Saturday 6 June 2020

It's all about jobs now in the US but Boris remains worried

The US it seems has set the example. In May 2.5 million jobs were added to the economy and unemployment dropped to 13.3 per cent. It has taken all the money experts by surprise. Some have even declared that the recession in the US is over and the big recovery is on its way. There are still millions of Americans out of work but these first signs of recovery will give Trump and his reelection hopes a boost. One expert has said it's important to encourage people to go back to work, not give them the incentive to stay at home by continuing to shell out billions of dollars in state aid. Well, provided it's safe to do so, that's not a bad argument. But is every employer ready to introduce sufficient health measures in order to bring their employees back safely? Many people with jobs waiting for them will be worried for their safety. But judging by the extraordinary figure of 2.5 million jobs added in May, I guess it could be true that the US is bouncing back rapidly. I don't see that happening here in UK, partly because the rules and guidelines seem so confusing. Unless workers go back to work, the economy will stay in recession for months if not years. But so far it has been a slow move in the right direction. So much borrowed money has been handed out that we must be near the point where this country's ecoonomy will be damaged for a generation. We here in the UK need to see a massive boost to earnings to generate revenue and tax income but unlike Trump who believes that he has personally beaten the virus, Boris Johnson is focusing much of his attention on avoiding a second surge in infections. There are already worrying signs of rising infections in the northwest and southwest, and lockdown measures will probably have to be reimposed. That will be a disaster for the economy. Boris is getting a lot of flack at the moment. He and his government are being blamed for making a lot of mistakes in dealing with the pandemic and refusing to acknowledge the errors. Instead Boris boasted in parliament that he is proud of what his government has achieved. He still doesn't look well and I suspect his life-threatening virus experience hangs heavily on him. it's clearly a long recovery process and he does not want to be remembered as the prime minister who jumped too early to restore the country to normality. Trump doesn't have such doubts. He thinks he has won and wants everyone to return to normal. The appalling fact that more than 100,000 Americans have died from the virus doesn't seem to affect his determinaton to stir the country back to success. This is the way it's going to be. We in the UK will stumble on with our fingers crossed and with dread in our hearts, but in the US the economy is first and foremost the priority. Who is gooing to get it right? Sweden thought it had done well to be the only country not to impose a nationwide lookdown but now admits it got it wrong. Too many people died in Sweden. Well done Sweden for admitting it. At present neither Trump nor Boris are admitting any mistakes.

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