General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe economy is tanking quickly.
It's not just the stock market. It's like the entire country has shut down. The faucet has been turned off. It seems there is nothing they can do to get it jump-started?
It is probably safe to say that we are already in a "recession".
There should be no great expectations until we are out of this corona mess.
Just bite the bullet and help our neighbors.
Someday soon, everything will be much better.
no_hypocrisy
(46,190 posts)gab13by13
(21,405 posts)Buckeyeblue
(5,502 posts)And there is a great deal of debt out there. If people decide to keep their cash rather than pay on debt or if people don't have the money to pay on debts, liquidity in banks could quickly become an issue.
jimfields33
(15,954 posts)The destruction from this virus will last a decade at least. Those shops and restaurants wont recover at least a good many. Department stores were on last legs and this is it. This Im afraid is going to make 2008 look quaint. Scary times ahead. I seriously feel sorry for Biden or Bernie the next president. Its going to be horrific.
HotTeaBag
(1,206 posts)I think Trump will also realize this and want out - there is no way he'll be able to deal with losing, nor would he want to remain in office having to actually do something, he already can't stand actually being President.
jimfields33
(15,954 posts)Trump would say screw this if he didnt have states going after him when he leaves. At some point he will just risk it and leave and let the lawyers deal with the states.
cbdo2007
(9,213 posts)news though is that it is mostly due to the coronavirus and that it should come back up just fine when things are back to normal.
getagrip_already
(14,837 posts)Small businesses won't be able to survive a 4 week shut down. They will never rehire the employees that worked there.
A lot of businesses are like a shark that has to keep swimming in order to breathe. When the cash flow stops, the business dies. Rent, insurance, inventory costs, taxes, all still have to be paid. And on the back side, people aren't going to suddenly rush out and spend a lot of money since most will have been unemployed for a long stretch already.
Even big companies will continue to rif employees since business will be way off in the near term.
This is going to have long term impacts. All three of my kids have lost work. Jobs may not be there for them when we re-emerge.
cbdo2007
(9,213 posts)There will be emergency assistance for small business to get them through.
getagrip_already
(14,837 posts)The gop will never turn money over to real small businesses. They will take care of their own, but not every small company out there.
And history shows, other jobs don't take their place. Jobs do get lost forever. New jobs appear, but with different skills and in different places and much later.
Depressions are much different than recessions. Things are permanent.
Zoonart
(11,878 posts)the answer is for everyone to get back in touch with something that has been missing in our culture for many years...compassion.
pdxflyboy
(678 posts)safeinOhio
(32,719 posts)If that's what it takes, I'm ready to do my part to help.
hughee99
(16,113 posts)Or lives it destroys, its that were able to use this as an opportunity to get rid of Trump!
KY_EnviroGuy
(14,494 posts)In the coming months, if this thing morphs into what the expert think it may come to, we're all going to have family, friends and neighbors in extreme trouble financially and seeking help.
Those of us with a little dab of savings and/or retirement socked away and a regular check like S.S. are going to be facing some extremely hard decisions.
That is, the misery of having to say "no".........
We also have election campaigns and charities to support - both national and international.
I fear our nation may suffer long-term psychological wounds far worse than this virus can inflict. Unlike during the Great Depression, we are now an extremely divided nation with a substantial percentage of people who are selfish, prone to violence and isolationists.
It's going to be a long, hard slog and I'm grateful to DU for daily solace.......
uponit7771
(90,364 posts)Baked Potato
(7,733 posts)Republicans will cry we dont have the money for this and that. Hopefully we get majorities in government to override their obstruction.