I'm American. You know the economy is weak when the Republicans are offering to send everyone money!
This will surely lead to yet another huge transfer of wealth from the struggling majority to the vulture capitalists.
I guess most of the world must be Nazis to you because humanity is trying avoid massive death. Nazis weren't trying to save people- get a clue, buy a vowel, loosen up your MAGA hat.
@Doodbro But the discussion in this thread is about how serious the covid19 virus is. We should probably keep from making it political.
Where do you live?
You can scroll over his/her name @Doodbro
@Doodbro: Again, "weak" is a relative term. What are you comparing it to?
I would argue that the resilience of economic institutions within the united states since the great recession show that the economy is very, very strong when compared to the rest of the world.
Regarding this specific scenario:
The coronavirus' negative effect on the economy is not that surprising, as it has led to both a supply and demand shock:
Demand: households are decreasing their consumption, as individuals try to minimize time outside of their home, including shopping
Supply: Fear from the potential spread of the virus has led many businesses to enact policies that end up reducing the marginal net productivity of labor.
When supply and demand both shift away from equilibrium, I don't care how strong your economic institutions are-- bad things will happen.
"In the long run, we are all dead"
-John M Keynes
I don't have to compare it. The crisis just started and the economy is in big trouble. That tells me that it's highly unstable. Why is it highly unstable? It's unbalanced (high inequality). It depends on continuous growth. It not only doesn't value (most) people and planet, it exploits them. It tries to profit from everything. We waste a sh!tload of money on the war machine. Monetized, financialized, and weaponized.
There's a guy that I saw speak, several years ago. Check out Chris Martenson's "Crash Course."
@Doodbro I think the point of comparison might be necessary to complete your case though. What I mean: How is it that any nation could experience a pandemic without suffering extreme losses no different than our own? Diseases have been responsible for more deaths throughout history than every other cause combined, and even with the modern technology to make and distribute vaccines we still can't get ahead of the problem. It is inevitable that any economy undergoing such a pandemic will suffer great losses.
I'm not only focusing on the US economy.
I think any economy that can manage several key things will flourish:
1. Well-being for all human and animal life.
2. Regenerate Earth and its ecosystems.
3. Cooperation instead of cutthroat competition.
4. Peace economy,
5. Social justice.
6. Full(er) employment (less hours per).
Look at what's going on. We've polluted and extracted from Earth. We burn a sh!tload of fossil fuels every day. Much of the human population is living in poverty. America has nuclear weapons pointed at pretty much everyone. Our food supply is fragile. Most of our food is monocrops with poisons. We're losing topsoil. We feed crops to livestock.
We need to change from the Industrial Revolution to the Environmental Revolution.