Trump economy faces long-term disaster as jobs data looms

[turbinetree]

This discussion thread was locked as off-topic by Omaha Steve (a host of the Latest Breaking News forum).

Source: CNN

Analysis by Stephen Collinson, CNN

Updated 1:04 AM ET, Thu May 7, 2020

(CNN)The staggering economic pain -- perhaps the worst since the 1930s -- of the American economy in the time of coronavirus will be graphically underscored in two new rounds of unemployment data that are due on Thursday and Friday.

The figures will show Americans who have and will lose their livelihoods as common victims of the most cruel public health crisis in 100 years, along with the sick and the more than 73,000 people who have so far died.

The prospect of a prolonged economic slump will have important implications in politics. It is already threatening to dampen memories of the roaring economy that President Donald Trump was banking on to carry him to a second term. It may also provide an opening to presumptive Democratic nominee Joe Biden who helped bring the country back from the last economic crisis in the Obama administration.

Every day brings signs that what first looked like temporary job cuts could turn into permanent layoffs. GE, Airbnb and United Airlines this week for instance announced cuts in thousands of positions as business dries up. Discouraging news on the wider penetration of the virus raises the possibility of new spikes in infection that could further complicate the path to a full recovery.

Read more: https://www.cnn.com/2020/05/07/politics/donald-trump-coronavirus-economy/index.html

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And then for the libertarian governors opening up there states.................

[duforsure]

1. His latest ploy shows he's desperate

Threats to hold up any more stimulus funding unless he gets exactly what HE wants, which is huge amounts going to his corporate buddies , i think for two reasons. He'll demand they pump up the markets by again using our money for stock buybacks so he can claim the markets rising, and he will demand they give to his campaign so he can funnel it into his pockets. If he doesn't get what he wants he refuse all stimulus funding knowing it'll hurt everyone, even his own supporters. How can anyone support such a crook when he's stealing money from them too, then watch how quickly he tries to hurt Medicaid more , Medicare, and he'll destroy Social Security like he's doing to affordable health care. He's worried about how much money he can skim from these stimulus bills, not combating the virus.

[turbinetree]

2. He's been desperate for very long time, the only thing that has proped him up

was the 52 Senators that voted to acquit, an the 199 in Congress that are just as crimnal as him, in fact all them have been sleeping in that fat ass bed for so long, that they have 74,000 + deaths on there hands, the public needs to be reminded that we would not be in this situation this severely if they had removed him from office........because they put party before country.............so these numbers show that he is the most dangerous individual in this country and all of his cronies every last one of them have Blood On Their Hands............there will be accounting this coming January...............

[duforsure]

4. I agree,,

All of them need to be held accountable. Trump has to make it look like the economy is ok, which he uses the stock market to use for that, claiming its increases are signs its great , when in reality it's not , and being used by him as a pr tool. All the Republicans know what he's doing now, and are saying and doing nothing . There will be consequences for them, or we are really screwed with no system of justice.

[ArizonaLib]

3. After the 1929 crash, the Hoover administration kept announcing the worst was behind us

Every few weeks major announcements from October, 1929 forward, until even Ford was all but completely shut down

The following link shows quotes in the middle of the page - I don't know anything else about the site or its overall purpose. If anyone else has a better site for a collection of similar quotes, please suggest!

[link:https://www.reliefmine.com/articles/economy/183-quotes-following-the-1929-stock-market-crash|

[dalton99a]

16. +1. Great find

[machoneman]

17. A great find indeed! I can understand any president wanting to act as a cheerleader....

...to help the country out of a depression (and it is already a depression in everyone's mind save Trump and his evil minions).

But, unless that cheer is backed by positive steps on a number of fronts, it's merely a hollow expression of hope without change.

[bucolic_frolic]

5. Trump economy was never roaring, it was on meth with fractured normalcy

That's what you get when you abrogate all regulation and fail to support workers. The economy couldn't find competent employees last fall. Employers didn't even know how to look because all their HR remained obsessed with legal barriers. Trump policies made it easy for corporations to pollute, but did nothing to ease applicant and working conditions for people.

