CAL THOMAS COMMENTARY MARCH 23, 2020
TODAY’S COMMENTARY IS BROUGHT TO YOU BY AN EDITORIAL IN FRIDAY’S WALL STREET JOURNAL ABOUT THE ECONOMIC DOWNTURN CAUSED BY THE CORONAVIRUS:
“…NO ONE SHOULD THINK THIS ROLLING ECONOMIC CALAMITY IS OVER. IF THIS GOVERNMENT-ORDERED SHUTDOWN CONTINUES FOR MUCH MORE THAN ANOTHER WEEK OR TWO, THE HUMAN COST OF JOB LOSSES AND BANKRUPTCIES WILL EXCEED WHAT MOST AMERICANS IMAGINE…FEDERAL AND STATE OFFICIALS NEED TO START RE-ADJUSTING THEIR ANTI-VIRUS STRATEGY NOW TO AVOID AN ECONOMIC RECESSION THAT WILL DWARF THE HARM OF 2008-2009.
“THE COSTS OF THE NATIONAL SHUTDOWN ARE GROWING BY THE HOUR AND WE DON’T MEAN FEDERAL SPENDING. WE MEAN A TSUNAMI OF ECONOMIC DESTRUCTION THAT WILL COST TENS OF MILLIONS TO LOSE THEIR JOBS AS COMMERCE AND PRODUCTION SIMPLY CEASE. MANY LARGE COMPANIES CAN WITHSTAND A FEW WEEKS WITHOUT REVENUE BUT THAT ISN’T TRUE OF MILLIONS OF SMALL AND MID-SIZED FIRMS.”
THE JOURNAL EDITORIAL SAYS THROWING MONEY AT THESE BUSINESSES WILL NOT SOLVE THE PROBLEM BECAUSE WHAT HAPPENS WHEN THE MONEY RUNS OUT? LET’S HOPE AND PRAY THE VIRUS EITHER DISIPPATES WITH WARMER WEATHER, OR A MEDICAL SOLUTION WILL BE QUICKLY FOUND. IF NOT, WE WILL BE IN SERIOUS TROUBLE. I’M CAL THOMAS.
