Posted on 03/16/2020 6:31:17 PM PDT by david1292
The odds of slipping into a recession are increasingly likely as the global coronavirus outbreak puts acute stress on the U.S. economy. That could be bad news for American workers, who may lose jobs by the millions in a downturn.
For those workers who don’t receive severance pay, the financial impact could be especially devastating.
“It’s really hard to predict how it’s going to play out,” said Wayne Outten, founder and chair of Outten & Golden, an employment law firm in New York, of the coronavirus fallout. “The ripple effect can be dramatic in so many different industries.”
Financial markets have cratered. American life has come to a screeching halt, as schools and cultural institutions have closed, sports leagues have suspended their seasons, major events have been canceled and state officials have moved to ban large gatherings. Officials from major cities like New York have ordered bars and restaurants to close to limit community spread.
Economic cracks are beginning to emerge. Small-business owners are starting to report supply chain problems and lost sales. The travel industry is reeling. Big oil and gas companies are slashing spending and cutting dividends amid a plunge in crude prices. Consumer spending has fallen as Americans pull back from their daily routines.
The coronavirus fallout has been so dramatic that many economists think the U.S. is headed for a recession. Some economists believe the recession has already begun.
(Excerpt) Read more at cnbc.com ...
You can't economically shut the country down for 1-2 months and not expect there to be significant economic damage. Some of these restaurants that are being forced to close are never going to reopen. That's a fact.
And CNBC rubs their hands with glee.
Local gasoline prices sure dropped fast.
About 30cents/gal in a week.
Too bad I don’t need any.
Dmm the chicoms for there crimes against the world
PANIC PEOPLE:”You lost your job, your business, your livelihood, you could not feed your family, pay your bills, etc...OOPS!”
We must totally destroy everything for the greater good.
This is a fabricated scam.
30 something deaths. More than that shot every weekend in Chicago.
Not seeing this as a true reaction to a non event.
Yes. Not an exaggeration.
They have no compassion, just a lust for power and revenge over Trump and us Deplorables. That's all.
Agree. Fu*king Chicoms need to be dealt with.
The “event” has yet to occur.
I went cruising town today and things looked almost normal. Lots of signs on doors and all Dr offices had people posted at the door, but otherwise it was almost a normal day.
And lots of businesses will go out of business. This is going to feel like the Great Depression thanks the hysterical reporting by the MSM.
Damn the Chicoms for their crimes against the world!
I expect many independent restaurants to go under, especially here in California, where the state government is zealously anti-business. Only the chains will remain. So in the future, if you want to eat at a coffee shop, Denny's will be your only option; if you want Italian food, there will only be the Olive Garden, for steak there will only be the Sizzler, for seafood, Red Lobster, and so on.
My girlfriend lives on income generated from bonds, being a substitute teacher and a server in a big restaurant.
Talk about a triple whammy.
So the deep stagers drop the live virus in a town in the US to cause more panic? I wouldn’t put it past them. Democrats have no morals.
Its now 87 deaths from Wuhan but here is the kicker...we will need to understand the health histories of each person that is suspected to have succumb to the SARS2 Electric Bugaloo virus before we can really understand what the effect was. We will know a lot sooner what the economic and human toll of shutting down small business will be.
Why is it such a terrible thing for Russians to troll Facebook, but it’s okie dokie for the media to trash our economy to influence the election? Does the first amendment allow them to do that?
The phony paper “economy” is dying and can not be saved.
Trump’s devotion to the stock market is disgusting.
We will come back twice as hard! Believe!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.