When Congress passed and President Donald Trump signed a $2 trillion aid package, historians were astounded that such an unbelievable addition to an already $20 trillion debt would be acceptable to all Americans without a murmur.
In analyzing the savage impact of COVID-19 and its disruption to America’s economy, and peoples’ lives in general, one can’t help making comparisons with previous health disasters and their unexpected shakeup on normality in the United States and abroad.
An improving image and new federal legislation could make more nuclear plants operational. Meanwhile, the growth of America’s economy continues, with only the presidential election throwing uncertainty into the mix.
According to Thomas J. Donohue, CEO of the U.S. Chamber of Commerce, “small independently owned businesses” are the backbone of American industry. He further believes that digital technology will accelerate their economic growth.
While the world leadership in the global energy sector has been controlled by OPEC and its dominator, Saudi Arabia, the United States, the leading world user, has risen to first place due to hydraulic fracturing, or “fracking,” within the short period comprising the current century.
While it appeared the U.S. debt ceiling, which had already surpassed the previous $20 trillion “top” by almost three trillion dollars at the end of July, would become a significant congressional confrontation, it was cast aside without a murmur.
During the 2007-2012 financial crisis, the Federal Reserve bought U.S. Treasury bonds and mortgage-backed securities to uplift the economy. With the economy growing steadily and the Federal Reserve riding an all-time high reserve, one might think the opposite would be the case.