Coronavirus (COVID-19) Discussion Thread

[Bofferbrauer2]

Jumpin said:

Bofferbrauer2 said:

He still can't unless Congress approves, which they certainly won't do.

If that's the case, then we're both right.

As another note, US GDP is down 32.9%. This is actually kind of shocking considering heavily locked down countries still only dropped 10%, how is the US doing so much worse even when they weren't nearly as locked down as other places?

The US economy is fueled by over 70% on consumption, a higher ratio than any other country. But any store closure makes consumption impossible for the duration. Also, the amount of people laid off or furloughed, not getting much money in anymore, heavily weights on the consumption rate. And then of course there's the lockdown in itself; can't spend much money if you're staying at home, can you?

The worst part is that it is likely to continue, with the US now firmly being in it's second wave. And knowing the power of executives over the US government, both state and federal, I'm pretty sure the lockdowns will end too early yet again and bring in yet another wave due to doing so.

Also, the incoming housing crisis will make it much worse yet again. The rents are put on hold, meaning you do not have to pay them yet - but debt for rent payments are still racking up and eviction notes and the like are just put on hold. Once that moratorium ends, there will be mass evictions in the US (up to 29 million households, 3 times what the 2008 housing crisis had) - and guess how much that will weight on the economy.