U.S. economy deteriorating faster than anticipated

[jimnyc]

This is not good either, and gonna get worse before it gets better. Hopefully quarantines/shutdowns will be worth it and work, and help us keep a grasp on things until something medicinally can be found.

How many small businesses will fold? How many folks at home start suffering without $$ and can't pay for things. Hopefully federal injecting of money will help, but I don't know. Gonna be a lot of hurt all the way around. And the blame has started already and will grow worse as $$ gets worse. I hope not but I think so.

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U.S. economy deteriorating faster than anticipated as 80 million Americans forced to stay at home

The U.S. economy is deteriorating more quickly than was expected just days ago, as extraordinary measures designed to curb the coronavirus keep 84 million Americans penned in their homes and cause the near-total shutdown of most businesses.

In a single 24-hour period, the governors of three of the largest states - California, New York and Illinois - ordered residents to stay home, except to buy food and medicine, while the governor of Pennsylvania ordered the closure of nonessential businesses. Across the globe, health officials are struggling to cope with the growing number of patients, with the World Health Organization noting that while it required three months to reach 100,000 cases, it took only 12 days to hit another 100,000.

The resulting economic meltdown, which is sending several million workers streaming into the unemployment line, is outpacing the federal government's efforts to respond. As the Senate on Friday raced to complete work on a financial rescue package, the White House and key lawmakers were dramatically expanding its scope, pushing the legislation far beyond the original $1 trillion price tag.

With each day, an unprecedented stoppage gathers force, as restaurants, movie theaters, sports arenas, and offices close to shield themselves from the disease. Already, it's clear that the initial economic decline will be sharper and more painful than during the 2008 financial crisis.

Next week, roughly 3 million Americans will file first-time claims for unemployment assistance, more than four times the record high set in the depths of the 1982 recession, according to Bank of America Merrill Lynch. That's just the start of a surge that could send the jobless rate spiking to 20 percent from today's 3.5 percent, a JPMorgan Chase economist told clients on a conference call Friday.

Estimates of the pandemic's overall cost are staggering. Bridgewater Associates, a prominent hedge fund manager, says the economy will shrink over the next three months at an annual rate of 30 percent. Goldman Sachs pegs the drop at 24 percent. JPMorgan Chase says 14 percent.

Rest - https://www.thehour.com/business/article/U-S-economy-deteriorating-faster-than-15147050.php

[hjmick]

The Mrs and I will be stepping out today to gather a few essential sundry items, while doing so we intend to order a pizza from our favorite local pie shop and pick it up curbside. It isn't much, but if everyone does it, patronize the mom and pop restaurants that can still deliver or where you are allowed out to pick up, it won't hurt.

[jimnyc]

The Mrs and I will be stepping out today to gather a few essential sundry items, while doing so we intend to order a pizza from our favorite local pie shop and pick it up curbside. It isn't much, but if everyone does it, patronize the mom and pop restaurants that can still deliver or where you are allowed out to pick up, it won't hurt.

Man, I couldn't agree more with you there. While of course the wife and I have little choice but to hit the bigger names at times, we are huge believers in hitting the mom and pop stores to help keep them in business. She is worse than I and literally detests places like Walmart and such.

[hjmick]

Man, I couldn't agree more with you there. While of course the wife and I have little choice but to hit the bigger names at times, we are huge believers in hitting the mom and pop stores to help keep them in business. She is worse than I and literally detests places like Walmart and such.

Sometimes Walmart, like Amazon, is a necessary evil, that's just a fact of life...

[Gunny]

Man, I couldn't agree more with you there. While of course the wife and I have little choice but to hit the bigger names at times, we are huge believers in hitting the mom and pop stores to help keep them in business. She is worse than I and literally detests places like Walmart and such.
jimnyc I keep telling you she's the brains of the outfit. :)

[jimnyc]

jimnyc I keep telling you she's the brains of the outfit. :)

No doubt, even I admit that one!

[Gunny]

We are a modern, industrialized Nation. We can't just halt in place while someone finds a vaccine. I'm surprised the economy didn't tank last week; especially, given the behaviors of panicking nimrods.

[hjmick]

That was a damn good pizza... guess what's for breakfast...

[Kathianne]

That was a damn good pizza... guess what's for breakfast...
I’ll be sorry but went to Taco Bell and got a taco. Keep the kids working!

[NightTrain]

The economy is just going to have to wait until as many lives can be saved as possible. It sucks, but that's the reality.

The good news is that when we release the emergency brake, it's going to shatter every record on the books. It was doing fantastic before this happened; things were humming along with no problems.

There's going to be amazing opportunities to make a lot of money very soon.

And, yeah... supporting the little guys as much as we can is very important. They're the ones suffering the most through this.

