Federal Reserve Bank of Minneapolis President Neel Kashkari believes that the U.S. economy could experience 18 months of rolling shutdowns as the Wuhan Virus outbreak dies down and potentially flares up again.
Kashkari maintains this position in the case that no effective therapy or vaccine is developed for the virus.
“We’re looking around the world. As they relax the economic controls, the virus flares back up again,” Kashkari declared on April 12, 2020 on CBS’s “Face the Nation.”
“We could have these waves of flareups, controls, flareups and controls until we actually get a therapy or a vaccine. I think we should all be focusing on an 18-month strategy for our health care system and our economy.”
Thanks to the government ordering businesses to shut down in order to contain the spread of the virus, unemployment has exploded in the last few weeks.
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, commented on April 12 on CNN’s “State of the Union” that a partial reopening of the economy could potentially be rolled out in May. He did warn that the outbreak could resurface in the fall.
Kashkari admonished that “this could be a long hard road that we have ahead of us until we get either to an effective therapy or a vaccine.”
“It’s hard for me to see a V-shaped recovery under that scenario,” he stated.
The Federal Reserve responded in a decisive manner to combat the effects of the Wuhan Virus pandemic on the American economy. It launched an unprecedented number of emergency programs to back as much as $2.3 trillion in loans and cut interest rates almost down to zero.
The economic toll of these events has been quite devastating.
Nearly 17 million people have filed for unemployment benefits during the last three weeks. This signifies that there could be an unemployment rate of around 13 or 14 percent. Output in the second quarter is expected to plummet dramatically.
If the Fed continues taking drastic measures, America could be in for one of its strongest economic downturns in decades.
Texas Political Establishment Attempts to Derail Shelley Luther’s Campaign
The special election for Texas’ Senate District 30 is on pace to be one of the most heated races in the Lone Star State.
At a candidate forum on September 18, 2020, Shelley Luther, the Dallas salon owner who was jailed for opening her business in defiance of Governor Greg Abbott’s shutdown order, confronted outgoing State Senator Pat Fallon.
Fallon vacated his seat and is now backing a successor in State Representative Drew Springer.
“We don’t want somebody who’s going to be at odds with our Republican governor,” Fallon said September 18 at the Grayson County Republican Women’s Club.
I didn’t support some of the things that he has done about opening up. … So, he’s made some mistakes. He’s our Republican governor, the 80/20 rule … because you’re not going to get any bills passed unless the governor signs them.
“Let me make something clear. I am accountable to my fellow citizens in Senate District 30. Not our Governor,” Luther responded on September 19 on Facebook:
This is exactly what is wrong with Austin. Our politicians are more loyal to Abbott than us, even when they disagree with him.
I will work with Governor Abbott when he is fighting to protect the liberty of Texans, and I will oppose him when he pushes unilateral dictates that shut down our local businesses.
Fallon and Luther had a tense exchange, which was caught on video.
“You want me to go all in on this race?” Fallon questioned Luther. “I have been 5 percent in on this race. You want me to go all in on it, I’m welcome to.”
“This has become a straight-up fight between Abbott and the ‘Kumbaya’ Professional Political Class vs. the grassroots and people who remember what limited government and principles should look like,” opined conservative activist Mike Openshaw.
“Respectfully, being willing to be jailed for fighting over-reaching government shows principle; that counts for something, Patrick,” Openshaw continued.
Luther has recently received endorsements from conservative Collin County Judge Chris Hill and Young Conservatives of Texas. Springer, on the other hand, received an endorsement from the Fort Worth Star-Telegram, which asserted that Luther was going down a “far right” path.
A Republican is expected to carry the senate district, which may still require a runoff if the leading candidate does not get enough votes during the first round of the special election.
Election Day will be on September 29.
Luther is viewed as the truly conservative option and many believe she could help break the political status quo in Austin that has kept conservative legislation from ever being passed.
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