Money from Donald Trump

Coronavirus

Apparently, yesterday’s stock market drop[1] was sufficiently precipitous to focus some minds. Yesterday, I wrote,

I’m seeing more of how coronavirus is impacting my business. The shutdowns mean a lot of my customers suddenly are out of work, not formally laid off, but not working either, and therefore not being paid.

Some economists say the increasing lockdown in the United States could lead to an even sharper contraction than during the Great Recession. “It’s not just a loss in activity. It’s a stop, full stop,” said Diane Swonk, chief economist at accounting firm Grant Thornton.[2]

And it’s a “full stop” that hits the poor hardest. It’s not enough to talk about halting evictions[3] because the rent is still due and there’s no money to pay for it. And the poor still have to buy groceries and pay other bills.

So what we’re hearing about evictions[4] isn’t really about concern for the poor. It’s concern about even bigger homeless encampments, even more visible homeless that might disturb the people the powerful really care about.

Were it otherwise, we would be hearing more about replacing the lost income that we cannot make up.[5][6]

Now, among other things,

[Donald] Trump wants the government to send checks to Americans in the next two weeks to help support them while chunks of the economy come closer to shutting down, Treasury Secretary Steven T. Mnuchin said Tuesday. . . .

“There are still a lot of questions in the mind of the market as to what will be enough,” said Robert Haworth, senior investment strategist at U.S. Bank Wealth Management. “It’s a start, but there’s still a lot to be determined.”[7]

I guess with Donald Trump, I rather strongly suspect that the promise of a check in the mail will sound a lot better than whatever actually arrives. But also, I’m remembering that Howard Zinn’s history is one of how much the rich have had to share with how many people to avoid an all-out revolution.[8] Finally, given Trump’s overriding concern with the stock market throughout this crisis,[9] one has to wonder what our erratic delusional raging narcissist-in-chief will do if the market has a few good days.

Associated Press, “U.S. stocks climb 6% the day after biggest loss since 1987,” Los Angeles Times, March 17, 2020, https://www.latimes.com/business/story/2020-03-17/us-stocks-coronavirus

Adam Gaffney, “Trump sees the coronavirus as a threat to his self-interest – not to people,” Guardian, March 17, 2020, https://www.theguardian.com/commentisfree/2020/mar/17/trump-sees-the-coronavirus-as-a-threat-to-his-self-interest-not-to-people

Heather Long, “Americans are very likely to get $1,000 (or more) checks. Here’s what you need to know,” Washington Post, March 17, 2020, https://www.washingtonpost.com/business/2020/03/17/checks-virus/


  1. [1]Associated Press, “Stocks plunge 12% as coronavirus shuts businesses’ doors,” Los Angeles Times, March 16, 2020, https://www.latimes.com/business/story/2020-03-16/monday-market-report-stocks-coronavirus
  2. [2]Don Lee and Laura King, “Fed slashes rate to near zero to counter coronavirus as Fauci warns ‘worst is yet ahead,’” Los Angeles Times, March 15, 2020, https://www.latimes.com/world-nation/story/2020-03-15/fed-slashes-rate-to-near-zero-eases-lending-rules
  3. [3]Hanna Kozlowska, “Coronavirus is revealing ugly truths about social structure in the US,” Quartz, March 14, 2020, https://qz.com/1818548/coronavirus-is-revealing-ugly-truths-about-social-structure-in-the-us/; Jenny Schuetz, “America’s inequitable housing system is completely unprepared for coronavirus,” Brookings, March 12, 2020, https://www.brookings.edu/blog/the-avenue/2020/03/12/americas-inequitable-housing-system-is-completely-unprepared-for-coronavirus/;
  4. [4]Hanna Kozlowska, “Coronavirus is revealing ugly truths about social structure in the US,” Quartz, March 14, 2020, https://qz.com/1818548/coronavirus-is-revealing-ugly-truths-about-social-structure-in-the-us/; Jenny Schuetz, “America’s inequitable housing system is completely unprepared for coronavirus,” Brookings, March 12, 2020, https://www.brookings.edu/blog/the-avenue/2020/03/12/americas-inequitable-housing-system-is-completely-unprepared-for-coronavirus/
  5. [5]John Cassidy, “What Would a Proper Coronavirus Stimulus Plan Look Like?” New Yorker, March 14, 2020, https://www.newyorker.com/news/our-columnists/what-would-a-proper-coronavirus-stimulus-plan-look-like; James Hamblin, “What Will You Do If You Start Coughing?” Atlantic, March 11, 2020, https://www.theatlantic.com/health/archive/2020/03/where-do-you-go-if-you-get-coronavirus/607759/
  6. [6]David Benfell, “Communication disruption now in progress,” Irregular Bullshit, March 16, 2020, https://disunitedstates.com/2020/03/16/communication-disruption-now-in-progress/
  7. [7]Associated Press, “U.S. stocks climb 6% the day after biggest loss since 1987,” Los Angeles Times, March 17, 2020, https://www.latimes.com/business/story/2020-03-17/us-stocks-coronavirus
  8. [8]Howard Zinn, A People’s History of the United States (New York: HarperPerennial, 2005).
  9. [9]Adam Gaffney, “Trump sees the coronavirus as a threat to his self-interest – not to people,” Guardian, March 17, 2020, https://www.theguardian.com/commentisfree/2020/mar/17/trump-sees-the-coronavirus-as-a-threat-to-his-self-interest-not-to-people; Susan B. Glasser, “A President Unequal to the Moment,” New Yorker, March 12, 2020, https://www.newyorker.com/news/letter-from-trumps-washington/a-president-unequal-to-the-moment; Dana Milbank, “For Trump, a reckoning has come,” Washington Post, February 28, 2020, https://www.washingtonpost.com/opinions/2020/02/28/trump-reckoning-has-come/; Ashley Parker, Yasmeen Abutaleb, and Lena H. Sun, “Squandered time: How the Trump administration lost control of the coronavirus crisis,” Washington Post, March 7, 2020, https://www.washingtonpost.com/politics/trump-coronavirus-response-squandered-time/2020/03/07/5c47d3d0-5fcb-11ea-9055-5fa12981bbbf_story.html; Paul Waldman, “How coronavirus has deeply flummoxed conservative media,” Washington Post, February 28, 2020, https://www.washingtonpost.com/opinions/2020/02/28/how-coronavirus-has-deeply-flummuxed-conservative-media/

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