Economy is entirely at will of coronavirus’ ‘bad behavior’: John Bussey
July numbers will stick to 'status quo' of high unemployment, Bussey said
The performance of the U.S. economy is currently a function of the coronavirus pandemic's "very bad" behavior and how America is managing it, Wall Street Journal Associate Editor John Bussey told the “Fox News Rundown" podcast.
Bussey said the country as a whole is seeing a lack of plans to address the pandemic’s uncertainty, leaving it up to the states to act individually.
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“It's led us to rather substantial and worrisome outbreaks in one set of states after another, inability for planners to say, ‘we're going to go back to school, we're not going to go back to school... It's safe to go back to work or it's not,’” he said.
“And all of that's being defined by the failure of the management of the coronavirus crisis.”
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FILE - In this June 30, 2020, file photo, people wait in line at a walk-up testing site for COVID-19 during the new coronavirus pandemic, in Miami Beach, Fla. As coronavirus cases surge in hard-hit Florida, so do the turnaround times for test results
According to Bussey, economic numbers for July will follow a “status quo” which will include high unemployment and large economic contraction.
Bussey said U.S. companies will also begin to take on leadership in the absence of a national coronavirus program, as some countries like Germany and Australia have successfully carried out.
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“You'll see continuing coronavirus cases until there is a national program and companies and individuals adapting to that,” he said.
“You'll see leadership at the episodic company level and you'll see some states do a little bit better than others. But of course, there’s going to be a flow back into those states of coronavirus cases from other states that have not managed this well. And that'll be the status quo.”