BRUSSELS (AP) — The European Union predicted Wednesday “a recession of historic proportions this year” due to the impact of the coronavirus as it released its first official estimates of the damage the pandemic is inflicting on the bloc’s economy.
"The 27-nation EU economy is predicted to contract by 7.5% this year, before growing by about 6% in 2021. "
Without a vaccine robust 2021 is problematic.
OT, but related, CNN ran a headline last night declaring that Donnie was “pivoting” away from corona virus and towards the economy.
Funny: Donnie isn’t pivoting towards anything – he’s fleeing headlong from his abject failure to deal with the virus adequately. Instead, he’s running towards something he imagines will be successful, even if he kills a handful of dozens of thousands of people, or more, in the process.
The irony is, as has become apparent all round the world, there’s no ‘successful’ economic reopening without dealing with the virus first. Not that he won’t try to paint it otherwise.
I am not an economist, but a ‘Recession Of Historic Proportions’ sounds like a depression to me.
Relaaaxxxx!! Our “America First” policies have insulated us from anything bad that happens to those failing, weak EU countries. Current Occupant thinks our economy will rebound strongly under his leadership as soon as we get everything reopened here in the next month or two. So, chin up, soldiers.
According to the ADP private sector employment report today, the U.S. lost more than 20 million jobs in April alone. That’s more than twice as many jobs as were lost during the entire recession of 2008-2009:
I’m not going anywhere without being vaccinated. Especially Walmart.
Of course, ‘historic proportions’ doesn’t begin to describe what has happened and most likely will happen. Unemployment, bankruptcies, more illness, more deaths, declines in GDP, shortages because supply chains are broken…need we go on.
Did the White House clear you to share information of this kind? No. We didn’t think so. Now, go sit in the hallway with Fauci, Birx, Bright and the rest until we let you know how we’re gonna deal with your disloyalty and insubordination. Better yet, go stand over there next to window. You like view, don’t you?
ETA:
MOSCOW (AP) — Two Russian doctors have died and one remains in the intensive care unit in serious condition after falling out of windows in hospitals under mysterious circumstances.
I would say the tourist industry won’t recover anytime soon. Can’t imagine countries are eager to have foreigners fly in and stay at their hotels.
Well, if Trump doesn’t like what I have to say, he’ll really be pissed at the BLS when they release their official jobs report on Friday. Before today, I was expecting 1-2 million jobs lost in April. That would have been a record for monthly jobs lost. Now I realize it will be at least ten times that. The unemployment rate will probably spike to north of 12% as well. If true, that will be the highest official unemployment rate since we started recording the unemployment rate in 1948.
Yeah, I’m not sure ‘recession’ is the word I would use for what is coming our way. I wish it weren’t so, but it’s going to be ugly.
And it is SURE to be exacerbated by this rush to open things up again so soon—an incredibly shortsighted, uncaring, deadly impulse. Talk about pouring gasoline on the fire…
Donnie has made it abundantly clear that the US economy is in no way tied to the Country of Europe.
Believe it!
So.Much.Winning.
Meltdown Accomplished!
Related: I doubt that the cruise industry will survive, because who wants to be cooped up in a floating petri dish? This isn’t the first infectious outbreak on a cruise ship, just the most widespread and deadliest. And this wandering the seas indefinitely because no port will let you in adds a new twist.
Also the casino industry. To the extent they depend on gambling addicts - which I suspect is a large extent - many of those folks have been forced to go cold turkey and may not return. Vegas may do OK, because Vegas, but the lesser locations may well go under.
And he malefactors of great wealth in the White House can’t. to save their lives, apprehend that the money has to go to the unemployed, insured or not, and not to their sponsors and cronies in ‘business.’
If they know anything about Hoover, apparently it’s not enough to have learned the lesson Roosevelt tried to teach him.