You could feel all this happening. Things were scarce and remain scarce. Decent laptop deals are rare now that everyone wants one for Zoom interviews. Shoes, mostly imported from China or Europe, are either fat and expensive, or reconfigured as lightweight with half the materials, one-third the durability, at the same old price. Leather and vinyl are now a veneer that guarantees replacement in 12-18 months. This for even name brands.

There's no way to repair the Trump damage. No one's life will be better with more plastic junk from China. People with 4000 sq foot McMansions don't need more rooms full of trinkets and baubles. They need psychiatric help for putting their self-worth into the quantity and allure of their possessions, and for thinking they can control people who disagree with them just as easily as the miniature worlds they create on the shelves in their living, dining, and bedrooms. These are the monsters all this materialism and opulence have created. Mentally rigid dominance that treats the rest of humanity like pawns and servants to serve the masters of money and power.

[Hugin]

14. It happens when an unsustainable system based only on growth indicated by the false prophet...

of the High Dow smacks into the immovable wall of the real world.

[Canoe52]

6. Don't worry, boy wonder Jared will "fix" it (fuck it up again that is).

[ananda]

10. Their motto: If it aint broke, fix it till it is.

nt

[SergeStorms]

7. It's Obama's fault.

Or someone else's. Certainly not Donald Trump's. Everyone is saying that!.

[Squinch]

8. But I thought that, Russia-like, we had stopped publishing bad news jobs numbers.

And replaced them with everything else.

[hatrack]

13. Give it time - soon, economists will be mysteriously falling out of windows

.

[honest.abe]

9. Once Trump realizes the economy is not coming back before the Nov elections..

he will totally flip out and go into all-out full blown desperation mode. Nothing will be off that table at that point. It will get very ugly as Trump will be in a position with nothing to lose. He knows if he loses in November he will probably end up in jail.

[lark]

11. Democrats have to hold firm and no mercy for co. that open up unsafely.

That is repugs main plan, they let the owners kill us and they forgive the owners their murder on purpose for profit and the economy numbers look better for awhile. He doesn't care if we end up overloading hospitals and die in the aisles, he wants that and is totally counting on us being so sick and scared we don't come out in mass and vote him out so he can go to jail.

[SayItLoud]

12. The Stock Market & the Economy;

Facts vs manipulation:

30+ Million (that we know of ) unemployed.
1,000's of businesses closed.
Airlines, manufacturing, imports, exports at a standstill
Government stimulus = 3 Trillion $ (so far)
Debt: Astronomical (both Government and personal)
Covid-19, it's NOT going away and there will be a second wave.

Stock Market: Happy go lucky up down profits for micro traders day in and day out. Trying to convince people it's all going to be OK.

Truth: The bubble of stock market conning is going to burst, the music is going to stop and there will NOT be a chair for anyone other than Wall Street Grifters. TAXES are going to go up, WAY up to cover the debt.

Oh and the election?

Let's pray that our Democratic leaders have a plan to combat the gop cheating with regard to mail in balloting, a legal plan for all the contested (demand for recounts) states that #VoteBlue and the armed cretins who will be do whistled into action and to cause disruption by tRUMP.

End of rant. Just sayin..

[Marthe48]

15. if traitor had just left things alone and played playboy pres

instead of heaving wrenches into every solution that President Obama and his team of real professionals had devised, traitor would still have things he could steal credit for.

But no. He had to taint, dismantle, ruin, destroy every accomplishment from President Obama's administration and others. Not content with destroying the judiciary, economy and rule of law, he found a way to wholesale kill off Americans.

I saw someone post that what traitor takes away, Congress can put back. You don't know how much I am counting on seeing every vestige of traitor and gop destruction reversed. Sadly, the 74000+ dead won't get a do-over.

[Omaha Steve]

18. After a review by forum hosts....LOCKING

Analysis by Stephen Collinson, CNN

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