[High_Plains_Drifter]

And just think, we here in America probably had the best economy in the world. Think of all the other nations that aren't so lucky.

I'm serious when I say, the best remedy to the GLOBAL financial melt down may be, just a total RESET, for everyone. Clear the books and start over.

[KarlMarx]

We are a modern, industrialized Nation. We can't just halt in place while someone finds a vaccine. I'm surprised the economy didn't tank last week; especially, given the behaviors of panicking nimrods.

Our economy is $20 Trillion dollars, it is going to take a lot to make it collapse, and we are no where near that (except in Upstate New York, we have been on the verge of economic collapse for years).

Emperor Andrew I, aka Governor Cuomo, however may be finishing the job here in New York. He is taking a very heavy handed approach here in the Upstate as well as statewide. Despite the fact that the lion's share of cases are down state, everything (that's left) is being shuttered up here too.

Last week, he ordered all restaurants to close their doors with no notice. Same thing with barbershops and hair salons. Many of the people that work at and own these businesses were just getting by. There will be business failures once this is all done.

It seems to me that Cuomo is making sure that the cure will be deadlier than the disease.

[KarlMarx]

I have to ask another question... suppose Hillary Clinton was elected president in 2016 rather than Donald Trump... how do you think she'd be handling the situation?

Her strategy would include blaming the Republicans for one thing. The news media, with their lips securely fastened to her bottom, would be under reporting the whole outbreak just as they did with SARS and H1N1 during the Obama years.

I don't mean to minimize the seriousness of the situation but, I have to wonder, how much of the hysteria we currently find ourselves in is the making of the news media and not the virus itself.

I think Donald Trump, unlikely as he may seem to be, is the man of the hour. Like WWII for FDR, and the Civil War for Lincoln, this epidemic will be the defining event of the Trump presidency.

[Drummond]

I have to ask another question... suppose Hillary Clinton was elected president in 2016 rather than Donald Trump... how do you think she'd be handling the situation?

Her strategy would include blaming the Republicans for one thing. The news media, with their lips securely fastened to her bottom, would be under reporting the whole outbreak just as they did with SARS and H1N1 during the Obama years.

I don't mean to minimize the seriousness of the situation but, I have to wonder, how much of the hysteria we currently find ourselves in is the making of the news media and not the virus itself.

I think Donald Trump, unlikely as he may seem to be, is the man of the hour. Like WWII for FDR, and the Civil War for Lincoln, this epidemic will be the defining event of the Trump presidency.

I absolutely agree. In certain ways, this Coronavirus epidemic is akin to 'wartime' conditions, where a nation is combatting an enemy, where efforts are concentrated towards that end. It's at such times when national leaders, if they're going to, really shine.

How well is Churchill regarded, today, GENERATIONS after the second World War ? He was brilliant in the role of war leader. So, in his way, will Donald Trump be. In fact, with his intense patriotic leadership, I struggle to see how he'll fail to be ... much though the Dems will hate him for it, and in showing that hatred, they'll marginalise themselves into increasing political irrelevance.

All well and good. I'll celebrate whatever damage they do to themselves.

I don't think you could've done any better than to have Donald Trump as your President. :saluting2:
He will see you through this, in as fine a state as could ever have been managed.

[KarlMarx]

I absolutely agree. In certain ways, this Coronavirus epidemic is akin to 'wartime' conditions, where a nation is combatting an enemy, where efforts are concentrated towards that end. It's at such times when national leaders, if they're going to, really shine.

How well is Churchill regarded, today, GENERATIONS after the second World War ? He was brilliant in the role of war leader. So, in his way, will Donald Trump be. In fact, with his intense patriotic leadership, I struggle to see how he'll fail to be ... much though the Dems will hate him for it, and in showing that hatred, they'll marginalise themselves into increasing political irrelevance.

All well and good. I'll celebrate whatever damage they do to themselves.

I don't think you could've done any better than to have Donald Trump as your President. :saluting2:
He will see you through this, in as fine a state as could ever have been managed.

I wonder what Sir Winston Churchill would have said about the Chinese? I imagine he would have said the same things about the Chinese as he did about the Nazis.


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[High_Plains_Drifter]

I said in another thread that I don't think America could have a better man in the White House right now. He had the country smokin' right along doing great before the chicoms released this virus on the world, so Trump can't be blamed for the damage it's causing. I think his approach to it will save millions of lives, and as far as what do we do after, well, he scooped the country out of the toilet the kenyan had thrown us in once, he can do it again. So I'm actually damn glad Trump is our president. It makes me shudder to think where we'd be right now had that STUPID old SKANK Hitlery been elected... good God... what a frightening thought.