- Trump is increasingly concerned that the falling stock market could cost him his reelection offer. according to the Washington Post.
- The president has long touted the economy as his main argument for re-election. The pandemic threatens to change this dynamic.
- Stocks fell during the Corona virus outbreak in the U.S., and the Dow Jones Industrial Average wiped out the gains since its November 2016 election.
- You can find more stories on the Business Insider homepage.
President Trump is increasingly concerned that a tanker stock market will affect his re-election opportunities in the fall. And in the middle of the coronavirus pandemic, it is once again starting the American economy. The Washington Post reported on Monday.
The post said Trump had sought advice from advisors and some GOP lawmakers on whether to cut back on the serious constraints in American business life as they led to rising unemployment. He was also reportedly taking calls from nervous managers.
More and more advisors are urging the president to develop a feeling for a normal life again and to send the workers back to work, the newspaper reported.
The President said Monday that the economy could become normal again already next week.
"We cannot allow the cure to be worse than the problem itself," Trump said in a tweet on Sunday evening. "At the end of the 15 day period, we will make a decision on how we want to go!"
The population has decreased since the outbreak of the coronavirus hit the U.S. coast, and more than 30,000 people in the U.S. have tested positive for the infection. Numerous companies have closed their businesses, and one in three Americans is now being asked to stay indoors to curb the spread of the virus.
The Dow Jones Industrial Average has fallen 38% since it hit an all-time high a month ago, wiping out all the gains made since Trump's election in November 2016.
The index lost 538 points on Monday when Congress was unable to overcome the impasse with a $ 1.8 trillion bailout to support the coronavirus-driven economy.
Economists warn that cross-sector economic devastation could outstrip the 2008 financial crisis.
"There is a real danger that the economic crisis resulting from this health crisis will be worse than in 2008," said Jason Furman, a senior economic advisor to President Obama, recently to Business Insider.
(tagsToTranslate) election 2020 (t) Donald Trump (t) Wall Street (t) stock market (t) stocks (t) financial crisis (t) politics