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Why This Downturn Has Many Economists Stumped

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John Harwood: “The numbers evoke the worst economic nightmares in American history. But White House economic adviser Kevin Hassett freely admits he can’t map the path out.”

Said Hassett: “A lot of it depends on things I have no expertise in.”

“That’s the surreal reality facing President Trump’s economic team as growth turns into contraction and 30 million Americans have lost their jobs. It is a Great Depression-level economic crisis that has everything to do with public health — but, unlike the 2008 financial collapse, very little to do with anything wrong in the underlying economy.”

“As a result, the tools economists typically use for adjusting supply and demand — targeted spending, tax cuts, changes to trade and regulatory policy — hold little power. The restoration of American prosperity lies more in the hands of the public health officials, epidemiologists and scientists racing to develop a coronavirus vaccine.”

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About Political Wire

goddard-bw-snapshotTaegan Goddard is the founder of Political Wire, one of the earliest and most influential political web sites. He also runs Political Job Hunt, Electoral Vote Map and the Political Dictionary.

Goddard spent more than a decade as managing director and chief operating officer of a prominent investment firm in New York City. Previously, he was a policy adviser to a U.S. Senator and Governor.

Goddard is also co-author of You Won - Now What? (Scribner, 1998), a political management book hailed by prominent journalists and politicians from both parties. In addition, Goddard's essays on politics and public policy have appeared in dozens of newspapers across the country.

Goddard earned degrees from Vassar College and Harvard University. He lives in New York with his wife and three sons.

Goddard is the owner of Goddard Media LLC.

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