In two new rounds of unemployment data due Thursday and Friday, the startling economic misery — perhaps the worst since the 1930s — of the American economy in the time of coronavirus would be graphically underscored.
The numbers will reveal Americans that, along with the disabled and the more than 73,000 people who have died so far, have and will risk their livelihoods as typical victims of the cruelest public health epidemic in 100 years.
An economic disaster
The prospect of a sustained economic recession would have significant political consequences. There is also a tendency to dampen expectations of the booming economy on which President Donald Trump was betting to take him to a second term. This could also have a forum for presumptive Democratic candidate Joe Biden who has helped pull back the economy from the Obama administration’s last economic recession.
Every day brings signs that what appeared like temporary work cuts at first could turn into permanent layoffs. For e.g., this week GE, Airbnb and United Airlines reported cuts to thousands of jobs as business dries up. Discouraging news of greater virus prevalence opens up the risk of new surges in infection. That may further hinder the road to complete recovery.
The emerging fact that the expected “rocket” like turnaround is unlikely to be behind Trump’s increasingly frenzied comments. Which are about an emergency that he has already said will be over soon.
“We’ve been through the worst assault on our country we’ve ever seen,” he said on Wednesday. Trump was in disbelief for weeks earlier this year, and portrayed the virus danger as small.
“It is probably the worst threat we’ve ever seen. And worse than Pearl Harbor, worse than the World Trade Center,” Trump said Wednesday.
Trump has called for schools to open and cut off a nurse entering the Oval Office. Who noted that personal security devices in hospitals had been “sporadic.”