On Sunday night the president tweeted, in all caps-which is not the usual for him, “We cannot let the cure be worse than the problem itself.” He also announced a reappraisal of the actions of the federal government after his 15 day deadline.
This is good news for Americans and American business.
Echoing concerns from across the nation, the president realizes that the longer the shutdowns, lockdowns, and business closures continue the harder it will be for the country to economically recover.
While most cogent analysts praise his decisive actions, some comparing it with the relatively small pain of pulling off a bandaid quickly as opposed to the continual discomfort of the slow pull, the soon upcoming unemployment numbers are going to be a shock to the system.
Estimates vary, but a consensus of solid economists seem to put the initial number between 8%-12% with a higher rates in the weeks to come. If things become considerably worse the number could climb to 20%. That is a depression era statistic.
The psychology of the economy is vital as well. Right now we are in unchartered waters and that brings fear of the unknown. That fear is worse than the reality, as people let their emotions run away with them and conjure up all sorts of worst case scenarios that are more a reflection upon themselves than on the situation at hand.
Case in point are two billionaire investors, Ray Dalio and Bill Ackman. Both have lost their heads and are screaming for over the top actions totally incommensurate with the economic challenge.
Kipling and Hemingway thought that the measure of a man is how he reacts under fire. These men and those people like them do not pass that test.
The president, even though he is under strain and can show fatigue at times, is up to the test. He receives data, cooly evaluates it, and makes his decision based on that and the counsel of the best and the brightest people this nation has to offer.
Trump, as he said above, knows the toll this is taking on our economy and on our lives. He will act accordingly.