Former New Jersey Governor Chris Christie, a Republican, said that people must be prepared for many more deaths to occur as the price or re-opening the US economy, and he compared the pandemic to the horror of World War II.
Tag Archive: #recession
A draft report by the Federal Emergency Management Agency (FEMA) predicts that easing social distancing guidelines in an effort to jump start the devastated US economy will have staggering consequences. The report warns that by June 1, the death rate in America from COVID-19 will double to more than 3,000, and over 200,000 new infections will be reported every day. The Trump White House dismissed the report, saying that the Coronavirus Task Force headed by Vice-President Mike Pence hadn’t had a chance to look at the report.
The US will be forced to borrow $3 trillion as spending soars for Coronavirus stimulus and other economic responses. The staggering amount is five times greater than the previous quarterly record during the 2008 Great Recession.
As major retailers that were already struggling in the age of online shopping face the stark reality of bankruptcy in the wake of the COVID-19 pandemic, some of these companies are so cash-strapped that they can’t afford to file for bankruptcy protection and liquidate their stock.