Big businesses batten down the hatches
by Lynde Langdon
Posted 3/19/20, 12:13 pm
Empty spaces throughout the country testify to the economic vacuum the coronavirus pandemic brought with it. The Simon Property Group announced Wednesday it would close all 200 of its shopping malls and outlet centers. Major automakers are shutting down their North American factories. And the New York Stock Exchange will lock up its trading floors and move to all-electronic trading on Monday. The number of Americans filing for unemployment surged last week by 70,000 to the highest level in more than two years.
How long can this go on? U.S. Treasury Secretary Steven Mnuchin offered hope on Thursday, saying he expects renewed economic growth as the virus threat subsides in the third quarter, followed by a “gigantic” fourth quarter. “We are going to get through this,” Mnuchin said. “We are going to destroy this virus and our economy is going to come roaring back better than ever.”
Dig deeper: Read Marvin Olasky’s column about the difference between faith and fatalism during the coronavirus pandemic.
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