"Who you gonna believe, me or your own eyes?" -- Chico Marx
The president's team began a series of TV promotions touting the strength of the economy and how well it is doing under his guidance, the same day the National Bureau of Economic Research said a recession began in February.
Other economists define a recession as two consecutive fiscal quarters of decline, so that won't be confirmed until the end of this month. The nonprofit NBER works with a looser definition, pegging a recession to several months of decline.
Either way, there is little doubt that America has fallen on hard times, as the corona virus pandemic forced the temporary closing of many businesses and government agencies, in turn thrashing the economy.
The question now is whether the fading of viral infections will enable the economy to recover quickly, or whether people will be reluctant to travel and gather at vacation resorts if the viral wave comes again.
Meanwhile, protest demonstrations continue to rock the nation, calling for a major overhaul of police treatment of minorities. But such gatherings may accelerate a second wave of corona virus infections and deaths, experts said.
No comments:
Post a Comment