The Perfect Economic Storm Is Here, And We Aren’t Prepared At All
Coronavirus isn't coming to the United States, it's here. Even if its worst-case scenarios are never realized, the economic -- and potentially political -- pain will be massive.
By Christopher Bedford
March 3, 2020
Coronavirus isn’t coming to the United States, it’s here. Even if its worst-case scenarios are never realized, the economic — and potentially political — pain will be massive.
The skeptics are correct that coronavirus is unlikely to kill millions in the United States. We’re not looking at a lost generation. We are, however, looking at a lost spring and summer of travel, spending, gathering, socializing, and productivity. Combine that with the rise of a Democratic candidate who scares the hell out of Wall Street, and that recession we’re overdue for might come a little sooner and last longer.
The most visibly hit thus far have been the stock markets, where investors the world over panicked as the Chinese and Italian economies screeched to a halt. Central banks moved fast to mitigate harm, and for the moment it appears to be working, with The Wall Street Journal reporting, “Stocks shot higher while U.S. government bond yields hit new lows Monday, with investors betting central banks can stabilize markets and shield economic growth from the impact of the coronavirus.†Unfortunately, the effects of the virus are already on Main Street, where they will very likely travel back upstream.
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https://thefederalist.com/2020/03/03/the-perfect-economic-storm-is-here-and-we-arent-prepared-at-all/
