Many believe the US is woefully underprepared for dealing with a coronavirus outbreak in America and predict we will see a Hurricane Katrina-like response scenario occur for the entirety of the United States, anticipating similar mishaps by the federal government, meaning people need to take preparedness into their own hands, including financially.
Democratic presidential candidate Tom Steyer is predicting that the Trump administration’s response to a coronavirus outbreak in America will be a similar political disaster to the one former President George W. Bush had during Hurricane Katrina, except this time it effects not just one state, but the entire nation.
Hurricane Katrina originated on August 23, 2005, making landfall two days later in Florida and then in Louisiana on August 29.
In Louisiana, over 50 breaches in surge protection levees occurred, eventually flooding 80% of New Orleans and neighboring parishes, which remained inundated with water for weeks.
The US government, led by then-president George W. Bush, was heavily criticized for its response to Hurricane Katrina in 2005. Among those criticized were the Bush Administration, Congress, the Federal Emergency Management Agency (FEMA), and the Army Corps of Engineers.
Then, like now, government officials were warned well in advance of Hurricane Katrina’s approach. Among the areas where the federal government was accused of failing was underestimating the number of supplies needed, wasting supplies, confusion, indecision, breakdowns in communication, as well as fraud and abuse.
One of the more obvious fumbles by the federal government was the delayed response to the flooding of New Orleans, Louisiana. Within that, there were failures in sheltering, supplying food and water, and protecting citizens against crime and violence.
Experts are advising people to make their own preparations, similar to preparing for a looming natural disaster. Making sure you have vital supplies on hand.
But they are also advising on another scenario people don’t always think about – financial preparedness.
Fear over the outbreak of a worldwide coronavirus pandemic is sending markets plummeting. On Thursday, the Dow had its worse one-day point drop in history, falling 1,199 points or 4.4 percent sign. The S&P 500 fell 4.4 percent sign, its worst day since August 18, 2011. The NASDAQ ended down 4.6%.
The 10-year US treasury yield also fell to a record low yesterday. At the end of it all, markets have seen their worst week since the 2008 global financial crisis and the panic wiped out $5 trillion.
If you’re looking to make a big or important purchase, some experts say now is the time, adding that if you’re trying to establish credit, do it now.
It’s the time to jump on those easy approval credit cards before approval becomes not so easy, if a recession were to happen.
In 2008, amid the global financial crisis, lending became tightened, making it difficult for many people to get a loan or to refinance their home. Experts believe we could see a similar situation if the coronavirus pandemic reaches a global scale.
Democratic presidential candidate Tom Steyer described President Donald Trump as “incompetent” during an interview on Sirius XM.
“I think this is a huge, huge, deal because this is like George W. Bush with the hurricane and flooding down in New Orleans,” Steyer said. “It’s a total executive failure by an incompetent executive.”
“He’s incompetent – he’s absolutely incompetent,” Steyer said of President Trump regarding his ability to handle a coronavirus outbreak in the United States.
“He [Trump] stripped the Centers for Disease Control (CDC) of its money and of its capability,” Steyer continued. “He’s months late on this.”
“This is a huge deal and he’s turning it over to Mike Pence?” Steyer wondered aloud. “I can’t be more scared.”