The Impending Depression
This past year progressive TV host Bill Maher told the world that he was hoping for a recession in order to possibly get President Trump voted out of office.
Notice the applause from fellow progressives.
It appears that the left is about to get all they wished for - and then some. The deadly pandemic which plagues the nation is estimated (best case scenario) to take 100,000 lives. Then either a recession or a depression is sure to follow:
"On Thursday, weekly US jobless claims data will be released for the week ending March 21. Economists are anticipating that the report will show a massive increase in the number of people filing for unemployment insurance as the first wave of coronavirus-induced layoffs hit."
"Estimates from major firms range from roughly 1 million to as much as 4 million jobless claims for a single week in March."
https://www.businessinsider.com/us-jobless-claims-report-preview-economy-forecasts-coronavirus-unemployment-recession-2020-3
This is dangerous territory we now inhabit. A good deal of the economy will have been shut down for 6 meeks by the end of this month. How much longer before the cure becomes worse than the illness?
The Great Depression, which was worldwide began in 1929 and raged on in the US until WWII. Unemployment in the US hung within the 25% range throughout. That one started with a banking crisis, while the coming one was generated by a pandemic. The vast majority of Americans have no idea what life could be like should the economy collapse. We are not quite the people we once were. Stimulus packages and bailouts are no substitute for getting people and small businesses back to work.
Every arrow in the quiver must be used now. That goes for promising drugs like hydroxychloroquine, which has been used to treat Malaria since 1944. The drug should be mass produced and carefully doled out by the federal government so there is no hoarding by profiteers, doctors, hospitals or governors. There has been push back against the drug coming from certain quarters. Why? It's very strange. The explanations are varied and weak.
Another promising drug is Remdesivir:
"One of those patients was a 35-year-old man in Everett, Wash., who had gotten pneumonia after being infected with the new coronavirus during a trip to see family in Wuhan, China, the epicenter of the outbreak. His doctors started IV remdesivir on the evening of his 7th day in the hospital. On the 8th day, he improved. He was well enough to stop using oxygen. Signs of pneumonia were gone. He got his appetite back. His case was recently published in the New England Journal of Medicine , igniting a firestorm of interest in the therapy."
https://www.mdedge.com/infectiousdisease/article/217550/coronavirus-updates/doctors-look-existing-drugs-coronavirus-fight
The cost of the pandemic have been heartbreaking. The cost of a depression will be cataclysmic.
The shut down continuing until the end of April may be the cure that kills the patient.
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With all due speed!
Yep, the monetarists are scared shitless that deflation will take hold. The central banks are pumping huge amounts of money into the money supply to avoid deflation and protect the value of debt.
If deflation does take hold then the real economy will be just fine. It's lenders that will be sucking wind.
I'm so glad that we have folks like Bill Maher putting politics ahead of the well-being of hard-working US citizens and legal immigrants. /sarc
He's open about it, others are not
True.
Laughably, that was before the line-up became clear.
Bill Maher is an AINO (American in name only)
Agreed!
Thank you for teaching me a new acronym!
There is a good article along thee lines in the Wall Street Journal
By James Freeman:
Fauci’s ‘Inconvenient’ Policy
If public-health officials are calling the shots they should understand the costs.