Trump’s stock market concern could make dealing with COVID-19 tough
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For a president that has touted the stock market’s highs as a sign of his own success, the selloff over fears of COVID-19, the disease caused by a member of the coronavirus family, may not be the greatest news.
“That leaves [President Donald Trump] more vulnerable than most presidents would be if we see a continued sell-off,” said Neil Irwin, a senior economics correspondent for the New York Times, in an interview with “Marketplace” host Kai Ryssdal.
In a recent column, Irwin noted that this focus on Wall Street could lead to issues with the president’s leadership when it comes to dealing with a possible pandemic. He compared the administration to a private company.
“Imagine a company. They have a product that gets people sick, and they have to recall it,” Irwin said. “The question is, what do you want the executive team to be spending their time doing? You don’t want them going on TV and yelling about the stock price. What you want is for them to deal with the problem. … That’s what you want with a private company. The same is true with the government.”
Click the audio player above to hear the full interview.
COVID-19 Economy FAQs
How many people are flying? Has traveled picked up?
Flying is starting to recover to levels the airline industry hasn’t seen in months. The Transportation Security Administration announced on Oct. 19 that it’s screened more than 1 million passengers on a single day — its highest number since March 17. The TSA also screened more than 6 million passengers last week, its highest weekly volume since the start of the COVID-19 pandemic. While travel is improving, the TSA announcement comes amid warnings that the U.S. is in the third wave of the coronavirus. There are now more than 8 million cases in the country, with more than 219,000 deaths.
How are Americans feeling about their finances?
Nearly half of all Americans would have trouble paying for an unexpected $250 bill and a third of Americans have less income than before the pandemic, according to the latest results of our Marketplace-Edison Poll. Also, 6 in 10 Americans think that race has at least some impact on an individual’s long-term financial situation, but Black respondents are much more likely to think that race has a big impact on a person’s long-term financial situation than white or Hispanic/Latinx respondents.
Find the rest of the poll results here, which cover how Americans have been faring financially about six months into the pandemic, race and equity within the workplace and some of the key issues Trump and Biden supporters are concerned about.
What’s going to happen to retailers, especially with the holiday shopping season approaching?
A report out recently from the accounting consultancy BDO USA said 29 big retailers filed for bankruptcy protection through August. And if bankruptcies continue at that pace, the number could rival the bankruptcies of 2010, after the Great Recession. For retailers, the last three months of this year will be even more critical than usual for their survival as they look for some hope around the holidays.
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