Appearing on MSNBC on Saturday morning, the author of a book on financial instability painted an ugly portrait of the U.S. economy already tumbling into a recession and said it was unlikely Donald Trump would be able to stop the slide.
Speaking with host Ali Velshi, Harvard Professor Ken Rogoff didn’t pull any punches when it came to describing the U.S. economy being buffeted by the coronavirus pandemic.
“I think a U.S. recession is almost baked in a cake at this point, and I think the reason is the virus,” he began. ” It’s become clearer that we need to put a pause on the economy. We need social distancing, stopping NBA games, potentially, you know, closing off a lot of plane flights. There are some people in the economy who can work from home — I think they’re less efficient — but there are an awful lot who can’t.”
“So even under the optimistic scenario that this passes in six weeks or two months, I think that alone could give us an impulse big enough to have a steeper, deep dip than we had in 2008,” he added, to which the MSNBC host replied, “Wow.”
“Markets are functioning. We were very strong coming into this, but this is a huge drop. We have pushed the pause button on the economy, and we don’t know how long it’s going to last,” Rogoff admitted before warning, “I think what Congress has done is very good. I mean, people still need to get their paychecks. We have to try to protect firms, encourage them not to lay off workers, but this is putting a lot of stress on the system. I expect to see unemployment go up sharply, and that’s, of course, what really hurts.”
Trump’s last-ditch 2020 strategy is based on a perverse fantasy — and it’s scary as hell
Thursday night, the access journalism team at the Washington Post published a piece declaring that Donald Trump intends to "reopen much of the U.S." in May.
"The Trump administration is pushing to reopen much of the country next month," Matt Zapotosky, Josh Dawsey, Jose A. Del Real and William Wan report, noting that Trump, behind "closed doors," has "sought a strategy for resuming business activity by May 1."
Trump’s COVID-19 crisis has brought out his inner authoritarian — and his corruption is about to get much worse: columnist
In a column for the conservative Bulwark, popular novelist Richard North Patterson explained that, while Donald Trump has always exhibited authoritarian tendencies, his fading chances of being re-elected due to his bumbling response to the coronavirus pandemic have now brought out his ugliest side and that he no longer feels constrained from flouting his corruption.
According to the author, "COVID-19 debilitates democracy: confining candidates, shutting legislatures, stifling peaceful assembly, curbing voter registration, and limiting personal engagement. As the pandemic proliferates, anxiety permeates an involuntarily passive populace. Donald Trump seems resolved to exploit this paralysis by squelching dissent, politicizing relief efforts, and corrupting the November election."
Republicans scrambling for a new 2020 election game plan in wake of Trump’s COVID-19 debacle: Ex-Ted Cruz aide
Republicans who had hoped to see Donald Trump re-elected and their hold on the Senate maintained in the November election because of a strong economy are scrambling to come up with a new strategy now that millions are out of work due to the coronavirus pandemic.
Writing for the conservative Bulwark, former Sen. Ted Cruz (R-TX) aide Amanda Carpenter, explained that the GOP leadership has their work cut out for them in the wake of the COVID-19 health crisis that may leave hundreds of thousands dead and millions out of work.