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Keyword: recession

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  • Biden Team, Pushing Quick Stimulus Deal, Prepares for Renewed Recession

    11/22/2020 5:59:21 PM PST · by where's_the_Outrage? · 46 replies
    NYT ^ | Nov 22, 2020 | Jim Tankersley and Emily Cochrane
    WASHINGTON — Advisers to President-elect Joseph R. Biden Jr. are planning for the increasing likelihood that the United States economy is headed for a “double-dip” recession early next year. They are pushing for Democratic leaders in Congress to reach a quick stimulus deal with Senate Republicans, even if it falls short of the larger package Democrats have been seeking, according to people familiar with the discussions. Until now, Mr. Biden, Speaker Nancy Pelosi of California and Senator Chuck Schumer of New York, the Democratic leader, have insisted that Republicans agree to a spending bill of $2 trillion or more, while...
  • The U.S. Economy’s Remarkable Recovery Continues As Biden Plans To Crush It

    11/16/2020 11:41:38 AM PST · by Kaslin · 14 replies
    The Federalist ^ | November 16, | Tom Copeland
    An astonishing 2.2 million more Americans were working in October than in December, and 1.5 million fewer were unemployed.Good news about the economy continued to pour in during Election Week. Predictably, the nation’s establishment press, obsessed with its self-appointed insistence that Joe Biden is the nation’s president-elect, virtually ignored it.On Nov. 6, the government’s October jobs report revealed that the nation’s unemployment rate dropped a full point to a seasonally adjusted 6.9 percent, while nonfarm payroll employment increased by 638,000. The reported unemployment rate smashed expectations that it would only drop to 7.6 percent, while the employment increase beat expectations...
  • A tale of two COVID economies: Red state recovery, blue state recession

    10/15/2020 10:15:47 AM PDT · by Hojczyk · 7 replies
    Just the News ^ | October 15, 2020 - 1:04pm | Carrie Sheffield
    Just the News found that 9 of the 10 states with the lowest unemployment rates are are led by Republican governors (Montana, led by Democratic Gov. Steve Bullock is the lone exception). In startling contrast, 9 of the 10 states with the highest unemployment rates are led by Democrats (the exception being Massachusetts, led by Republican Gov. Charlie Baker, a critic of President Trump). In red states (those voting Republican for president in all four of the last four elections), the combined unemployment rate stood at 6.6%. Among blue states (those that voted Democrat in all four of the last...
  • The Devastating Economic Impact of Covid-19 Shutdowns

    10/10/2020 3:37:38 PM PDT · by george76 · 7 replies
    AIER ^ | October 10, 2020 | Amelia Janaskie .. Peter C. Earle
    the impact of mandated shutdowns ... In response to the Covid-19 pandemic, widespread lockdown restrictions were imposed, ostensibly to keep hospitals from being overwhelmed and medical resources from being consumed to exhaustion. Whether policymakers purposely or out of ignorance disregarded them, the tradeoffs of stay-at-home orders were immediate and severe: a massive spike in unemployment, rivaling the Great Depression ... Among Mideast states, New York’s GDP declined the most: 39.3%. .. long-lasting nature of lockdowns on New York City. Yet compared against all other U.S. states, Hawaii and Nevada’s GDP plummeted the most: both by 42.2%. ... artificial economic slowdown...
  • 15 signs that America’s economic depression is accelerating as we head toward the Holiday Season

    10/06/2020 3:38:38 PM PDT · by Roman_War_Criminal · 19 replies
    economic collapse blog ^ | 10/5/20 | Michael Snyder
    Hardly anyone expected that things would get this bad in 2020. Once the pandemic hit and states all over the country started instituting lockdowns, economic activity collapsed dramatically. U.S. GDP was down 31.4 percent during the second quarter of 2020, and that was a drop without parallel in all of U.S. history. In fact, that decline was more than three times as large as the previous record. But eventually states started to “reopen” their economies, and U.S. GDP for the third quarter is expected to show a significant rebound when the numbers are finally released. Of course we still aren’t...
  • Almost 30 Million Americans Went Hungry Last Week As Recovery Stalls

    07/30/2020 11:46:28 AM PDT · by SeekAndFind · 48 replies
    USSA News ^ | 07/30/2020 | Tyler Durden
    A depressionary perfect storm continues to crush households as tens of millions of Americans are reporting they didn't have enough to eat last week (the seven days through July 21). Bloomberg cites the Census Bureau's latest weekly Household Pulse Survey, revealing almost 30 million Americans went hungry last week. About 23.9 million of 249 million respondents said they had "sometimes not enough to eat." Around 5.42 million indicated they had "often not enough to eat." This is the highest total of hungry Americans in the survey since early May, which was around the time when food bank lines across...
  • The World Is Drowning In Debt; New debt is not going to boost the recovery, it will likely prolong the recession.

