Like dutiful soldiers, President Trump’s top economic advisers have been ardently echoing their boss’s optimism about the likelihood of a quick economic snapback, while downplaying the need for another rescue package.
Regrettably, that’s dead wrong on both counts, as even Mr. Trump’s pick to head the Federal Reserve, Jerome Powell, has countered repeatedly.
Forget a V-shaped recovery, or even a U. Think instead about a backward check mark: an economy that begins to spring upward as Americans return to work but loses momentum well before reaching past levels.
That’s why we urgently require more help from Washington, and particularly, an effort to rebuild America, not just rescue America.
The prospect of large numbers of Americans returning to their workplaces seems to recede like a mirage; a full reopening remains invisibly far in the distance. Equally important, many pre-Covid-19 jobs won’t be around. They are gone, indefinitely if not for good.