With the coronavirus wreaking havoc across the globe and the U.S. government – led by an incompetent president – failing to adequately respond, the odds of a recession have grown higher in recent days.
Just Thursday, in fact, the stock market had its worst day in 30 years following Trump’s disastrous Oval Office address the night before.
But according to Mark Zandi, one of the nation’s top economists, the suspense about a recession is effectively over – because the U.S. is already in one.
Moody’s economist Mark Zandi agrees that recession is now underway: “the economy will contract very sharply in March”
— John Harwood (@JohnJHarwood) March 13, 2020
Trump’s former economic adviser Gary Cohn shared that assessment, telling CNN’s Anderson Cooper on Thursday, “We are in a recession right now.”
former Trump WH economic adviser Gary Cohn to @AC360 just now: “we are in a recession right now”
— John Harwood (@JohnJHarwood) March 13, 2020
Earlier today, JPMorgan said it was forecasting a recession in 2020 with the GDP shrinking by two percent in the first quarter and three percent in the second quarter.
Translation: JPMorgan is now forecasting a US recession in 2020. https://t.co/Ic9qMd3hh6
— Heather Long (@byHeatherLong) March 12, 2020
Donald Trump will now have to run on a recession that he helped create
As Joe Biden said earlier today, no president can pledge to stop future outbreaks. It’s just not a promise that can be kept. But it is important to have a leader who is prepared for such a crisis.
In this case, Donald Trump was woefully unfit for this moment, and the economy responded accordingly. His failure to act quickly and decisively means this crisis is likely to get worse before it gets better.
Now, after Donald Trump has spent three years boasting about the economy he inherited, he will have to run on a recession he helped create.
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