As many Americans are now being told to stay home amid the coronavirus outbreak – having a serious impact on the economy – President Trump is considering an alternative approach saying that “we cannot let the cure be worse than the problem itself.”
President Trump issued a set of guidelines known as “15 Days To Slow The Spread” back on March 16. The guidelines called on people to avoid gatherings of more than 10 people for the next 15 days, avoid “eating or drinking in bars, restaurants, and food courts,” and cut back on social visits.
Nearly one in four Americans, about 80 million people, have been ordered to stay home as New York, California, Illinois, Oregon, Connecticut and New Jersey have enacted statewide lockdowns.
The issue is now with millions of people self-quarantining. American businesses of all sizes have been decimated and the stock market has been rocked by some of the worst losses its experienced in decades.
Trump announced on twitter that after the 15 days, his administration will be reassessing the nation’s approach to COVID-19. The President is looking at making a difficult decision which could potentially save our economy from slipping into something as bad as a depression.
Treasury Secretary Steve Mnuchin said Sunday that the U.S. lockdown to stem the spread of the coronavirus could last at least 10 to 12 weeks, or until early June.
Appearing on “Fox News Sunday,” Mnuchin expressed confidence that actions the Trump administration is taking will shore up the economy, and he said the plans are intended to deal with “a 10-to-12-week scenario,” adding that they can be extended if need be.
“The U.S. economy is strong. We’ve stopped major parts of it, but when we get through this virus, as I’ve said, I think you’re gonna see the U.S. economy come back to the strength, we have great companies, we have great workers,” he said. “What we need to do is have a bridge to get through this. And this isn’t the financial crisis that’s gonna go on for years.”
Mnuchin also said discussion of a possible recession is not “terribly relevant” at the moment.
“When people focus on recessions, it’s normally because of a prolonged economic environment,” Mnuchin said. “This is a very unique situation that we’ve never had before. This is the government has self-imposed shutting down large parts of the economy. And as soon as we can get the medical situation under control, we’re going to reopen it.”
Appearing Monday on Fox News Channel’s America’s Newsroom, White House National Economic Council director Larry Kudlow concurred with President Trump that the federal government should consider less strict social distancing to avoid further economic calamity even if the Chinese coronavirus is not fully eradicated.
Kudlow said, “We’re going to have to try to do that. We can’t shut in, the economic cost to individuals is just too great, so let’s just see how this thing plays out. More testing is essential, and we’re loading up with tests now. That’s going to be a big help.
“But the president is right. The cure can’t be worse than the disease, and we’re going to have to make some difficult trade-offs. I’m not the spokesman. I don’t want to get ahead of the story. I spoke to the president about this subject late last evening, so we’ll be looking at a number of different things. Let’s give it another week.”
Federal Reserve Bank of St. Louis President James Bullard predicted that the U.S. unemployment rate could hit 30% in the second quarter, and the gross domestic product could plunge as much as 50%.
Despite nonstop criticism from the left wing media, Trump has done a superb job in his handling of this crisis. The president, however, sees the bigger picture and is once again looking to put Americans first with any decision he makes. If anyone can prevent us from slipping into a depression, my faith is in Donald Trump.