For many people, the most devastating side effect of coronavirus has been the stock market’s decline. In a matter of weeks, the coronavirus panic wiped out all of the gains we’ve seen since Trump became president. Even though that only set the clock back three years, for many people, it still felt like a catastrophic loss – and, indeed, it was such a loss for those whose current day-to-day wellbeing is tied to the stock market.
What made the situation worse was the fact that America’s shut-down seemed to be open-ended. Depending on which expert or media figure was talking, we were told that America’s economy could lie fallow for weeks, months, or even more than a year. It’s one thing to see the stock market lose three years of gains; it’s another thing entirely to see the entire American economy come to a standstill for an extended time. It would be a Pyrrhic victory indeed were we to defeat the coronavirus but revert to Third World economic status.
On Tuesday, though, President Trump signaled that he was not going to let America win the coronavirus war only to lose the economic battle. […]
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