The Economist reports on the 90% economy post lockdown:
In many things 90% is just fine; in an economy it is miserable, and China shows why. The country started to end its lockdown in February. Factories are busy and the streets are no longer empty. The result is the 90% economy. It is better than a severe lockdown, but it is far from normal. The missing bits include large chunks of everyday life. Rides on the metro and on domestic flights are down by a third. Discretionary consumer spending, on such things as restaurants, has fallen by 40% and hotel stays are a third of normal. People are weighed down by financial hardship and the fear of a second wave of covid-19. Bankruptcies are rising and unemployment, one broker has said, is three times the official level, at around 20%.
The United States is in the process of destroying its health care system via lockdown; ordering that all but emergency medical treatments and procedures cease in the name of preserving health system capacity, we have emptied out hospitals to gird for a wave of COVID patients that never came.
Now hospitals are laying off and furloughing by the tens of thousands – and liberal opportunists see this, somehow, as a market failure that would justify government directly seizing control of the medical system through a socialized, Medicare-for-all plan. Somehow, liberals look at the virus response in Italy, Spain, France, and the United Kingdom and think – that’s what we need here. But we don’t have to look to the catastrophic failures of single payer systems abroad as a cautionary tale, because here in America the two biggest failures in our coronavirus responses were failures of centralized government control.
Ralph Benko, writing in his capacity as chairman of the Capitalist League at Newsmax, expounds on capitalism’s first commandment: lower tax rates. And provides the Big Reveal that the famed Reagan supply-side tax rate cuts of the ’80s that helped to created tens of millions of great new jobs were propelled by pro-labor Republicans, Kemp and Reagan, and pro-labor Democrats, Rostenkowski, Bradley, and Gephardt. Not by rich guys seeking to privilege capital over labor.
On Real Clear Markets, Susan Crabtree gives Arthur Laffer’s assessment of the Trump administration’s response to the coronavirus.
Stephen Moore and John Catsimatidis discuss reopening the economy.
In the Washington Post, Amity Shlaes says we shouldn’t let the coronavirus cause another Great Depression.
The Washington Times reports conservatives are joining efforts to re-open the economy.
CNBC reports the U.S. economy has nearly wiped out all job gains since the Great Recession.