Well, rest assured there will be. Like our stable genius told his minions at a rallye yesterday: "..if the wall had been built, the virus would not have entered."
There you have it! The wall will now be the stimulus action AND the answer to end the pandemic, all in one! Only a true genius would be able to come up with such a clever response! Aren't we glad to have "the chosen one" at the helm, and not some German Phd woman sitting next to scientists......?
God, please have mercy on us, we will repent in November, in large numbers, promised.
19
Investors need the truth and a leader. Republicans and Trump are liars and can't lead. If they'd prepared for the past 2 months, this wouldn't be as severe as it is.
21
@It's me , I’m hoping that’s what Joe Biden will do tomorrow. Someone needs to step into the breach .
The first and last best business economic choice decision that Donald Trump made was picking a New York City real estate baron daddy.
But Trump is no Queen Elizabeth II of the House of Windsor fka Saxe- Coburg.
Trump acted like he was a successful businessman on a reality TV show.
Now Trump is acting like he is the President of the United States.
Except for the third of the time in office when he has been playing golf and vacationing on Trump Organization properties
9
Stocks drop today because investors are worried about the pace of the response? Nonsense. Investors have been worried about the pace of the response since January. That's not new. And yet the Times continues to try to tell people they know why the stock market goes up or down, and they continue to confidently predict, in the morning, what the market will do throughout the day.
Right now, the market is in a state of instability. The daily up or down movements are not tied to any specific thing and aren't the story here. The story is about how much the market is moving, not about whether it's up or down at this moment. And ascribing reasons to each spike or trough is intellectually dishonest. The Times doesn't know why the market went up today or down yesterday, and they don't know in the morning what the market will have done by the evening. They keep trying to make an analysis and they keep getting proven wrong.
Yet another reason why I've asked them to cancel my subscription. It's bogus, but you can't cancel your subscription on your own. You have to request it through "chat" and wait for them to get back to you. Then they try to give you all these deals and talk you out of it. It's gross. If you did actual analysis and stopped manipulating people, you wouldn't have to trick people into staying.
1
@Andrew Roberts
These are the same reasons the GOP and Trump supporters are unable to deal adequately with climate science. The idea that 'we can't know anything about anything' is equally intellectually dishonest when discussing the science of complex systems.
7
@Andrew Roberts While tying the Stock Market's ups and downs to a specific action of the day may be an exaggeration, it is real that when something occurs, the markets react; and it is the job on reporters to report and explain. They may be right or wrong, but they provide information. You dont have to accept their analysis. We dont care about your subscriptiion (if you even have one.)
3
@Andrew Roberts: Andrew Roberts? Why with your obviously incredible knowledge of economics and the markets, I would have thought that comment came from Warren Buffett.
Hee's some good advice: "Tis better to be silent and be thought a fool, than to type and remove all doubt."
GOP seems to want to ride the bomb all the way to Armageddon.
Reminder: the Cabinet can convene an emergency session today and invoke 25 A Section 4.
12
Investors need to mellow out, because they’re freaking everyone out. We’ve got baby boomers who are scared they’re going to be penniless in retirement. So, they’re dumping stocks, which they regard as risky, and are buying government bonds, which are even more risky. Bonds are more risky than stocks, because the interest rate is lower than the inflation rate. We’re running trillion dollar deficits. The Fed is pumping in money. The market will shoot back up and the people who freaked out are going to pay a huge price.
1
20,000 here we come.
1
In IRELAND they've canceled the St. Patrick's Day parades, and Boston has canceled theirs; but genius de Blasio still hasn't canceled New York's parade. That's leadership for you.
6
Trump's corruption and incompetence, quite a combination, have left the US far more vulnerable in this situation than we would have been under Obama. Trump, in his racist tantrum, has dismantled safety precautions that Obama put in place.
Hey Trumpists, when you or your loved one are dying from this virus, you can blame your idol! He thought it more important to put more money in the pockets of his rich friends than to protect this country from an epidemic.
11
Well duh our current administration is inadequate during this health crisis.
6
The silver lining will be getting rid of trump.
9
@William Thomas:
That will be the only good thing that comes out of this mess.
Looks like this wasn't a hoax like Trump was bellowing out just a week ago, huh?
17
@Chris M
As I write this, at 3:53 p.m., on Fox news, the WHO's decision to call this a pandemic is not top news (what a surprise!). What is? A "win for POTUS: SCOTUS rules Trump admin's 'Remain in Mexico' asylum policy can continue amid ongoing litigation."
Now, I have to go take a shower to get the Fox stink off me.
The ignorant, greedy, self-righteous, anti-science republican party proves once again that they are incapable of governing this country.
The thoughts and prayers of these prosperity chrisitians just do not cut it. They are so inferior to the stable, reasoned Obama administration who confronted a much more difficult problem.
America, the facts are obvious. Do your duty to your country in November.
11
Let's see the world's greatest genius. The market is falling through the floor his solution give breaks to hotels - oh, my who owns hotels. He tweets about everything attacks those who don't tow the line, but has he called his business partner Prince Sulman or his other friend Putin about stopping the bloodbath in oil - why no time to busy getting his tennis court built. But, he announces maybe big tax help for oil companies why one of his biggest campaign contributors is a big oil man. Make a stupid comment like the consumer will get cheap gas - while they sit at home or look for a new job I guess. Kim has been firing off three rockets a week and his reply Oh, they are just small ones, can only reach South Korea. As for the virus no big deal. Here is a prediction now that the King is being shown what the majority knew right from Day 1, but the suckups in the Republican ignored and jumped on the bandwagon, they will break their legs jumping off the bandwagon and begin to make like they never knew or supported any of this slime for the past three years. It is like my favorite scene from Casablanca "Ric, gambling I am shocked, Inspector your winnings. Payback is coming and it won't be pretty. Collins and a pile of them will be toast. Jim Trautman
9
Let's have no bailout for the cruise ship industry. That is an optional vacation/pleasure/leisure business that chronically pollutes the planet's oceans and reefs, burns fossil fuel, is often unsafe and is not an essential means of transportation.
22
@James
I agree wholeheartedly. I might add that the cruise ship industry also contributes to the soaring obesity rate, which is also harmful to the planet.
6
@RES Good points. I always wonder they off load thousands one day and two days later go out again. Clean very clean. At Christmas at least two docked with hundreds sick. The Love Boat sails on.
1
Folks it's 2007 all over again. The President hasn't a clue what to do and everytime they speak, it causes for confusion than good.
I know they always say the president doesn't control the economy but as we've seen, bold decisive action (yes I'm talking about Obama) can do wonders, even if Republicans didn't like that a democrat fixed their problems (a few times).
7
Markets are suddenly concerned that a psychopathic megalomaniac whose only interest is his own aggrandizement cannot handle a real crisis effectively?
Where have they been for the past 3-1/2 years?
24
Here's the plan:
- Get yourselves elected as "fiscal conservatives"
- Spend like drunken sailors
- Cut taxes for the rich and powerful
- Run up the debt and deficit to giant levels
- Use QE to keep the economy running until election day
- Push, push, push the Fed until they do what you want
- Have a crisis, any will do
- Push some more!
- More tax cuts!!
- More deficits!!!
- Lose the election - House, Senate and the WH
- Leave an ill, dying, broken, bankrupt, corrupt country to the next guys
- Claim it was _their_ fault all along
The good thing about Republicans is that they never learn, therefor they never change their game, therefor one can predict - month and years ahead - what will happen.
It's the only good thing about them...
17
@Martin
- separate refugee families without record keeping
- imprison Latino children
- pretend the virus numbers are going to zero
1
It is truly remarkable how quickly a market crash panics Republicans to the point of their becoming unapologetic stalwart corporate socialists.
Conservative hypocrisy is quite something.
23
Incorrect headline. Should read:
"Stocks Tumble-Again"... as investors try to beat-back a Virus. There is no doubt-Trump will give aid & comfort to Corporate Personhood and thoughts and prayers to the rest of us.
2
Trump has purposely held back test kits to prevent the numbers infected from increasing because he is worried about the stock market decreasing!!!
11
WASHINGTON (Reuters) - The White House has ordered federal health officials to treat top-level coronavirus meetings as classified, an unusual step that has restricted information and hampered the U.S. government’s response to the contagion, according to four Trump administration officials.
2
DJT has been fully exposed vas a fraud and incapable of leadership.
This past weekend he played golf.
The world needs leadership and leaders.
Not a failed reality tv host and bankrupt casino owner.
Times like this call for leaders. They are on the way and they are Democrats!
11
@Is_the_audit_over_yet
Trump has not exactly had a Winston Churchill moment...
This is what happens when the most uneducated segment of the population elects a “president” against the will of the majority of Americans.
11
The stench of this administration's cauldron of incompetence, greed, lies, and debt will be their eternal legacy.
12
I wish G-d had found some different way of helping us rid ourselves of Donald Trump than the coronavirus, but it was His call, so I’m going along with it.
3
Wait, people don't think the Distorter-in-Chief can lead in a crisis? never would have seen that one coming! If the Dotard focuses on the markets, and not on people, we can only hope is presages, at the least, his political demise.
1
Geez, America have voted for decades to shrink government so small you could drown it in a bath tub. America voted time and again for lower taxes, less government involvement in healthcare.
Corporate America says they love Trump and GOP policies.
Wishes Granted. MAGA!!!
3
Let's rock on with Mnuchin, Kudlow, Lighthizer, and the rest of the fools that Dr. Krugman called out years ago as having been consistently wrong about everything!
See what I mean:
"Treasury Secretary Steven Mnuchin told lawmakers on Wednesday that he would recommend to the president that the Internal Revenue Service allow a delay of tax payments without penalty or interest that would apply to “virtually all Americans other than the superrich.”
4
The stock market and lowering interest rates, or anything to do with finances isn't going to get rid of the pandemic; SCIENTIFIC RESEARCH is. Knowledge - not money.
7
Why the Republican fixation on taxes, and a tax cut, or temporary halt in tax collection, to fix this? If ordinary Americans need more money in their pockets to stave off a collapse of the economy, why not do it directly, and just send out checks?
What is it about Republicans that they think a payroll tax cut, which benefits higher wage workers more so than the lowest, will be most helpful? Maybe if they eliminated the payroll tax entirely for the first $50K of income, and then put in a reduced level on income above that... but that's not Republicans plan, apparently.
What about spending more money on roads, power grids, and schools? Why not extend unemployment, provide paid sick leave for people who don't otherwise have that, and provide free coronavirus testing to anyone who needs it, or wants it?
7
@Jim Brokaw
Republicans help the middle and working class? You gotta be kidding!!!
1
Most average folks get tax refunds - most highly compensated who owe typically file at the last minute and often get deferrals.
Once again we see Trump helping the well off.
Kudlow and Trump want to defund the entitlements programs funded by payroll taxes by reducing payroll taxes. The next step will be for Trump and his cohorts to claim social security is broken and we need to reduce the benefits and increase retirement age. the GOP cruelty knows no bounds.
6
Wait, I thought biden would be good for the stock market? Isn't Sanders the devil? Why aren't investors happy? Aren't they what is most important?
3
In 1999 Colonels Qiao Liang and Wang Xiangsui published “Un-Restricted Warfare” They examined how the Old Wars were fought and concluded that they were inefficient and came up with new ways to fight wars. We are at war with China and they are using new methods of warfare.
“Today’s wars will affect the price of gasoline in the pipeline the price of food in supermarkets and the price of securities on the stock exchanges. They will disrupt the ecological balance and push their way into every one of our homes by way of the television screen -- Alvin Toffier
Electronic trading, sometimes called e-trading, is a method of trading securities, foreign exchange or financial derivatives electronically. They have developed automatic or algorithmic trading systems and robots. These electronic systems are ripe for hacking. Hacking is the Chinese Communist Party specialty. When we follow the money in and out in the market, we will find it leads right to China.
The coronavirus is a diversion, from the attack on our economic system, that will benefit the Chinese Communist Party.
Our Congress is supposed to keep an eye on this hacking business, if they were not so obsessed by Impeachment, maybe they could have prevented this.
Where is trump when the oil industry need him? Saudi Arabia and Russia are having a race to the bottom and trump looks on impotent while oil hits $35. Guess he is busy with tax cuts for the tourism industry (Hotels).
7
@Phil
He's trying to figure out why nobody if flying off on vacation and staying at his hotels.
He's thinking didn't he reassure everyone it's safe? What more do they want?
5
@Phil Yeah...and MBC and Putin are his bestbuds.
SA got a great deal on military equipment that Trump brayed about...they got his approval for killing that journalist, and Putin ...Trump licked his boots on the world stage while traitorously denigrating the US Intelligence agencies.
Where are his buddies now that he thought he was tight with?
Destroying the US shale industry.
When will Kim Jung Un, Trumps "wuvver," put the icing on this cake?
1
We have to worry that this Trump Recession doesn't become a Trump Depression!
10
@Cleareye
What's in a name?
The Great Recession of 2008 was actually a depression.
3
I think if ever there was a time to be a contrarian it’s now. Heading for Costco soon not for water and TP rather beer and charcoal.
4
It is rather sad that even experts on this virus are too scared of saying anything realistic about the coronavirus, in the USA, because if you contradict Trumps take on the virus you end up getting sacked and called a traitor to the party. Sounds more like he's running a dictatorship to me! I honestly think he is more interested in suppressing the truth about the virus and the nation needing to go into lockdown, like in Italy, until after the elections. Very sad for the USA public that they have a dictator for a President. And USA government is in self denial about the severity of this virus, unlike Angela Merkel, who isn't mincing her words, and saying that over 70% of the population could get this. With Trump he'd rather have the pandemic spread and focus on his re-election campaigns. Totally irresponsible.
4
Why is Trump so cosy with the Saudis? Where are the Republicans who brought us Afghanistan the Epic, and Iraq I and Iraq II ? Surely the logical thing for Trump to do is to invade Saudi Arabia?
4
My neighbor, a Trump guy, was very giddy that Wall Street has taken a nose dive. I tried to explain in a friendly way how his 401k would be affected and sooner or later, he will not get the calls he is used to regarding his electrical work. He just shrugged and said it's in God's hands and Mr. Trump knows what he's doing.
These people are lost.
25
@Mixilplix
Well, if it's in God's hands then that is why Biden is surging and Trump won't be re-elected.
The president leads us during a crisis. He rolls up his sleeves, gets thoroughly involved, puts forward and implements a plan with deliberate speed to protect the people and the economy — and then stays on top of the situation hour by hour. He’s up and running at 5am and like Obama or Clinton, pulls all nighters as required. That’s why we hire him. Trump fails on all accounts. He is over his head, out of his league and out of his element. His ineptitude is enough to make one pull one’s hair out. He belongs back in a the tiny family company he used to run.
11
@Pete
He would take charge but he's too busy washing his hands and firing anyone who coughs.
2
Donald Trump wants to bail out the hotel industry with taxpayer funds.
Now, who do we know that is currently in a high government position and operates hotels?
Hmmmm.
16
Next time you hear someone say "All politicians are the same", you might want to challenge them.
People who traffic in Russian conspiracies, Facebook fake science, global warming denial and assault experts on science, empirical evidence and legal matters have proven to be an unmitigated disaster. And now, it's a matter of life and death.
7
This time around, the Coronavirus coverup will fail and bring serious economic consequences for all of the people, because of an usurper President, wholly devoid of any factual truths, scientific or economic.
Instead we are stuck with Trump’s delusional world view, created by ignorant propagandists. This type of ignorant leadership will only harm the country, as is patently being demonstrated by the pandemic unfurling in front of our eyes, and will only lead to further chaos and destruction.
I don’t understand what their ultimate goal is, because destruction for the sake of destruction will only beget us ashes.
We are so far past the point of sounding any alarms, that it all seems pointless, as if we have already gone very far past the point of no return.
Trump has indeed taken us into the wilderness and our return suddenly seems uncertain.
3
Are we not taught money fixes everything?
1
I just read the summary of Chancellor Merkel's remarks today. Serious, clear, brief. If only.
13
Buy the dip. I hope everyone is loading up right now. I'm getting an Audi when this is done. Ok, maybe a VW.
1
@Graham Hackett As long as it's electric...
1
A stock market as erratic as the president. It must be catching.
4
Tell us when the dip hits bottom, Graham.
You can’t.
So you get enough in your weekly paycheck for a couple of six packs. And at the end of the year you're down a thousand bucks. Paying in now for a refund later? The Mnuchins and Trumps don't do it that way. That's for the little people.
4
if your a corp. or rich, they cut your taxes.
Other than that they give you a tax delay. Gee thanks!
6
@pat
And if you're old they want to cut social security and Medicare.
Thanks Trumpy!
Say, you're 74. Do you get social security and Medicare too?
1
Cutting payroll taxes = Cutting Social Security
9
@Mary
Quarantined=No work=No payroll tax=No benefit
Pretty disappointed this is the headline on the front page this morning... as was so well-stated yesterday in the Washington Post, "it is essential to keep our focus on human beings, not just the economy."
