Empty shelves in stores remind some of an old ’80s commercial. But American ranchers are working hard and up against tough competition. Hear from a Mercedes, Texas rancher on what his industry goes through.

Senate paves road to reopening economy with coronavirus relief bill, but when will states reopen schools?
http://dailytorch.com/2020/03/senate-passes-coronavirus-relief-bill-paves-road-to-reopening-economy-but-when-will-states-reopen-schools/

The U.S. Senate has passed a $2.2 trillion legislative package 96-0, by far the largest in U.S. history, to keep tens of millions of Americans on payroll and expand unemployment benefits to those who are laid off while the country waits out the deadly Chinese coronavirus that poses additional risk to seniors and those with underlying conditions. President Donald Trump has offered April 12, Easter Sunday, as a national goal to begin reopening what he says are “sections” of the country where the outbreak is not so bad. Every state however for the moment has effectively shut down their schools, creating a daycare problem for tens of millions of parents, many of whom are temporarily working from home or are furloughed. To get the economy reopened, President Trump and his administration will have to work with governors in all 50 states, who have 50 different plans about how long everything should remain closed. So long as schools remain closed, the country and the economy will largely remain on standby and the longer the recession we are in will last. What do you think?

The dollar is too strong for the recession that just began, Mr. President:
http://dailytorch.com/2020/03/the-dollar-is-too-strong-for-the-recession-that-just-began-mr-president/

In the wake of coronavirus-induced recession, the dollar is probably far too strong and it could be a key obstacle to a rapid recovery after the virus passes. The Trade Weighted U.S. Dollar Index remains near its highest levels in years. The Great Depression dragged on for years not because of government intervention or tariffs per se, but because of the failure to recognize the adverse impact of keeping the dollar exchange rate to gold so high while the rest of the world was engaged in competitive devaluation and retiring the interwar gold standard. It was this distortion in monetary policy that caused a recession to turn into a massive depression. It was not until the federal government ended the interwar gold standard in 1933 that some relief was felt as unemployment began collapsing. Now, the scourge of deflation could be upon us once again as asset prices plunge after the coronavirus crash. With the global economy essentially frozen while the world waits out the virus, the economy will likely contract massively in first quarter, which ends in a week. Layoffs will be in the millions, and the unemployment rate could be in double digits.To alleviate the long term impacts over the coming months, the Treasury and Federal Reserve should consider doing precisely what the Exchange Stabilization Fund says, which is to stabilize the exchange rate of the dollar versus trade partners during this national emergency. If there ever was a time for a weaker dollar, it’s right now, Mr. President. We’re going to need all the help we can get. What do you think?

Senate Dems hold economy hostage after demanding everything close to slow down Chinese coronavirus:
http://dailytorch.com/2020/03/senate-dems-hold-economy-hostage-after-demanding-everything-close-to-slow-down-chinese-coronavirus/

Senate Democrats are holding the U.S. economy hostage after blocking legislation to protect small businesses, guarantee payroll and expand unemployment relief to tens of millions of workers. The vote failed 47 to 47, with 60 needed to advance the bill.The fate of 30 million small businesses and critical industries, indeed, the U.S. economy hangs in the balance after the federal and state governments have practically closed everything except for essential services. The government has put the economy into an induced coma, and now it has a responsibility not to lose the patient. By forcing almost the entire population to stay home for all intents and purposes, the government must ensure the American people have an economy to go back to. Many of those businesses will never come back—unless Congress acts right now to protect them. Here is the truth. People are going to start running out of money very soon as cash reserves are depleted. Without revenues, every aspect of the economy will seize up. The only way to safely contain the virus is for Congress to incentivize the American people to stay home. Or else people and businesses will begin breaking the national lockdown out of desperation. What do you think?

Will Trump get a rally around the flag effect by fighting Chinese coronavirus? Ask seniors.
http://dailytorch.com/2020/03/will-trump-get-a-rally-around-the-flag-effect-by-fighting-chinese-coronavirus-ask-seniors/

President Donald Trump, the federal and state governments are leading an unprecedented nationwide response to the Chinese coronavirus outbreak, shutting down vast portions of the U.S. economy, closing schools and government offices, all to save the lives of seniors and those with underlying conditions who are the most endangered by the virus. More than 52 million Americans are aged 65-years-old-and-older. Of those, 21 million are 75-years-old-and-older, and 12.6 million are 80-years-old-and-older. The fatality rates reported out of South Korea suggest a 4 percent fatality rate for those 65-years-old-and-older infected with the coronavirus, versus about 0.9 percent fatality rate for the seasonal flu. The fatality rate in China rises to 15 percent for those 80-years-old-and-older. If everyone got sick, that suggests more than 2 million might perish as hospitals, doctors and nurses were suddenly overwhelmed. To prevent that, tens of millions Americans are uniting and mobilizing for one purpose in order to save the lives of as many as possible and to salvage as much of the economy as can be from the fallout. Sometimes, such a prolonged crisis politically can result in a rally around the flag effect for the incumbent. The idea is that in a time of national crisis, the American people will rally to the President regardless of party. The overall political outcome will likely depend on how seniors respond to the crisis. All these sacrifices are being made to protect the most vulnerable, and so do they feel protected? For Trump’s war on the virus to victorious, he needs older Americans to fully opt in. Do you support the President’s plan to save the lives of potentially millions of older Americans?