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Opinion A coronavirus recession would likely end Trump's presidency

23:05  28 february  2020
23:05  28 february  2020 Source:   theweek.com

Chelsea Clinton rips Limbaugh for 'peddling' fake news on coronavirus

  Chelsea Clinton rips Limbaugh for 'peddling' fake news on coronavirus Chelsea Clinton ripped conservative radio host Rush Limbaugh on Tuesday for "peddling" fake news on the coronavirus. The daughter of former President Clinton and former Democratic presidential nominee Hillary Clinton tweeted in response to Limbaugh's comments on his show that the coronavirus epidemic was being "weaponized" against President Trump."February 25th, 2020: The day I wished Rush Limbaugh had stuck to comparing me to a dog," sheThe daughter of former President Clinton and former Democratic presidential nominee Hillary Clinton tweeted in response to Limbaugh's comments on his show that the coronavirus epidemic was being "weaponized" against President Trump.

Donald Trump discussed the Coronavirus at a Black History Month eventShawn Thew/EPA. Donald Trump is struggling to prevent a total market meltdown that likely would trigger an election-year Yet, it is Mr Trump who has opted to make his presidency one never- ending insult-laden, victim-paying

The coronavirus is not only a pandemic, it’ s also now a political tool for Republicans and Democrats to lob across the aisle at each other. California Congressman Garamendi perhaps went further than any politician has so far when he spoke about the disease and the political response to it in the US while

Editor’s note: The opinions in this article are the author’s, as published by our content partner, and do not necessarily represent the views of MSN or Microsoft.

a person standing on a stage: President Trump. © Illustrated | Kevin Frayer/Getty Images, Tasos Katopodis/Getty Images, Aerial3/iStock President Trump.

The global coronavirus outbreak might accomplish something that myriad bad polls haven't: make Republicans fear losing the 2020 presidential election.

Until now, survey after survey has consistently shown President Trump losing to the Democrats in November. Like, to all of the Democrats. Yet Republicans have remained confident. They remember how the #FakePolls showed Trump losing to Hillary Clinton four years ago. More importantly, perhaps, GOPers have a deep faith that the strong economy will provide a powerful tailwind to Trump's re-election campaign.

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Trump economic advisor Larry Kudlow may have brushed off the need for stimulus, saying the outbreak isn't likely to become an "economic tragedy." But when it comes to COVID-19, moving now with an aggressive emergency-style stimulus is the best way to ensure that prediction actually comes true.

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But the plunging stock market, badly spooked by the unpredictable spread and impact of the virus, is suggesting the tailwind might turn into a headwind — and that could mean a one-term Trump presidency. Wall Street banks are already cutting their economic growth forecasts for the first half of the year. Beyond that, they're not so sure, an uncertainty reflected in wildly gyrating markets. Economic predictions about consumer demand and supply-chain disruptions are now also pandemic predictions. JPMorgan just trimmed its second-quarter projection for U.S. GDP growth by a quarter percent to 1.75 percent, but in a report to clients added that "extensive domestic 'community spreading' would prompt a larger downward revision."

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  Exclusive: U.S. postpones summit with ASEAN leaders amid coronavirus fears - sources Exclusive: U.S. postpones summit with ASEAN leaders amid coronavirus fears - sourcesU.S. President Donald Trump had invited leaders of the 10-member Association of Southeast Asian Nations (ASEAN) to meet in Las Vegas after he did not attend a summit with the group in Bangkok in November.

The source of Trump ’ s uncharacteristic reluctance to talk up a border-crossing menace to American public safety isn’t hard to discern. And there’s reason to fear a global recession could be one symptom of a coronavirus pandemic (as recent market developments have indicated).

This brings the number of confirmed coronavirus cases in Spain to 7. Before that, a German tourist and a British man tested positive for the virus on the Canary Islands and in Mallorca, respectively, but both have since been discharged from hospital.