3
@Christine
Trump says he is. He's watching out for himself very carefully. Isn't that enough? What do people want from him? What do they think? He's responsible for everything?
1
You forgot to mention any ideas, actions , suggestions or initiatives from Republicans in either the House , Senate or...anywhere...
...anyone?
Anything from Mitch McConnell before he goes on yet another Congressional break? It must be exhausting holding back all that legislation, those laws and initiatives from getting a vote or being acted on, let alone passed in the Senate...he is obviously overworked , thank goodness he and Congress get a week off ...then when they return all refreshed, they can pass all the legislation waiting and take initiatives on the Corona Virus as they will eventually get around to doing...one day.
4
That's all they've got? Trump's clan saw this coming but decided to just hope for the best. No medical prep, no economy prep .. instead conjecture that borders on irresponsibility and, of course, more name calling. What kind of human being let alone president calls Washington state's governor a name while that same governor is trying to save people's lives. We can't get rid of this bunch soon enough.
19
This is how hyperinflation happens.
The first steps started with Reagan, and then there was a lot more. Most recently the trillion Dollar a year deficit.
And now this.
And then in the years to come, more stuff like this.
And then there will be hyperinflation. 2024 ? 2025 ? 2023 ?
1
@David Martin
And how long have you been making this prediction? Since 2008?
Globalization appears to have added production to the world's inventory faster than demand. That puts us in a potential deflationary cycle, similar to the US in the last third of the 19th century. At that time, the opening of half the country due to improved transportation set off a 30+ year cycle of secular deflation, marked by regular economic depressions.
trump wish zero percent tax until end of this year ....
that seems to fit in with his own zero taxes / zero percent taxes that he has been not paying or never paying,
9
Again.
Extremely loud and extremely clear, Wall Street is saying that it has lost its confidence in both Trump and his leadership.
Trump is done.
29
@Opinioned! What will Wall Street do with Biden and Harris or Warren or .... any of the others?
2
@Opinioned! Gawd! I hope you are right, but I fear you aren't. I am an atheist, but I am beginning to have my doubts. I now fear that "God" is indeed the petty, jealous, ignorant, vindictive buffoon depicted in the bible and that this "creator" somehow favors trump. How else to explain the lifetime of luck experienced by "the donald"?
3
@JePense Wall Street will have someone at the helm who tells the truth. That will make a huge difference.
3
Could one of the learned commenters here please explain Mr. Mnuchin suggestion that a postponement of tax returns would result in putting 200 billion back into the economy?
That math makes no sense, at least in my opinion.
The only way 200 billion can be put back into the economy, is to kick the dotard Trump out of office and reverse his tax-break for the 'real' billionaires and large corporations, many of the latter still paying zero taxes.
29
Actually, considering that most of the working class and consumer class get refunds, it would probably help more if returns and refunds are expedited, not postponed.
13
I owe 2K this year—so it would help A LOT!!!
2
@Sarah Mnuchin is a trump supporter. No further explanation required.
Lots of good ideas, here.
But, I would have thought that action plans would already (as in way before this virus struck) have been ready for a situation such as this - the rollout of tests, the collection and dissemination of test results, the quick acquisition and/or production of critical medical supplies and equipment, criteria for quarantine and isolation, financial responses, including keeping those who don't have sick leave solvent, and so forth.
All of this spending on defense, and it's amateur hour with regard to planning and leadership.
It saddens me that our government is handling this so poorly - they're the people who should have the best grasp on the situation, with the most current information so that actions could be taken quickly.
13
@Gambel's Quail It should have started last Dec but Trump didn't like the optics plus it would cut into his love me rallies.
9
@Gambel's Quail
You forget that Individual-1 fired the entire Administration staff that was in charge of planning for this exact type of event. 20 months ago!
6
Quick question for Mr. Mnuchin. After these people "pump" their $200 billion tax dollars into the economy, where do they get the money to pay their taxes when you decide they're due?
41
The obvious solution, the one that works best to stimulate the economy, is to give Poor and Middle-Class workers spending money beyond what they need to pay bills. I suggest repealing Trump's tax-cut to the wealthy, and putting that windfall directly into the pockets of the poor and middle-class. Unlike Corporations and Millionaires, those who are not wealthy will actually spend the money, rather than put it into an off-shore bank account. When the masses spend, it creates prosperity for all.
27
@Steven Smith How about we just don't pay taxes this year if we make less than $250K a year?
10
@Steven Smith agreed, and the working poor and middle class will certainly need it to pay for the medical care that they will need b/c they don't have insurance and have been kicked off the medicaid rolls (in some states)
4
Why is this concept so hard for ‘trickle-downers’ to understand?
2
Let's just review. The stock markets are tanking partly because of bad economic policy, partly because of the pandemic, and partly because the markets were due for a correction.
My 401(k) is way, way down and the government and the media conspire together to give my tax dollars not to people who lost money, not to families who have no paid leave, not to school kids who miss lunches.
No, The Times and the Congress want to give my tax dollars to giant corporations -- the very ones who have enjoyed a decade of unalloyed growth.
Until we start working for the people of this country and stop the knee jerk urge to give public funds to rich companies instead of to the public -- who will spend the money and goose the economy -- we are lost.
This brand of totalitarian capitalism has only one solution to every problem: feed tax money to corporations.
Meantime, my 401(k) is now a 201(k).
37
Maybe we should stop voting for Republicans.
12
@Occupy Government
Don't worry though, change is coming with Biden! Everything will be different.
1
@AK
No doubt different, but better?
We need paid sick leave so hourly food service workers won't spread infections among large numbers of diners. A low-wage acquaintance has always worked hourly jobs in food service. In order to pay the rent she hid illness as much as possible. She turned 40 last summer and got a job at the YWCA Women's Shelter. For the first time in her life she has paid sick leave and will not be infecting diners in public restaurants.
A tax delay would not affect people like her. She has always filed her taxes the minute the W2 arrives in order to get her refund thanks to the earned income credit. She gets her "taxes back" before I get all my 1099s other stuff needed for an upper-middle income person to file.
18
The Republican plans to reduce payroll taxes would further their efforts to defund Medicare and Social Security. This is a classic example of what Naomi Klein termed disaster capitalism, when those in power use the aftermath of a crisis to impose draconian measures in the guise of addressing the issue. Whether by design or incompetence, the proffered "solution" serves to further their aims and support authoritarianism.
25
@Bill
Yes, I thought their solution to defund their targeted social safety net programs was a pretty obvious move.
3
I think the responsible thing to do would be to repeal the 2017 tax breaks and use that money to fund the paid sick leave of people. There would be a lot of extra money to beef up the CDC and epidemiology response too.
44
This makes entirely too much sense for the Trumpdom.
3
" House Speaker Nancy Pelosi was aiming for a possible House vote on Thursday before lawmakers are scheduled to leave Washington for a weeklong recess"
Don't travel. The President and Congress should not go anywhere until we have a handle on this problem.
23
Dr. Mnuchin has important information: American banks, corporations and Wall Street brokers are reeling from the virus, and the government plans to step in with financial aid to help them all get through this crises. Lower taxes, lower interest rates, deferred tax payments, whatever it takes, the government is gearing up and prepared to make any sacrifice to stem their losses.
And just so everyone is clear, this isn't socialism: that would only occur if the government helped the working public.
Which isn't going to happen.
70
Socialism has nothing to do with transfer payments or government economic interference. Socialism has to do with ownership of capital.
3
@Neander Enough socialism to make Morning Joe spit up his coffee.
Meanwhile, back where the middle class no longer exists, we don't have affordable health care.
3
Money is a form of capital
Most working people don’t benefit from a tax delay at all. They have taxes deducted automatically from every paycheck and in most cases get a refund in the spring. This is all about helping the wealthy who pay on a quarterly basis.
50
The markets are plummeting and I was so saddened by Elizabeth Hasselbeck trying to defend the current president's handling of the coronavirus pandemic today on ABC's The View. The administration could have and should have acted much faster but it downplayed the virus' spread and its contagion and previously disbanded the very government committee established three years ago designed to deal with global pandemics and local epidemics. Importantly and tragically, there are still people in the U.S. who believe apologists like Elizabeth for the president and her comments place them in danger of not exercising extra caution and preventive measures. I hope she is more careful with her children because in God she trusts but all others must also use common sense
22
@R. Anderson
Well these Trump supporters are in the world of delusions. I can only hope that Elizabeth used Boston College Jesuit education -judgement vs her Fox background and realize that she needs to be a parent who thinks to her family
We’ll see the DJIA at 21,500 by the end of the month. It will notch down in 1,000 to 2,000 waves, in what I hope is the worst case, to about 16,500 in 18 months. This is just my guess factoring innovation and technology into America’s contribution to the gross world product the past couple of decades, with an additional soft decade or two thrown in for good measure. I don’t think it will be that bad, but some say the financial tools that contributed to the residential housing problem of 2008 moved to the corporate sector, have created a much larger problem, and will end worse. If that’s true, it will be a much different world.
15
@Daniel Kauffman
DOW March 2009 = 6,400
DOW March 2017 = 20,400
Thanks Obama!
3
@Daniel Kauffman
Not impossible that the market retraces all the way back to the 2007 peak. That would represent about the same decline as the 2007-2009 bear market.
It should be obvious, but with this Administration it needs saying: tax relief is only useful to people well-off enough to pay taxes.
What is needed is united action, by the whole of society, to strengthen the economy. This means useful spending, not more salting away of reserves in foreign account, nor the shuffling of assets from wallet to wallet through share buy-backs of the paying off of old debts.
Useful spending is spending which serves needs. From the technical point of view in economics, it is the neediest who have the highest propensity to spent, which means to get money into circulation and strengthen the whole economy.
Jesus of Nazareth, being a practical carpenter, knew how this stuff works. "(He said) ‘Truly I tell you, whatever you did for one of the least of these brothers and sisters of mine, you did for me.’" (Matthew 25:40.
25
USA needs to remember how Trump severely cut back on funding for the government department that deals with pandemics and to be quite honest, the USA is unprepared for a pandemic and a shut down of the whole country like has been done in China, Italy and probably other EU nations that don't have borders.
I just read that England government cut their interest rates to .25% for borrowers to ease this. Another dopey government trying to deal to a pandemic by cutting interest rates. I don't think interest rates cuts are an effective recipe to get rid of a pandemic. Looks like there's going to be one almighty economic crash worldwide because of all the debt around the world, instead of paying down debt already held, in good economic times.
21
Hey, thanks Steve! I can’t wait to get my piece of the pie, what, $26? That’ll buy some paper towels and bleach, I guess.
Problem solved!
35
@samp426 I know what it won't get you: Clorox wipes, which are sold out everywhere or being marked up on Amazon to $80+ a container. How do I invest in Clorox??
5
@samp426
At least you won’t have to catch those paper towels out of the air when Individual-1 tosses them at ya like he did to the Puerto Rican hurricane victims when he bragged about how low their death toll was on his watch.
2
If it's highly contagious but not generally severe, why not accept most are likely to get it and concentrate on protecting the medically fragile?
10
@Diane That appears to be what we're doing.
At this point, the object is not to prevent the spread of the disease, merely to slow it down so that healthcare resources are not overwhelmed.
12
The market is built on confidence and clarity. Obviously very little of either in the current president and his administration, and quite rightly so.
20
@Paco varela So - it's Trump's fault ?
@Jack
He's responsible for his own veracity and building trust with Americans. Who else is the President at this time?
1
I just looked at his facebook page, Donald J Trump, and there's more about his campaigns than about the virus. He seems to be playing down the virus with weirdly worded quotes and links to advertisements that are free on facebook. Hello! Maybe he should do what our government is doing, officially, and paying for official government advertisements to be in all media. Advertisements on how to prevent the virus, signs to watch out for, and how to contact your doctor before going to their business office, in person; and a free phone number of the government healthline they can phone.
16
@CK Part of me really wishes Trump were right on this one, just because the likely reality is so bad. I know it is just that, wishful thinking, and nothing upon which to base policy.
There is enormous cost, inconvenience, and hardships imposed just by efforts to limit the spread of the virus. Where larger scale outbreaks occur, the disruption and pain is multiplied.
During these hard times, we become reliant on effective responses, reserves, and safety nets.
Although investing in these during good times is far less appealing than tax cuts for corporations and the ultra-rich.
6
People before profits. Of course, if our economy collapses we will not have money fo deal with this coronavirus catastrophe. We must listen to experts like Dr. Fauci and others and follow their advice. We will all have to make some sacrifices but if it stops the severity and flow of this terrible disease it is worth it. Lives do matter and they should be put first. Democrats and Republicans must meet and conquer this outbreak in anyway they can. Politics and differences must be put aside until this pandemic subsides and ends.
4
@KMW
Aren't you one of the Biden crowd who rails against Medicare for all? You seem very selective about your caring.
China, S.Korea, Italy, Iran have completely shut down with more to follow, they have run out of hospital/ICU beds. This is really serious . To deal with illness and helping other , needs altruism. Trump and his party are devoid of any altruistic tendencies. It’s always all about money and power and lust. Trump and his family are con artists , not altruists. It is shameful how they consider this calamity as an Opportunity to further enrich and empower themselves.
24
"Take these tax cuts and call me from the morgue !"
Republican leadership at its finest.
The GOP does not care about human beings or society.
Remember in November.
81
@Socrates The GOP only cares about human beings have been conceived and are not born yet.
9
@Socrates, not to fear, come November Joe will lay his healing hands on the nation and all will be well. Brace yourself for #MeToo, however.
Oh Socrates! You should tweet.
2
I'll take a lump sum payment in the form of a cashier's check thank you very much. A thousand dollars ought to do it.
Thanks!
13
For two weeks missed pay, and untold other expenses? Do you have any idea how many minimum wage working people are a paycheck away from homelessness or hunger? How glib.
2
Trump has been incredibly lucky. In fact, you could say his entire life is one hapless lucky win after another... Alas, his luck has run out. He knows it. We know it. The World knows it... What will this cornered and hapless beast do now? Honestly, that is what scares me most.
38
@Observer
Cancel the election or workwith Russia to flip the vote. Declare martial law. Possibly charge or imprison his political opponents and media detractors.
2
A president fiddles while his nation burns with infection as is clear in the pages here and the media nationwide.
Talk about your high crime!
Trump contradicts the medical experts confusing some who follow his ignorance not to mention his altered mental status.
Congress should get the handcuffs off the federal response and apply them to Trump using the constitutional power they already have to aid the nation.
America is under attack while some oddly say just relax?
While no need to panic we do need to declare war and take an offensive posture which the media is now reporting at the state, local and institutional level already leaving Trump to his own navel gazing.
We can handle this using standard medical practice.
It is evident that even if the Ex. and Legislative branches stand in our way Americans will deal with this logically, w/o congress if we have to, and deal with politicians later.
Thanks to the dictator's enemy, The Times and the free press everywhere for keeping us up to date!
17
Epidemic is spreading through the United States.
Trump throws rolls of paper towels at us.
In his frustration as the death toll mounts, Trump will eventually 'fix' this by calling those infected "traitors."
Meanwhile Wall Street is waiting for President Biden.
19
If there will be 12 Million Covid-19 victims, primarily older with preconditions, we no longer need social security and medicare for all. This will be a young and vibrant nation of sturdy, healthy Americans in their prime age. And because this virus was sent by god, it will safe the children. However, what we do need are Trump Youth training camps for orphans. These can be the child soldiers to rage war on all the unaccompanied minors trying to break down our borders.
6
In the words of the Chinese the US government response to Covid-19 should "be nailed to the pillar of historical shame forever.” Criminal inaction, dissembling, cover-up, bureaucratic bungling, imperial arrogance... The perfect formula for disaster. The rich will run and the poor will pay.
7
Democrats are accused of throwing money at the poor. Trump administration busy throwing money at the wealthy to cure a virus.
21
Well Donald has been president from going on four years - didn't anyone on finance see this coming?
5
Because Trump is never wrong, he still believes the COVID-19 virus is nothing but a hoax.
That’s why he and Pence refuse to be tested for this single act would mean acknowledgement that the threat is real.
The good news is that the MAGA rallies are still not cancelled.
Let’s all do our part in encouraging our Republican friends to fill these rallies. Because...hoax.
20
As the number of deaths rise and the stock market continues to plummet, now is the time to be very vigilant —
• By reminding everyone that when the WHO and the CDC warned Trump about the COVID-19 virus, his very first reaction was to make it a campaign point by disparaging the scientists and declaring that the virus is nothing but a hoax.
• By forensically accounting how much of the $8.3 billion will go to Trump hotels and resorts. If the failed businessman can steal from his fake charity, he can steal from his constituents.
23
The first patient in Wuhan developed symptoms at the beginning of December 2019. In the four months since, it has not been contained in China. After it has peaked, then contained, how long before it is eradicated?