    07/13/2020 9:29:33 AM PDT · by SeekAndFind · 25 replies
    Daniel Lacalle ^ | 07/13/2020 | Daniel Lacalle
    According to the IMF, global fiscal support in response to the crisis will be more than 9 trillion US dollars, approximately 12% of world GDP. This premature, clearly rushed, probably excessive, and often misguided chain of so-called stimulus plans will distort public finances in a way in which we have not seen since World War II. The enormous increase in public spending and the fall in output will lead to a global government debt figure close to 105% of GDP. If we add government and private debt, we are talking about 200 trillion US dollars of debt, a global increase...
  • EU faces deeper recession than expected: European Commission

    07/07/2020 9:18:41 AM PDT · by Olog-hai · 3 replies
    Deutsche Welle ^ | 07.07.2020 | kp/rc (AFP, dpa, Reuters)
    The Eurozone economy will fall into a deeper recession this year than initially thought, and the recovery in 2021 will be less robust, according to an updated economic forecast released by the European Commission on Tuesday. The revised forecast predicts the economy of the 19 nations that use the euro will shrink 8.7% in 2020 before recovering by 6.1% next year. For the 27 countries that comprise the EU, a downturn of 8.3% is expected in 2020, before growing 5.8% in 2021. This means that in 2021 Europe will still be worse off than before the global outbreak of COVID-19...
  • Economic numbers suggest a recession on its way out the door

    07/07/2020 8:30:24 AM PDT · by SeekAndFind · 13 replies
    Washington Examiner ^ | 07/07/2020 | Tim Worstall
    The grand economic question of our time is not the coronavirus, nor the lockdown, but how quickly do we put this all behind us? We know we're in a recession, and we know what has caused it, obviously enough. What we don't know is whether this time around will be like the recession of 1920, wherein by 1921, we couldn't quite see that it actually even happened, or whether it will be more like the events starting in 1929, when it took at least a decade to claw our way back. The answer will tell us a lot about the...
  • Faltering State Budgets During Recessions Can Lead to Harmful State Tax Policy

    06/08/2020 1:41:33 PM PDT · by Kaslin · 3 replies ^ | June 8, 2020 | Andrew Wilford
    In the aftermath of the passage of the CARES Act, American taxpayers are receiving much-needed assistance from Uncle Sam. Yet even as $1,200 checks from the federal government have made their way into American pockets, they may soon find that some states feel they are in just as desperate a financial situation as the taxpayers they serve are.  Most states have either a legislative or constitutional requirement to maintain a balanced budget, and in practice each state operates as though it is bound by a balanced budget requirement. While this is a good policy to ensure that states budget responsibly,...
  • The Retail Model - From National Anchor to the Corner Store

    05/27/2020 2:45:46 PM PDT · by jfd1776 · 9 replies
    Illinois Review ^ | May 27, 2020 A.D. | John F Di Leo
    For years, friends walked through the mall, chuckling as they passed that funny counterculture store, on their way to the department store that served as an anchor at that end of the mall. They only came for the big department store, for its holiday sales and gift cards, and the licensed sweatshirts and jackets that they wore everywhere. They never noticed, but they often passed another group, going the other way. That group would enter at the department store entrance because they liked parking there, but they’d never shop in it; they liked the little boutiques down the aisles; that’s...
  • A Day at the Mall: Back When Shopping Was Fun

    05/20/2020 1:52:59 PM PDT · by jfd1776 · 28 replies
    Illinois Review ^ | May 20, 2020 A.D. | John F Di Leo
    For at least two hundred years, one of the goals of the retail industry has been to make shopping fun – to make a trip to the general store, or the downtown retail district, or the indoor mall an enjoyable, even entertaining experience. Stores are designed with an eye to bright colors and comfortable surroundings. Malls have been built with stages in the wings, so they could bring in high school choirs for Christmas caroling, or personal appearances by pop stars or children’s TV performers. Department stores like Nordstrom’s, and grocery stores like Mariano’s spend the money for both a...
  • U.S. freight railroads log another dramatic decline in traffic

    05/15/2020 7:26:25 PM PDT · by buckalfa · 25 replies
    Progressive Railroading Magazine ^ | May 14, 2020 | Progressive Railroading Magazine Staff
    U.S. freight-rail traffic plunged 22.1 percent to 412,549 carloads and intermodal units during the week ending May 9 compared with the same week a year ago, Association of American Railroads (AAR) data shows. Railroads logged 185,144 carloads, down 28.4 percent, and 227,405 containers and trailers, down 16 percent. None of the 10 carload commodity groups that AAR tracks on a weekly basis posted increases. Among the commodity group decreases posted during the week, coal was down 34,111 carloads to 46,515; motor vehicles and parts were down 14,876 carloads to 2,108; and metallic ores and metals were down 7,513 carloads to...
  • Coronavirus lockdown pushes Germany into recession

