The 1918 flu pandemic doesn’t compare to the COVID-19 pandemic, according to health officials like Dr. Tony Fauci, the infectious disease expert. There are more people to infect these days, and there wasn’t enough medical knowledge back then to deal with the outbreak. The COVID-19 pandemic is the unknown that could do what the Democrats wanted to do when they impeached Mr. Trump. The virus could send Trump to the political showers in November.
Sitting presidents that have economic issues don’t get re-elected, according to the political history books. Voters want to protect their financial nest eggs, and it appears the president can’t protect or control the financial damage that sent the stock market into bear territory or put Treasury notes yields in the toilet.
Trying to stay in office is Trump’s main priority, according to the Democrats, but Pelosi and Schumer put those notions aside in order to help Americans deal with the financial fiasco created by the virus, according to the Washington Post.
The Federal Reserve Board finally pulled its head out of the economic sand and cut interest rates to the bone for the second time in March. Fed Chairman Jerome Powell told the press Fed members approved a $700 billion injection into capital markets to keep the big banks in business while the U.S. economy comes to a screeching halt. Powell told the press Gross Domestic Product growth is a coronavirus victim, and it will take time for the economy to return to a normal growth pattern.
Several economists think a recession is a definite now that the airlines, cruise industry, and the sports and entertainment industry are in lockdown mode. Kickstarting those sectors of the economy will take more than the stimulus the Feds have on the table, according to several Wall Street economists. That’s why Trump held a news conference that included Treasury Secretary Steven Mnuchin. Mnuchin took Trump’s $1 trillion emergency bailout plan to the Senate, so he could slow down the financial meltdown.
Mr. Mnuchin also wanted to get the Senate to approve the coronavirus bill Congress put together. Mitch McConnell said the bill will pass after the Senate votes on the Rand Paul’s amendment to withdraw troops from Afghanistan. That amendment won’t pass, according to McConnell.
But McConnell told the Wall Street Journal each American will get a $1,000 from the government at the end of April. And the April 15th tax-filing and payment due date is now July 15th. McConnell said that will help Americans deal with the financial crisis they face from the COVID-19 pandemic.
Dil Bole Oberoi
