Americans Sour on Biden, Economy
By Tim Smart | Oct. 22, 2021
Biden is facing growing disillusionment among Americans that he can fix the problems brought on by the coronavirus pandemic, even as the virus shows itself to be remarkably resilient nearly two years after it first surfaced in Wuhan, China.
What makes the current situation so tenuous is that there is really no modern-day precedent for the coronavirus. Those who have studied pandemics say that their effects last for a while and are largely disruptive to the norm on a scale that is not often recognized in advance. And, as for recessions, they tend to be formally recognized as such a year or more after they are determined to have begun.
"The data says this pandemic is not over," says David Kotok, chairman and chief investment officer at Cumberland Advisors. "The upsurge of a new variant in the U.K. says this is not over."
Kotok has been studying the various demographic shocks brought on by, and in some cases exacerbated by, the coronavirus, including years of life lost among younger people, America's declining birth rate and the impact of "long COVID" symptoms on those of working age.
"We expect (years of life lost) to be a cumulative double by the end of this year to about 40 million," Kotok says. "And that is only the U.S. Worldwide, this estimate is huge. Life expectancy will again decline, and total U.S. population may also decline. These are massive changes for American markets and economic recovery."
He terms the current situation "a demographic shock of a once-in-a-hundred-years magnitude. "The COVID shock rivals that of World War II. It may be larger."
Which means for Joe Biden, it is all about COVID and how long it continues to affect America and its economy.
Read the full article at the U.S. News & World Report website: https://www.usnews.com/news/the-report/articles/2021-10-22/joe-biden-has-bigger-problems-than-joe-manchin-or-kyrsten-sinema
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