Corporate health comes first
Trump has bet his election campaign on the promise of a strong economy. This takes priority over the lives of his electorate.
But many economists believe the economic success under Trump was put in place by former President Barack Obama. Trump is now desperate to return to the golden days of his predecessor — at any expense.
He has advocated the reopening of states (despite warnings the pandemic may worsen or there could be a second wave).
But economists have also warned that prematurely opening the economy could cause a depression. Trump has distracted the attention of the media through tirades against female journalists or claims he is taking the controversial antimalarial drug hydroxychloroquine.
The latest smokescreen is the gung-ho message from the White House that everything is rosy, and the economy will bounce back stronger than ever before by itself. As a result, Trump and key advisors—and key GOP Senators like Mitch McConnell—say we don’t need anymore stimulus, such as the $3 trillion package passed by the House.
But as Trump continues to Make America Poor Again, let us take a look at the lessons from history. There has been much talk of a return to the Great Depression of the 1930s.
Claudia Sahm, who served as an economist at the Council of Economic Advisers under the Obama administration, warns of the dangers in downplaying the economic impact of the coronavirus crisis.
“Complacency among policymakers is what made the ‘Great Depression’ a depression. If they do not do more, if they ‘wait and see,’ they will do exactly what happened in the 1930s,” Sahm said.