The economy has collapsed due to this unprecedented challenge of Covid-19. The worst sufferers are the informal sector workers, daily wagers and the poor. We need a complete reboot of our economy and we must ensure that at least now we use this as an opportunity and build an environmentally sustainable model which is human economy, ensuring living wages to all and not perpetuating and furthering inequality.

The pandemic has demonstrated the bankruptcy of national sovereignty. The major threats to humanity are global in character, so mutual aid, cooperation and solidarity must be too.

That we are in the midst of crisis is now well understood. Our nation is at war, against a far-reaching network of violence and hatred. Our economy is badly weakened, a consequence of greed and irresponsibility on the part of some, but also our collective failure to make hard choices and prepare the nation for a new age. Homes have been lost; jobs shed; businesses shuttered. Our health care is too costly; our schools fail too many; and each day brings further evidence that the ways we use energy strengthen our adversaries and threaten our planet.

Well, our hearts go out to everyone. We need to move aggressively to make sure that every person in this country who has the virus, who thinks they have the virus, understands they get all the health care that they need, because they are Americans, that we move aggressively to make sure that the test kits are out there, that the ventilators are out there, that the ICU units are out there, that the medical personnel are out there. But, Jake, if I might also say, that in this moment of economic uncertainty, in addition to the coronavirus, it is time to ask how we get to where we are, not only our lack of preparation for the virus, but how we end up with an economy where so many of our people are hurting at a time of massive income and wealth inequality. It is time to ask this -- the question of where the power is in America. Who owns the media? Who owns the economy? Who owns the legislative process? Why do we give tax breaks to billionaires and not raise the minimum wage? Why do we pump up the oil industry while a half-a- million people are homeless in America? This is a time to move aggressively, dealing with the coronavirus crisis, to deal with the economic fallout. But it's also a time to rethink America and create a country where we care about each other rather than a nation of greed and corruption, which is what is taking place among the corporate elite.

We are entering an alarming situation where many poorer countries will face increasingly burdensome debt repayments while simultaneously attempting to manage an unprecedented public health crisis – all in the context of a very deep global recession. And let us not harbor any illusions that these intersecting crises might bring an end to or the emergence of some kind of "global social democracy." As we have repeatedly seen over the last decade, capital frequently seizes moments of crisis as a moment of opportunity — a chance to implement radical change that was previously blocked or appeared impossible.

The imminent public health crisis facing poorer countries as a consequence of COVID-19 will be further deepened by an associated global economic downturn that is almost certain to exceed the scale of 2008. It is too early to predict the depth of this slump, but many leading financial institutions are expecting this to be the worst recession in living memory. [...] Closely connected to this are the measures put in place by governments and s since 2008, most notably the policies of and repeated cuts. These policies aimed at propping up s through massively increasing the supply of ultra-cheap money to financial markets. They meant a very significant growth in all forms of debt — corporate, government, and household.

Our country is in serious trouble. We don't have victories anymore. We used to have victories, but we don't have them. When was the last time anybody saw us beating, let's say, China in a trade deal? They kill us. I beat China all the time. All the time. When did we beat Japan at anything? They send their cars over by the millions, and what do we do? When was the last time you saw a Chevrolet in Tokyo? It doesn't exist, folks. They beat us all the time. When do we beat Mexico at the border? They're laughing at us, at our stupidity. And now they are beating us economically. They are not our friend, believe me. But they're killing us economically. The U.S. has become a dumping ground for everybody else's problems.

For the next few years times will not be normal. Perhaps people have used the words 'economic crisis' too often in the past. They have shouted 'wolf, wolf' when the animal was more akin to a rather disagreeable Yorkshire terrier. But not now. The crisis that faces us is infinitely more serious than any of the crises we have faced over the past 20 years...With its usual spirit of patriotism and its tradition of service to the community's needs, it is coming to realize that, for the time being at least, the party is over...We are not calling for a headlong retreat. But we are calling for a standstill.

My country has been on the verge of socialism, which has put us in a state of widespread corruption, serious economic recession, high criminality rates and unending attacks on the family and religious values that underpin our traditions.

Our country is in the middle of a profound crisis. This crisis has many causes, but much of it has been brought about by poor leadership decisions at every level of government. In addition, our electoral process is dominated by financial interests that are threatened by the very notion of reform.

Our economy is in a dire state, hence we need to re-focus the economy. We cannot depend on those who have been abusing power and enriching themselves to champion the common cause of the people. The plight of the workers, the farmers and fishermen, they need to be protected.

He talked about the struggling economy, rising inflation, and declining American power abroad.

Even inside Europe there is extreme unevenness in the capacity of states to deal with this crisis — as the juxtaposition of Germany and Greece illustrates — but a much greater disaster is about to envelop the rest of the world. In response, our perspective on this pandemic must become truly global, based on an understanding of how the public health aspects of this virus intersect with larger questions of political economy (including the likelihood of a prolonged and severe global economic downturn). This is not the time to pull up the (national) hatches and speak simply of the fight against the virus inside our own borders.

On 9/11, having friends and allies made all the difference in the world. As we look at the pandemic and a possible second wave, the global economic collapse, the challenge that China and other authoritarian countries are presenting to our democracies, do we really want to face all this alone? Having retreated, are we going to return to our senses and re-establish and strengthen these alliances? That is a rhetorical question, but it’s an important one for Americans.