Faced with a dire economic situation that if left unchecked, could bring about the next depression, President Trump made a powerful announcement that jumpstarted the economy when we needed it most.
Trump said Tuesday during a Fox News virtual townhall that he wants to reopen the world’s most robust economy by Easter and people certainly responded well to it.
Speaking from the Rose Garden alongside others on his coronavirus taskforce, Trump said he “would love to have the country opened up and just raring to go by Easter.” The holiday this year lands on April 12.
Trump argued he doesn’t want “to turn the country off” and see a continued economic downfall from the pandemic. He also said he worries the U.S. will see “suicides by the thousands” if coronavirus devastates the economy.
“We lose thousands and thousands of people a year to the flu. We don’t turn the country off,” Trump said during the interview.
“We lose much more than that to automobile accidents. We don’t call up the automobile companies and say stop making cars. We have to get back to work,” he added.
Vice President Mike Pence said the administration is not considering a nationwide coronavirus lockdown like some states and cities have taken.
“I can tell you that at no point has the White House Coronavirus Task Force discussed what some people call a nationwide lockdown, or as you describe a stay at home order,” Pence said.
Trump’s announcement that the U.S. will be open for business sooner rather than later led to U.S. equity markets surging on Tuesday, marking the strongest one-day rebound in history as investors were clearly impressed by the decision.
In the final hour of trading, gains picked up steam giving the Dow Jones Industrial Average a 2,112 point gain, the biggest ever, or 11 percent, while the S&P 500 gained over 9.3 percent and the Nasdaq over 8.1 percent.
The historic rally followed a plunge on the major averages Monday despite the Federal Reserve announcing it would buy unlimited amounts of assets to support the economy.
Monday’s 3 percent drop left the Dow at a three-year low and on track for its worst month since September 1931, one of the earliest years of the Great Depression, according to the Dow Jones Market Data Group.
While some suggest that Trump’s enthusiasm for getting this nation back to work sets up a potential conflict with medical professionals in his government, Dr. Anthony Fauci says otherwise.
Fauci, the nation’s leading expert on infectious diseases and a member of the White House’s coronavirus task force, told WMAL on Tuesday that Trump has always heeded his recommendations.
“The president has listened to what I have said and to what the other people on the task force have said when I have made recommendations he has taken them. He’s never countered or overridden me, the idea of just pitting one against the other is just not helpful,” Fauci said.