Coronavirus Update: What You’re Not Hearing on the News
The longer coronavirus drags on, the more frustrated I become with the mass media and their inability or unwillingness to report on it with any modicum of décor. Instead, it’s the same old, “if it bleeds it leads” mentality for which they have become so disliked. One by one, they perch in front of a microphone to breathlessly report the latest coronavirus infection numbers. It’s no wonder people have turned, en masse, to other sources for their information.
The intention of this article is as a brief update on how the coronavirus issue is unfolding in real-time. Here are two screenshots of the Johns Hopkins website that has a running tally of the global coronavirus cases, which you can access yourself if you choose.
Coronavirus By the Numbers
As you can see, on February 27th, 33,252 of the 82,549 confirmed cases of coronavirus had fully recovered. We covered – this in our update Coronavirus, the Markets, and the Economy.
That’s 40.28%, and the recovery rate was rising rapidly. Total deaths from the virus were 2,810, or 3.4% of the total cases globally. That’s a 96.6% survival rate! Moving forward one week to today, you can see the total number of cases has increased by 18,076 to 100,625. And that is ALL you hear on the news. What they should be telling you is that the number of recoveries has increased by 22,501people for a total of 55,753.
That means that now, in one week, the recoveries from coronavirus infection jumped from 40.28% of global cases to 55.4%, and it is still rising rapidly. The death toll has increased by 600 people in the last week, and the survival rate globally is now 96.62% of cases. You don’t hear ANYONE on television talking about that. Instead, they breathlessly report every single new case as if the world is about to stop spinning on its axis.
The sooner the truth about this unfortunate virus outbreak is reported by those who SHOULD be reporting it, the sooner we can put the hysteria to rest. And in my opinion, that can’t come quickly enough. Tragically, this virus has killed 3,410 people, without a doubt. But again, perspective is required. MedicineNet posted an article referencing numbers from the CDC that shows the flu kills between 291,000 to 646,000 people worldwide every year. I don’t remember the global economy shutting down for the flu…do you?
Coronavirus Update: It’s Time for Cooler Heads to Prevail
So, can we please stop the madness? Can we report on the fact that we’ve done an excellent job, China notwithstanding, of keeping the coronavirus outbreak pretty well contained? Please?
The reality is that we’ll probably continue to see the markets gyrate wildly as this plays itself out, and we’re keeping a keen eye on all of this for you. We’re re-evaluating what our next move should be to keep your money as safe as we can, without succumbing to the media-induced panic ourselves. We plan to update you regularly about coronavirus and the markets.
As I write this, the job growth and unemployment numbers for February “smashed” expectations. We saw payrolls rising by 273,000 and unemployment falling to 3.5%. Mortgage rates, according to the Wall Street Journal, just hit their lowest level EVER.
Both of these stats are indicative of a strong and growing economy. It’s also a consumer-friendly atmosphere that should perpetuate that growth for a good while.
I’m confident that the U.S. will do as it always has, and calmly take the lead in this latest hysteria. We’ll be guiding the rest of the world back to sanity and productivity.
Do you have concerns about how coronavirus might impact your ability to retire? Let us help you figure that out, give us a call at 913-393-1000 or schedule a complimentary consultation below and we will be in touch.
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The views expressed represent the opinion of Modern Wealth Management an SEC Registered Investment Advisor. Information provided is for illustrative purposes only and does not constitute investment, tax, or legal advice. Modern Wealth Management does not accept any liability for the use of the information discussed. Consult with a qualified financial, legal, or tax professional prior to taking any action.