Everywhere else the outbreak is at different stages. Hopefully efforts to reduce transmission will "flatten the epidemic curve." But a timeline to peak cases, containment, then the end of the pandemic would seem to be measured in many months, if not a couple of years.
The markets may be under, rather than overreacting. Even barring worst case scenarios, just the preventive measures needed are causing havoc in certain areas. What are the projections if conditions mimic those in China, or Iran, or Italy, on a widespread distribution?
3
@chris
contained ? these are talking points between Xi and trump !
When Obama took office the stock market indexes was around 6,500. When he left, it was 17,500. All the gains under the Trump administration due to unwise deregulations and manipulation of interest rates may now be wiped out with resulation rises in unemployment rates. Though it will be up to Democrats again to rectify the financial damage wreaked upon the populace Republicans, Trump must not be re-elected
22
@Alan J. Shaw
Sorry for the hasty typing errors.
(1) indexes were (2) They averaged about 17,500.
(3) resultant rises
(4) upon the populace by Republicans
1
We collectively need to clamor for trump's resignation. He is a failed leader who has endangered the public health and safety of this nation while he plays golf and spouts hate. Pence should take over immediately allowing the scientist and health community to perform their jobs. We should not have to endure a minute more of trump's craziness. Republicans, enforce the 25th Amendment if trump doesn't resign.
20
@Rebecca Sadly Pence's views about science are wrapped up in his extremist religious beliefs and may even be worse than Trump's.
13
@Rebecca The Dems already tried to remove Trump, and failed.Give it a rest.
@Larry Segall I totally realize Pence's break with science. However, next to trump he appears calm and reasonable and was at least able to thank Gov. Inslee without calling him a "snake".
The Republicans have hated Social Security since it was implemented during the FDR years. I guess their view is "I got mine; I'll be fine in retirement; the heck with the rest of you!"
How many times and in how many ways have their worked to destroy it, including refusing to raise the cap to increase the likelihood Social Security will run out of money in the next decade or so.
Look at the job Trump and the GOP have done on the American economy: tax cut for the rich and big corporations when there was no need to stimulate the economy; running up the federal deficit to over $1 trillion dollars; and Trump's first option to deal with another stock market crisis is to give workers a break so they don't need to pay the payroll tax, thereby further hastening the lack of funds for Social Security.
This administration is also totally incompetent and dangerous to our nation's health by doing all they can to make the environment worse, government health insurance worse, and by cutting medical and scientific research and getting rid of medical experts on pandemics, epidemics (Trump doesn't like experts, neither does his base).
Plus, the government under Trump's rule never misses an opportunity to lie instead of tell the truth, and to be cruel to others, even small children.
Yet plenty of Americas think it is great idea to wreck our own government as much and quickly as possible--with a little help from Fox and right-wing media.
Want more of the same? Vote Trump and GOP
12
@PB
I agree with all your comments but wish to mention that the Obama/Biden Administration put cutting Social Security on the table by agreeing to change how cost of living increases should be determined.
1
@e.s.
Absolutely! Good point
Does any of this mean anything to lower class people without health insurance and rich parents?
Asking for a former friend.
10
Some of us have been noting, for two years now, that the economic mismanagers in the Trump White House have chosen to run $Trillion deficits for two years now, all while the economy was "doing great," according to them.
Anyone with an education in economics knows that you do not balloon the deficit when the economy is good, because you will need that stimulus money when the economy turns bad.
If they are trying to spend the people's money now, they don't have it. And if they are trying to pump up consumer cash, just to get re-elected, then this is the wrong time for boneheaded opportunism. It's a national crisis and -- sad to say, it is yours, Mr. President.
19
Here is a list of big Republican ideas:
Good economy...Tax cuts
Bad economy...Tax cuts
Pandemic...Tax cuts
The end.
44
I’m expecting the WH to next propose protections for offshore investments to combat the coronavirus. Only Trump, who won’t show anyone his taxes, would propose a filing extension to combat a pandemic. It may be news to him, but most people who aren’t rich have already paid a large portion of their taxes or are dealing with them now. This proposal seems to be more about bankrupting the government for him and his friends.
Now Americans will see “quid pro quo” on the home front. My guess is he’ll pay red states to vote for him and kick everyone else to the curb. You want test kits? Play my way. You want relief? Shut down polling sites in blue districts. Help from CDC? Put on a MAGA hat.
Problem is he is out of touch with reality. Example: if a waitress (who receives a minimal paycheck anyway) gets laid off because no one is dining out, a payroll tax cut is not going to help her. She’ll lose the tips and then her job. Hardworking Republican voters will get lost in the shuffle because viruses are apolitical. Older Republicans will die in nursing homes and hospitals because Trump ultimately cares about no one but himself. Note that Stephanie Grisham said he would keep having rallies because he is such a toughie. No concern about his fans and the risks to them.
New York made it through 9/11. We can meet this crisis as a community without his “help”.
13
A tax cut will fix things up in no time.
1
What we're seeing from the Trump administration is a combination of a) purposefully keeping everyone as uninformed as possible, in order to maintain the illusion that things aren't bad, in order to help Trump's reelection prospects, b) a lack of brainpower and resources to do much of anything, due to severe cuts in the budgets of the federal agencies that would normally be responsible for responding, and c) complete ignorance and incompetence by Trump and his minions. The perfect storm for a pandemic.
Vote Nov 3 like your life depends on the outcome.
Vote blue, no matter who.
10
@fact or friction
By November, it may be too late. Assuming we will still have elections.
3
When is trump going to stop trying to get all of us to believe he hasn't been tested for the virus yet?
He's a self-centered germaphobe who lies almost as often as he takes a breath.
I suspect he gets tested daily and the results land in the same black hole as his tax returns.
It doesn't calm people down when he continues to claim he hasn't been tested. He's the guy who looked directly at the sun during an eclipse.
15
The Trump administration should be spending all of their time and energy ramping up testing and assisting states in containing the virus, not coming up with fiscal stimulus ideas. Address the critical problem first.
But Trump, still in denial about the crisis, abetted by the sycophants he has surrounded himself with is driving all of us off of a cliff.
6
Trump is now declaring his fifth bankruptcy. This time, he's bereft of ideas.
I mean, a tax cut? A payroll tax cut? I had to look it up to learn what this dry-sounding thing was, only to learn that it didn't apply to me, because I'm an independent contractor.
And if you're quarantined or out sick, your payroll tax will likely be what it would have been anyway. Same as your salary, which is zero.
7
Anyone who isn't expecting an abject failure hasn't been paying attention. Talk about throwing money at bad ideas.
7
"Stocks Tumble as Investors Worry About Coronavirus Response"
"Corcerns That Government Action Will Be Inadequate"
"Wall Street Shares Tumbled"
The above headlines/quotes are leading the NYTmes website.
Evidently, the virus itself is a side matter. It is all about the "Stock Market"....and protecting those wealthy Americans who own 90% of all stocks.
Since when is the "Stock Market" expected to perform as a risk-free financial instrument?
From any brokerage investment Prospectus:
"An investment in the Fund could lose money over short or long periods of time. You should expect the Fund’s share price and total return to fluctuate within a wide range"
"Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices."
2
Be very clear-eyed, America:
"President Trump has signaled he would consider ways to stimulate the economy. Options include cutting payroll taxes and extending the American tax filing deadline past April 15. But so far, the White House has not announced any specific measures, and most experts say a payroll tax cut is not an effective way to combat the problems facing the economy."
No, a payroll tax cut will not "cut it." Trump will do nothing but apply what he believes are the most effective Band-Aids to get his self-exhalted self past the November 2020 election, after which he will GUT Social Security and Medicare (intention already announced) to ameliorate the economic disaster that he and his Republican administration are inevitably going to leave behind for Democrats to clean up, yet again.
Takeaway: Economic "fixes" from Donald Trump are Band-Aids on the shaving-nicked face of America, said nicks courtesy of the dull blades of Lord Dampnut's "very stable genius."
5
Senator Ron Johnson’s response to all that is happening in this country is to open an investigation of Hunter Biden.
12
@Steve Mason the Democrats should counter by opening an investigation into most of his extended family - while at the same time giving the tens of dozens of women who are accusing him of sexual misconduct a platform.
4
Ok, improbable and paranoid - but any thoughts about why we’re not hearing about the virus in Russia?
Any thoughts that the administration’s slow response and damage to our economy is due to Russian influence i.e. blackmail on our president?
I know this is crazy talk, but we now live in crazy times with things this president has said and done that were unimaginable just 4 years ago...
3
Investors feel fears and uncertainty....
“He said the White House is particularly concerned about how the virus is affecting the cruise ship, airline and hotel industries...” a bailout for hotel owners. Who could that possibly benefit?
11
The concerns are well founded
Why the surprise?
Our fearless feckless leader golfs and his extreme right wing coterie sing the praises of ‘ it’s going away’
Reality is unlike reality TV
People die
His supporters
His voters
They have no immunity from this
Neither does he
3
"A tax delay"???
Methinks most would prefer a death delay. Like adequate test kits, etc. And for small business, some sort of help, if needed, to keep the doors open.
This administration is one-note.
3
This correction has been coming for some time, corona virus or not. Only 15 months ago we had the 2018 Christmas dip, with 40% growth since.
S&P 500 still up 400% from the beginning of this bull run to today, after the past 3 week drop.
2
I am sorely confused by this situation. Didn't those noted epidemiologists trump, Kellyanne Conway, and Larry Kudlow (who's also, I understand, a noted economist) tell us things were hunky dory, using words like "contained", "airtight", and "disappear"? Isn't this thing just a hoax? Isn't the stock market crash due to Bernie winning, or since yesterday, Biden winning? If it was a real problem, surely trump wouldn't have spent the weekend golfing and celebrating Don Jr.'s girlfriend Kimberly Guilfoyle's 50th birthday? Right? And trump, super stable genius and someone who has a knack for this germ stuff ("every" doctor says so), says he'll keep on shakin' hands, so there simply can't be a problem here. Right? Right...?
10
Decent health care would do far more than these schemes that just bail out Trump and his cronies.
5
Money in a bank that is too big to fail seems like the best safety net until a vaccine is discovered for coronavirus. (Not small banks as Trump changed the Frank-Dodd Act so small banks are not included in the Act in 2018)
I just heard on the radio that Germany expects that 80% of the population will get it.
So far, only 5 people in NZ have the virus and are in self isolation. I must say I am really impressed with how responsible kiwis are and are self-isolating. That takes restraint. We need to not be complacent as we're going into winter, so if we get through winter in single digits that will be great. Though we might get lots of carriers flying in from Australia for the ski season and that could change everything in the South Island. So far, we have no cases in the South Island of NZ.
Our government has continuous advertisements on TV and radio and media reminding people of basic steps to prevent getting the virus.
If anything good comes out of this it will be better hygiene practices by the population overall, that results in less annual flu cases.
I'm not worried about it and will be getting the flu vaccine for the first time in my life when it is available in April. In NZ people over 60 years old get the flu vaccine for free.
3
“Investors are vacillating between the threat that the coronavirus poses to the global economy and the hopes that governments will unveil a series of measures to help businesses.”
We have already paid. Trillions of dollars, in tax cuts to corporations and the wealthy. It’s time for them to give back their tax cuts. Then we can talk about ways to make markets and business more economically sustainable.
8
Scott Gottlieb, on CNBC, former FDA commissioner, just declared that all sports events must now play any games Without ANY people in the stands. Thus the NBA, the NCAA, and MLB must act now. We are past containment and mitigation is needed.
4
Trump's eyes and facial expressions speak volumes. His staff is saying there may tens-of-thousands of infections and the death rates for our seniors may be those seen in Italy - 2% 50-59, 8% 60-69, 32% 70-79, 45% 80-89, 13% >90 AND Trump sees an economic down-turn / correction, with a possible catastrophic burst of the corporate debt bubble, as uncontrollable.
As I said, Turmp's eyes and facials expressions speak volumes.
7
Much as our economy may need a major boost, House Dems have to use the opportunity to ensure legislation also deals with two other important issues.
School closures will probably produce massive numbers of kids who need tele-schooling. Funds need to be provided to subsidize broadband for less affluent students and teachers during these shutdowns.
Mail in paper ballots should be a mandated option for all federal elections as soon as possible. Standing in long lines and using potentially contaminated voting machines seems way too risky while the epidemic is still out of control. Paper ballots also help with election security by providing an audit trail in close or contested races.
6
How exactly does a natural occurrence for which all business should be prepared during the longest expansion of our economy ever merit our government handing out money to the businesses who took losses?
BTW that is real Socialism.
The 08 depression was not a natural disaster it was man made for the purpose of making a very few people very rich. The bailout was necessary in 08. The lack of criminal prosecutions was not.
7
This is where the internet makes thing worse. All the hype to sell ads puts readers in a frenzy. People will need to get smarter about believing or reacting to everything posted as news, rumor, and/or innuendo ...
This is blown out of proportion... "the sky is falling" syndrome
2
@John , if it is blown out of proportion why is Pence having press conferences every day over it? Why are different proposals being floated to deal with it? Are you saying many people more in our country will not be dying next weeK? It started with one death in Italy and now the number has increased exponentially.
9
That thing with oil amounts to almost an assault on the US companies by a foreign country, a medieval kingdom on top of that, and it is worth thinking to somehow reply to that at the level of the government. After all, the king over there decided to nix the shalers, not any business reasons, and the US government have every right to help its companies. This does not excuse the patent stupidity of shalers in terms of their business effectiveness but that said, they are a strategic industry today, and important for national reasons.
Steadying the energy would certainly help calm the markets. Airliners and tourism too. This is a major emergency in business not caused by any shenanigans like 10-15y ago and the government must assist.
1
I am an economist. A payroll tax cut is not an effective way to combat the problems facing the economy.
Steven Mnuchin is the walking punchline of a bad joke. You want to delay tax returns?
1) That doesn't help anything. Most Americans already paid their taxes in withholdings. What good does an extension do? Americans want their tax returns now. They're calling-in a debt owed by the US government.
2) Interest rates are plummeting. The time to put cash in consumers' hands is now. Not 50 cents on the next paycheck two weeks from now. Now! Give Americans the capital they need to make deferred investments.
What's a great way to do that? Hmm... Let me think... Why don't you try making every American's tax return bigger?
Let's say a $3,000 tax rebate for incomes and wealth below $500,000. You can offset the cost by repealing Trump's tax bill.
21
@Andy Do you mean tax refund where you said tax return?
We have owned a few stocks in the past and made a little money and most times lost more than we ever made. Just working to pay everyday bills and health insurance pretty much kept us from investing in stocks. I am sure that the richest 10% that own 84% of the stocks in the market will survive what is now happening with out Mr Trump finding ways to help them out and keep the market high so he can look good for the November election. I am not sure about how to help most Americans, but another deficit causing tax cut for the well to do won't trickle down enough to help most of the average American people.
13
The CDC didn't bother to make sure we had the necessary reagents to use alongside the COVID-19 test. Once doctors got the kit the CDC sent out, they discovered they didn't have all the necessary reagents to do the testing.
Where are the reagents made? Germany and other countries.
This is why the US should be making drugs, medical products, reagents etc in the US!
7
@Jacquie , well once Trump and the GOP cut their budget and he put in political appointees what did you expect?
6
Maybe things would be better if the only qualification of the acting head of the CDC wasn’t loyalty to dear leader. Shutting out the rest of the world will just send us back to the dark ages.
1
@jonathan I expected this mess since Republicans don't believe in facts or science and Americans will now suffer and die as a result.
This isn't a dress rehearsal for a reality TV show.
2
This virus started to be a pandemic in China and other countries in January so we had at least 1.5 months to take preemptive actions but we've been sitting on our hands. Now we have inadequate availability of test kits and testing capacity. There are doctors in the labs who wanted to start testing their patients but could not because the federal government didn't allow them. Our testing capacity today is around 600 to 1000. South Korea can test more than 10,000 cases per day because they moved quickly and had all labs available do it. Without these tests how do we know for sure how many confirmed cases we have? How many people with the virus could be walking around and spreading it while they have no symptoms? Let's take a look at countries like China, Singapore, South Korea, Taiwan and what they have done to arrest the spread vs. U.S. This clearly shows the failure at the administration leadership and the lack of sense of urgency.
24
Turns out markets like competent, prepared leaders that don’t lie constantly when facing crises not of their own making. Who woulda thunk it? The best remedy for the market will be getting a better handle on the cause of the problems: the Coronavirus itself (or is it the Trump Administration?)
20
@Rm
Trump is even causing markets in Europe and Asia to fall. Trump is causing an infection rate of two-thirds in Germany now. Trump is causing everything! (And climate change is calling everything else.)
