Earlier quoted context omitted.
With him, everything was a calculation. Admitting COVID was a serious issue was thought to bring an end to the stock market boom, which was the big economic win for his re-election campaign. The market crashed anyway, before recovering ahead of the election. In any case, 2020 might be the first time enough voters realized that a bull run on Wall St doesn't move the needle much for their own economic well-being.
I don't see how this narrative makes sense, and seems to be yet another example of "4d chess". The market promptly dropped ~30% in March 2020 in response to Covid, but was then inflated with trillions of dollars of newly printed stimulus money. Which, as an aside, has finally filtered into the consumer economy causing much of the price inflation we've been suffering. Realizing Covid wasn't going to go away and coming…
Mostly in blue states! back then, red states where doing fine, but Seattle & New York were the first major epicenters. It was a deliberate political calculus to cast Democratic-led regions as inept. Florida "banned" New Yorkers for a bit. Minimizong COVID also made businesses happy, so it appeared to be a 3-fer for Republicans, until it boomeranged.