China’s experience tells us that saving and reviving the U.S. economy will be a long and difficult process

Recognizing that #chinaislying is important for at least two reasons.

The first is that China’s experience shows us the limits of what is possible in dealing with this virus. 1/7

Once Xi Jinping confronted the problem, China tried to defeat the virus and threw everything it had at it. It failed.

Despite what China claims, it did not contain the virus, and is surely having to manage it rather than contain it now, just like everybody else. 2/7

Second, it is important to recognize the economic implications of China’s experience. Mnuchin and Kudlow have assured us that once the virus is controlled there will be an economic rebound.

But there will be no “control” of the virus (at least anytime soon), and no rebound. 3/7

China has recently tried to reopen its economy, but it has not been successful. The recovery has been extremely weak. Even as things open up there, consumer spending remains low, and China still isn’t sure how to reopen the economy without seeing a resurgence of the virus. 4/7

Surely these economic problems have much to do with the number of cases and deaths in China. These are surely much larger by several orders of magnitude than the numbers China has reported. Otherwise we could have expected to see an economic rebound there by now. 5/7

75% of Americans are already under stay at home orders, and more states are shutting down every day. 6/7

75% of the U.S. will not be under stay at home orders indefinitely, but even so, saving and reviving the economy will be a long and difficult process. That, unfortunately, is what China’s experience tells us. 7/7