The United States will be in a recession. The question is, will this be a 1987 type of recession or a 2008/2009 type of recession.
If it's the 1987 type of recession, USA will have it good. The plunge will be sudden, but the recovery will also be doable within a short span of time.
North Dakota and Texas won't have oil jobs anymore with how low the price is now.
True. With the sudden decrease on oil demands all over the world, there is no reason why would oil refineries would be wanting to ramp up production--or to even sustain their volume of production currently. The best thing these oil companies could see as to save some money during this crisis is to lay off some employees and just hope for the best.
Unemployment insurance filings have got up 200-1000% within the last week for some states from the lock down.
Their is a 2 trillion dollar stimulus package but I'm not entirely sure how that will help for the most part. Involves giving everyone around 1,200 USD and 500 USD a child.
This would further cripple the economy as everyone and their mothers are eagerly wanting to take out cash from insurance and from the government as a response to the COVID-19 threat. The thing is, the US government never anticipated the worst case scenario and thought that they are somewhat immune against the ravages of the disease, and look where it got them.
China appears to actually be ahead in the stock market for the month of March compared to all the other nations.
Which makes me think that this is an elaborate plan for the world economies to crash while China stays afloat. Then again, it must be more of me being into conspiracies but who knows?