1
Hey, I have an idea. How about an ultra-millionaire tax on the massively wealthy with resultant revenue dedicated to mitigating the impacts of the COVID-19 pandemic on working class families and the poor. Households with a net worth of $50 million or more (top 0.1%) would pay a tax of 2% on every dollar of net worth above $50 million and a 6% tax on every dollar of net worth above $1 billion. (Note: Any resemblance to Elizabeth Warren's proposed and brilliantly conceived Ultra-Millionaire's Tax is deliberate and intentional.)
15
Tax cuts. The Republican solution for everything - and precisely why there are no more bullets in the gun to deal with an economic crisis. The incoming Democratic administration is going to have an even bigger mess than Obama had to clean up.
21
The government is so quick to address and take action to contain the economic downfall; and yet they cannot get CDC and FDA to make quicker decisions and better actions for the sake of human health. Where's the humility?
10
With a president who operates on hunches and thinks he knows more than highly trained professionals ( scientists, physicians, epidemiologists) I think we are in big trouble. He cares about two things -himself and his money. Isn’t that obvious??
28
That Trump is not personally responsible for this crisis is clear. It can even perhaps be argued that no one could have been reasonably expected to have the required foresight to act properly in advance as now is clear through hindsight.
But, the lies that Trump told standing beside the health experts who had to contradict him about a potential vaccine and how available testing: That was jaw dropping. I don't think that anyone except full fledged members of his cult will be able to forget that spectacle. It will be interesting to see if Republican senators find themselves some backbone now that Trump's ignorance and narcissism is so fully on display on a matter that strikes so close to home.
17
@Dan - "It can even perhaps be argued that no one could have been reasonably expected to have the required foresight to act properly in advance as now is clear through hindsight."
Except, that we DID have that foresight. The US had a global pandemic response team in place for just this kind of crises. Trump killed it. He got rid of the people in 2018 to save money.
He has also wanted to cut funding for the CDC.
I've said it many times that Trump was willing to lie right to the faces of our combat troops about something they knew about, their own pay. It should be no surprise he was willing to lie with the smiling health experts standing beside him - afraid to contradict.
10
@Marie
Agreed! Thank you.
I work in finance. We are in uncharted territory. The economic fallout is completely unpredictable and completely contingent on the virus itself. Everyone is staying mum because no one knows what to do.
Reading between the lines of Angel Merkel’s comment that eventually 60-70% of the German population could get it could be interpreted that according to their best thinking, the genie is out of the bottle. This thing is loosed. Given that, the reason we are all working from home etc. is likely an effort to slow the spread as to not overwhelm the medical system. That’s a good reason.
As a species we have been in control of nearly all the major impacts to our economies in our lifetimes. When the bottom looks like it could fall out, Big Daddies swoop in and save the day.
We are not in control this time, and there is no telling where this will go. No one knows what the economy looks like if entire sectors start collapsing.
My base case is that equity portfolios could be the least of our concerns, frankly.
9
I remember 2008 with GW Bush and Paulson determined to do whatever was necessary to avert recession resulting from the corrupt banking fiasco - then the collapse. Thankfully people invested in the US are in leadership positions in this Administration - perhaps more so than other adminisrations.
2
Sorry to be bearer of bad news, but this administration is a clown show, and the free market is voting no confidence.
1
@David H.:THIS administration?....REALLY?? Trump couldn't lead a band!
1
My daughter just came home yesterday from the last currently scheduled flight from Italy on American Airlines, direct to Philadelphia. We set up a 2 week self quarantine for her and her companion and called the local health dept about how to get them tested (they said because they don't have enough tests, if they don't come down with symptoms, they will not need to be tested). My daughter said it was like night and day coming from Italy to the States, in terms of awareness, caution, information, protocols. Coming off the plane in Philly there were no temperature checks on arrival, no instructions about self quarantine for passengers (even if they are voluntary), no one wearing masks (which you should do if you could possibly have it--which is possible with the high level of outbreaks in Italy, no one at the airport even aware that this plane was coming with a load of passengers directly from Italy and that they might have a higher possibility of carrying the virus. They all just dispersed into the city or on to their connections...
59
@Favs
Thank you for the report.
5
@Favs I agree, it's crazy. Be thankful your daughter was not on a cruise ship.
3
There are a lot of things driving the market nuts and they start with the lack of confidence in our government to get control of the corona virus situation. The first thing needed would be consistency, and there is little of that coming from this administration. The "last straw," as far as I am concerned, occurred on Friday when Trump, wearing one of his silly hats, visited the CDC and used part of the visit to refer to the governor of Washington as a "snake." I do not know what Inslee said or did not say to incur Trump's wrath, but whatever it was does not really matter. The visit to the CDC was a perfect time for Trump to rise to the challenge. Instead, he was the same old petty and vindictive man he as been for years. That does not inspire confidence.
52
As Deputy Mayor of a suburban city outside Seattle, I just got off a conference call with Governor Inslee with mayors in cities of three counties most impacted by the COVID-19. He will hold a public press conference in a few minutes to announce his decisions.
On our call, he was his usual humble, compassionate, thoughtful and transparent self, well-versed in the science and mindful of the impacts of all potential executive actions he could take. He frequently turned to his experts to confirm or add to his responses to our questions. My only criticism might be that he is moving more slowly than I would like, but not all the elected city officials on that call would agree with me.
Governor Inslee is such a contrast with the President, who has never understood what it means to be a diligent and thoughtful public servant.
We are all at risk because of the woefully inadequate Federal response, due to the lack of competent, clear-eyed Presidential leadership.
16
Secretary Munchin and his boss may be surprised to learn that there is only one cruise ship actually registered in the US. All are foreign flagged to work around archaic federal regulations on ships traveling to and from US ports. The airlines have already bleed billions of dollars due to the FAA’s lax oversight of the 737 Max. I’m sorry that the trump hotels, like the decrepit Doral are losing money, but loans to President are probably a conflict of interest.
Let’s focus on the cause, rather than the symptom. We need to focus on identifying those that are spreading the virus, and isolating them.
15
Rather than tax cuts, let’s begin a war-like mobilization and conversion of industry to build temporary field hospitals, temporary isolation housing and needed cleaning, bedding and other supplies to control, contain and end COVID-19. Field hospitals could be the triage point for new or suspected cases, freeing up existing hospitals to deal with the most severe cases and normal healthcare needs. Housing can be used to isolate infected people and or their families. Supplies like bedding, tissues, masks, cleaning agents and toilet paper are in short supply. Putting people to work is a better stimulus than tax cuts for people who otherwise might not be earning a wage, and it would actually do something to end COVID-19
17
@Don L That makes too much sense, Don. The American won't stand for it!
@Don L :
Who staffs these?
@gratis corporations will do their own hiring and retooling to manufacture the needed goods. The government will subsidized the conversion/retooling/hiring until production can ramp up and generate enough profits to pay for itself. The government will also have to make sure that the corporations are not allow to gouge the public for goods and services produced. As for who in the current administration has the leadership to make this happen, that is a good question. I would put FEMA and the Pentagon in charge. Perhaps convene a special panel with people like the CEO's from GM, 3M, Ingersoll Rand, Caterpillar, McKensie, Chase, etc? I would also mobilize the Red Cross to assist in distribution and staffing.
The real question I have is who are these investors that are able to trade multiple times a day at whim based on their poor judgment and their non-existent emotional maturity. I have investment accounts with multiple traders and none of them allow me to trade more than once a day. Yet these cry-babies seem to be able to trade at will day or night. Why?
8
I have a suggestion that I think will not cost any money for anyone, but will help people a lot in term of cash flow. Allow mortgage holders not to make payments for one year. The interest will continue to accumulate, and those who want to continue to make payments without interruption can do so. Banks will face a cash flow shortfall, which the Federal government can lend to them to make up, and the banks can pay the Government back after the one year period is over.
4
@Robby ...and how would that benefit those who rent? Estimates are 35% of Americans do.
1
@PC Smith
Yes, I thought about that, but it's a more difficult problem, as many are transient and some could be indigent. But, I think I know now, what I'd like for them: the government should give them interest free loans for one year with easy payment plan afterwards.
But, irrespective of how to deal with their situation, I think homeowners can be helped, not being able to come up with a solution for them yet doesn't mean you don't do other solutions for others. It's not disregard for renters, it's about trying to find solutions as many as can to help maintain the economic system.
@Robby wow this sure is helpful to all those who own houses and own land. What do you have for us poor people who rent? Nothing? Can we stop paying rent since our landlord no longer have to pay mortgage? How nice to mortgages holders.
As others have said, stopping payroll taxes are a direct way to cripple Social Security and Medicare- that’s where those payroll taxes go! It’s so reminiscent of Bush attacking Iraq and Afghanistan after 9/11, when the 9/11 terrorists were from Saudi Arabia! Bush might as well have attacked Tonga or Iceland. The payroll tax halt to fight a pandemic is exactly the same misdirection and obfuscation.
25
Please remind me again; if small business owners soon cannot cover overhead due to lack of customers and start closing, or, at a minimum, start laying off employees, how does a "tax cut" help when the bottom line is blood red? If economic conditions are bad, a business might have a profit margin of -5% (lets say they bring in $28,500 a month and pay out $30k), which is a loss of $1,500 a month. Not good. But, in this scenario, literally no money is coming in. They could be LOSING $30k/mo due to fixed costs! No business can withstand that for long; a few months of that and you have wiped out your home equity.
What small businesses need are no-interest, long-term bridge loans to the cover the $50-100k in lost revenue. Even that is risky: a "successful" small business may only make $3k a month on top of the owner's salary. If overhead is $25k/mo (which would be about normal, for, say, a small dentist's office), 3 months of closure is $75k out the door in straight-up losses. That means, assuming business returns to normal after 3 months, it would take 25 months to pay back that loan!
Many small businesses don't make much, if anything, over the owner's salary. These will probably just have to shutter, loan or no loan; they have no prospect of paying it back unless the owner doesn't take a salary, which is not realistic. Better to close the business and go get a job elsewhere.
9
@Johnny G lot of large businesses rely on constant debt financing to stay afloat. There are a large number of marginal big businesses that are one debt refinancing away from bankruptcy, or a spike in the insanely low junk bond interest rates to more appropriate levels to reflect the risk of the loans. Expect over the next 6 months a lot of business collapses if we have a sustained breakout. Also, prepare for a euro-crisis as Italy keels over, Spain looks like it won't be far behind...
1
@David I agree. Things could get scary in a hurry. The spike in non-investment grade debt yields over the past few weeks shows us just how risky the market thinks this situation is. Forget equities: the fixed income market gives us a much clearer snapshot of investor sentiment.
3
Trump and the Republicans are obviously more concerned with profits than people's lives. This Administration is spending more time trying to protect the Stock Market investors than our citizens.
44
I like the "unemployment insurance" part of the Dem plan. Good idea and easy for people to apply for. The states will need to make a simple change or two in their online forms to identify and establish payment for this type of claim. Claimants can apply online, so no personal contact. Payments are done without any human contact, too.
9
South Korea appears to have slowed and reversed new infections now, thanks to advance preparations, rapid testing, training (they held mock pandemic drills this December), financial assistance, etc, etc. If you want to know how to handle the virus, study all the things they're doing.
This in contrast to Republican leadership, all trying to escape blame with 'who could ever have predicted this would happen' excuses.
Trump claims we now have millions of test kits (finally) being shipped - but fails to mention they don't have the critical reagent, meaning they can't be used. They're still useless. And we don't have the labs geared up to do the testing.
And as the hard numbers become clearer from cruise ships, China, Korea and others who've been tracking cases for a month or more, the speed of infection and death rates seem to be close to 5 to 20 times worse than normal influenza - at very best. Most studies suggest it will be much higher, with hundreds of thousands to perhaps a million plus deaths in the US.
And Trump specifically dismantled the White House office responsible for preparing us against exactly this scenario. Because, Obama.
And rather than offering financial help for testing, job loss and medical leave to millions of American workers, the Administration is offering tax cuts and deferments - which will exclusively help the wealthy and their investments.
Is this criminal negligence?
34
@Neander
"South Korea appears to have slowed and reversed new infections ..."
Because it was "limited" to one specific cluster - a religious cult. That's how they did it.
@Moehoward You have it exactly backwards: South Korea managed to prevent the virus' spread everywhere in the country - except for one religious group which refused to follow and participate in the government's testing and containment programs.
When the group finally agreed to do so, the rate of infections began to fall.
In other words, despite close interactions with China and other infected nations, South Korean planning and preparations, including test kits, medical teams, disinfection, and all the rest - worked marvelously well.
None of their steps are being taken by the Trump administration, by the way.
With Trump in charge, it is more than a possibility.
It is a certainty.
That Washington will do next to nothing.
9
A payroll tax cut . . . a good way for big business to keep racking up what little money we have to spend.
8
And of course, there will have to be a massive tax cut for billionaires in order to compensate them for the shame of having to see poor people make two or three extra dollars a week.
13
Maybe it’s not the coronavirus per se roiling the markets. Perhaps it’s because Humpty China had a great fall, and all of Xi’s horses and all of Xi’s men can’t put Humpty China back together again.
7
It's pretty clear in order to contain this we have to isolate a large portion of our population and ride it out. During that period economic activity is going to contract dramatically.
Obviously we need to pump an enormous amount of money into our social safety net so that people can ride this out.
The Republican Party is eviscerating the Social Safety net. The Republican party broke sequester to rebuild our nuclear arsenal and dole out fat contracts to our private military contractors.
The tax delay is another attempt by Republicans to underfund the long term viability of Social Security, the single most successful and supported social safety net program in the country.
19
Econ 101 quiz question: What is the worst thing to do when there is a supply disruption?
Answer: cut tax and interest-rates (increasing spending-demand).
9
@Mark: And what will people do with all of that money when they are practicing social separation?
Why is it that the GOP's answer to anything and everything is a tax cut?
Talk about one trick ponies.
My apologies to one trick ponies everywhere for that most unflattering comparison.
13
It won't be much help to cut taxes if you aren't making money. It's always surprising how out of touch millionaires are with working people. Then again, I shouldn't be surprised, think about how much stepping over people it takes to get to be a millionaire.
7
Tax cuts? Doesn't one need an income to enjoy the benefits of a tax cut?
What people need is, for the next six months:
1. Guaranteed employment or automatic unemployment insurance if an employer decides to shed jobs
2. Guaranteed healthcare where the insurance provider directly bills the US government and hospitals and doctors are paid Medicare negotiated rates.
3. An additional 20% tax on capital gains for people rich enough to trade in various instruments
4. An automatic 15% surcharge on payroll taxes for anyone making more than 1 million USD per annum
30
@jaco Sorry, poorly worded... I meant to imply UBI so people are not going in sick to work to keep their jobs. For example, a note from one of my workers: "Senor, I missed the appointment and I can come by Thursday this week to make it up. I am sick for two weeks I am still not okay today. thanks"
2
@jaco : WPA; CCC; FDR!
This is the policy focus one would expect from Trump. A payroll tax cut only helps those who are working, doing the exact opposite for those directly affected by the virus by further straining the federal budget beyond the 8 billion approved to attack the virus. Where is that to come from if payroll taxes are cut, in addition to wages lost to sickness or caring for the sick? And who says how "temporary" this cut will be?
The wealthy will benefit most from a tax break, even a payroll break since no doubt it will be done by a percentage of some sort. More evidence of Trump, once again, stuffing his own pockets at the nation's expense, and doing nothing for the most needy. One would think that a health risk of this nature would awaken everyone to the need for improvement of our failing health system. Can you imagine the bills the sick will receive should they survive a week or two in an IC unit and weeks of follow up?
Will we never learn?
13
@L: Cutting the payroll taxes means defunding workers comp, unemployment insurance, medicare, and social security to name a few programs that protect the worker. Trump's move is not about protecting the economy but it's all about destroying workers' rights that were created during the Great Depression and putting more money in the employers' pockets. .
6
When his base gets those bills or are told there aren’t enough tests for the virus, they will blame whomever trump tells them to blame.
1
The strange, self destructive thing about Donald Trump is that when he has a chance to take action on important issues, he seems to lack the confidence to do it.
This goes back to healthcare. "Repeal and replace (Obamacare)", day one, he said.
That didn't happen, but working to come up with some sort of compromise and a new plan would have made him look good. He hasn't been able to do it.
He seems to be the type of manager who freezes and then loses interest. And apparently doesn't delegate well, so others never get approval to go ahead on their plans.
With the virus, why wouldn't he order coherent plans and testing? He has nothing to lose, but seems to default to a defensive, fearful posture. None of it is logical.
27
The problem is the Trump is not smart enough to come up with any good plans on his own and has surrounded himself with people who are either incompetent or unskilled at the tasks they are being assigned to. In the rare cases where someone with access to him is competent, he refuses to listen to reason because his ego won’t allow him to admit he doesn’t know more than everyone. Great leaders surround themselves with the best and brightest minds, give them clear and measurable directions on what to achieve within a specific timeframe, then step out of the way to let them get the job done. All the while the leader should be communicating openly and honestly with his or her constituents about the goal, plans to achieve the goal and it’s status.
