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A little while ago today, I saw a Trump supporter state that "the U.S. economy is doing "ok" in MOST AREAS".
This goes to prove how little most people actually know about what is happening economically. Let me explain.
The economy is not doing well. Keep in mind that the stimulus that is being given is what is keeping the stock market up and not allowing things to go belly up. It is what is making things look "ok" right now. Nonetheless, the GDP shows we are not producing anything for the economy (lowest GDP ever) and the stimulus is all fake from the point of view that money is being printed and that makes things look fine but the reality that is weakens the dollar strongly. With a weakened dollar, when we do go back to producing (after the virus is over), our goods will be very expensive because of the weak dollar and there is no solution for that. Having printed money means the dollar will stay weak versus other currencies. This means that for many, many years we will be a lot less competitive in the world market and our economy will suffer long term because of it.
One thing that you have not thought of, is that because Trump was not able to control the virus like they have done in Europe, the stimulus package that we have put together here is much, much more than was put out in Europe. The first stimulus package here was expected to have our GDP drop by 13% and the stimulus package in Europe was expected to drop their GDP by 7.5%. Now and since we have not controlled the virus, we are being forced to generate another stimulus package, which will drop our GDP even more. In Europe and because they have been able to control the virus better, it is not expected they will need further stimulus packages.
This is why what Trump is doing, in not taking the needed steps to control the virus, is so destructive not only from a human death toll point of view but also from an economic point of view. While the virus goes on and Stimulus continues, it keeps the economy up and looking "ok". Nonetheless, this is all "fake news" from Trump. Our country is going to suffer worse than any other country, simply because we did not control the virus and continued to print money to make it look "ok". The future, compared to Europe and China, is looking dismal and though that is not what is happening now, there is absolutely no doubt that it will happen. That is now set in stone.................because of Trump's actions.
Here is a link that explains about the stimulus packages that have been done as of May 11th in different countries.
How Global Coronavirus Stimulus Packages Compare [Infographic]
That was in May but now because the virus rages on, the economy cannot open the way we wanted it to, and more stimulus is needed (Congress debating that this week with the Republicans offering $1 trillion and the Democrats wanting $3 trillion), our GDP will drop lower and longer and our dollar will continue to devalue, it all means economic distress will be longer and deeper and more importantly, more than our competitors and that is dire fact.
This goes to prove how little most people actually know about what is happening economically. Let me explain.
The economy is not doing well. Keep in mind that the stimulus that is being given is what is keeping the stock market up and not allowing things to go belly up. It is what is making things look "ok" right now. Nonetheless, the GDP shows we are not producing anything for the economy (lowest GDP ever) and the stimulus is all fake from the point of view that money is being printed and that makes things look fine but the reality that is weakens the dollar strongly. With a weakened dollar, when we do go back to producing (after the virus is over), our goods will be very expensive because of the weak dollar and there is no solution for that. Having printed money means the dollar will stay weak versus other currencies. This means that for many, many years we will be a lot less competitive in the world market and our economy will suffer long term because of it.
One thing that you have not thought of, is that because Trump was not able to control the virus like they have done in Europe, the stimulus package that we have put together here is much, much more than was put out in Europe. The first stimulus package here was expected to have our GDP drop by 13% and the stimulus package in Europe was expected to drop their GDP by 7.5%. Now and since we have not controlled the virus, we are being forced to generate another stimulus package, which will drop our GDP even more. In Europe and because they have been able to control the virus better, it is not expected they will need further stimulus packages.
This is why what Trump is doing, in not taking the needed steps to control the virus, is so destructive not only from a human death toll point of view but also from an economic point of view. While the virus goes on and Stimulus continues, it keeps the economy up and looking "ok". Nonetheless, this is all "fake news" from Trump. Our country is going to suffer worse than any other country, simply because we did not control the virus and continued to print money to make it look "ok". The future, compared to Europe and China, is looking dismal and though that is not what is happening now, there is absolutely no doubt that it will happen. That is now set in stone.................because of Trump's actions.
Here is a link that explains about the stimulus packages that have been done as of May 11th in different countries.
How Global Coronavirus Stimulus Packages Compare [Infographic]
That was in May but now because the virus rages on, the economy cannot open the way we wanted it to, and more stimulus is needed (Congress debating that this week with the Republicans offering $1 trillion and the Democrats wanting $3 trillion), our GDP will drop lower and longer and our dollar will continue to devalue, it all means economic distress will be longer and deeper and more importantly, more than our competitors and that is dire fact.
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