Economic forecasts are always tricky business. Now, in addition to the usual mix of jobs numbers, consumer surveys, and corporate earnings reports, economists have to factor the spread of a virus whose transmissibility and lethality remains unclear. Economic consultancy Capital Economics concedes "there is no way our models can incorporate the risk of a widespread coronavirus outbreak in the U.S. which, just like it appears to have done in China, would almost inevitably cause a recession." As it is, Moody's Analytics predicts a 40 percent chance that the virus will grow into a global pandemic that would indeed push the United States and the rest of the global economy into a recession.

An election-year downturn is bad for any incumbent presidential party. There have been three presidential elections since 1960 where the election year saw a recession. The incumbent party lost all of them. One of political historian Allan Lichtman's famous "13 Keys to the White House" is that the U.S. economy is not in recession during the election campaign. But a downturn would be especially damaging for Trump, who has made a de facto bargain with voters: I may tweet lots of crazy stuff and engage in lots of dodgy behavior, but I won't screw up this long economic expansion. Hell, I may even do some things that help it, like tax cuts and deregulation. In a Washington Post-ABC News poll last month, 56 percent of respondents said they approved of the way Trump had approached economic issues. That mood would change dramatically with a recession even if voters don't directly blame Trump's handling of the virus outbreak for it, though they might. Trump's rambling press conference earlier this week was no confidence builder and may be playing a role in Wall Street's swoon.

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Trump has “predicted” a lot of things and his Jewish Zio buddies are making sure that all his predictions come true as they are prepping him up to be the father of the moshiach Coronavirus outbreak will probably end by April or summer when the heat comes, but not because Trump is a real prophet.

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Of course, the Trump White House remains bullish. On Monday, Trump tweeted, "Stock Market starting to look very good to me!" And that's been the consistent message coming from him and his advisers. Friday, National Economic Council Director Larry Kudlow told reporters, "Our threat assessment is low and the economy is fundamentally sound."

But here's what should really unnerve Republicans: Avoiding an outright recession may not be good enough to save the Trump presidency. Some election analysts blame Al Gore's loss to George W. Bush in 2000 to a mild economic slowdown during the year. Even though economic growth overall was a sizzling 4.1 percent — the fourth consecutive year of 4 percent real GDP growth or higher — growth slipped to just 0.5 percent in the third quarter and 2.5 percent in the fourth. As one analysis put it, "Our best guess, however, is that the slowdown was a major factor in Gore's defeat… the long economic boom that arrived just a little too late to get George Bush re-elected in 1992 seems to have ended just in time to elect his son."

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The falling stock market might also be more than just a harbinger of slower economic growth. It could be a cause of that slower growth. In a 2014 paper, UCLA economist Roger Farmer suggested that the sharp fall in the stock market in the autumn of 2008 provides "a plausible causal explanation for the magnitude of the Great Recession." (Farmer thinks the Federal Reserve should be able to buy stocks to support the economy.) Barclays bank thinks there is a similar type of risk today, saying in a research note, "The rapidity of the deterioration in financial markets has elements of a viral pandemic induced panic that, if left unchecked, could spread to business and consumer confidence that could ultimately lead to reductions in spending and hiring." Moreover, with the value of financial assets at record levels versus the size of the economy, the health of Wall Street and Main Street are as closely linked to each other as they have ever been. And to the Trump presidency, as well.

Expect Trump to push the Fed to cut interest rates ASAP and maybe Congress to supply fiscal stimulus. Also expect more efforts by Team Trump to talk up the market.

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Pence says risk to Americans from coronavirus remains low .
HEALTH-CORONAVIRUS/USA-PENCE (URGENT):Pence says risk to Americans from coronavirus remains low , after authorities in Washington state announced the deaths of four more people, raising the U.S. death toll to six. © Reuters U.S. Vice President Mike Pence gives a news briefing about the coronavirus with members of the White House coronavirus task force at the White House in Washington, U.S. March 2, 2020.

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