Economic and Political Disaster in Offing
Update: Congressional Dems Are to the Right of the GOP. The party’s leadership is failing the test posed by the coronavirus.
---Madison, Wisconsin — Professional-service office buildings, malls, and many streets made this area look like a ghost town this morning as policy governing Coronavirus Disease 2019 (COVID-19) is implemented.
Folks are working from home, shopping malls are temporarily closed, in accordance with Gov. Evers' order prohibiting mass gatherings of 10 or more people, effective March 17, 2020. [Wisconsin Governor Tony Evers, Executive Orders]
Much business is coming to a halt, and small business owners across the nation are looking to an uncertain future as the speed and scope of the economic crisis creates fear and uncertainty.
Proposed emergency paid sick leave, emergency Family and Medical Leave and payroll tax credits don't appear to approach even half-measures as the staggering unemployment claims nationwide signal economic catastrophe.
Famed economist Nouriel Roubini joins Bernie Sanders and the Trump administration in advocating that Congress give $1,000 to "every single U.S. resident" fast to stave off a depression, for a start, (Yahoo Finance).
The world will have a severe recession. What Congress does will determine how long this recession will last.
Why Nancy Pelosi and Chuck Schumer are playing games is mystifying, but it does reveal how out-of-touch the Democratic Party is. What are these two waiting for?
Nothing, not even a global economic crisis, can induce neo-liberals to act in the national interest.
Consider this: An U-shaped recession is an optimistic scenario.2 conditions 4 economy & markets 2 stop free falling & start a U-shape recovery (forget V delusions):1. Control radically pandemics contagion. 2. Massive fiscal stimulus that is monetized. EU & US woefully behind the curve on 1. & 2 is only talk 4 now! So expect more crash today!— Nouriel Roubini (@Nouriel) March 18, 2020
See also Michael Brooks on Rising, below.
Maybe the Democrats are being sold bad ideas by the Republicans. For example stopping the payroll tax. All that’s gonna do is give Republicans a reason in a year or two or three to come back and say we can no longer afford Social Security and Medicare. Maybe the Democrats are having problems because Republicans are so stuck in their ideology they are using the coronavirus as an excuse to cram all kinds of ideological plans down the Democrats throats. Last I checked it takes two to tango.
ReplyDeleteRepublicans are going after Social Security and Medicare no matter what.
ReplyDeleteThe Democrats are having problems because Schumer and Pelosi are the problem.