President Donald Trump announced last week that he was extending his administration’s strict social distancing guidelines until April 30, setting back when the nation’s economy can reopen and trying to mitigate a public health crisis.
The U.S. economy is already starting to collapse as the nation hunkers down to try and slow the spread of the coronavirus. Nearly 10 million Americans have filed for unemployment as of March 28, and the historic economic gains made during the Trump administration have been wiped out. Congress and the administration have attempted to rectify this calamity by passing a $2 trillion stimulus package, that included a $350 billion slush fund for small businesses, and $1,200 checks for individual Americans, among other things. (RELATED: Here’s What The Coronavirus Stimulus Package Actually Does)
Since the bill was passed, companies across the U.S. have flooded banks with applications in order to stay afloat. While the funds could help stabilize some businesses for the immediate future, it’s unlikely to be effective long term. A Wisconsin business owner who requested anonymity told the Daily Caller that they have already had to cut down hours for part time workers and will have to consider layoffs at the start of next month even if their loan application is accepted. (RELATED: Infectious Disease Expert Says Anti-Malaria Drug Marks ‘Beginning Of The End’ Of Pandemic)
“We have lost 50% of our sales,” they told the Caller. “We’ve had to re-evaluate everything in terms of how we’re staffing right now.”
Art Laffer, a renowned economist and an ally of President Donald Trump, told the Daily Caller that he believes the president has been receiving bad advice.
“I am the biggest fan of President Trump there is,” Laffer said before adding that he believes the president has been “ill-informed” and “ill-advised.”
Laffer argues that the government has a limited amount of resources and can only prop up the economy for so long, making a prolonged shutdown untenable.
“Government spending is taxation. There’s no tooth fairy in this world,” he said. “Government does not create resources. Government redistributes resources.”
Trump’s top advisers on the coronavirus task force have been criticized by some of his supporters for being out of touch with the economic needs of the nation. Dr. Anthony Fauci recently came under fire for calling the economic shutdown “inconvenient” during a television interview that took place on the same day last week’s historically bad unemployment numbers were released. (RELATED: FLASHBACK: Jan 21: Fauci Says Coronavirus ‘Not A Major Threat’ To U.S.)
The president himself has emphasized his desire to see the country get back to work as soon as possible, and has repeatedly stated that he can’t allow the cure for the virus to end up being worse than the disease. Still, Trump’s policies have continued to side with Fauci and other medical advisers who have argued a long-term shutdown is necessary to keep the public health crisis in check.
“His natural instincts I know are much better than the policies he has accepted from his advisers,” Laffer said.