BEIJING (AP) — China faces a drawn-out struggle to revive an economy that suffered its biggest contraction since possibly the mid-1960s after millions of people were told to stay home to fight the coronavirus.
It’s NOT just China…
It’s the virus…
It’s a worldwide economic upheaval!
This downturn is unprecedented…everywhere…not just in China. IMHO, we’re going to be recovering from this over a very long time period. One good thing, perhaps, is that the fragility of our economies is now exposed for everyone to see. There’s a lot of work to be done to prepare for other outbreaks (stockpiles of PPE, for examples, funding for Public Health and changes to the Health Care system itself), as well as, building more robust supply chains for a start.
And just wait till Trump opens America only to find out it exists in the rest of the world.
The US will be fine, once all the deplorables start sending their $1,200 checks back, because they firmly don’t believe in Gubmint handouts…
We are just one Dow rally away from that being forgotten again though.
Articles like this fascinate me in a car-crash sort of way, because they really seem to assume that all economic activity is equal, and that pandemics don’t refocus people’s priorities. I think a lot of people (as long as they are still well fed and healthy) are going to be willing to do without many of the usual new bells and whistles.
But maybe that’s just me.
OK. So…if China manufactured this virus in the lab to threaten AMERICA and then it got loose and destroyed THEIR economy, the Chinese really screwed the pooch?