Jeff Sessions wants his old Senate seat back, but as long as Mr. Trump is in charge, the former attorney general has no chance of returning to Washington. Mr. Trump endorsed Tommy Tuberville, the former Auburn football coach, and it looks like Alabama voters will follow Trump’s lead and throw sessions to the political curb.
Mr. Trump let the nation know his administration is on top of the coronavirus pandemic during his televised speech. He stopped travel between the U.S. and Europe, but he didn’t include the UK in that edict, even though England is up to its neck in reported COVID-19 cases. The president emphasized his strong, positive reaction to the virus, but his critics claim he’s more concerned with protecting the economy than American citizens.
WHO officials gave the coronavirus pandemic status, and that sent the stock market into bear territory. The stock market took a 20% hit from the outbreak, and the bond market also took a beating. The president tried to calm investors by claiming he has a stimulus package that will give the stock market a boost. But his payroll tax cut idea didn’t sit well with his Republican team, so it’s unclear what the president has in mind to stop the recession that most economists think will develop due to the pandemic.
The Bank of England cut interest rates by 50 basis points to help the UK deal with the economic fallout, but England has other economic issues that continue to pull the country closer to a recession. Canada and Australia did the same thing, but consumers and investors around the globe still worry interest rate cuts won’t stop the global recession. The IMF thinks a global recession might rear its ugly head before the coronavirus disappears.
Gross Domestic Product growth in the U.S. may stay in positive territory at the end of March, but if COVID-19 continues to impact the airline, cruise, and hotel industries, as well as the tech and consumer sectors of the economy, a recession will be the flavor of the day by the end of the second quarter, according to several Wall Street economists.
Congress wants to pass a paid sick leave bill during the pandemic. And lawmakers also want to increase unemployment insurance, as well as pass other measures that will help Americans financially deal with the COVID-19 outbreak. But Mr. Trump refuses to meet and discuss those measures with Nancy Pelosi. Mr. Trump told Treasury Secretary Steve Mnuchin to deal with Pelosi.
Dil Bole Oberoi
