Thanks to efforts by the federal government, the coronavirus is spreading at a much slower rate in the U.S. than the rest of the world. Over the last week, we’ve seen major steps throughout the country to protect millions from getting infected. But many fear the virus will result in a large, economic decline. Trump’s treasury secretary predicted something will happen, but major disaster is not in our future.
Although most Americans will be fine, the coronavirus will have an impact on our economy. We all watched the markets spaz out last week. Just fearing what the disease might do sent the stock market all over the place. But after updates from the government, American citizens took significant steps to protect themselves.
In addition to many large functions being postponed or canceled, regular Americans are taking steps to avoid coming in contact with an infected person. This naturally has impacted the travel, entertainment, and movie industries. Anything that involves large gatherings of people have been hit—and will be hit in the coming weeks.
Some worry that the fallout of this virus will be the U.S. economy tumbling into Big-R territory. That might make Democrats happy, who could use it to hurt the president in November. But Treasury Secretary Steven Mnuchin has calmed those fears by saying it will not happen.
Treasury Secretary Steven Mnuchin said on Sunday that he does not believe an economic recession will result from this; only an economic slowdown.
“The real issue is not the economic situation today. The real issue is what economic tools are we going to use to make sure we get through this because this is a unique situation,” he said, as reported by CNN. “Later in the year, obviously, the economic activity will pick up as we confront this virus.”
“If the medical professionals are correct and we’re doing all the things, I expect we’ll have a big rebound later in the year,” he said. “This isn’t like the financial crisis. This will have an end to it as we confront the virus.” [Source: Daily Wire]
Let’s be honest. The economy has been surging since Trump entered office. America is energy dominate. The crisis facing us now is not an economic one, but a medical one. It will eventually subside. In the meantime, we can expect certain industries to do very well.
As Americans prepare to work from home or limit their interactions, grocery stores, food delivery services, and online forms of entertainment will explode. Major industries will continue to make money—including the medical industry.
Once fears of COVID-19 wane, Americans will be eager to get back to life as normal. There will be an explosion of shopping, travel, and event gatherings. That will probably happen sooner than we think.
In the meantime, President Trump has been wrangling Congress to pass bills to help relieve any burdens small businesses might feel during this time. We don’t have to worry about businesses going belly-up right now, because the government is providing loans and rate cuts to keep them going.
The government will provide free testing for those who need it. Also, companies can look for emergency paid sick leave for two weeks—to encourage those infected to stay home. And up to three months of paid family and medical leave if needed.
These kinds of steps can be crucial in keeping the economy functioning as many Americans worry.
Which means, unlike in past crises, President Trump is doing everything in his power to keep this country going. As goons in the media spread fear and panic, his administration is guiding us with a steady hand.
That’s much more than we can say about the left.