With 2020 being a presidential election year, it was inevitable that Trump’s performance in this global health emergency would become a campaign issue, which it did almost immediately. And there was plenty to criticize, starting with the Administration’s early, relentless assertion that the disease was “contained” and would have little or no economic effect. Larry Kudlow, Chairman of the National Economic Council, said, on February 25, “We have contained this. I won’t say [it’s] airtight, but it’s pretty close to airtight.”32 Market reactions to these kinds of assertions were decidedly
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