3
@baba It's because Trump is a fraud. He was just a minor Tv celebrity. If we go by the losses he's reported to the IRS then he is in fact the worst businessman in history. If we go by lawsuits then he is also one of the most corrupt.
Borrow and spend Trump Administration has an answer for everything. Will someone please remind the 'stable genius' that the federal government can't use bankruptcy to get out of debt?
28
The Trump Administration has lost all credibility. Even his most fervent supporters will be forced to confront this when their friends and relatives are affected because they believed it when the President said it was no big deal and they didn't protect themselves adequately.
24
No bailouts! We need to focus on getting tests to every state and doing mass testing.
29
@Linda It is really important to use this moment to talk about how deep the corporate welfare goes. Mickey Arison, for example, is one of the wealthiest American billionaires. He owns the Miami Heat and about half of everything else in Miami. He also owns Carnival Cruise Lines and is now asking Trump for a Cruise Ship bailout. But when Arison and Carnival makes money, the move those profits to offshore companies to avoid paying taxes in the United States. And his ships fly the Panamanian flag, to avoid US regulations for safety. But when the Carnival Triumph broke down off Cozumel, Mexico (2013), they called the U.S. Coast Guard (paid by our tax dollars) to tow it to a US port, because those poor US Citizens were suffering. Time to end all of this.
19
We can expect the stock market to go up and down as the coronavirus progresses. This has happened before with uncertainty in the markets and world. Tomorrow it will probably be up.
President Trump did the correct thing by closing the borders with China. He may have to close more borders depending on the direction of this outbreak. He has excellent medical staff and they have been keeping us informed regularly about the status of the disease. They want us to keep level heads and follow their guidelines. We must listen and follow their advice. It may get worse before it gets better but we will get through this. We are treading through unknown territory but have experts who are leading the way.
@KMW
He closed the "border" with China in late January. A very good move. Then, for over a month, he and his administration did nothing other than belittle the virus.
Called it a hoax. Said it would just go away. Did not make plans for test kits, or other contingencies.
One good decision does not cancel out multiple bad decisions. Closing other borders now is too late. The virus is in the US. Other things must be done.
As far as listening to medical experts, of course. But wouldn't it be nice if Trump stopped saying things that contradicted those experts?
12
@KMW - "He has excellent medical staff "
FACT: The Trump administration fired the U.S. pandemic response team in 2018 to cut costs.
FACT: Trump installed anti-science Mike Pence to be charge of the excellent medical staff
FACT: Trump has made over 16,000 false or misleading claims (i.e., lied) since taking office.
The reason the market is falling and people are concerned is that they don't believe they will get the truth or that their government cares about them.
13
@KMW Trump did take the correct action on not allowing travelers from China to enter the US, but has done NOTHING since to mitigate the virus and people's concerns. Mixed messages and out and out LIES is what he has offered. If he would only let the scientists and experts do their job and keep then stay silent.
But we know that is wishful thinking.
9
Here's a little good news for folks in NJ: Horizon Blue Cross/Blue Shield, in their beneficence, has announced that they will pay for the corona virus testing of their members.
Of course, they weren't sure initially, and had previously said that they had not yet made a decision about it.
The tests cost about $3000.
8
@Jerseytime
If the cost of the test, as you say, is true - God help us.
Health insurance and actual care - what a racket!
1
And the President has such a stellar relationship and history with bank lenders.
12
This is just bipolar. On one hand, you need to suppress activities to slow down the spread of the virus. On the other, Trump and friends want to stimulate the activities to prevent recession.
You can't suppress and stimulate at the same time. If want to contain/mitigate coronavirus, recession is inevitable. The government's goal should be to help people to lay low, e.g. pay them to stay home, not stimulate the economy.
34
The GOP's answers for every crisis over the last forty years: Tax cuts.
29
@Tim Lynch
.....because its not about the curing the ills the cuts are alleged to solve, but rather using the ills as an excuse to further enrich the rich, increase their power and decrease the power of the Federal government.
They are still following Norquist's plan.
10
There is no valid comparison to the 2008 crisis. The bonds were already bought and widely traded when a European finally declared there was not enough money in the world to cover the liabilities involved. Lets take the time to let this play out and know how to help rather than guess. Let me recommend:
1. How about a little diplomacy to stop Saudi Arabia from roiling the oil markets. In addition, a number of oil companies have chosen to take actions in the shale environment that flew in the face of a multi-year surplus in the US. Simply add the bankruptcy changes and let them work it out. Look for M&A in the oil fields.
2. The best way to stop a mood swinging stock market is to add a quarter point tax on the sale of a share of stock and bank the proceeds for use by the SBA in loans to farmers and small businesses. The high speed traders are having a field day. Why should they profit?
3. Keep the FICA. It works to a degree and we need it. Modify the tax code to allow charitable contributions again. These organizations work to help us and will feel the pain of loss of crowds, presentations and performances.
4. Raise the tax rate on individuals with Adjusted Gross Income above $500,000.00.
5. Modify the insurance criteria to cover the testing for all types of insurance. Provide a tax credit for the impact this year to the insured and well as the insurers.
6. Talk with Ben Bernanke and others who really have studied these problems, not a Goldman Sachs employee.
11
At least its a good time to purchase a home with low interest rates..
@Bilbo
IF You know you’ll be alive.
Not that Trump cares or even thinks about it, but the federal and state government need to remember the increasing dominance of the gig economy, particularly among lower income, young, and older workers. A cut in the payroll tax does them no good when they're treated as non-employees. What those workers need is a viable way to survive sick days, work cancellation because of drop in demand. For these workers there are no paid sick days, no access to unemployment benefits, and oftentimes a loss of health insurance.
The difference between the joke of a safety net in the United States, when compared to almost every other industrialized nation, will create a stark difference in how US workers cope with the Covid-19 slowdown when compared to workers elsewhere. And the ultimate victim will be the US economy if consumer demand falls off a cliff. Wake up government! You cannot limit stimulus programs to full-time workers alone. Millions of part-timers, who hold multiple jobs, will need help even more.
12
One month in and the U.S. has tested 5-7k people, South Korea has been averaging 15K tests per day for weeks. Once that test start running, the real U.S. numbers will be in the tens of thousands.
18
@Anton
......which is why Trump did not get behind making more tests.
Apparently no political leader in our government understands how factorial calculations work. If stern, even harsh actions are not taken immediately then in 30 days it won’t matter as everyone in the world will have or have had the COVID-19 disease. It will then be required that the survivors get busy to repopulate the world. That will be hard, tough work, but I’m sure humans will be equal to the task... assuming any of us are left.
8
Dude, it’s not the Black Plague.
1
The lack of test kits is unbelievable.
Where are these millions of test kits?
A young woman flew from Bangkok through Seoul to Washington DC and is now experiencing symptoms but the health department prevented the testing for covid-19 because she hadn't been in Italy, Iran, or China. The reasoning lack of test kits.
34
The first thing everyone should do is stop listening to Donald Trump. His irresponsible pronouncements wearing rose-colored glasses are doing more harm than good. It's quite clear now the virus is out among the general population, yet he's still planning large political rallies.
Fortunately, Dr. Fauci has the stature to be able to speak his mind and did so in front of Congress, contradicting virtually everything Trump is saying. Listen to the scientists, not the politicians.
19
@Mark McIntyre I think Trump should continue with his rallies. Might be the most productive thing he’s done to date.
15
Well, I, for one, encourage President Trump and Vice-President to hold rallies as often as possible and to shake as many hands, with a lean-in even better, as possible. That will prove to the media that the hysteria is a Democratic hoax. And the worlds’ hedge fund managers and banks need to quit reading the hysterical headlines and they’ll restore the stock markets to their former highs today.
34
@Lauren
Wow. The Dark Ages are alive and well in San Antonio. Are witch burnings televised or just included in those fascinating tractor-pull extravaganzas? And don’t worry about germs. If they’re too small to see do they really exist? Nah.
Typical Republican thought process: "Trump is anointed by the right God and never ever does anything wrong. All diseases are created in secret lab by the Democratic Party, on and on and on. Everyone is out to get Trump.
2
@Lauren Yep. If I am diagnosed, I am going to the nearest Trump rally and hugging as many red hatters as I can.
3
“That will have the impact of putting over $200 billion back into the economy and that will create a very big stimulus,”
What will have that effect? Delaying the filing of our income taxes Mnunchin said. So he expects people, knowing that they have to it pay shortly, will go to restaurants, movies, hotels and spend the money that is due for their taxes and then come up with more later? Is that it?
Trump is meeting with Bankers - not health officials? Oh, that's right, he fired them all!
These are this administration's version of "Let them eat cake"
69
@Marie
A Ponzi scheme posing as government policy. Now we’ve seen everything!
2
@Marie
Nevermind that no matter how much money I have in my pocket, I'm not taking my family to crowded places until this passes.
1
All of a sudden that corporate tax cut that ballooned the federal deficit one trillion dollars seems to have undermined one of our stimulus tools. Maybe we should have been paying down some of the national debt instead, at least during the good times, given that such option is completely erased now. Everything being discussed in the paper this morning actually adds to the debt situation, not lessens it, but we’re really backed into a corner to act.
Maybe we should have reeled in some of that Fed rate that we lowered to almost nothing after 2008, because that tool is now pretty much evaporated as well.
The economic irresponsibility that is about to unload on us was so unavoidable. The result isn’t just going to be the undoing of Trump, but likely a long-term re-evaluation of what the Republican Party even stands for any more. We’re so lost as a nation right now, how are we ever going to get back on track?
22
Where are we on the testing kits? Why isn't this the number one priority? Payroll tax cut, how about re-instating the taxes that Trump cut earlier so there is money to treat people who get the virus. The only good that will come of this is that it will end Trump.
34
@thewriterstuff The Administration doesn't really want to test a lot of people since that would make (in Trump's words), "the numbers go up."
17
@RMS This is the absolute #1 key point in all this inaction and obfuscation!
The federal government does what in a national emergency? Public health is local and state matter not a federal matter. The issue is we have never had an incident that is countrywide or could be. The stock market is the only place for non qualified investors to invest in so they will just take the beating short term. The rich with their access to high frequency trading are making a windfall and doing just fine thank you. Wall Street loves the current situation for their high wealth clients. The Democrats control the house and aren't bills started there? What has Trump not signed that they passed for this crisis?
5
@C
If you have a measles breakout in Des Moines, Iowa, for example, that is a local (maybe state) issue. If you have a new infectious disease spreading across the entire country at a rapid rate - that is a national issue requiring national leadership. It is not a time for piecemeal solutions. What do you not understand about that?
2
@C
We are the UNITED States of America. Not just a mish mash of separate nations. In emergencies, leadership should be top down from the person who can coordinate a national response. Its not like a virus cares about state lines.
Would you suggest states/cities defend themselves separately against a military invasion? Then why would you suggest it about a viral invasion?
1
It’s not leadership it is the CDC. The CDC infectious viral disease unit is doing what they always have done. It’s been more of the states lack of coordination or system in place to respond to these outbreaks that is the larger issue. State and local gov are failing in the response. Leadership from the Fed or Trump won’t change the outcome. It’s simply naive to think it would
Currently the slow down in the economy is happening due to people fearing infection and not knowing if they have the virus. What can reduce the fear is by putting all resources into testing and drug and vaccine development. Payroll taxes paid out to me, will only go to my savings account. But knowing that should I get the symptoms I can get a test and the results back same day and that the hospitals have enough resources to provide care would give me more confidence to go out and spend. The CDC failed to get a working test read in 2 months. In 3 weeks US has got results back from the labs for 4300 people. South Korea tests 10,000 people a day. A 3rd case of Covid-19 has gone critical in Minneapolis. Why? He was twice refused to be tested because he did not meet the CDC guidelines of having travelled outside the US and thus delayed his treatment. CDC made such bureaucratic rules to hide the fact that they did not have enough test kits available. Why did CDC not allow import of German test kits which WHO is using? Why has Trump not accepted the failures and sacked the head of CDC? Any Democratic candidate can beat Trump in November. Hillary did not warn Americans Trump does not have the temperament to be the President.
11
@Ben Hillary did warn us and too many people did not listen. Some of the media warned and Americans did not listen... Trump was impeached and the Republicans in congress did not listen. 41% of the American voters are still not listening. A right wing news group is still spreading propaganda that is dangerous for the American people and too many are still believing.
The health of the people in our country is the most important aspect of a productive economy.... Will Wall Street and the financial and business community get it?
11
Interested to know how employees of companies within the Trump empire are being or will be treated.
10
First, this is the Trump recession and the trump pandemic. Say it often, make the truth stick
Second, Democrats don’t need to save trump until all Americans recognize that this is trump’s failure and only democrats deserve credit for responding
Third this is the swan song of oil and gas, shale and fracking. It’s time is ending. No bailouts for a dying industry. All money should go to planning for it’s replacement.
Fourth tax cuts only for people who spend it. I suggest $127,000 cut off. And they must be permanent tax cuts, not emergency cuts for only one year.
Fifth this supports doubling the cdc budget, and tiffing is of every politician who voted to cut it.
Sixth we can offset some of the costs with a wealth tax. Let Sanders, Warren, and Bloomberg find a compromise to save capitalism.
13
I was floored by Trump's comments yesterday not to worry... the cruiseship industry, the airlines and, oh yes, the hotels will receive help. It is not those industries and his own wallet that need help, the American people need urgent help in the form of well-equiped healthcare providers, a fully funded CDC and a program to guarantee that the uninsured are covered rather than gouged. Those plans should have been in place in January and we are in mid-March.
Mr. Trump: you can add to that ordering medical checks at all airports not only for those returning from overseas but all travellers. We may be the last country that still does not check those returning from Italy.
There will be a time, before November, to address the budget slashing criminality of this Administration and the entire Republican Party. May your tax cuts haunt you just as they are killing Americans now.
26
"Stocks tumble again, as investors wait for Washington to act."
Ah, good luck with that.
The entire country has been "waiting for Washington to act."
29
"recommending to the president that the Internal Revenue Service allow a delay of tax payments without penalty or interest"
Almost 75% of Americans receive a tax refund! Thus, delaying the filing date is irrelevant to most Americans. Why would they delay a return of the money the government owes them?
Thus, the delay in filing a tax return may be good for businesses that delay paying the government their taxes until the last day, but its of no real use to moist private American citizens. Thus, this proposal is the typical Republican non-solution to a consumer demand problem!
8
Thank you - my thought exactly.
When I read a thousand people have been infected in the United States, I automatically multiply that by 10. Maybe that should a 100 or 1,000. I mean, who really knows? The cruise ship that was held off San Francisco docked in Hilo — the town where I do my shopping — before heading to California. Its passengers disembarked to visit the tourist sites, including a popular farmers market. Should I go there like I usually do? I did yesterday, and passengers from another cruise ship were there, handling the fruit and vegetables. I don’t think I’ll be going back as long as that continues. But what is reasonable and what is not? I read the news articles, I go to the CDC website, but I feel isolated, on my own. Prepare for the worst and hope for the best? I don’t know if there’s a best anymore. I guess I’ll just ride it out and try to cut the odds. That’s probably what people said during pandemics centuries ago, but that seems to be where we’re at.
16
Give more free money to rich people. Give even more subsidies to Big Oil. Tax Cuts, Free Money, Industry Bailouts, it's like a mountain of kitty-litter to cover-up the unfathomable actions by the trump administration that left us defenseless.
This is not an accident. This is not a drill. This is the direct result of deliberate and callous disregard for the welfare of the "Average Joe." November can't get here soon enough.
54
We have a president who has already told us his priority is keeping the numbers down. This means lying is the order of the day. We’ve been given no reason to think this will be managed like the emergency it is. Over in Congress, exposed officials individually respond to exposure in diametrically opposed ways, some self-quarantining, at least one deciding he can expose large groups of schoolchildren.
Our government is behaving wildly and stupidly, our president given to babbling about the small and large numbers he has heard, colleges emptying their campuses while late night talk shows pack audiences tightly and joke about it, N.Y. prisoners go into the hand sanitizer racket, and Florida seniors polka the night away while cadavers are lugged from nursing homes.
If I was the stock exchange, I’d sell everything I had and run screaming up Wall Street.
9
In the face of the economic slowdown and plunging corporate profits, the need for more government subsidies, tax cuts and bailouts (corporate socialism) is arising again. We, the taxpayers, will be expected to foot the bill: no sacrifice is too great when it comes to preserving the status quo and the elite’s privileges.
Speaking of sacrifice, what about the planet? Climate change has disappeared from the front pages lately. As it turns out, the Coronavirus is accomplishing what our governments are unwilling to do to effectively address this worsening crisis: slowing down an economic growth that is unsustainable and will result in our ultimate demise.
The Coronavirus pandemic is at once a warning and an opportunity we should seize before it's too late.
