Trump extends national lockdown until May to combat Chinese coronavirus, but how widespread is infection?

http://dailytorch.com/2020/03/trump-extends-national-lockdown-until-may-to-combat-chinese-coronavirus-but-how-widespread-is-infection/

President Donald Trump has extended the federal government’s recommendations to engage in social distancing, keep schools closed and to work from home if you can a few additional weeks until May 1 as nationwide efforts continue to combat the Chinese coronavirus and to save as many lives as possible. Initially, President Trump had stated April 12 as a national goal for potentially reopening the country, but now says that he is pushing that off three weeks as the White House coronavirus task force expects the virus to be peaking at that time. Thanks to the private sector getting involved, more than 1 million tests have been administered in the U.S., far more than any other country. But we probably need a lot more testing so that we can defeat the virus and get back to work as soon as possible, especially with an antibody test being developed. This is the type of test done with the blood that will tell a patient if they have or have had the virus, called serological testing. Now, plans are being put into place to implement that type of testing on a more widespread basis. If conducted across the population of a state or several states, with a wide enough randomized sample, such testing could give the President and state governors the information they will ultimately need to begin reopening things. What do you think?

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?