While we all wait to see the long-term economic impact of the coronavirus, it worth a moment to look at the economic data before the virus.
By practically every measure, the economy in January and February was not only solid, but trending upwards. Trade war uncertainty was off the radar screen and job creation was well over a quarter-million per month.
House purchases were also trending up well.
Whatever economic problems this virus brings, it will be that natural disaster’s fault and not the fault of the policy mix.
Once we get past the anxiety about coronavirus, we’re likely to see a sharp and strong recovery.
The Trump administration has proposed temporary payroll tax cuts—an idea that should happen sooner rather than later, allowing plenty of time for people to feel the recovery before they go to the polls in November.Read More »