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The next dominoes in the coronavirus economy

Surrealistik

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The dominoes are aligned for a severe coronavirus-induced recession - Axios

Coronavirus is already the most serious threat to the U.S. economy since the financial crisis, and the dominoes are aligned for a severe recession that could erase much of the 11-year recovery.

What's happening: While the outbreak itself is unlikely to drive an economic collapse, the U.S. has been something of a ticking time bomb for some time.

  • Growth has declined over the last two years despite higher government spending and a $23.4 trillion national debt.
  • While the labor market has boomed, many of the jobs added have been hourly service-industry positions that offer limited scope for savings or health insurance.
  • 44% of all U.S. workers earn barely enough to live on, a Brookings Institution study found in January.
Generally agree with the article's take: we've been in a bull market looking for a reason to go bear for quite some time, with the coronavirus acting as the lit match to a powder keg. Rectifying the situation will be much more difficult vis a vis 2008, as targeted stimulus will be ineffective.
 
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