Alan - I'm no economist, but I find it hard to believe that the US will not weather this storm. This is the mighty USA, the richest nation on earth, the nation that built an enormous military machine to defeat the Nazis and Japanese in the 1940's, the nation that ran a hugely expensive Apollo programme to put men on the moon, that invested 10 years, untold billions of dollars and tens of thousands of lives into a (failed) military adventure in Vietnam. Then after the 9/11 attack which killed thousands of citizens, spent billions more dollars and thousands of lives battling terrorist supporters in the Middle East.
Money always somehow seems to be found to fight wars or prepare for the next one. Pandemics are just as dangerous as war - why do you not spend money building things that will better lives instead of taking them. The US is not alone in this of course.
In spite of your current president and all the negative, greedy, selfish people we hear about - most US citizens must be better than that. This episode will pass, the vast majority will survive, and in spite of a temporary hit to the economy - life will carry on.
I wish you well.
Jim
America use to be the richest creditor nation in the world. We produced something like 25% of the world's goods and services. Now we are the largest debtor nation in the world. There have been other great nations that have spent themselves into oblivion.
Hopefully, you're right and we're going to weather this storm. But the carnage is going to be great I'm afraid. We're already almost at the percentage debt we were at during WWII. With the amount they want to spend now we're going to exceed that by a lot especially since the economy will shrink during the upcoming recession. Also, remember when America sneezes, the rest of the world catches a cold. We're all tied together especially more so today then ever before. So you're country is going to suffer regardless of measures you take independently. How long do you think your country can handle an economic shutdown? How would you pay your bills, feed your family, heat your home, pay for doctors (through taxes)?
My government isn't finding money. They can't raise taxes. They're printing it. Currency isn't wealth. It's paper. And it's no longer backed by gold or silver. If money was wealth, why not print $10 trillion instead of $2T or $6T and make everyone rich? All that does is inflate the currency making it less valuable, less able to buy things as the cost of everything goes up. There's no such thing as a free lunch.
Now, I'm not saying that the government shouldn't help. But they're going overboard. They should help individuals out and that's pretty much it. But this is going to be a bailout of corporations mainly just like in 2008. $4 trillion (separate from the $2 trillion) is being given to the US Treasury to pass through the Fed to banks for money to large corporations. While individuals will be looking at a couple of thousand for themselves, the bulk will be going to the wealthy. Again. This will all be paid for by the middle class and retired, the people less able to afford it. Both parties now believe in socialism. Republicans have forgotten their roots of fiscal responsibility. Having stupidly gone off the gold standard years ago, both parties now believe in printing money to make up any shortfalls, just like the Weimar Republic after WWI which led to the rise of the Nazis. We're playing with fire. What happens next will make the virus a side show. No one's going to remember the few thousand that died when they can't pay their rent and they're out on the street wondering where there next meal is coming from. We're all going to have to find the spirit and hope and faith that we're all going to be OK. I certainly hope so.
