Billionaire Bill Ackman urges Trump to issue a 30-day 'spring break' shutdown to quell coronavirus's economic impact
President Trump should institute a 30-day shutdown to avoid "economic pain" created by the coronavirus outbreak, Pershing Square Capital Management founder Bill AckmanA prolonged stay-at-home period would curb defaults and foreclosures as the US economy faces its biggest challenge in years, the billionaire investor said. The government should keep only essential services open and pay wages during the unprecedented holiday.
"Mr. President, the only answer is to shut down the country for the next 30 days and close the borders. Tell all Americans that you are putting us on an extended Spring Break at home with family," Ackman wrote. The country has so far reported 115 deaths and more than 6,500 cases across all 50 states. The virus' ability to go undetected contributed to a spike in confirmed cases through March, and the country's exposure will continue to soar if actions aren't taken immediately, Ackman said.
"With exponential compounding, every day we postpone the shutdown costs thousands, and soon hundreds of thousands, and then millions of lives, and destroys the economy," he tweeted. "Please send everyone home now. With your leadership, we can end this now." Other economies would likely follow the US if such drastic plans are put in place, he added, saying a "global Spring Break will save us all."The pandemic has already slashed economic activity through stay-at-home orders, business closures, and event cancellations. Numerous companies have lowered their revenue estimates for future quarters as the outbreak stifles demand and disrupts complex supply chains.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
30 Under 30: Meet The European Media & Marketing Moguls Of TomorrowSteven Bartlett, 27, Founder and CEO of Social Chain started his social media business from a bedroom dorm in Manchester, United Kingdom.
Read more »
30 Under 30 Europe 2020: Here Are The All-Stars Defining Both Sports And GamesFrom football to Counter-Strike, these are the players and makers shaping the sports and games industries ForbesUnder30
Read more »
30 Under 30 Europe: Making Manufacturing And Industry More SustainableThis years Forbes Under 30 Europe list for Manufacturing & Industry features people who are innovating in sustainable ways.
Read more »
30 Under 30 Europe 2020: Here Are The All-Stars Defining Both Sports And GamesMeet the all-stars in this year's ForbesUnder30 Europe list that are defining both sports and games: by MattRyanPerez
Read more »
Coronavirus: EU to ban all non-essential travel for 30 days - Business InsiderEuropean Commission President Ursula Von der Leyen announced the move on Monday afternoon as coronavirus continues to spread across Europe.
Read more »