The Fed has emptied its bag of tricks and the economy wasn’t amused.
A nice rise in the DOW since 2011, previously used to lower the deficit to less than 1/2 after the crash, was the excuse to cut taxes, increase debt, cut rates and generally party on with a credit card.
GDP never hit the storied 3% annual after the tax cut. 42% of jobs still pay less than $15/hour. And now a long warned about threat that we were totally unprepared for. A flimsy house of cards.
We have a GOP in the senate that is frozen unless they get a nod of approval from the Oval Office. And, unfortunately, it is playing a twisted tactic I call “smart cop, dumb cop”.
I’m sure we will get through this mess. I can’t help but feel we are fighting two viruses. Coronavirus and…guess.