Monday, April 27, 2020
KANSAS CITY CONFRONTS RECESSION AFTER CORONAVIRUS LOCKDOWN!!!
The challenges of a deadly pandemic doesn't end after the lockdown is concluded.
Accordingly and because no other local media outlets wants to admit it . . .
THE CORONAVIRUS RECESSION HITS KANSAS CITY HARDER GIVEN THAT THE COWTOWN "NEW ECONOMY" RUNS ON GOOD TIMES, TOURISM AND SKETCHY REAL ESTATE SPECULATION!!!
In fairness, there's an upside here that is also unreported . . . The Federal Government is the largest employer in Kansas City and many of those jobs are far more secure than start-up ventures and development ponzi schemes. Still, a glimpse at old school economic indicators doesn't bode well for this town's bottom line.
Of course the only solution that politicos have devised is demanding more stimulus cash that risks both inflation and a more dangerous deflationary cycle of doom. TKC won't pretend to know much about economic but, then again, most people don't realize that the cash in their wallet and banks is mostly just a promise.
Overall, the precipitous economic downturn will have far reaching consequences throughout the greater Kansas City metro and across the nation that won't be resolved without a COVID-19 vaccine and a major boost of confidence. Just as the rising tide of the past 10 years has "lifted all boats" and inspired questionable choices beyond the former mayor's fashion accessories . . . The current deluge of financial hardship threatens to erode much of the confidence that inspired a culture of local biz hype.
Accordingly . . .
Here's just a sample of the financial adversity facing Kansas City following the reopen:
USN: The Coronavirus and the Coming Week of Bad News for the U.S. Economy
The Hill: Coronavirus exposes scars of Great Recession
AP: A flood of business bankruptcies likely in coming months
Forbes: 10 Ways To Prepare For A Post-Coronavirus Recession
NBC: Why the coronavirus crisis may prompt central bankers to scrap inflation targeting
Biz Insider: White House aides want Trump to talk only about the economy in public, as disastrous coronavirus briefings are thought to hurt his reelection chances
CNBC: Trump economic adviser warns US GDP could plummet 30% this quarter as unemployment spikes to Great Depression levels
New Republic: America’s Post-Pandemic Monoculture - Our elected officials are failing small businesses and workers, and it will transform our neighborhoods for the worse.
Developing . . .