President Trump on Monday proposed emergency measures, including a temporary payroll tax cut and expanded sick leave, to prevent an economic slowdown and to blunt the spread of the coronavirus, as the stock market sustained a rout amid tumbling oil prices and rising concerns about a recession.
“We have a very strong economy, but this blindsided the world,” Mr. Trump said.
The three major U.S. stock markets each fell more than 7%, with the Dow Jones Industrial Average losing 2,014 points or 7.8% to close at 23,851 — the biggest one-day point drop in history. The S&P 500 had its worst day since 2011, and prices plummeted so quickly at the opening bell that trading was halted temporarily three minutes later when an automatic “circuit breaker” kicked in.
The president said his advisers will urge Congress on Tuesday to take action on a “possible payroll tax cut” or other substantial tax relief. He said he also will move ahead with no-interest loans for small businesses hurt by the outbreak and to help hourly wage earners who miss work because of extended illness or shutdown “so they don’t get penalized for something that’s not their fault.”
This is an excerpt. Read more at the Washington Times.
(“ “We have a very strong economy, but this blindsided the world,” Mr. Trump said…..”).
This new virus has indeed stormed the world, however, as far down the timeline from it’s onset as our country has been, it should have not found us ‘blindsided’….also, the administration quickly needs to kick their can of disillusionment labeled ‘hoax’ to the curb. Am encouraged (but not in any sense relieved) that those in leadership positions in our country are now giving this pestilence the notice that it is due. Protocols that have simply been established on paper need to be immediately, and thoroughly, implemented now with a determination and ‘attention to detail’ that has thus far been far too lax. Far too many stories (not reported on our ‘fluff and puff’ msm but on other global broadcasts) reveal that our ‘authorities’ have been far too pompous, or disregarding, …or both…, in implementing any meaningful precautions or remedy. Glad to see a bit of humility and (fingers crossed)stepping up to the plate in our nation’s efforts and practicality for the securing of our citizenry wellbeing.
Sadly, it took the thunderous crashing of our market…and their dollars swirling down the toilet bowl, to finally wake them up……
Look it up. Don’t believe what the media said about the president’s comments. The ‘hoax’ he referred to was the media treatment of the coronavirus story. Here’s some links.
https://www.factcheck.org/2020/03/trump-and-the-new-hoax/
Even the liberal Snopes admits he did not call the virus a hoax.
https://www.snopes.com/fact-check/trump-coronavirus-rally-remark/
One more thing that is a fact is this: Our president enacted a travel ban from China and other countries where the virus was running rampant very early on. The media and the Democrats didn’t like that at the time. It was only a few days until their tune changed and they began to blame the virus on him.
Democrats and their bought and paid for media make me sick.
ITS not that ‘this snuck up on us’, its that once we heard about it, STRONG MEASURES were not taken immediately to STOP IT SPREADING, such as a global travel ban TO AND FROM CHINA.
We are so fortunate to have a President who sees no problems, just opportunities to become great again. The Coronavirus hits, the Stock Market plunges like in 2008 when McCain suspended his campaign to return to Washington and sit on his hands, to defeat, while when the going gets tough, the tough Trump gets going. The men of action will always defeat the Schumer/Pelosi’s fops of faction,,,,EVERY TIME.
We absolutely need the tax cuts. This is long overdue. Might as well push for Tax Cuts 2.0 now while the Dems are off guard. Obama liked to use any crisis to his advantage and push for more socialism. Trump is using this crisis as a determinism to fix known problems.
This may not fix the markets now, but it might slow down the drop. And using Obama’s ridiculous “created or saved millions of jobs” claim, I challenge any Libs to prove the new tax cuts WON’T slow down the drop. There’s no way to know how far it would drop if not for the tax cuts.
I love how Trump doesnt give up, never slows down, and just doesnt stop making America great again. He’s relentless, and unlike Obama is on our side for once.
Maybe he knows if he tried including other stuff, the leftists would block the bill.. THEN BLAME HIM For not funding it properly.