No clear answers in these uncharted waters

Tuesday, April 7, 2020
 | 
Steve Jordahl (OneNewsNow.com)

recession worried over economyThe question of when the economy will start to rebound is on everyone's mind as America grinds to a standstill amid the coronavirus pandemic.

Joel Griffith of The Heritage Foundation says the short answer is it's too soon to tell. With ten million Americans filing for unemployment in just the last two weeks, and 700,000 jobs wiped out in the first quarter of 2020 – and that was with two relatively healthy months – Griffith says we are in uncharted waters. And it is probably going to get worse before it gets better.

"Once you add in all the people who have filed for unemployment in the past few weeks, we are likely to see unemployment rates actually in excess of what we saw nearly a hundred years ago," he tells OneNewsNow.

Griffith

The unemployment rate hit just under 25 percent in 1933, at the height of the Great Depression. As for now, Griffith says how quickly the country bounces back depends as much on the American state of mind as it does on the so-called curve of the pandemic.

"If they're fearful, they're going to be very hesitant to go out and actually go to work and spend money and produce," he submits. "There's no amount of bailout dollars or helping those that need it; there's no amount of printing and borrowing money that can remedy the fact that right now we have shuttered our economy."

Bauer, Gary (American Values)Gary Bauer of American Values warns that Democrats are already trying to use the crisis to retool the American economy into a progressive, big government dystopia.

"There is one thing I'm confident about making a prediction on -- that if we could conduct an experiment taking left-wing, big-government policies and putting them into effect after this is over … and compare that to what would happen if we reinstated the policies that Donald Trump has been pursuing on the economy … I have absolutely no doubt that his policies would bring us out of this quicker," Bauer asserts.

Come November, he adds that it will be vital to remember that elections matter.

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