Fed Chairman Jerome Powell said this week that we're likely in a recession, but to millions of Americans it feels as though we've entered the Great Depression II. My college-student daughter lost three part-time jobs this month, and about 3.4 million Americans lost their full-time livelihoods just last week. More to come — much more to come — as rising unemployment looms over the economy like fog over a fetid swamp.
"It remains a wide-open question whether this will become a long-lasting slump or a short-lived flash recession," writes the Washington Post's economic correspondent, Heather Long. "Economists say the jobless claims reported [March 21] is the start of a massive spike in unemployment that could result in over 40 million Americans losing their jobs by mid-April."
Says economist Martha Gimbel: "The most terrifying part about this is this is likely just the beginning of the layoffs." To which Long adds: "That carnage is only likely to be partially ameliorated by a $2.2 trillion stimulus bill."
Hence Trump's political panic and ensuing, insane proposal to reopen the country for business in early April — a proposal that related Post reporting calls "potentially catastrophic." But the financially comfortable Trump is not panicking about your future; his panic is about only his own: What will the troubled body politic determine on November 3rd?
His reelection odds were already against him, even without the Trump-assisted recession or coming depression. He dawdled and oozed false hope and cold-shouldered the intelligence community when he should have been acting. Now the American economy and millions of its workers are paying Trump's piper, converting odds against him into odds assaulting him.
As all of us should. Yet working against that is not Minnesota Nice but Democrat Nice, which, historically, has self-disarmed the party. Axelrod appears to be leading the charge against any new and improved political judgment, while former colleague Plouffe is rightfully flummoxed by his passivity:
One of the rare times we disagree, brother. Using Trump’s own words and actions to remind people of his failures while he tries to rewrite history is essential. And his campaign will spend whatever it takes to create their own reality of his “perfect” response. Can’t disarm. https://t.co/4YBIGvZdEC
— David Plouffe (@davidplouffe) March 18, 2020