The rapidly spreading coronavirus has wreaked havoc all over the globe in recent months, but Donald Trump’s incompetent response to the pandemic has put the United States far behind where it should be in fighting it.
Not only has Trump’s bungled response put lives at risk, but it’s also put the economy on more shaky ground than it likely would have been if the federal government was run by a competent adult instead of an ex-game show host.
Now, the United States is likely already in the midst of an economic recession, and the downturn could be even worse than the 2008 financial collapse and send the unemployment rate soaring through the roof.
According to Bloomberg, “Treasury Secretary Steven Mnuchin raised the possibility with Republican senators that without government intervention, the U.S. could see 20% unemployment, according to people familiar with the matter.”
More from the report:
Mnuchin discussed the scenario on Tuesday as he proposed an economic stimulus of $1 trillion or more.
Mnuchin didn’t predict unemployment would reach that level, the people said, but told the senators that he believes the economic fallout from the coronavirus outbreak is potentially worse than the 2008 financial crisis. Extraordinarily high unemployment, he said, is a possibility if lawmakers don’t swiftly provide financial assistance to wage workers and small- and medium-sized businesses.
“During the meeting with Senate Republicans today, Secretary Mnuchin used several mathematical examples for illustrative purposes, but he never implied this would be the case,” Treasury spokeswoman Monica Crowley said.
Donald Trump has made this crisis worse on multiple levels
To be fair, a global pandemic was likely to rattle the economy no matter who was sitting in the Oval Office.
But it is undeniable that a series of decisions made by this president – from closing down the White House pandemic office to stalling aggressive coronavirus testing to claiming the outbreak was a hoax – have made this global health emergency much worse.
And since the outbreak is much worse and the response much slower than it should have been, so too is the economic damage that is almost certain to unfold over the next few months.
As the outbreak spreads, the economy tanks and the unemployment rate potentially soars over the next few months, it’s important to remember that Donald Trump has singlehandedly made this crisis much worse than it should have been.
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