Politics Trump: US economy 'may be' sliding into recession
Trump's Desired Coronavirus Payroll Tax Cuts Met With Pushback
As the details for an economic stimulus plan to combat coronavirus remain absent, so too does the support among members of Congress, including Republicans. And Democrats say more needs to be done to prevent the economy from slipping into another recession.But as the details for such a plan remain absent, so too does the support among members of Congress, including some Republicans. Democrats are putting forth proposals of their own that they say would better prevent the American economy from slipping into a prolonged period of economic downturn.
President Trump on Monday said the U.S. economy could be slowing into a recession as businesses across the country shutter to slow the spread of the coronavirus pandemic.
"It may be," Trump said during a Monday press conference, adding he was focused more on the virus than the economy.
"I think there's a tremendous pent up demand both in terms of the stock market and in terms of the economy," Trump continued. "Once this goes away, once it goes through and we're done with it, I think you're going to see a tremendous surge."
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Even so, Trump acknowledged that the virus could and hinder economic activity through the summer.
"I don't, number one, determine recession," Trump said. "I just say this: We have an invisible enemy. We have a problem that, a month ago, nobody ever thought about."
Trump's comments come as state and local officials close or restrict business at restaurants, bars, and retail stores across the country to help mitigate the toll of the pandemic. The sudden shutdown of much of the consumer economy is likely to cause a surge in unemployment and decline in consumer spending, according to economists, likely causing a recession.
Stocks plummeted even deeper from a after Trump's comments, with the Dow Jones Industrial Average diving roughly 3,000 points, a 12.9 percent drop. The S&P 500 fell 11.9 percent and the Nasdaq composite sunk 12.3 percent.
We will have a devastating recession economy until there's widespread coronavirus testing .
Trump team failures turned a public health threat into a recession. Other countries used robust testing to target responses and limit economic damage.America’s failure to do widespread testing for the coronavirus has forced our economy to its knees. We need to stand up testing before we can rise. While this challenge grew in plain sight for more than two months, President Donald Trump and his administration dismissed the threat and squandered our head start instead of using it to prepare. Many American families will lose loved ones and many tens of millions more will lose paychecks and sales because of this leadership failure.