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The US government is in danger of shutting down the crisis

The US government is in danger of shutting down the crisis and worrying about the US recession or happening ahead of schedule?

December 26, 2018 08:12 Source: Global Times

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[Global Times in the United States, Japan, Germany, special correspondent Li Yong, Li Zhen, Qing Mu, Wei Hui, Wang Wei] Is there a worse Christmas than this? The US government, which is facing a "closed crisis," has suffered another blow. On the 24th, the day before the Christmas in the West, the US stock market plummeted, and the three major stock indexes all fell more than 2%, setting the worst Christmas Eve performance in the history of US stocks. So far, two of the three major US stock indexes have fallen more than 20% from this year's high point, and they have entered the bear market technically. Earlier this year, the US stock market was once proud of President Trump's political achievements, but now it seems to be a burden.

A few days ago, the US Department of Commerce announced the economic growth rate in the third quarter, with an economic growth rate of 3.4%, and the slowdown was slightly higher than expected. Analysts worry that the US economy will slow down as various uncertainties intensify. Reuters said the Trump administration's $1.5 trillion tax cuts boosted economic growth, but the US economy appears to be slowing further in the fourth quarter due to the expansion of the trade deficit, weak corporate equipment spending and a weak real estate market. As the fiscal stimulus gradually subsided, the impact of the trade war gradually emerged, coupled with the weakening of the dollar, which is expected to continue to slow down to 2019.

The New York Times said on the 25th that the biggest worry in 2019 is not the economic recession. What is really worrying is the policy turmoil. Small shocks may also trigger a broader crisis of confidence.

Not far from the White House, Trump had personally attended the lighting ceremony of the national Christmas tree once turned off the lights, and then re-lighted with the help of the charity foundation. Agence France-Presse said on the 24th that the fate of the national Christmas tree has become a symbol of the dysfunction of the US government. Its management, the National Park Service, is one of the government agencies that "closed" due to funding issues.

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On the 25th, 800,000 federal employees affected the US government to "close the door" to enter the fourth day. As the members of the parliament went home for the Christmas holiday, there was still no progress in the deadlock. According to Malwani, Acting Director of the White House Office, the “closed door” is likely to be delayed until 2019. CNN said that a senior government official said that national security decisions are now "basically stopped operating."

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The Washington Post stated that the government’s “closed door” indicates the fact that we have not formulated policies in an orderly and sensible manner. Rivlin, who served as director of the White House Office of Management and Budget during Clinton, said: "This adds uncertainty, and the biggest impact is about what will happen next," said economic analyst Dion Swank. The government closed the door with "a straw on the camel's back - straw is accumulating." She said she is worried about the recession at the end of 2019 or early 2020, "this kind of thing may cause the recession to happen ahead of schedule."