    05/15/2020 10:13:50 AM PDT · by Olog-hai · 15 replies
    Deutsche Welle ^ | 05.15.2020 | kp/rt (AFP, dpa)
    The German economy contracted 2.2% in the first quarter of 2020, the worst result since the 2008 financial crisis. Experts had expected a contraction of around 2%. The latest data, released by the federal statistics authority Destasis on Friday, also showed revisions to 2019 fourth-quarter figures from zero growth to a contraction of 0.1%. This means Germany is now in a recession, defined as two consecutive quarters of negative economic growth. The first quarter figures are only a partial indication of how much the pandemic has harmed Europe’s largest economy. […] GDP is expected to shrink even further in the...
  • California State employees to take a 10% pay cut

    05/14/2020 9:21:28 AM PDT · by MeganC · 35 replies
    Several sources ^ | 5.14.2020 | MeganC
    I'm hearing on email and on the web that California State government employees are going to take a 10% pay cut and perhaps be forced to take two unpaid days off every month. No talk at all of cutting aid for illegals or cutting any other vote-buying social programs.
  • The Economy Won’t Recover Until Americans’ Coronavirus Fears Fade

    04/14/2020 7:59:14 AM PDT · by Kaslin · 55 replies
    The Federalist ^ | April 14, 2020 | Christopher Jacobs
    If the American public stays home en masse even after public officials lift stay-at-home orders, the ‘re-opened’ economy will look nearly as morose as the current one. If we reopen it, will they come? That paraphrase of the signature line from “Field of Dreams” illustrates a dilemma facing the Trump administration, along with state and local leaders, as they contemplate when and how to reopen elements of the economy shut down by the coronavirus pandemic.Just because the Trump administration gives word that individuals and businesses can reopen doesn’t mean that most, or even any, of them will do so.A dozen...
  • Trump Organization has laid off about 1,500 employees as pandemic hits business

    04/04/2020 3:21:57 AM PDT · by DoodleDawg · 13 replies
    Washington Post via MSN ^ | 4/3/20 | Josh Partlow, Jonathan O'Connell, David Fahrenthold
    The Trump Organization has laid off or furloughed about 1,500 employees at hotels in the United States and Canada as the coronavirus pandemic inflicts further pain on the president’s private business. With most of President Trump’s hotels and clubs closed amid stay-at-home orders around the world, the Trump Organization has responded by slashing costs, much like other companies in the hospitality and tourism industries. The Trump Organization has laid off or furloughed employees at hotels in New York, the District of Columbia, Miami, Chicago, Las Vegas, Vancouver and Honolulu, according to public filings and people familiar with the properties, including...
  • The Painter and the Shutdown

    04/03/2020 9:19:40 PM PDT · by jfd1776 · 8 replies
    Illinois Review ^ | April 3, 2020 A.D. | John F Di Leo
    As we watch our jobless claims skyrocket, our businesses close, and our government print currency in an effort to make us feel better about it, this may be a good time to take a step back, and consider what economic activity really is, at its heart. What is money? How is wealth created? It’s a complex question, but as bureaucrats crank up their printing presses and argue about where to send those crisp new dollar bills, we may be better off taking a step back and considering the subject “from 30,000 feet,” as the saying goes. THE PARABLE OF THE...
  • Calculations About The Total Cost Of Coronavirus Shutdowns And Lockdowns Are Made – The Results Are Devastating

    04/02/2020 11:00:44 AM PDT · by USA Conservative · 28 replies
    Conservative US ^ | 04.02.2020 | Alex Hall
    If this government-ordered shutdown continues for much more than another week or two, the human cost of job losses and bankruptcies will exceed what most Americans imagine. This won’t be popular to read in some quarters, but federal and state officials need to start adjusting their anti-virus strategy now to avoid an economic recession that will dwarf the harm from 2008-2009. Much of the world economy has shuddered to a halt. In the United States alone, a record 3.3 million people filed for unemployment benefits in late March. President Donald Trump once mused about lifting pandemic restrictions by mid-April to...
  • We’re Following A One-Size-Fits-All Coronavirus Strategy Right Into A Great Depression

    04/01/2020 6:15:43 AM PDT · by Kaslin · 106 replies
    The Federalist ^ | April 1, 2020 | Ben Domenech
    While this shutdown has already done enormous damage, it is the uncertainty about when and how it will reopen that could prove far more destructive in the long run. Our leadership class responded to the outbreak of the coronavirus by shutting down the economy on a nationwide scale. While this will mitigate the loss of life the virus might otherwise have caused, it’s clear we’re also confronting a challenge no medical innovation can cure. We face an unprecedented situation — not a global pandemic, we’ve seen those before, but a modern capitalist economy that turned itself off for potentially more...