Coronavirus

“We can’t shut down the economy again”

JM Ashby
Written by JM Ashby

The stock market is tanking today because Wall Street traders finally remembered that the coronavirus still exists as a second wave appears to be emerging, but we won't or at least shouldn't shut down the economy again according to Treasury Secretary Steve Mnuchin.

Mnuchin appeared on CNBC this morning where he said shutting down the economy is worse than letting the virus run its course.

“We can’t shut down the economy again. I think we’ve learned that if you shut down the economy, you’re going to create more damage,” Mnuchin said in an interview with CNBC’s Jim Cramer on “Squawk on the Street.”

“And not just economic damage, but there are other areas and we’ve talked about this: medical problems and everything else that get put on hold,” he added. “I think it was very prudent what the president did, but I think we’ve learned a lot.”

I doubt anyone who has been sick or lost a loved one to the virus would agree that a shutdown is worse than the virus itself.

In any case, this appears to have been an attempt to calm the market, but Mnuchin's efforts failed because it's not actually up to him. State authorities will be the ones who have to make tough decisions in the coming weeks and months but, moreover, additional waves of the virus could depress consumer demand to the extent that staying open for business hardly matters.

Has your state reopened? Are you going out?

I'm not. I go to the grocery store twice per week, but I haven't been to a restaurant since the first week of March. I used to go out with my father almost every week since both of us spend a lot time alone, but we don't do that now even if our favorite places are open for business because the risk is still too great. I'm not particularly worried about myself, but he would be at very high risk if he were infected. I've been extra careful just cooking for him in my own kitchen.

I'm sure most people reading this have taken their own precautions or have their own concerns and that's why our economy won't go anywhere fast until we have a vaccine.

Trump isn't capable of making people feel safe enough to go back out because he never took the virus seriously and still doesn't.

  • muselet

    Shorter Steve Mnuchin: better a few hundred thousand dead peasants than a few dozen rich people making ever-so-slightly less money.

    I sometimes wonder what it would be like to have a howling void where a normal person would have a soul.

    –alopecia

  • moldilox

    seems the illiterati currently running the show have never read E.A.Poe’s Masque of the Red Death …

    • muselet

      Read?

      Reading is witchcraft.

      –alopecia

  • 1933john

    Here in “Horse-drip Texas”, in the past three weeks, cases of the bug
    have increased from 30 to 70 and the masked decreased fifty percent.

  • Diane

    We are starting phase 3 tomorrow.
    Live in upstate NY, masks are required to go in stores.
    We have been lucky, but KNOW this could change with tourists and when Canadian border opens.
    Have not been to a restaurant or ordered out since Feb.
    Hubby and I are older not taking any chances.

  • Draxiar

    “I think we’ve learned a lot.”

    Yes they have.
    -They’ve learned that their cult will dismiss factual information about a potentially deadly virus in favor of the word of a creature that can’t stop lying but also hates them.
    -They’ve learned that their cult won’t question why it’s safe for the general public to resume life as usual amidst this pandemic but too dangerous for a loyal flunkie for Agent Orange to stay in prison.
    -They’ve learned that the cult will accept 16% unemployment as win.
    -They’ve learned that the cult accepts the death of their relatives for figment numbers about the investments of the wealthy so Agent Orange looks good.
    -They’ve learned that all sorts of regulations be removed during a pandemic and no one will notice.

    Feel free to add to the list…

    • Ellen Kuhlmann

      they’ve learned that 1000 Americans can die every day from Covid-19 and people will accept it and the media largely ignore it.

    • 1933john

      They’ve learned that the smell
      in their colon is “not bad at all”.