Remember that consumer spending accounts for 70 % of the US economy: Our frantic consumerism – binge shopping, binge driving and flying, mindless waste – is the primary driver of climate change. It creates the demand for fossil fuels and other resources, all the while turning the planet into a giant, toxic dump.
This has to stop. Not in 30 years but now. And change can only come from us, the people: As the economic agents in a flawed system – flawed because based on the principle of "always more" – we have the power to change it, first by changing our way of life.
The Coronavirus is beginning to demonstrate that it is indeed possible to live differently.
11
Tax delays and business loans. What is this admin thinking? Those are temporary bandaids that both taxpayers and businesses will need to pay back eventually.
These policies of deferring debt and offering loans only create more worry and stress.
11
I believe it is high time to rescind the Trump tax cuts and start spending on urgently needed shovel ready infrastructure projects from coast to coast. How about investing in the USA instead of throwing the keys to the treasury at American oligarchs, and borderless corporations for a change.
38
@Toklat can't, Republicans are in charge and that is their entire agenda.
1
My guess is if you're in for the long haul, you'll be alright. Your nerves will take a pounding, and your life will probably be shortened by a few months, if not years.
But there's little doubt, that there are a handful of people, numbering in the thousands probably, if not ten thousands, that love this uncertainty. They remain rich despite the market, and their stake in it is meerly their "fun" money. Each massive drop and rise is an opportunity to make a killing on a daily basis. It's not an ideal gamble for the average person, but for the rich, it's a winning table. Always has been. Always will.
16
We don't need tax cuts, we need TESTS, containment, a STRATEGY. This is one of the biggest train wrecks I have ever seen and it is looking like Biden will be a landslide winner in November. That is the only good news to report. Trump's true colors are showing. He can't tweet his way out of this. Hoping that the market won't totally collapse. But it might.
41
@Anita Since it is pretty clear Bernie will not be the nominee (he's my second choice, over Warren), I'm not sure what you are thinking.
2
Reducing the payroll tax only works for those who are still getting paid.
20
@CV Danes I am not sure everyone understands that "payroll taxes" are the deductions from our paychecks that go to Social Security and Medicare. If those taxes are eliminated (even temporarily) or reduced, funding of Social Security and Medicare is compromised. Not identifying these payroll taxes as "Social Security and Medicare" taxes seems to be a means to dupe many Americans in supporting an action detrimental to their well being.
21
@bkd
Its exactly why they're using this bit of deflection.
1
What's to worry?
There is no plan.
Planning is a antithetical to conservative ideology.
Conservative ideology is strictly a reactionary proposition in all things.
32
@Mary Elizabeth Lease or just flat out denial
Will they really eliminate payroll taxes? So, the response to the Covid-19 threat will be to defund Social Security? The audacity of this administration is breathtaking.
What are we sure they won't do? We're sure they won't say, "Look, for now at least, the examination, testing, and treatment for respiratory infections is going to be free. If you're insured there won't be any copays, deductibles, out-of-network fees, or denial of coverage. If you're uninsured just come in, we'll cover it."
We're sure they won't say, "Look, for now at least every employer will pay you for two weeks of sick leave."
You know *why* they won't say that? Because every American would suddenly realize, "This is the way it should have been all along."
As I write this, another few $ trillions have just been wiped off the value of the stock market. Thank God we haven't been paying for nationalized health care and a decent social safety net, eh?
42
President Trump will never cut social security or Medicare benefits. The people who are being most affected by the coronavirus are the recipients of these much needed benefits. He knows this would be a kiss of death for him and the Republican Party. It is just not going to happen ever.
@KMW. Trump has shown himself time and time again to do whatever benefits hims personally at the moment. Were he to win a second and final term, just watch him do anything and everything to feather his own neat and that of his buddies. Social security and Medicare will be on the chopping block to pay down the astronomical debt we are accruing due to his tax cuts.
7
I think he’s been kissed by death, then, because payroll taxes are how we fund those programs. It’s literally his first suggestion.
Wall Street is saying loud and clear to Trump that it no longer has any confidence in his leadership.
37
What we have here is a plague, not a liquidity trap. Fighting a plague with fiscal stimulus is like fighting a house fire with boxing gloves: wrong tool for the job. The uncertainty from coronavirus is bad enough; they're actually adding to the uncertainty by dropping hints about various stimulus measures to try to manipulate investor confidence, and it's driving the rollercoaster even harder with "will they or won't they?" speculation.
31
Most of the economic relief for the Virus should go to citizens and small businesses.
The multinational and other huge corporations can weather a small loss of their obscene profits and still survive.
12
Munchkin proposes a tax extension to help individuals, as well as small businesses, and is looking at helping large industries. What good does a tax extension do the average American worker who may have been laid off, had hours reduced, or had to take unpaid sick time? People need to be able to pay rent or their mortgage and other basics. The correct response to coronavirus from both an economic and public health standpoint would be mandatory two weeks’ paid time off for every worker, and special government payments to enable paid time off for independent contractors or self-employed people. Tax credits and other measures could assist employers in shouldering this additional cost.
If nothing else, coronavirus shows the shortsightedness and damage caused by our Darwinian form of capitalism. It isn’t scary “socialism” to require PTO and other basic benefits for America’s workers. It is common sense.
14
@J. This whole sorry episode shows how much America NEEDS SOCIALISM! Like, yesterday.....
So the Trump administration priority is money and the markets, not anything to keep people well. Or take care of the sick. A tax cut would really help those high earners that he loves. And then whoops, no money for the safety net services.
24
I realize this article is about economics. I can't help wondering if the stock market would be doing better if it saw a robust effort focused on public health.
37
@Laura Yes yes yes! Thanks for hitting the nail on the head!
5
I have a brilliant idea! Instead of underfunding our already frail social safety net in a panicky effort to stimulate the economy, why don’t we just TAX THE WEALTHY?? Surely they can afford such a sacrifice in their country’s hour of need...
76
I forgot that in addition to lying, Republicans also know how to cut taxes. At least for the wealthy. Their solution, then, is more welfare for the rich at the expense of the middle class.
49
Just these last couple of days Trump seems to have lost much of his swagger. He’s just not the same guy who bullied his way past other political leaders in the European leader group portrait 3 years ago but rather walks more like the Peanuts character Schroeder with his shoulders shrugged and face facing the ground. Body language speaks volumes and this is a man way over his head.
I’m not a fan of Trump, but I have been in situations where everything on a project has gone south and it is tough place to be, but it is also why you hire professionals to help you decide what the best course of action is for those exact reasons. These early decision to simply surround himself with yes men is going to be his undoing and countless lives will be lost to the virus as a result. Simply offering on television another tax break or payroll tax cut is really not well thought out. It might spark his base that he’s on the problem, but he really needs to address all the experts and take their good advice. He won’t of course and so he must surely be contemplating how to steal the election from Biden.
43
@Ted Siebert
You nailed it.
Watching Trump lumbering through the Capital yesterday, hunched over and frowning at the ground, he looked like a beaten dog.
Trump's in way over his head and surrounded by advisers who don't know what they're doing. Trump's focused on the Stock Market and limping industries like cruise lines instead of how to help suffering Americans get treatment and mitigating the spread of the virus.
Trying to raid Social Security by cutting payroll taxes is a craven political move.
He put Mike Pence is in charge. Mike Pence who as Indian governor presided over an HIV outbreak he made worse by blocking a needle exchange program and defunding Planned Parenthood clinics that helped people with diagnosis and treatment.
Trump's lost and frustrated.
What could go wrong?
19
Call me cynical if you will - but part of the reason Trump and his plunderers have failed to settle the market is because they haven't yet worked out what is best for them. They'll move like lightning once they do - but beware, because hidden in their oily words lie the treasures and rewards reserved for the entitled few which, more and more, includes the President, his advisers and his extended family. Examples? Covert foreign emergency financing for 666 Fifth Ave. Premium priced accommodation for Secret Service personnel at Trump hotels and resorts. Favored considerations for guests staying at Trump International 1100 Pennsylvania Ave. Presidential override of Security Clearances for family members. Personal use of a Jumbo 747 for golfing jaunts at Jupiters, Using Presidential privilege to block legitimate inquiries into the President's finances and business dealings...
If Coronavirus test kits were emblazoned with The Trump Organization logo and came with a hefty mark-up, the odds are the market would already be saturated...and that's the measure of this Presidency.
32
Does anyone else wonder why the market climbs one day 1000 points and drops 1000 points the next with everything looking dire on both days.? Could some groups be making money on this?
20
Any time one of these fools says anything confidence just collapses and panic spreads. It could be that they say the sun is shining and you know there will be a tornado.
14
Inadequate? We no longer have a functioning government. We haven’t for years. Of course anything our government does will be inadequate in the face of a disease that doesn’t listen to or care about bluster, lies, and propaganda.
35
3 and a half years, to be exact
1
It is so scary to have these incompetent folks at the helm. They refuse to listen to economists. Heck, I am not a degreed economist (just have a minor) but I don't even need that to understand that a payroll tax is the stupidest solution to any crisis we may have here. Do people with W-2 wages/set salary have less money as a result of the coronavirus? Quite the contrary - if you are going out less, buying less, attending fewer concerts, traveling less, etc, you have MORE money in your pocket. The people who will suffer are those who work in those industries that are being abandoned. And the only ones who will be affected are those who do not have the stability of a paycheck that deducts payroll tax! Ugh - get some people who understand finance and economics in this administration! Remember, Kudlow knows nothing - demonstrated during his show during the LAST financial meltdown. Trump's only skill in business is losing money and declaring bankruptcy. We have no one with good sense leading us through this crisis.
68
I just love that he (Don J) literally can’t approach this as a health crisis. It’s impossible for him to not mention the stock market, the numbers or the other useless observations from his greedy mind and black heart.
And to my fellow Americans who rabidly supported this charlatan because of that very reason (his unwavering assurance that if the economy is strong than our nation is strong) I say to you, perhaps the post-War expansion of our super power was a test and not a blessing?
And secondly I’d like to remind you to cover your cough and wash your hands.
26
Ah, so Trump believes in government assistance for small businesses but not for citizens? Funny how the guy who hates socialism is enacts socialist policies right it in front of our very eyes.
29
The containment window is closed -- Trump wasted too much time, mistakes were made, and now we are way behind the virus. All we can do is mitigate the spread through less people contact.
Sorry big, medium, and small businesses -- the huge negative impact on our people and the economy was avoidable if we had credible leadership. Now we all will pay for it many times over.
The Trump-Republican virus response will be documented in history as the largest public health failure ever, and it was a failure by the most advanced, prosperous country on earth.
52
@MrDeepState
We are perhaps the most prosperous, but we are definitely not the most advanced.
21
@MrDeepState
We don't seem to be so advanced anymore. And prosperity is for one percent. More and more, it seems we have become closer to a Third World nation.
1
Could Trump's libertarian stance be used in a crisis to harm SS and Medicare? Would he dismantle a disease preparedness unit? When the deaths get to the same number as the flu will it matter then? The GOP response that the flu is worse reminds me of their response to climate change 20 yrs ago. This Hoax mantra has been used by the oil, mining and chemical companies for decades.
19
@Boyd
Trump’s Libertarian stance? What libertarian stance? About the only thing he has in common with libertarians is that he doesn’t want to pay any taxes, ever.
One question you ask has already been answered: he did dismantle a disease preparedness unit in 2018. He eliminated the pandemic response unit at the CDC primarily because it was established by Obama, and he’s obsessed with tearing down anything that had Obama’s name on it.
9
Trump isn’t a libertarian, he’s a Fascist. He wants more government, lots more; just under the control of a single executive branch
1
A lot of people are about to find themselves forced to stay home or in a hospital bed for weeks on end without any income, with the usual creditors expecting payment, reaping the benefits of inescapable debt offered by our too-special-to-change healthcare system... and the best we can get is a payroll tax holiday or income tax filing extension, with some possible multi-billion dollar bailouts for big business?
Please. I can't wait for the head-scratching "Why is consumer spending down?" articles in the months and years ahead as bankruptcies consume what's left of the middle class and student loan defaults surge (can't discharge them!)
We love to perpetuate a system that creates the obvious problems those in charge pretend to not understand.
19
‘RIGHT NOW: Treasury Secretary Steven Mnuchin said the priority is to provide fast relief to small and medium sized businesses.’
No, not really. Certain businesses will no doubt need help, but 70% of our economic activity is driven by US consumers. If countless people are laid off or have reduced hours or miss time due to illness or quarantine, their economic situation quickly becomes dire and then reverberates through the economy and society. Many will lose homes or rentals and end up on the streets.
Many uninsured or underinsured folks are one ER visit or hospitalization from bankruptcy, which they can’t legally declare. As much as some might wish it were otherwise, we also can’t forget the millions of low wage undocumented immigrants who are integral to our labor force in many industries.
The markets are certainly spooked due to uncertainty about the virus. But the competency of our current leaders and their response in a time of crisis are just as suspect. Secretary Mnuchin, who thought nothing of forcing thousands from their homes during the Great Recession, doesn’t seem to get that there are more than just businesses at risk. But hey, I guess they can always eat cake.
23
The catchphrase of America’s New Deal was “A chicken in every pot.” A catchphrase for the world’s new global economy might be “A mask (and wipes) on every doorstep.”
11
I love how every day they find a new depressing verb to describe what’s happening in the stock market. In six months, I’m guessing the headline will be something like “Survivors huddle for shelter beneath the pile of rubble that was once the New York Stock Exchange.”
8
Trump said the virus risk is low (for him). The rest of us, not so much. Better information is available to us from our local TV news and our local leaders than from our national leaders. Trump is spewing Fake Comfort!
21
@PMD Fake comfort, is that a knock off of Southern comfort?
The market tumbles when uncertainty prevails. Trump has provided maximum uncertainty. Every nation on earth has been better prepared and has had a better response than the Trump administration to the Covid-19 virus. In fact, individual states have been better. Trump eliminated all preparedness for this kind of crisis, because, of course, Obama put it in place. He can blame the media, the Democrats, Obama, all he wants but the proverbial "buck stops here" right at his desk. He spends half the day lollygagging in his bathrobe watching Fox News and tweeting. Then runs off to the golf course at taxpayer expense in the middle of a crisis, leaving radio host Mike Pence in charge. What kind of certainty does that provide? We have a miserable incompetent in the White House who has lied to the public 16,000 times. How anyone can support this creepy weirdo is beyond comprehension.
41
@William O. Beeman As another Beeman I am proud to agree with you 150%. Also as one who has loudly protested the gross incompetence now leading our nation down a reactionary path to destruction. My horror includes not only his henchmen in Congress and his nominees to SCOTUS but everyone who supports such a failure of democratic government.
2
I saw yesterday Trump and team discussing bailouts for the oil/gas companies, airlines, hotels, cruise ships....you know, all the little people. Meanwhile he wants to rob the SS coffers all the while our 401ks are tanking. So much winning!!
55
‘...a delay of tax payments without penalty or interest that would apply to “virtually all Americans other than the superrich.” Heck, they don’t pay taxes anyway.
20
The coronavirus is spreading like wildfires around the world. It is now in over 90 countries and appears to see no signs of stopping. We have never seen anything like this and the unknown is frightening. We must do whatever it takes to stop this outbreak so more people do not become affected. It is having an adverse affect on the elderly and those with a weak immune system. It will get worse before it gets better. The only positive is that most will develop a mild case and recover.
3
@KMW "We have never seen anything like this and the unknown is frightening. "
We see it every year. It's called the "seasonal flu".
It's just that this virus kills 10-20 times more people who get it.
2
Public confidence in anything this dystopian administration (including Republicans in Congress) does has long been shattered for at least 60% of the country. Nothing they have done during this crisis has restored any faith in them at all. The best possible solutions: (1) Honesty. Since we aren't going to get any from D.C. Republicans, (2) think globally, act locally. States, counties and municipalities, it's time to rise to the need with honest assessments and workable solutions. And remember, (3) vote Democratic in November and every election before and after, up and down the ballot, until sanity, reality and trust are restored to our government.
12
The governments lack of testing is spectacular. Trump thinks that by closing one eyes people will be fooled. In DC, despite lack of testing the virus is clearly widespread. I stopped spending money except on food and essentials.
12
If people can't work, they can't shop (except online), travel nor attend public events. It's time to bailout the public not the private corporations. Let's mitigate the spread of the virus by a mandatory 2-week paid national quarantine to locate all who have the Covid-19 virus, keep them isolated, and then let everyone else return to work and normal activities. Unless we mitigate and halt the spread of the virus, businesses will continue to suffer as people and markets panic while the virus continues to spread unabated. It's time to "Put People First" with paid leave to self-quarantine for two weeks.
18
Payroll taxes? Extending tax filing deadlines? The disease needs to be addressed. When there is coherent communication around how that is going to happen, people (and markets) will settle down. The markets are telling the administration that we understand that it has no clue.
