Why Trump's call to restart the economy in April is being derided as 'totally nuts'

The virtual shutdown of the U.S. economy is barely a week old, yet the debate over when to restart is already in full swing — even as coronavirus cases surge.

The coronavirus pandemic has infected nearly 400,000 people worldwide. With over a dozen U.S. states ordering citizens to remain indoors and shutting down establishments deemed non-essential, economists think the world’s largest economy has already been thrust into a deep recession.

The nearly $2 trillion stimulus package being hammered out in Washington is meant to help stave off the mounting economic carnage, but millions of jobs are still expected to be lost in the coming weeks.

The damage — both economic and political — has stoked a widening debate over when the U.S. can return to a semblance of normalcy. With his re-election chances likely to be defined by a recovery from the crisis, President Donald Trump on Tuesday called for the economy to be restarted by April 12.

“You’re basically turning off the country…that’s never been done before,” Trump told a Fox News town hall.

“Its been very painful for our country. It’s been very destabilizing for our country…but we have to go back to work,” the president added.

‘Totally nuts’
Yet public health experts and Wall Street economists are pushing back against the suggestion that the U.S. economy can restart in a matter of weeks, warning about the risks posed if infections continue to surge. There are now nearly 50,000 domestic COVID-19 cases, with New York considered an epicenter of new infections.

“The experience with China has been you shut down everything for 2-3 months, the number of [new] cases goes to zero, and then you restore economic activity gradually, and that’s the right thing to do,” economist Nouriel “Dr. Doom” Roubini told Yahoo Finance in an interview on Tuesday.

However, Roubini warned that accelerating that timetable would be a recipe for disaster — arguing that the U.S.’s caseload could easily top 500,000 within a month given the rapidly accelerating infection rate.

“This idea we’re going to restart everything soon enough in a week or so is totally nuts,” the famed economist said. “It’s the worst thing you can do, it’s going to be a nightmare and it’s going to imply that [the U.S.] ends up into a depression.”

He added: “Think about what’s going to happen to this economy if you don’t shut down everything for a month or two, whatever it takes, to stop this contagion.”

https://www.yahoo.com/finance/news/why-trump-to-restart-the-economy-in-april-is-being-derided-as-totally-nuts-190129407.html




People need to speak up now to stop this lunatic from savaging our country with 10's of thousands of Americans dead.

Last edited by bobcflatpicker; 03/24/20 06:59 PM.
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