Not that I expect the White House to read me, but I hope someone talks some sense into Trump’s ear. The Washington Post report that the Trump administration is talking about a “targeted tax cut” as a response to this week’s news means they are still treating coronavirus primarily as a problem for financial markets and Trump’s reelection. Treating it that way is more likely to make it into a market and reelection disaster, not to mention a public-health crisis.


Sending Larry Kudlow out to tell investors to “buy the dip” is not going to reassure investors. There is a very good chance that even if health authorities around the world get control of this epidemic, the market cannot recover its highs this year. Too much manufacturing capacity in China has been shut down. Too many business conferences, trade shows, concerts, and sporting events have already been canceled. There will be profound consequences across the global economy from the dips in airlines, hospitality, and tourism alone. That can’t be reversed. Trump’s presidency could be defined by his response in this moment. If he really can’t see beyond his own self-interest, then someone should tell him that if he can’t run as President of a Roaring Economy, he can still run as someone who responded competently to an unforeseen crisis.