Great Again

Written by SK Ashby

(Cartoonist - Chris Britt)

In other news, approval of Trump's handling of the coronavirus -- or non-handling as it were -- has hit a new record low to go along with record infections.

The poll shows that 37% of Americans approved of the way Trump has responded to the pandemic, the lowest on record since Reuters/Ipsos started asking the question at the beginning of March. Fifty-eight percent said they disapproved.

That 37 percent is basically the people who actually would support Trump shooting someone on 5th Avenue.

Meanwhile, some hospitals in California are now turning away patients who aren't infected with COVID-19 because they need the space for the virus.

Finally, Chicago Federal Reserve Bank President Charles Evans says he doesn't see the economy recovering until 2022 despite some recent good headlines. The good news, he says, may have led to worse outcomes.

“Even after three years, my projected recovery places us below where the economy would have been had the virus not occurred,” he told a Corridor Business Journal conference in Iowa, via videolink. “The economic impact has been catastrophic for an extraordinarily large number of people and businesses, (and) sadly, the cost has fallen most heavily on some of our most vulnerable populations.”

A surprise jump in payrolls in May likely signals stronger underlying demand than analysts had expected, he said. It also probably shows workers and consumers felt comfortable enough to return to stores sooner than anticipated.

And that return, he added, may have its downside.

My forecast assumes growth is held back by the response to intermittent localized outbreaks - which might be made worse by the faster-than-expected reopenings,” he said.

This appears to be what we're seeing right now. Some Americans decided the pandemic was over and stopped taking it seriously. Now some states may have to consider the possibility of shutting down again or at least imposing some restrictions that will limit economic activity.

The International Monetary Fund appears to hold a similar view as they now say the U.S. economy will contract by 8 percent this year, not the 5.9 percent they anticipated in April.

If Trump is reelected, I honestly doubt we'll recover until 2025. He's trying to start new trade wars even now just four months away from the election and during a recession.