Connect with us

Big League Economics

IMF Warns of Worst Economic Situation Since Great Depression Due to Coronavirus Panic

The cure is worse than the disease.

Published

on

While the so-called experts call for a longer and longer societal lock down, financial analysts are warning that emergency measures to stop the coronavirus pandemic are likely to result in the worst economic damage in nearly a century.

The International Monetary Fund (IMF) predicted on Tuesday that the coronavirus pandemic will result in the worst recession since the Great Depression, even surpassing the economic turmoil of the late 2000s. They expect a contraction of the world economy by 3 percent whereas the economy only contracted 0.7 percent in 2009.

“The Great Lockdown, as one might call it, is projected to shrink global growth dramatically,” said IMF economic counselor Gita Gopinath in the fund’s 2020 World Economic Outlook. “Much worse growth outcomes are possible and maybe even likely.”

Trending: Minneapolis Democratic Mayor Asking for $55 Million Federal Bailout to Repair Race Riot Damages

If the virus subsides over the second half of the year, the IMF expects economic growth to pick back up. They anticipate 5.8 percent growth in 2021 as a projected recovery takes hold aided by stimulus funds and money printing. This is only speculation, as certain experts predict that the coronavirus shut down could last many months. The IMF notes the “extreme uncertainty” of the situation while making their predictions.

take our poll - story continues below

RIOTS: Who do you blame for the violence on America's streets?

  • RIOTS: Who do you blame for the violence on America's streets?

  • This field is for validation purposes and should be left unchanged.
Completing this poll grants you access to Big League Politics updates free of charge. You may opt out at anytime. You also agree to this site's Privacy Policy and Terms of Use.

“Many countries face a multi-layered crisis comprising a health shock, domestic economic disruptions, plummeting external demand, capital flow reversals, and a collapse in commodity prices,” the fund’s outlook states. “Risks of a worse outcome predominate.”

Big League Politics has reported on the economic carnage caused by the coronavirus pandemic:

The coronavirus pandemic and mass hysteria that has followed it will have a long-lasting negative impact on the food service industry, according to a recent study.

A survey from the National Restaurant Association (NRA) of over 4,000 restaurant owners has indicated that 11 percent of restaurant owners believe they will have to close up shop permanently with three percent saying they have already closed their doors for good. These calculations extrapolated across the entire industry mean that over 110,000 restaurants will be forced to close forever within a month.

In the first 22 days of March, restaurants lost an estimated $25 billion in sales and over three million jobs because of coronavirus-related economic peril. The consumption-based economy has evaporated immediately, and the ramifications could be dire.

Roger Lipton, a restaurant industry investor and commentator, is calling this the “restaurant apocalypse” and sees the business heading into uncharted territory where the damages could be unlike anything that has happened in the industry before.

Every economic sector is being negatively affected by coronavirus. President Trump said that the cure cannot be worse than the disease, but that will certainly be the case if a depression is on the way.

Big League Economics

Lindsey Graham Leads Senate RINO Coalition Urging President Trump to Protect Foreign Worker Visas

Graham led the letter of RINOs urging Trump to protect foreign labor.

Published

on

Sen. Lindsey Graham (R-SC) is leading a coalition of RINOs in the Senate urging President Donald Trump to keep visas for foreign workers to take U.S. jobs.

Graham is joined by fellow RINO Sens. John Cornyn of Texas, Mike Crapo of Idaho, James Risch of Idaho, Mike Rounds of South Dakota, Todd Young of Indiana, Lisa Murkowski of Alaska, Dan Sullivan of Alaska, and James Lankford of Oklahoma in signing onto the letter that has the audacity to claim that these foreigners taking jobs from U.S.-born workers will help the economic recovery from the coronavirus pandemic.

“The coronavirus pandemic has brought devastating loss of life and livelihood across our country. As we begin to reopen, we know you have many difficult decisions to make to ensure the road to recovery balances economic wellbeing with the safety of every American,” the letter states.

“In part, that balance requires consideration of vulnerable American businesses across all industry sectors, including farming, forestry, packing, hospitality, healthcare, and communications and information technology, all which rely on non-immigrant guest workers to survive,” they added – showing that they care more about protecting corporate profits than protecting American workers.

take our poll - story continues below

RIOTS: Who do you blame for the violence on America's streets?

  • RIOTS: Who do you blame for the violence on America's streets?

  • This field is for validation purposes and should be left unchanged.
Completing this poll grants you access to Big League Politics updates free of charge. You may opt out at anytime. You also agree to this site's Privacy Policy and Terms of Use.

The letter urges for Trump to specifically protect the H-2A and H-2B programs to keep so-called temporary workers in the country to steal jobs from American workers who desperately need them.

“As you know, the H-2A and H-2B programs are temporary and seasonal guest worker visa programs that allow businesses to find the help they need when no American worker is available or qualified to fill in the gaps,” they wrote, adding that they hoped the Trump administration would “continue to protect American farmers and other small business owners who work hard to provide our country with fresh food and other vital services by not pausing issuance of H-2A visas in the future.”

The entirety of the letter can be seen here:

The letter comes in stark contrast to another letter issued by young “America First” conservatives urging President Trump to put U.S. workers first.

Big League Politics reported on how one right-wing student leader appeared last night on Fox News’ “Tucker Carlson Tongiht” to discuss the necessity of protecting U.S. workers during the coronavirus pandemic:

San Diego State College Republicans President Oliver Krvaric called for President Donald Trump to end the H-1B and OPT foreign worker programs during an appearance on Tucker Carlson Tonight on Tuesday, citing the danger the frequently abused cheap labor programs pose to the economic prospects of American college graduates.

“So essentially this giving a signal to this administration, letting them know that there is an appetite- especially among young likely voters to take care of the egregious H1B and OPT abuse that’s displacing American graduates and professionals across the board,” he said.

Krvaric had joined a coalition of College Republican groups across the country calling for an end to the visa worker programs in the midst of the recession. President Trump already enacted what has been called an immigration moratorium, but a lobbying effort by White House liberal Jared Kushner on behalf of globalist business groups limited Trump’s executive order to a few immigration restrictions.

The letter from the college Republican coalition staked out several policy proposals that would give American college graduates a real stake in mitigating the effects of the coronavirus recession.

President Trump should listen to his constituents who put him in the White House instead of the RINOs who he was elected to rebuke on immigration and other key issues.

Continue Reading
It's time to name Antifa a terror org! Sign your petition now!


Trending