Trump tweeted 'we cannot let the cure be worse than the problem itself,” signaling a shift in strategy.
How much damage can be inflicted on the U.S. economy to try to mitigate the death toll from the coronavirus pandemic before it kills the economy? The Trump White House is increasingly raising that question.
“We can’t have the cure be worse than the problem,” Trump told reporters at a press briefing. “We have to open our country because that causes problems that, in my opinion, could be far bigger problems.” States and cities have shutdown business and personal activity in an effort to mitigate the spread of the illness, but those efforts are throwing the domestic and global economy into a recession.
Yet the U.S. and global economies are simply too large for governments around the world to cover the full cost of containment, especially if trade and travel are impaired for an extended period. The International Monetary Fund, for its part, said it now expects a global recession this year that could be deeper than the contraction during the global financial crisis more than a decade ago.“We do not envisage the level of GDP in any major economy recovering to its pre-COVID trend within the next two years,” TD Securities contended in a new report Monday.
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