19
The layoffs have started. Small businesses are hurting. This is going to be bad for many people, not just those with the virus.
A global adjustment is in the works.
We are in deep trouble.
14
In two or three weeks we will likely have a million cases of Covid-19. It is increasing exponentially. We need to put all our focus on dealing with this pandemic. Once that is at least monitored, once we have tested and show that we are controlling its spread. Once people can go to conferences and other public gatherings and the economy can function again. Then we can look for economic stimulus. This is too soon. It is like putting fuel in the tank while the car is crashing... Let fix the car once it has stopped crashing.
40
@D. Renner This is exactly right. Of course the economy is important, but we have matters of life and death to attend to. America's priorities are all wrong.
9
@Cornicone, our citizens' priorities are right; it's this administration that has it all wrong. Listen to Anthony Fauci; he's the rare person we can trust - at least until Trump muzzles him.
3
The numbers of infection in the USA are low for the simple reason that the CDC and the FDA are not supplying tests or licenses to run them. Trump explained why- he doesn’t “want the numbers to go up.” The health of Americans is being held hostage by a president obsessed with numbers and optics. There is no official plan, no coordinated response. As far as pandemics go, it may not be a catastrophe, but it will be worse than it should be simply bc we are in a collective denial.
74
No tax cut Nancy until all income is taxed the same- we don’t need another tax break for the wealthy or a draining of the social security and Medicare funds.
43
Let's be clear, the U.S. population is approximately 330,000,000. The mortality rate appears to be running at about 3.6% which translates to about 12,210,000 deaths. These numbers assume that vaccines don't become available "soon" and mitigation strategies aren't successful.
Net... Net... Focus on select individuals and businesses is not what is really needed. Tax cuts only help these individuals and businesses. Unfortunately tax cuts won't feed those that don't have enough reserves to get by for 30 days.
17
@RH Your calculation assumes that everyone in the U.S. is exposed to the virus. That will probably not happen since many people have already started to isolate themselves from potential exposure. Assume (optimistically) that 20% of the public is exposed and gets the virus. At the 3.6% mortality rate that still translates to 2,376,000 fatalities from the disease, which would be the worst public health crisis in the history of the U.S.
4
We should be very wary of Trump's desire for a payroll tax cut.
Payroll taxes fund Social Security.
Trump may want to choke this off in order to reduce SS benefits. He's certainly referred to reducing SS benefits often enough for this to appear suspicious.
Touching any program that funds Social Security jeopardizes this essential program.
Tell Trump NO.
145
I agree. In fact, we need to be more than very wary of the proposal to eliminate payroll taxes, we must strongly oppose it for the reasons you stated. Yet another illustration of trumps penchant to capitalize on any situation by championing so-called “solutions” that forward his own political agenda, rather than acting in the interests of the American people.
2
No, Mr. Mnuchin, the priority is to save lives. November 3rd is 214 days and 15 hours.
44
This is all getting a little crazy. I half expect Trump to propose ‘emergency’ $1000 payments to all working people of voting age in the most “hard hit states”, which will somehow evolve from N.Y. and Washington to Michigan, Pennsylvania, Wisconsin and Minnesota.
22
We are totally unprepared... in PA there are only 6 counties that even have HEALTH DEPARTMENTS. Who will even do contact tracing or quarantines? A board of health is just nothing against this virus. The Federal government needs to take charge and hire people to do these jobs...like for the census....Wuhan alone had 1800 teams of 50 people each to trace contacts and keep track of cases in quarantine.
34
Make no mistake. The Trump administration is NOT trying to address the covid-19 threat. it is trying to save the stock market and avoid a recession. It's just that simple. We are led by a narcissistic, self-aggrandizing president whose only concern is his family stock and financial portfolio, who is followed by a pack of mealy sycophants whose only words in time of crisis is: "Yes, Mr. President." And THAT is what's bad for the stock market.
147
This administration is more interested in providing relief to businesses than to people...
36
@Ardyth Shaw You are so right on this point
Why give any kind of relief to the cruise ship industry? They are non-essential, environmentally unfriendly, mostly incorporated and registered off shore, and employ mostly foreign nationals. In the case of the Carnival Princess liners, management has made negligent decision that cost lives. The dollar cost of evacuating and quarantining passengers largely has fallen to federal and local governments. The risk of communicable disease in these closed environments is inherent to the industry, and dangerous to the rest of us.
76
I think we should wait one more week to see if Azar and Pence can come up with a virus for hoax. They are working diligently, hoping they can get a cure before the daily number of known cases goes beyond 14.
They sent Kelly Conway to the store for more ingredients, for a recipe that they dug up in the Bible, and with a dash of "ancient Chinese secret" ( soy sauce.)
Meanwhile, Trump is figuring out ways to ladle hyuge amounts of money to industries that are not strategic to our national security (cruises)....the airlines, who should be rolling in it with thier tax cuts, and the tourism business, which Trump and his grifter family are mired neck deep in.
In four months, we will be reading in the NY Times:
"Jared Kushner took millions of "sick time money" for his small business, estimated worth 10 billion dollars, that suffered losses during the Democratic hoax.
Ivanka's tourist hats and sandal business incurred millions in losses from illness, and she qualified for the SME business bailout.
Donald Trump's hotel at Mara Lago, which had been converted to an Emergency Center for GOP members who suffered from hoax. The hotel required new swimming pools, tennis courts, fashion and jewelry boutiques so the GOP members could concentrate on bilking Social Security while their wives shopped in the safety of gated Mara Lago....
12 people in Detroit also benefitted from the tax relief, but it didnt amount to much because they had no income from which to take the tax cut."
24
Of course, the only thing that counts in our society are banks, oil and gas and war profiteering..all the other entities splay out from those things..big ag, pharmaceuticals, etc, etc. And that's all the establishment thinks is important. They don't care about small mom and pop businesses or workers or old people or children. It is truly abhorrent, but this is what it is. Sander's defeats at the polls yesterday shows that. And what about those exit polls not matching the "vote"? Italy seems to have gotten a little bit of it right, suspending mortgage payments. What about rent and food? or medicine or hospital stays? Plant your gardens and your pots, take lots of vitamin C and lay low. Our country is fascist and it is not just Republicans. Corporations rule.
9
@Carolyn Egeli "And what about those exit polls not matching the 'vote'?"
It's pretty clear that voters publicly lie to their friends, family (and pollsters) to appear "socially responsible", then secretly vote otherwise, in the booth.
Seems that there is a lack of confidence in the leadership of the USA.
31
@ShipOfFools, But aren't we all enjoying the fiddle music coming out of the District of Columbia?
1
They don’t care if we die. Clinton, Biden, Warren, who proved she doesn’t care by not endorsing any policies when it would have counted, twice, and any of those who have endorsed the most senile candidate who will continue to allow the American Oligarchs an iron grip on our lives. How many of us will continue to die unnecessarily because we don’t have universal healthcare, as a I’ve received in Japan and France? And let’s face it, if we are beyond the tipping point, we are all dead from climate change, by what? One more generation? They have proved with their actions and words, the do not care if we die. What does it matter if we vote at all? They don’t even care if we die.
3
@Lilly, if we try - vote, protest, etc. - we may fail but we could succeed. If we don't try, we fail, guaranteed. Weren't you paying attention in the Obama years? Hope matters - hopefulness followed by action. Don't give up the ship.
5
@Lilly , you need to get a grip. The wild accusations you fling are simply not true. We need to deal with the reality of life, here and now, with the people and the tools we do have. And hysterical angers at one and all, including good and decent people if you can find some "disqualification" from decency--and you really do that fast--won't help. Many people are decent and effortful, from EMTs and nurses to your neighbors and friends, to yes, people in politics--not all, but many, including some you quickly throw out as evil here. If you don't want to be of help, but of panic or anger, please stay out of the way of those who will be of all the help we can.
2
@Lilly all of this is the fault of the Dems alone?
I hope that investors everywhere realize that the president has already provided a solution to the corona virus outbreak. We just need to be patient (no pun intended, honest).
And wait for the miracle.
4
@Tom Q Don't forget the "thoughts and prayers".
What, you mean a tax cut and a filing extension isn't the cure all?
17
I'm sure it's a perfect payroll tax cut, just like trump's extortionist phone call to the president of Ukraine that got him impeached. But I'm trying to figure out just what fantasy world these reckless hacks running the Trump Dictatorship's economic policy are living in. Really. A payroll tax cut? How about taking back that $1.5 trillion tax cut instead? Oh. Already in offshore havens, never to help the US economy again.
16
I am beyond angry at Trump and Mnuchin for putting companies and corporations ahead of people. Companies are not getting sick, the people who work in those companies are getting sick. Trump truly only cares about himself and his reelection not you and me. Not the welfare of the people. He simply doesn't have what it takes to deal with something like Covid-19 because he is incapable of understanding that other people matter. Pence is entirely unable to handle this since it doesn't fit into his neat little religious prerogative. We need a health care person in charge, someone who is an expert in epidemics, not politicians only interested in money and elections. Trump and Pence should resign right now before too many of us die from something totally beyond their capabilities.
22
Welcome to the perpetual nightmare that is trumpworld, where decisions are made through one filter only; trump’s voracious hunger for power that counters his bottomless insecurity. We are all being pulled into trump’s whirlpool where failure plays out in moral and financial bankruptcy. While the grifters and sycophants who surround him have willingly chosen to live in this nightmare, the tragedy is that the rest of us who would never go near his fetid corruption are being forced to live in this nightmare that plays out on a daily basis.
14
There were two truly unbelievable items in today's paper. First, when the Coronavirus outbreak first occurred in WA, the federal government prevented a local researcher from testing for Coronavirus. Second, the CDC reported that so far only 8500 people in the US have been tested for Coronavirus. The lack of a cohesive response plan has been and continues to be a serious issue. I am tired of watching Pence-nocchio and his daily briefings which are designed only to cover up the lack of a comprehensive plan.
26
Trump needs to work with Congress and sink political differences and focus on the economy and let the task force worry about beating Coronavirus fears. Tax payers should be given urgent relief. Tax deferred limits should be raised to twice the current limit. That will create cash to buy the bargains from lower stock prices. Provide free essentials to all those who have no Jobs. Raise the standard deduction by a couple of 1000 to empower tax payers to budget for anti-Corona virus shopping. Interest rates should be further cut.
After Super Tuesday, Biden was credited with defeating Bernie and the stock market going up. If that was the case why did stock market go down after Biden's primary victory in the not so super Tuesday?
2
I like the way you started with “sink political differences,” and ended with repeating Trump’s political attacks.
11
The only way to get a handle on the tumbling stock market is for Trump to resign immediately, and take his entire criminal enterprise with him. Install an interim president who can make concrete decisions to help mitigate the misery and, it is hoped, forestall any future illness and death from coronavirus. This calls for extreme measures. Get rid of Trump posthaste. Let the healing begin.
15
@H. Clark, constitutionally, get rid of Trump and Pence and the succession goes to Speaker Pelosi. Sounds good to me!
Sure, let's stimulate business to put people back to work in close proximity. Never mind the pandemic. Why? Numbers.
7
But my president said the number of cases will soon be down to zero, and his top advisor said that our country was sealed tight and we're safe.
Could they possibly be lying?
21
The stock market is just reflecting what everyone knew from day one with Trump: he would not know what to do or how to act if there was a true crisis. Investors see a crisis and then look to the White House and say, "YIKES! The sky is falling and all that guy can do is call people names and tweet obviously false information!" Finally, the curtain is pulled back. Everyone in DC knew this was possible from day one of this presidency. Why? Because the best people in government, faced with a loyalty test, said, "Hmm. No thanks" and then quickly left. Federal agencies no longer have their best managers - they all left for private work just like any sane person would when told that their emails were being monitored and even a frivolous joke about Dear Leader was enough to end a career. So now you have the deadwood in government trying to handle a problem that requires solid chops. Hopefully, Americans will wake up to an obvious truth: Who you elect as president MATTERS. You cannot go with someone with such little experience and knowledge of government - no matter how badly you may think of government itself. Hopefully this wake-up call has not come too late.
20
Money needs to be poured into medical supplies, staffing, and beds--right now! It was pretty fast to give two trillion to the rich, Mr. Mnuchin. And two billion spread out in a tax cut from our social security fund will do nothing, nothing at all to help. Another hundred a month won't take care of dying patients. How is it possible you don't see that? Or don't care? There will be repercussions, and not just for us--but for you as well. You'll rue it.
17
@jb
We are now at a point where the GOP solution to any problem is tax cuts.
17
What? You mean proposing to slash payroll taxes as a backdoor attack on Social Security funding doesn’t make people feel better about the coronavirus? Huh. Who woulda thunk?
21
Debt has become equity.
$250 Trillion in debt world wide and by Wednesday this week the pawnshop called the Federal Reserve is pushing out $750 Billion. These short term monies can't stem the flow of WS bleeding. Its never enough.
It was a house of cards when Alan Greenspan was captain of the ship. Ben,Janet,Jay and other CB leaders have all just added fuel to the fire. Trillions in stock buybacks can't save them and the "free market" disappears as the chickens that make up Fractional Reserve Banking come home to roost.
They will call it, The Central Bank Bubble and it will be remembered for hundreds of years.
6
Government action IS ALREADY grossly inadequate.
12
The stock market or to put it more correctly the people who have the most control of it are showing their true colors . At a time when nerves are already frayed the stock market is guilty of piling on. I could understand the first wave of sell offs but now it is absolutely to the point that you have to believe people are shorting the market , something is happening and there should be an investigation . It’s the flu guys, it’s not world war three. Something is going on behind the scenes .
3
@Lonnie , it's not the flu. Not any flu we've had for a long, long time.
4
@Lonnie Apparently, you don't know that flu season is high season for hospital beds. Hospitals can't absorb a crush of people with coronavirus symptoms, too. That's the whole point of trying to slow it down.
8
The support we need:
Paid sick leave.
Health care for all (including tests---regardless of outcome; treatment; medication) for the next 6 months.
Financial support for all unemployed (including gig "contractors" and small businesspeople) covering reductions in hours, layoffs, and closures.
Financial assistance to small businesses, so they can cover their rent during the epidemic.
The House Democrats should pass this immediately, and march it to McConnell's office to demand a vote.
16
@Kraig
"Financial assistance to small businesses, so they can cover their rent during the epidemic."
a direct transfer to corporations who are small businesses land lords.
1
@Mary Elizabeth Lease It's an INdirect transfer, much like unemployment benefits are an INdirect transfer to landlords and grocery stores. The alternative is the closure of small businesses and boarded up streets.
3
I understand the thinking behind Mnuchin's tax relief proposal - helping out "small businesses and “certain taxpayers”.
But in the meantime, according to the president, all this country needs to do is "stay calm" and the virus will go away.
If things continue down this Trump trail, a bigger problem many small businesses may face will be no customers. People may be too sick or too afraid to venture out and shop.
If only the Trump administration were as aggressive with addressing and providing the necessary tests and other equipment with this health crisis as the Treasury Secretary wants to be with a payroll tax.
12
@Marge Keller
""small businesses and “certain taxpayers”."
Republicans don't care about SMALL businesses. They care about "certain" taxpayers such as BIG corporations.
6
@Moehoward
Very true but they needed to cover their you-know-what so they didn't look unsympathetic.
One would think Trump's 2018 tax cut plan was greedy enough but the current health crisis will be the justification for even bigger tax cuts to those who need it the least.
4
There’s a saying that’s apt for this crisis: Treat the disease, not the symptoms. Trump needs to treat the disease (LITERALLY) and not the symptoms of the crashing markets and various struggling industries. It doesn’t matter if your 401K is propped up by cut interest rates if you or your loved ones are sick or dead. The longer he waits to address the real issue, the worse the economic crisis is going to get.
40
Why is it that so much of our collective well being depends on the whims of wealthy people and their unpredictable gambling, ehm investment practices?
28
The "government" that is really going to matter are the States and municipalities. There's just so much the Feds can do when it comes to the real treatment of the infected people, containment, and response. Sure, the Feds can pour money into test kits and vaccine R&D, but other than going on field trips to the CDC and having press conferences that waste time and human resources (by having a crowd stand behind the VP, etc. when those folks likely have far better things to do), what else do they do? Well, they can try to tweak the economy. Right now, that's truly like herding cats. Read about the 1918 "Spanish" influenza pandemic. While the Feds fumbled around, some cities did it right, some didn't.
6
@Joanna Whitmire The federal government in 1918 and the federal government today are two vastly different animals.
2
@Joanna Whitmire This is almost completely wrong. The feds have a huge role to play. Please read the article about the flu testing in Seattle in today's Times and reflect further on this issue. States cannot simply forge ahead; there are laws and regulations in place - and they are reasonable laws and regulations, they make sense. People at the state and city levels will not just run over those laws and regulations because, excuse me, they do like to avoid jail (among other penalties). Unfortunately, the federal agencies needed political people to give them clear, effective direction. Instead, we had Wilbur Ross piping up, usefully, that corona virus in China was an economic opportunity for Americans and the president saying we had nothing to worry about and taking weeks to establish a task force that had been dismantled many months previously. This lack of leadership has clearly cost lives. Hopefully people will think about what constitutes good leadership - because it matters.
