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The New York Times - Opinion - Coming Next: The Greater Recession
The suspension of federal benefits would create damage almost as terrifying as the economic effects of the coronavirus.
Aug. 6, 2020
One pretty good forecasting rule for the coronavirus era has been to take whatever Trump administration officials are saying, and assume that the opposite will happen.
When President Trump declared in February that the number of cases would soon go close to zero, you knew that a huge pandemic was coming.
When Vice President Mike Pence insisted in mid-June that “there isn’t a coronavirus ‘second wave,’” a giant surge in new cases and deaths was clearly imminent.
And when Larry Kudlow, the administration’s chief economist, declared just last week that a “V-shaped recovery” was still on track, it was predictable that the economy would stall. ...
The 2008 financial crisis and the sluggish recovery that followed weren’t that long ago, and they taught us valuable lessons directly relevant to our current plight.
Above all, experience in that slump demonstrated both that economic depressions are no time to obsess over debt and that slashing spending in the face of mass unemployment is a terrible mistake.
But nobody in the White House or on the G.O.P. side of Capitol Hill seems to have learned anything from that experience.
In fact, not having learned anything from the last crisis almost seems to be a requirement for Republican economic advisers.
So at the moment we seem to be headed for a Greater Recession - a worse slump than 2007-2009, overlaid on the coronavirus slump.
MAGA!
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Fred99: ... The suit accuses the N.R.A. and the executives of “violating numerous state and federal laws” by enriching themselves, as well as their friends, families and allies, and taking improper actions that cost the organization $64 million over three years.
The attorney general has regulatory authority over the N.R.A. because it is chartered as a nonprofit in New York.
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