US economy weakened by pandemic threatens Trump’s re-election hopesExBulletin

The coronavirus continues to wreak havoc on the US economy, putting President Trump’s chances of re-election at risk. But the White House has done little to advance economic recovery efforts.

AILSA CHANG, HOST:

House Speaker Nancy Pelosi likened the coronavirus to a runaway locomotive today and threatens to derail President Trump’s hopes for a second term. The pandemic has already killed more than 150,000 people in the United States, and it triggered the deepest recession in the country’s post-war history. That’s not where Trump wanted to be with just over three months before the November election. Scott Horsley from NPR is joining us now to talk about all of this. Hi, Scott.

SCOTT HORSLEY, BYLINE: Hi, Ailsa.

CHANG: So the economy was supposed to be the president’s strong suit, right? But this week, we learned that the pandemic literally caused the biggest economic contraction on record last spring. How is it going politically now?

HORSLEY: Not good. The GDP figures for April, May and June were of course terrible. Tens of millions of people have lost their jobs because much of the economy has been deliberately shut down. That would be bad enough, but the whole purpose of the lockdown was to help us get the coronavirus under control.

CHANG: That’s right.

HORSLEY: And while it has worked in some countries, here the virus is still raging. Pelosi noted today that it took the United States 100 days to reach its first million infections, 43 days to see the second million, 37 days to reach the 3 million mark and only 16 more days until ” 4 million Americans are infected.

(SOUND PRESENTATION OF THE ARCHIVED RECORDING)

NANCY PELOSI: It’s a freight train picking up steam. This acceleration is not a good thing.

HORSLEY: Now, on the bright side, there are some indications that the outbreak of infections may be peaking. But there are also worrying signs that economic activity is slowing. Some of the states hardest hit by the pandemic have reimposed limits on indoor dining and entertainment. And even where there aren’t those kinds of restrictions, when consumers learn that people are getting sick, it makes them nervous about going out and spending the money. Federal Reserve Chairman Jerome Powell warned this week that this could dampen hopes of a recovery this summer.

(SOUND PRESENTATION OF THE ARCHIVED RECORDING)

JEROME POWELL: People don’t go out to restaurants, bars, gas stations, pharmacies, and beauty salons. The data appears to indicate a slowing in the pace of the recovery.

HORSLEY: Initial jobless claims, which tended to go down, started to rise again. It therefore appears that the recovery in the labor market is stagnating. And remember; we still have tens of millions of Americans out of work.

CHANG: That’s right. And these jobless people, I mean they’re losing the extra $ 600 a week from the federal government that was keeping them afloat. So what do you think this will mean for the economy?

HORSLEY It could be a real drain. These additional benefits that Congress approved in March officially expire today. And, of course, there is still no agreement on a plan to replace them. This creates real problems for people like Allegra Troiano, who lost her job at a school for international students in Milwaukee. Since that weekend, she’s gone from $ 825 a week to just $ 225. And she says that’s not enough to cover even half of her mortgage.

ALLEGRA TROIANO: None of us asked to be fired. None of us want to stay home and wait for this pandemic to end. I love my job, but I don’t see it coming back any time soon.

HORSLEY: And Fed Chairman Powell agrees. He says even in the best of circumstances, it will take a long time for millions of Americans to get back to work. And in the meantime, he says they’ll need extra help paying their bills. Otherwise, economists at Wells Fargo Securities warn you could see another huge drop in consumer spending as early as next week. And, of course, it won’t do anything to help with recovery.

CHANG: Well, what has the White House’s response been so far?

HORSLEY: It looks like the president and his team are realizing that this could be a problem – 95 days before the election. Vice President – Former Vice President Biden has now overtaken Trump in polls on managing the economy. And so, after essentially standing on the sidelines for weeks in the hope that things would change, the administration has finally started negotiating with lawmakers. White House Chief of Staff Mark Meadows met Pelosi and Senate Democratic Leader Chuck Schumer last night. But Meadows returned from that meeting empty-handed.

(SOUND PRESENTATION OF THE ARCHIVED RECORDING)

MARK MEADOWS: Democrats believe they have all the cards on their side. And they are ready to play these cards at the expense of those who are suffering.

HORSLEY: Now Trump’s chief of staff is hoping for some sort of interim deal to extend jobless benefits for about a week. But Pelosi said, no way. She knows that Republicans are still arguing with each other over what they want.

(SOUND PRESENTATION OF THE ARCHIVED RECORDING)

PELOSI: Let’s be realistic about what – who says what. We passed a bill 10 weeks ago. They couldn’t even get a shell bill among their own members. Forget 60 votes. Speak 51 votes.

HORSLEY: So we expect discussions to continue over the weekend.

CHANG: It’s Scott Horsley from NPR. Thanks, Scott.

HORSLEY You’re welcome.

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