Last week I interviewed economist Steve Moore at a conference with conservative leaders.
While the capital markets sell-off and bad coronavirus news had not yet had hit galeforce levels, as it has this week, they were looming. I’m posting this to remind us that even in the face of fierce headwinds, the United States has entered this troubling time riding on top of a booming economy. Steve details the Trump administration’s progress in improving the U.S tax system, regulatory regime, household income, job creation, energy independence and productivity growth.
As Steve adds, “The amazing thing is we’ve been growing at a time when the rest of the world isn’t … Europe is growing at less than 1% … Japan is practically in a recession. So is Germany. China’s economy has been declining even before this virus erupted.”
In my view, the coronavirus is shutting down too much economic activity to avoid a mild recession. But it’s useful to remind ourselves about the strong base from which we have to rebound. And we will.
And as always, it’s worth listening to Steve on America’s economic prospects.