The Virus and the Economy

U.S. growth will take a hit but Trump has a leadership opportunity.

Partisanship isn't making it easier for the government to respond to the threat of a COVID-19 outbreak in the U.S. Image: Getty Images/Composite: Brad Howard

When markets are stampeding, anyone can get run over. And that’s what happened Friday as White House economic adviser Larry Kudlow spoke the truth that the coronavirus threat will eventually pass and the U.S. will recover. Equities nonetheless fell another 1% or so Friday, and the questions are how much damage there will be to the real economy and what, if anything, can be done about it.

Mr. Kudlow is right to want to prevent a panic and buck up consumer confidence, which has been holding up U.S. growth. He’s also right that...