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Drumpf just kicked the US economy in the teeth
Donald Trump just kicked the US economy in the teeth
On Tuesday afternoon he tweeted that he had ordered the White House to cease negotiations with Democrats for another coronavirus economic aid package until after the November election.
The stock market which — after a miserable September — had been rising on the hope that there would be stimulus, quickly took a nose dive. The economy has been recovering from the initial hit of the coronavirus pandemic, but that recovery is getting slower by the week. There are still 11 million fewer Americans employed compared to before the pandemic hit in February and the pace of job growth is slowing.
Trump's declaration came the same day that Federal Reserve Chairman Jerome Powell reiterated his call for more economic aid, saying that the recovery will be painstakingly slow without it. Economists have warned that we need a stimulus to ward off the threat of a double-dip recession.
The stock market which — after a miserable September — had been rising on the hope that there would be stimulus, quickly took a nose dive. The economy has been recovering from the initial hit of the coronavirus pandemic, but that recovery is getting slower by the week. There are still 11 million fewer Americans employed compared to before the pandemic hit in February and the pace of job growth is slowing.
Trump's declaration came the same day that Federal Reserve Chairman Jerome Powell reiterated his call for more economic aid, saying that the recovery will be painstakingly slow without it. Economists have warned that we need a stimulus to ward off the threat of a double-dip recession.
In the meantime the lack of stimulus will suck the wind out of the stock market and corporate earnings estimates going forward. The recovery will grind on even more slowly. First responders, teachers, small businesses, and local restaurants will suffer leaving only big players to survive. The gap between rich and poor will continue to widen. And the economy will look more and more like a lobbyists dream. Maybe that what's Mitch McConnell wants.
(Subscribers)
https://www.businessinsider.com/trump-ending-covid-19-relief-bill-negotiations-awful-us-economy-2020-10
(Alternate site)
https://dailyexg.com/donald-trump-just-kicked-the-us-economy-in-the-teeth/
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