The United States has become the second source of “the biggest failed country in the fight against COVID-19”


Washington, Feb. 15 (Xinhua) –(reporter xu yuan the highs) under the new crown outbreak, the United States to become the “largest anti epidemic failure”, an important reason is that compared to the public life and health, the U.S. government on economic data, focuses on “life”, “economy” to “drop” of money to stimulate the economy, messy on the disease resistance, lead to infection and death cases continuously rapid growth,Both have long been the world’s number one.Although the us economic stimulus measures have led to record highs in the stock market and improved economic data, they have also led to serious inflation, more difficult life for people at the bottom, a widening gap between the rich and the poor, and global financial market volatility, which has hindered economic recovery in other countries.There are few items on the shelves of a store in Washington, D.C., Jan. 10, 2008.(Xinhua/Shen Ting) Since the outbreak began in the United States, the US government has deliberately downplayed the severity of the epidemic and hastily eased quarantine restrictions several times before it was effectively brought under control.”Encourage the economic and social restart, try to downplay the new wave of the epidemic”, “no longer focus on the epidemic”…This is the reason behind the repeated rebound of the epidemic in the US and the record number of confirmed cases reported by the US media.The US government had the opportunity to play a positive role in slowing the spread of the virus, including guiding people to shed cultural biases and adopt effective practices to contain the spread of the virus and avoid complications, but chose instead to put more emphasis on restarting the economy, said Hime Slot-Asey, a pathologist at the University of Minnesota.No sooner had the number of new CORONAVIRUS cases in the US slowed recently than officials in New York state and elsewhere announced the lifting of measures such as the “mask ban”.The move sparked fears of a resurgence in the United States.With an average of more than 2,000 people still dying every day from COVID-19 in the United States, “we’re not at a point where we can co-exist with the virus,” noted Emory University epidemiologist Jody Gerst.The US government has been repeatedly grilled about whether to “protect the economy” or “protect human life”.Yet from American politicians taking to the Internet to hail record economic indicators, to hospitals everywhere filling up and doctors quitting in droves due to overwork, the choice of America’s rulers is clear.Medical staff prepare to admit a patient to the emergency room at a hospital in New York, the United States, On December 13, 2021.(Xinhua/Wang Ying) The rich benefit, the poor suffer The us government’s massive stimulus package, although the economy appears to be performing “well”, has only benefited a small group of wealthy people.The middle and low income groups are not only struggling to share in the pie, but also suffering the most from the side effects of economic stimulus measures.Since the outbreak of COVID-19, the US government has launched several large-scale economic rescue plans.The move to send cash checks directly to American households may look like a blanket approach, but it fails to target vulnerable groups.The funds of the “salary protection scheme” for employees of small enterprises are “cut off” by some large enterprises that are not eligible to apply for it. The wallets of large enterprises are getting fatter, and many small enterprises fail to get “life-saving money”.The Fed’s ultra-loose monetary policy has driven up asset prices and lowered borrowing costs, stoking a stock market rally and enriching the wealthy.Between March 2020 and January 2021, the combined wealth of more than 600 U.S. billionaires increased by 38.6% from about $2.947 trillion to $4.085 trillion.But loose monetary policy has led to rampant inflation, with us consumer prices rising 0.6 per cent in January from the previous month and 7.5 per cent from a year earlier, the biggest year-on-year rise since February 1982.Inflation deprives low – and middle-income people of their real working income and exacerbates the unequal distribution of social wealth.The cost of the US government’s failure to fight the pandemic is also borne by the lower and middle income groups.Given the high cost of health care, the wealthy can afford to take better precautions and get treatment first if they are infected.The low income group cannot afford medical expenses and cannot get timely treatment, exacerbating the spread of the virus.According to the U.S. Centers for Disease Control and Prevention, the infection rate of whites, who have more social resources and wealth, is much lower than that of AfricAn-Americans and Hispanics.A passer-by wearing a mask walks past a bronze bull sculpture near the New York Stock Exchange in New York, the United States, December 21, 2020.(Xinhua News Agency reporter, Wang Ying) Negative effects affect the global dollar is the world’s most important reserve currency, the United States holds the global monetary hegemony.When confronted with economic crises, the United States used to respond with ultra-loose monetary policy. By transferring the cost of policy adjustment to other economies, the United States realized that “the world pays for the money the United States spends”.Despite the economic shock caused by COVID-19, the United States is still following this path.With the US economy continuing to recover and facing inflationary pressures, the Fed is widely expected to raise interest rates in March for the first time since the outbreak.If the Fed were to tighten monetary policy faster, this would trigger a rise in the dollar and reduce global liquidity.Emerging market developing economies will have to face higher debt servicing costs and less capital flows to these economies, affecting their economic recovery and their ability to service their debt and undermining a stable global recovery.Oliga Berenicaya, head of macroeconomic analysis at Finam Russia, said: “If the Fed unexpectedly tightens monetary policy too much, it could lead to a collapse in financial and commodity markets, defaults and recessions in the ‘weak links’ of the world economy.”She said the 2008 global financial crisis was triggered by the U.S. subprime mortgage crisis, which was triggered by the Fed’s sharp tightening cycle.Similarly, in its January Update to the World Economic Outlook, the International Monetary Fund cited tighter monetary policy in the US and other advanced economies as one of the downside risks to global growth.The IMF noted that tighter monetary policy, in the absence of clear policy communication, could affect financial stability as many sectors of the economy remain financially vulnerable.

Leave a Reply

Your email address will not be published.