{"id":1009070,"date":"2020-04-29T18:05:59","date_gmt":"2020-04-29T18:05:59","guid":{"rendered":"https:\/\/democrats.org\/?p=1009070"},"modified":"2020-04-29T18:05:59","modified_gmt":"2020-04-29T18:05:59","slug":"gdp-falls-by-most-since-great-recession","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/gdp-falls-by-most-since-great-recession\/","title":{"rendered":"GDP Falls By Most Since Great Recession"},"content":{"rendered":"

\"\"<\/p>\n

\u201cAs Trump downplayed the threat of coronavirus, his White House was caught flat footed by the economic fallout that resulted from his complete mismanagement of this crisis,\u201d <\/span>said DNC Deputy War Room Director Daniel Wessel. <\/b>\u201cThey told us we\u2019d see \u2018no material impact\u2019 on the economy, and yet economic growth last quarter declined by the most since the Great Recession, with the worst still yet to come \u2014 leaving us grossly unprepared, and now we\u2019re suffering the consequences.\u201d<\/span><\/p>\n

In February and March, the White House said coronavirus would have a negligible impact on the U.S. economy.<\/b><\/p>\n

KUDLOW<\/span><\/a>: \u201cThis is principally a public-health problem and the pandemic of course is in China, not the U.S. … Insofar as the economy, we see no material impact.\u201d\u00a0<\/span><\/p>\n

\"\"<\/p>\n

KUDLOW<\/span><\/a>: \u201cWell look, the Coronavirus is essentially a China problem, and we\u2019re doing everything we can to help them by the way \u2014 offering advice, sending smart people over there, and so forth. It\u2019s not a U.S. problem. The impact on the American economy will be very, very, very small if any.\u201d<\/span><\/p>\n

KUDLOW: \u201cThe fundamentals of the economy are strong. In fact, you know, we\u2019ve had so many business groups in, they\u2019ll tell you, you know, through February, January, February, the economy was rising and the Atlanta Fed GDP now is showing three percent of 3.1 percent.\u201d [White House Media Availability, Washington DC, 3\/16\/20]<\/span><\/p>\n

CEA CHAIR PHILIPSON<\/span><\/a>: \u201cI don\u2019t think the coronavirus is as big a threat as people make it out to be.\u201d<\/span><\/p>\n

Larry Kudlow predicted that coronavirus would only cost the economy 0.2% GDP growth in Q1 of this year.<\/b><\/p>\n

KUDLOW<\/span><\/a>: \u201cBut, preliminary look, NEC, CEA we took a look at it. Maybe two-tenths of one percent in the first quarter.\u201d<\/span><\/p>\n

KUDLOW<\/span><\/a>: \u201cWe\u2019re thinking maybe in the first quarter, we lose two or three tenths of GDP\u2014two or three tenths of one percent of GDP.\u201d<\/span><\/p>\n

KUDLOW<\/span><\/a>: \u201cWe really haven’t seen any economic impact. There may be some out there. Our own internal numbers say maybe two-tenths of a percent in the first quarter, but that’s not going to end this growth cycle.\u201d\u00a0<\/span><\/p>\n

\"\"<\/p>\n

Peter Navarro said the Trump administration’s economic relief proposals could completely offset any negative impacts from coronavirus.<\/b><\/p>\n

NAVARRO<\/span><\/a>: \u201cNavarro claimed that if \u2018enacted in full and promptly, the positive GDP growth impacts of the payroll tax cut has the potential to completely offset any of the negative growth effects of COVID-19.\u2019\u201d<\/span><\/p>\n

The Trump administration actually said that coronavirus could spur U.S. business investment and job growth.<\/b><\/p>\n

KUDLOW<\/span><\/a>: \u201cKudlow played down the potential wider impact of the virus outbreak on the U.S. economy and on company supply chains that are being curtailed, saying: \u2018It\u2019s not a catastrophe. It\u2019s not a disaster.\u2019\u2026 Kudlow said he thought the virus outbreak could spur business investment and lead to increases in production in the United States.\u201d<\/span><\/p>\n

\"\"<\/p>\n

ROSS<\/span><\/a>: \u201c\u2018So I think it will help to accelerate the return of jobs to North America,\u2019 Mr. Ross said of the coronavirus. \u2018Some to U.S., probably some to Mexico as well.\u2019\u201d<\/span><\/p>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cAs Trump downplayed the threat of coronavirus, his White House was caught flat footed by the economic fallout that resulted from his complete mismanagement of this crisis,\u201d said DNC Deputy War Room Director Daniel Wessel. \u201cThey told us we\u2019d see \u2018no material impact\u2019 on the economy, and yet economic growth last quarter declined by the […]<\/p>\n","protected":false},"author":263,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1009070","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nGDP Falls By Most Since Great Recession - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/gdp-falls-by-most-since-great-recession\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-29T18:05:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/democrats.org\/wp-content\/uploads\/2019\/08\/War-Room.png?w=300\" \/>\n<meta name=\"author\" content=\"Claire DePree\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Claire DePree\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/gdp-falls-by-most-since-great-recession\/\",\"url\":\"https:\/\/democrats.org\/news\/gdp-falls-by-most-since-great-recession\/\",\"name\":\"GDP Falls By Most Since Great Recession - 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