Dozens of economists are warning that a recession is certain, and job losses will be at least 5 million, and it will be equal or worse than the Great Recession.
The fallout from the coronavirus outbreak is expected to have a significant negative impact on U.S. economic prospects, with predictions emerging for losses of up to five million jobs this year and a drop in economic output of as much as $1.5 trillion.
A recession is now all but certain, according to a Wall Street Journal survey of 34 economists, which projects a downturn that would last months at least, and would in some ways rival—and possibly even surpass—the severity of the 2007-09 slump triggered by the housing collapse and subprime loan debacle.
The economic portion of the crisis was made worse by Trump’s refusal to heed the months of warnings from intelligence officials about the oncoming coronavirus. Trump ignored the warnings, refused to prepare for the public health crisis, and the result is that a potentially short-term economic downturn is on the brink of becoming a full-blown economic collapse.
The collapse of the economy was always Trump’s destiny. Donald Trump is a president who has no interest in governing. For the first three-plus years of his term, he got lucky, because no crisis required a competent and Executive Branch.
Trump has behaved during the coronavirus as he has during his entire presidency. The economy was Trump’s entire reelection campaign, and the recession makes it likely that Donald Trump will be a one-term president.
For more discussion about this story join our Rachel Maddow and MSNBC group.
Mr. Easley is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association