5
@Joanna Whitmire
An army does not do well against an enemy if it has 50 commanding generals.
Were you aware that a virus does not care about state lines?
2
They are whistling past the graveyard.
The priority therefore should be detection, containment, and treatment. These tasks require fiscal resources, but their success will hinge more importantly on administrative competence. Restoring public confidence requires transparency and accuracy in reporting infections and fatalities. It requires giving public health authorities the kind of autonomy enjoyed by independent central banks. (Unfortunately, this is not something that comes naturally to leaders like Trump.)
This is war. Save as many lives as possible.
19
It's about time they said the priority is to fund the CDC and production of Covid-19 test kits, ventilators, and protective gear instead of putting us all in greater debt to prop up Wall Street. But I guess Trump is waiting for Putin to tell him what to do... even as Putin and MBS attempt to bankrupt our oil production capabilities with a very, very suspiciously timed predatory oil price war.
16
@Brannon Perkison
Putin does not give Trump instructions. I believe his intelligence services marked Trump years ago as the best way to bring the US down. All they needed to do is
get him elected.
Trump would do the rest himself.
Wind him up and watch him go.....................
"Small and medium sized businesses"? Tax cuts? Um,if the business dries up there will be no income on which to cut taxes. And what exactly qualifies as a "small and medium size" business? Delta and American airlines? Carnival cruises? And these guys are the cream of the crop? If gross receipts are zero, what taxes are being cut?
18
Science and scientists are important to America, they should be respected and their recommendations woven into the manner and means our government works to provide for the long-term health and safety of the citizens. To disparage and dismiss them in favor of the advice of politicians is ignorant and not without repercussion. Decisions and directions I think best not left to someone who considers his knowledge superior to everyone else and makes decisions based on his 'gut' feeling.
11
@DjStJames
Yes, that's why we should admit that a boy is a boy and not a girl.
1
It's hard to really contemplate the stupidity of this panic, driven by the media across the world.
The swine flu in 2009 was contracted by 61 million Americans, a fifth of the entire population, and 15,000 died. There is no indication whatsoever that coronavirus will approach those dimensions. But the world in 2009 was distracted by a real crisis, a financial free fall, and an ensuing bitter world-wide recession that actually did threaten livelihoods. And the press at that time supported the occupant of the White House. So swine flu was treated as it should have been treated--just another issue to deal with rationally.
Smart investors will make make a lot of money on this hysteria by buying stocks that have been artificially depressed by a needless panic. And that in turn will just feed the socialist frenzy against "millionaires and billionaires." A little common sense at the outset would have prevented it.
1
According to the, so far, available statistics, if 61 million Americans were to contract the current virus then hospitalisation might reach over six million and deaths anything between 61,000 and 610,000, depending on the age and health profile of those that contract the virus.
4
@Chuck French By your figures fatality rate for swing flu was 0.025%. For coronavirus it's a consistent 3%. Not the plague, but still a big difference.
4
@Chuck French. You can't compare what you call the "swine flu" to COVID-19. Swine flu was first recognized in the 1919 pandemic and still circulates as a seasonal flu virus. Swine flu is caused by the H1N1 virus strain, which started in pigs. The outbreak in 2009 was this not of a new strain of the virus. It was possible to prepare for such an event.
3
I had a small gathering of women planned for 3/25 at my home-eight of us at the most. After reading an article on Statnews.com this AM (Flattening the Curve) I decided to cancel-we are all in the most vulnerable age group and it is not worth the risk and worry. My gut sys it will get worse here before it gets better.
5
Why isn't the priority to prevent the spread of the virus and provide treatment for the sick? The stock market crash is a symptom of a public health crisis, not the other way around. The only way to fix the economic crisis is to demonstrate honest, no-nonsense leadership to address the public health crisis. The country (and Wall Street) needs a leader who follows the guidance of nonpartisan public health experts and epidemiologists guided by sound science, not a paranoid and self-interested megalomaniac who dwells on petty and partisan squabbles and personal vendettas.
22
@Jen G
Every member of Congress and the White House administration will keep getting paid, and will receive excellent, fully paid medical care if they get sick. That's why.
1
How are tax cuts, especially for the fossil fuel industry, going to help with the coronavirus outbreak? What would help is paid sick leave for workers, including in the home health care industry, and help for first responders and those in the medical field. These are not Trump's concerns, however.
36
@Bevan Davies
I have no idea why the fossil fuel industry would require tax cuts. It is a speculative commodity industry. People drill based on expected oil prices and ROE. A drop in oil prices is not unusual, provided one lived through the 80's, 90's, late 2000's, 2015....cash reserves are necessary, and if drillers couldn't make enough money to build cash reserves at $55/bl, they certainly don't have a viable business model right now.
2
@Bevan Davies
Magic.
@Bevan Davies
No the concerns of one Susan Collins.
Time for Down East to wake up and end her "career."
2
We (people) don't need tax cuts.
We need competent leaders that give us consistent instructions about what to do to not get sick, or get health care if we do.
We need test kits; healthy health care workers; a bed and a ventilator if we get sick; and if we need any money, we'll need it to pay for health care if we get sick--because this system we have in America is so EXPENSIVE.
44
The best relief is to send every American a check NOW for $1000 each month $500 extra per kid until this is over/better.
This will incentivize people to stay home if they are sick or think they are living in a hot spot and should stay home. In addition, make companies give EVERY worker paid time off / sick leave. I mean come on.... tax cuts will not help. Take a clue from Italy and have banks suspend mortgage payments for 2 months (again if it gets really bad and you have millions locked down / not being able to work)
11
@BK Christie
And we've been hearing for MONTHS how companies are hoarding the previous cash from tax breaks.
4
@Ignatz Exactly. Corporations are sitting on LARGE cash reserves for times like this... So do the right thing and pay your employees!
Washington State needs to implement social distancing now. One can’t get information as to where the virus specifically is, who (generically) has it, places to avoid, etc. Why every person in Kirkland or at least within the nursing home has not been tested is a complete mystery. Health privacy laws are being weaponized against the people to keep information from flowing. Our Governor and leaders are scared and making only half decisions. It’s not enough to ban crowds of over 250. Tell everyone to stay home for 14 days. Halt this. Soon we we hear that only those in power will get tested, get the breathing machines, etc. and the rest of us, fungible as we appear to be, will die. Take the economic hit and save lives.
4
@Retired Hard Worker
from what I've read and heard from direct sources social distancing has been in practice in Seattle for at least a week.
Trump wanted to stop a COVID19 panic by playing it down, and the effect has been just the opposite as so many of us are in denial now.
Our retiree CCRC is a good example as nothing is being done to stop the public from entering the complex other than useless Email Memos to wash our hands and not touch the face stuff. No large signs restricting access, or advice to have “ emergency “ supplies on hand, Etc. No COVID19 test kits available either! This will get worse, and it could have been contained as the USA had plenty of warnings....
5
@Moe Everyone at every CRCC needs to be tested NOW nationwide. We need to stop epidemics there before they start. If China can test 1.5 million people so can we.
1
The administration have no clue how to handle the situation, effort should be geared towards a vaccine for SARS-CoV-2, otherwise all these tax break etc will not calm the market or peoples fears long term, The virus is becoming real around communities and that hypes the fear.
7
How many years can humanity withstand Covid-19’s fatality rate of around 3.4 percent if it infects almost everyone and turns out to be seasonal?
4
Finally, it’s said. Trump is at the center of a jittery stock market. Investors aren’t comforted by his claims that the coronavirus will magically go away when the weather warms or that he’s good at understanding viruses or that we’ll all be fine and can keep going to work, school, conferences, and rallies. And, hey, why not take a cruise? Investors apparently can see what’s happening around the world, can read that Angela Merkel is warning Germans that two thirds of the population may ultimately be infected. They can see the crisis in New Rochelle, the number of hospital workers who are now in quarantine because of it, which means less readiness for more hospitalizations. They can read the tea leaves and see that we are in trouble, not only because of panic and disruptions in trade, but because there’s no indication anyone who knows anything about pandemics, or even infectious disease, is in charge. And if the president could speak frankly and honestly, or better yet, put his authority behind someone else who will, who will tell the American people how serious COVID-19 is, there might be a lot less panic, but instead focused preparation and confidence that we as a community can prudently help ourselves and our vulnerable neighbors stay healthy.
8
Tax cuts? Increase the deficit even more? Pillage Social Security funding so Donald Trump’s re-election chances can be increased? Great idea from the stable genius whose thoughts are always for himself, whose hopes and prayers are always for me, me, me.
Why don’t we have intelligent healthcare policies instead of tax cuts? Why don’t we acknowledge actual facts for a change and act accordingly? How about actual test kits instead of lies about a million phantom test kits that are on the way by Friday (or next week or next month)?
26
Of course - more tax breaks for the rich. It’s the workers who are hurting. Salaries for those laid off. Let the CEOs put their billions in to running the company. People need healthcare, sick leave, and child care. How about reinstating the money cut from the CDC, NIH, AAAS, and NSF. I’m guessing the lack of testing is due to Trump - more favorable numbers.
16
What exactly is the payroll tax? Who pays it? What is the rate?
How much was collected in the last fiscal year?
.
4
@Tom O'Connor - "Payroll tax" is the tax paid for Social Security and Medicare. The total is 7.7% of gross wages. The employer and the employee both pay this amount. Everyone pays into Medicare; everyone but "exempt" employees - usually state and municipal workers, teachers, etc. - pay into Social Security. If you look on the W-2 (tax form) from your employer, I think it is box 4 and 6 (they are labelled!) that shows how much you paid last year.
3
@Tom O'Connor the payroll tax finds social security.
1
@Tom O'Connor Social Security tax
1
A payroll tax cut? Seriously? A payroll tax cut would help people who are healthy enough to go to work. People without wages = zero benefit. But there would be other beneficiaries, and that would be employers. Employers match the approximately 7% that employees pay which is used to fund social security and medicare. This way trump can pretend to give a tax break to individuals (despite the fact that they would be the wrong individuals) with an equal benefit to employers AND deplete the medicare and social security funds all at the same time. He even said that perhaps the tax cuts should be permanent. This way he can eliminate social security and medicare benefits even sooner than he had hoped. Using a humanitarian crisis to benefit himself. What a pitiful leader.
76
@Mary Dean Exactly. It's a terrible idea.
11
@Mary Dean POTUS answer to every crisis is a tax cut. The University if Pennsylvania and Wharton School should revoke the diploma they handed him.
3
Good thing these comments don't have an audio portion, that way you're not subjected to my screaming in frustration. Like I've done a lot these 3 years.
"America First" has its limits, doesn't it? Guess what, Mr. President, you wanna be king at the top, second to none - that means you're up there on your own, even when trusted international collaboration would go a long way in fighting a pandemic and a global economic downturn.
And how nice of Trump buddies MBS and Putin to follow his lead. Nothing matters more than oil coffers, I guess. I hear they're stocking up on MSAGA hats now (Make Saudi Arabia Great Again), and besides, Trump thinks there's nothing wrong with "Russia First".
And don't get me started on the Republican motto: "Capitalize Profits, Socialize Losses". Or the other one: "We Don't Have Enough Money for Social Security Because We have to Bail Out Corporations Including Cruise Lines". After all, there's the makers and the takers. And right now, the takers will just have to deal.
Heaven help us.
55
@original
Yep, public pain,private gain!
9
A reminder to Trump and those discussing 'Bailouts,' Companies don't vote.
A second reminder, there are more middle and low income voters than there are rich voters.
You might want to remember those two facts when deciding where the bailout money should go. Especially in an election year.
19
Ironically, the market needs exactly what the people and the medical community have been asking for - a proper response and plan for this epidemic. No tax cuts or money printing will calm them down. We need to test widely, quarantine and most of all disclose the data. We also need to help the people (not corporations) who will suffer from job loss or medical bills.
New cases are dropping in China, the faster we get things under control here, the faster we will see results too. Right now infected people are still freely spreading it in our communities and making things even worse.
12
“Christine Lagarde warns of 2008-like crisis if officials don’t act decisively.”
Christine Lagarde’s warning is too late, the U.S. has not acted decisively. The following New York Times headline clearly states this ugly fact: “‘It’s Just Everywhere Already’: How Delays in Testing Set Back the U.S. Coronavirus Response.”
9
I am still waiting to hear Trump say “Get over it. Coronavirus kills people”
Why hasn’t he?
5
Hasn't he?
That's basically what this "plan" says: a national health crisis is just another opportunity for Trump and Mnuchin to loot the public coffers.
4
Because the virus kills people whether he says it or not...
@Ardyth Shaw it’s the “get over it” part we mind.
1
It’s clearly going to get way worse before it gets better. We all know our White House Leadership is a sham.... but until we the people dump tea in the harbors nothing will get done. We let Trump and his Cronies make a Mockery of the highest office in the land. It’s time we dump tea out. It’s time to VOTE! Voice our disapproval! The only way anything is going to get done is if we all go and vote and it looks like Trump is going lose the next election.
14
I genuinely wonder if DJT will be off golfing this weekend and attending fundraisers. He’s already continuing to host campaign rallies, so place your bets.
10
Emergency meeting at the Whitehouse! Expect it to be filled with lots of self-aggrandizement by Trump, doe-eyed fawning by Pence, pointless financial word salad from Kudlow and Mnuchin, and smiles from Jared.
When you put incompetent people in charge, you really can’t expect them to deal with actual problems.
30
No more rate cuts.
1
You see this is the problem right here. Putting a barking lunatic in the White House was fine when he was doing things that made money for rich people. But now we are facing a genuine crisis and the screwball has no idea what to do about it. So now the rich people are worried and the house of cards is collapsing. For god’s sake elect a rational human being in November. That of course assumes we will still be alive.
81
Why are we throwing monetary and fiscal tools at an economy with very low unemployment, a twelve-year bull market, minimal inflation, cheap energy, and tiny rates of interest? If anything, we need a modest recession to restore some sanity and sustainablity.
8
If COVID-19 catches on like the flu people reference, then a couple hundred million US adults would likely catch the disease and using a lower 2% case fatality rate around three million deaths would be expected. What’s more important, a discussion of healthcare or economic bailouts?
Trump wants to forgo the payroll tax used to support Social Security, Medicaid, and Medicare. It’s even been on Fox News that he wants to cut these “socialist” programs, so his path is clear. This is not a hidden agenda for him. And why Republicans will not use the word "healthcare", even now.
When you're sick in bed what’s your #1 priority?
12
We need paid sick leave, not a tax cut! If you are not being paid for being out, how does a tax cut help?
15
@Betty
Yeah...the markets been down for what, two weeks?
How come this wonderful economy can't take a two week downdraft?
2
These nonstop Wall Street Doom banner headlines are killing me. Quick, give the Coronavirus to put me out of my misery, I beg!
4
Priority is to care for those who are infected while reducing further spread of the virus in the community.
6
How many investors has the NY Times spoken with today before concluding that the reason for the stock market's "tumble" is due to investors' worry about coronavirus response. Who are the investors that the NY Times has spoken with? Are these investors actually the computer algorithms of the big investors and not the decisions of regular people? Are these day-traders speculating to make profit? Please NY Times, tell us who it is that you are speaking with when making these conclusions and publishing headlines suggesting that you have done the reporting.
7
Act of God? Please provide evidence that there is a god. Otherwise one is depending on Stone Age myths. Our constitution forbids the establishment of religion by our government, which is exactly what the courts would be doing of they recognize this. Oh, and btw, which of the thousands of gods are we talking about?
11
The biggest losers today will be the people who flee from the
stock market and never return.
It is the only reliable way left for ordinary people to save for their futures.
5
"Mnuchin says first priority is to provide business relief''.
You can't make this stuff up.
Welfare payments to billionaire donor frackers who are destroying the planet, sure.
We can pay for it by cutting food stamps to the newly unemployed.
44
What medical (mental) condition has Trump suffered from in the past 30 years from the wild 90s in NYC?? We all suffer from his mental issues now.
3
And in the light of everything happening the President resigned, Pence was sidelined with Coronavirus and Nancy Pelosi took over and really didn’t no what to do but things sort of worked out. The virus eased,markets started to recuperate,Pence got better, Nancy was happy when Trump said he was only kidding so it’s de ja vu all over again.
To date the Trump Administration's plan of action is mirroring the Chinese model.
1
I thought Republicans were against the government “picking winners and losers.” I guess they make an exception for themselves when they need to buy votes and interfere in a stock market collapse they caused.
9
I hope Nancy Pelosi adds a condition to her cooperation: That she gets to stand next to Steve Mnuchin on national TV and blame the administration for its fumbled response.
2