CNBC is reporting that Bank of America U.S. economist Michelle Meyer wrote in a note that the economy is in a “deep plunge” and predicted, “Jobs will be lost, wealth will be destroyed and confidence depressed.”
Give it to CNBC to lead with the worst while burying deeper in the story that Meyer also predicted a “very slow return to growth” after a rough April, “with the economy feeling somewhat more normal by July.” She also reportedly added, “Although the decline is severe, we believe it will be fairly short lived.”
The Hill, writing about the same note, revealed that Meyer’s solution to the economic downturn is “aggressive economic stimulus action” over the next few weeks. That appears to be exactly what the Trump administration is trying to implement.
All of this is a reminder of what comedian Bill Maher said on the air about two years ago. He hoped for an economic crash so Donald Trump would not be re-elected.
Will this presidential election be the most important in American history?
As quoted by RealClearPolitics, Maher said during the broadcast of Real Time on HBO, “Can I ask about the economy because this economy is going pretty well? I feel like the bottom has to fall out at some point. And by the way, I’m hoping for it. Because I think one way you get rid of Trump is a crashing economy. So, please, bring on the recession. Sorry if that hurts people, but it’s either root for a recession or you lose your democracy.”
Even the Seattle Times gets in on the action, reporting, “More than 400,000 workers in the Puget Sound region are in industries facing immediate risk due to impacts from the coronavirus pandemic, and more than 500,000 additional workers are in industries facing near-term risk, says a white paper commissioned by the Seattle Metropolitan Chamber of Commerce…”
Over the past couple of weeks, many Americans have seen their retirement accounts come crashing down, more people have lost jobs, businesses have closed, and the stock market has plummeted all because of a panic that many have suggested on social media was induced and perpetuated by the media, where Donald Trump doesn’t appear to have many friends or admirers, but a lot of critics determined to see him fail. At least, that’s the impression.
Translation: More than a few conservatives seem convinced that if the news media didn’t have bad news to report, they would invent some or not report anything at all. People watch reruns of old television series on cable because they’ve grown weary of a steady drumbeat about coronavirus.
If economist Meyer is correct, however, the economic recovery should be happening just as voters head to the polls this fall. That may work in Trump’s favor.
However, in the meantime, Democrats will hold their convention in July to loudly demonize Trump and blame him for a pandemic over which he had no control, while ripping him for alleged “racism” by calling it the “Chinese virus.”
One is left with the impression that if the coronavirus cure was announced tomorrow, the media would find a way to report some negative angle to maintain the insecurity.
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