The economic damage from the coronavirus is still hard to measure. Jerome Powell told a group the virus will impact GDP growth in the first quarter. Powell thinks the coronavirus will knock a ½% off GDP growth. Steve Mnuchin told another group he thinks the Boeing fiasco could shave a ½% off of growth.
Mr. Mnuchin put a 3.0% yearly growth figure in the new budget. Chuck Schumer called the budget “dead in the water.” Last years’ growth was 2.3% or less depending on which group of economists make the press loop. According to several Wall Street economists, GDP growth in 2020 will be in the 1.8% range. But that was before the coronavirus upset China’s manufacturing and retail sectors.
The economy will play an important role in the election. Past presidents who served when unemployment and inflation numbers beat projections, won reelection. But Mr. Trump’s GDP growth continues to erode. And the central bank might not have enough stimulus fuel to turn the negative growth tide.
In January 2019, GDP growth was 3.1%. In December 2019, Gross Domestic Product growth was 2.3% according to government economists. And according to Powell, growth will suffer again in 2020. Mr. Trump knows his economy is not a great as he tells his voter base it is, but as long as the stock market looks strong, his voter base will stand by him. Plus, Trump plans to cover other shortcomings like the failed 2016 campaign promises using some of his other accomplishments, according to the New York Times.
President Trump also wants to change the outcome of the Mueller report and his impeachment. Mr. Trump continues to claim he is a victim of a deep state conspiracy. The president uses his acting abilities to convince his voter base Democrats are the bad guys, and he can do anything he wants as president, according to the Washington Post.
Attorney General Bill Barr agrees with the president. That’s why Barr does what Trump wants without the president asking him to do legal work for him, and his friends, according to the New York Times.
Mr. Trump told his voter base he would build 450 miles of border wall by election day. With one-hundred miles of finished wall, and after parts of the wall blew over when 37mph winds hit it, there are challenges to address.
Plus, smugglers figured out a way to climb over the wall. They use a self-built rebar ladder with a “U-Shaped” top to scale the wall. Once over, they leave the $5 ladder hanging on the wall because it blends in with the color of the wall.