Posted on 04/29/2020 4:43:58 PM PDT by E. Pluribus Unum
The coronavirus crisis is crashing the U.S. economy at the fastest rate since the Great Depression, the government reported Wednesday, while the Federal Reserve pledged to keep interest rates near zero as long as it takes to bolster a recovery.
President Trump said the need for people to go back to work is so urgent that he wants to see a return soon to full-capacity restaurants, sports stadiums —and campaign rallies — with or without a vaccine.
“We want it to be the way it was,” Mr. Trump said during a meeting with business leaders at the White House. “We can’t have somebody with half a restaurant. That’s not going to pay the rent.”
With more than 26 million Americans having lost their jobs in the past two months, the Commerce Department said first-quarter economic output contracted at an annual pace of 4.8%. Adjusted for inflation, the drop from the fourth-quarter GDP of 3.6% matches the quickest and biggest fall since the Depression in 1932.
Consumer spending, which accounts for two-thirds of economic activity, fell by a whopping 7.6%.
And the plunge caused by the pandemic hasn’t hit bottom. The Congressional Budget Office is forecasting that U.S. gross domestic product will collapse at an annual rate of up to 40% for the April-to-June period.
Faced with those staggering numbers, the Fed signaled Wednesday that it will keep its short-term interest rate near zero for the foreseeable future. The central bank also said it will keep buying Treasury and mortgage bonds generally to spur lending.
“The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time,” the Fed said.
Fed Chairman Jerome Powell said it’s clear that the impact of the coronavirus on the economy is severe.
(Excerpt) Read more at washingtontimes.com ...
I've noticed that most people who are really afraid of "the virus" and are fine with all the restrictions (and detrimental effect on the economy) are those that don't believe in God. They are so afraid of dying. It makes them the biggest cowards.
It's pretty clear to me...
LOL!!
Suggest Trump get together with the NFL. Offseason camps should be starting shortly. Do not delay them.
Screen athletes and staff and reporters before entering the camp, a quarantined area. For those unfortunate teams stuck in blue states, force them to relocate to flyover country this spring.
Even force training camps in flyover country. Get season and preseason games going on time. Make this a huge political issue. What better way than America’s game, NFL football.
Why not admit at this point...you are not a fan of Trump.
It’s pretty clear to me...
....
I’m a big supporter, but some of the things Trump has done with this bug have been very disappointing. Letting Fauci and Birx set the narrative for this bug has been a disaster for our nation, but Trump supports these two without question, and our economy is being destroyed as a result of it!
Think of it...he praises liberal California Gov. Gavin Newsom, and publically chastised Gov. Kemp twice in front of the Fake News! Something has happened to President Trump, and it’s sad to watch.
I agree with all that.
Why hasn’t Trump brought Americans to his Coronavirus Task Force Pressers who’ve lost their businesses, jobs and homes to this bug? He’ll praise the people on his team and First Responders the entire briefing, but says precious little about Americans who’ve lost everything during this stupid shutdown! First responders are still getting paid! We ought to be chearing and beeping our horns for our fellow Americans who’ve had their lives destroyed by the Dream Team of Fauci and Birx!
Burn it all down man. Majority of owners have to be pro Trump. Perfect way to showcase blue versus red state governors and their approaches.
Surprised this has not happened yet.
What is the matter with these people? There was a very good article by Heather McDonald in the NY Post about the insanity in Central Park, where people get enraged at anybody getting within 10 feet of them. They’re so fearful.
Only two numbers are of any relevance with the virus: number hospitalized and number died. The total infected is of no concern because they get well which equals about 99.5% just like regular flu. Even those who are hospitalized, the majority of them get well although they take a lot of resources to do so.
“We can’t have somebody with half a restaurant. That’s not going to pay the rent.”
Can you imagine Biden saying something like this?
L
Actually, the recession is currently not as low as with G.B II and the Illegal.
As Varsity Flight predicted d. hygienists now concerned.
Next up.... mosquitoes
Trump went along with this madness.
When 1 republican in Georgia wanted to return to ‘the way it was’ Trump publicly criticized him.
None for the democrat NY governor and mayor and all the others restricting vital medicine that would save lives.
You continue to post negative...And you have for many weeks....
So, you can’t/won’t comment on anything I’ve said? I gave you some examples, and you simply ignore them because it doesn’t fit your personal narrative.
BTW, Did you happen to lose your job or business?
Its not a matter of supporting him. Its a matter the he is Fuaxi-ing up big time. He needs to lay off Govenors who see through this for the bullsh!t con job that it is! He is standing by 2 assholes who have been wrong in all their predictions and as a result probably has destroyed our economy to a point of no return. I used to think Trump had balls, now I know better!
You know the rules. You can’t compare coronavirus deaths to any statistic other than the Vietnam War. /s
Ugh, read this and weep. Trump seems fully captured to the Gates/Fauci mafia:
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.