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Trump’s coronavirus failures making ‘dreaded double-dip’ recession unavoidable: Yale economist

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Donald Trump speaks to NBC News (screen grab)

President Donald Trump is banking on a recovering economy to save his flagging re-election campaign — but one economist is warning that the resurgence in coronavirus cases is making a double-dip recession more likely.

Stephen Roach, a senior fellow at Yale University’s Jackson Institute for Global Affairs and a senior lecturer at the Yale School of management, tells CNBC that hopes of a so-called “V-shaped recovery” appear less and less likely every day.

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“The odds of a relapse, not just the virus but in the economy itself — the so-called dreaded double-dip, is very real,” he said. “This behavioral capitulation on the demand side of the U.S. economy is going to continue to create a lot of problems for businesses, business hirings, [and] potential corporate bankruptcies in the second half of this year.”

Roach noted that while China has mostly succeeded in getting its productive capabilities back up to speed after the worst of the pandemic had passed, it has still seen lagging consumer demand, and he expects a similar pattern to occur in the United States.

“They’re struggling to bring consumer demand back especially for face to face services where individuals are fearful of getting re-infected,” he said.


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2020 Election

Trump-Biden race could hinge on how this one Florida county swings

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Betty Jones voted for President Donald Trump in 2016, but the lifelong Republican has her doubts she will do it again this year.

The federal response to the coronavirus pandemic that has killed about 200,000 Americans and forced older adults to restrict their activities has her contemplating a leadership change.

It “makes me unsure,” said Jones, 78, of Largo, in Pinellas County, Florida. Before COVID-19, she said, she would have definitely voted for Trump.

Polls show that many people will have the pandemic and its public health and economic consequences on their minds when they cast their votes — whether by mail or in person — this fall. Early in-person voting starts Oct. 19 in most Florida counties, including Pinellas.

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2020 Election

Cindy McCain crosses party lines to endorse Joe Biden

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The widow of late U.S. Sen. John McCain plans to endorse Joe Biden on Wednesday, giving the former vice president another boost from a prominent Republican.Biden leaked Cindy McCain’s political plans during a fundraising call Tuesday evening.“Maybe I shouldn’t say it,” Biden told campaign donors, “but I’m about to go on one of these Zooms with John McCain’s wife, who is first time ever, is endorsing me.”The last straw for McCain was a report from The Atlantic saying Trump told staff that American soldiers killed in combat were “suckers” and “losers,” according to Biden.“Because of what he talk... (more…)

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2020 Election

‘They’ll get away with it’: Strategist explains how GOP federal judges will help Trump steal election

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President Donald Trump will remain in power if he narrowly loses the 2020 presidential election, with conservative judges poised to help him "steal" the election, a longtime Democratic Party strategist warned on Tuesday.

MSNBC anchor Brian Williams interviewed James Carville about the Supreme Court vacancy and how it could impact any legal wrangling about counting the votes.

"James, that's a pretty neat trick, the president is gaslighting out in advance voter fraud that he is promoting, ergo the need for nine justices on the court, which doesn't exist in law. The court has functioned just fine with eight during times of a death or a recusal," Williams noted. "Be that as it may, if Trump fills this seat before the election, in your view, how does that change the dynamic of the election?"

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