Putting Mike Pence in charge of the coronavirus takedown was a stupid move, according to Alexandria Ocasio-Cortez. Ocasio-Cortez told the press when Pence was governor of Indiana, his disbelief in science lead to the worst outbreak of HIV in Indiana’s history. The Congresswomen said Pence is not a health expert or a medical doctor, so he’s not qualified to protect Americans from a severe outbreak of COVID-19.
Mr. Trump let Americans know the coronavirus won’t have an impact on their daily lives. But the CDC and other health agencies told the press Trump’s statement is not accurate. U.S. airlines, as well as companies like Apple and Microsoft, already feel coronavirus pressure, due to factory and business closings in China.
The U.S. service industry, as well as the consumer sector of the economy, reacted to the news that COVID-19 reached the pandemic level. Chinese tourists, as well as tourists from other parts of the world, can’t travel, and that impacts the U.S. service industry. But now that the virus spread to 40 countries, businesses and factories around the world will stay closed until the virus runs its course, and that could cause a global recession, according to the New York Times.
China’s first-quarter GDP growth could fall from 6.0% to 2.5% at the end of March. U.S. Gross Domestic Product growth will drop to 1.7%, but it could drop lower depending on how fast it spreads in the United States.
Stock market investors know COVID-19 will continue to impact America’s economy, no matter how bad the virus outbreak is in the states. The stock market lost more than $3 trillion of its value in three days, and stock values continue to move in the wrong direction. Wall Street economists claim earnings will suffer in 2020, and it will take time for companies to recover.
Wall Street economists think the Feds might cut interest rates at the March meeting in order to stimulate the economy. Fed Chairman Jerome Powell told the press interest cuts are not part of the Fed’s plan in 2020. But he made that statement before COVID-19 reached pandemic level.
Chinese tech giant Huawei continues to push countries to use their 5G platform going forward despite the virus outbreak. Huawei’s CEO Ren Zhengfei let the French know he wants to build a $230 million 5G factory in France if Macron gives him the green light to build it. That factory would service all of Europe’s 5G needs.
Dil Bole Oberoi
