WASHINGTON — Walter Isenberg is the sort of business owner President Trump has in mind when he talks about the need to start lifting coronavirus lockdowns and reopen the American economy. Mr. Isenberg's hotel and restaurant group in Denver has seen its revenues drop from $3 million a day last year to $40,000 a day now.
"It's just going to be a very long and slow recovery until such time as there is a therapeutic solution or a vaccine," Mr. Isenberg, who has furloughed more than 5,000 of his 6,000 employees, said in an interview. "I'm not a scientist, but I just don't see the psyche of people — I don't see people coming out of this and rushing out to start traveling and having big conventions."
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11 ideas for economic stimulus to save the US from unemployment and recession - Vox
The American economy is in crisis, with record-setting new unemployment insurance claims likely pushing the overall jobless rate to its highest point since the Great Depression.
And even as President Donald Trump talks optimistically about "opening up" the economy again, the serious plans for doing so make it clear that even under the best-case scenarios, there's going to be no rapid return to normal .
Developing and distributing a vaccine for Covid-19 will likely take at least a year, and until that happens, no edict from the White House is going to change the fact that significant sectors of the economy are going to be hamstrung by either state and local closure orders or basic individual or community-level caution about avoiding crowded places and unnecessary outings.
Middle East Set For Sharp Economic Fall Due To Covid-19 "Great Lockdown" Says IMF
An aerial view of Dubai, the Gulf region's commercial hub, at sunset on December 23, 2018. (Photo: ... [+] Rustam Azmi/Getty Images)
The latest prediction is slightly worse than for the global economy, which is expected to shrink by 3% this year. These figures are based on the assumption the lockdown conditions that governments have imposed will peak in the second quarter of this year and start to be reversed in the second half.
However, if lockdown conditions have to be sustained for a longer period, then the outlook will darken further. As it is, the so-called "Great Lockdown" will represent "the worst recession since the Great Depression, and far worse than the Global Financial Crisis," according to Gita Gopinath, economic counsellor and director of the IMF's Research Department.
Donald Trump is wrong, the economic hit of the coronavirus will last for years | Business | The
Donald Trump tells us that once Covid-19 is contained and it is safe to go back to work, the economy will be "great again". Is the US president right?
There is at least one reason to think he is. After all, unlike a hurricane or earthquake, the pandemic has caused no damage to the physical capital stock. It follows, Trump and his advisers argue, that we can pick up where we left off. The economy took a time-out but now output will rebound swiftly to pre-crisis levels and growth will proceed as before.
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Sp-oiler alert - A historic OPEC+ deal to curb oil output faces many obstacles | Finance and
MORE THAN one month after the onset of a bitter price war, the world's biggest oil producers came to a truce. On April 12th the Organisation of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and its allies, led by Russia, said they would limit production by nearly 10m barrels a day from May through June, the largest cut ever. What is more, the countries said they would continue to restrain production, albeit less strictly, for two full years.
The historic scope of the deal is a testament to the severity of oil's current crisis. Covid-19 has prompted an unprecedented plunge in oil demand, as workers stay home, planes are grounded and economic activity screeches to a halt. That has threatened oil companies the world over, including in America, which in 2018 became the biggest producer of crude. The new oil deal is a victory for President Donald Trump, who had pushed Saudi Arabia and Russia to support prices.
The False Choice Between Science And Economics - The Bulwark
Some, including many on the Trumpist-right, are consumed by the impact of the economic pain, and tend to cast themselves as sensible pragmatists trying to recapture the country from catastrophizing, pointy-headed academic scientists who never much liked the president anyway.
This concern isn't intrinsically unreasonable. Most academics neither like nor trust the president. There is also a natural tendency for physicians to prioritize conditions they encounter frequently—or which hold particular saliency because of their devastating impact—and pay less attention to conditions or recommendations that may be more relevant to a population as a whole.
UK does not face health versus economics choice over coronavirus: Sunak | News | 1330 &
LONDON (Reuters) - British finance minister Rishi Sunak said the government was not facing a choice between slowing the spread of the coronavirus or protecting the economy.
"It's clear we must defeat this virus as quickly as possible," Sunak told BBC television. "That is not a choice between health and economics. That defies common sense."
Some media have reported tensions between Sunak and health minister Matt Hancock over the duration of the government's coronavirus lockdown which is hammering the economy.
COVID-19: Economists predict how the global economy will recover | World Economic Forum
Happening on Twitter
People do realize that when you "flatten the curve" you extend the length of the outbreak by a factor of 3, right?… https://t.co/7r2n8BQvpN mitchellvii (from Miami, FL) Sun Apr 12 22:46:42 +0000 2020
Governors and mayors acknowledged the delicate balance between aggressively combating the virus and limiting the ec… https://t.co/h52nZ1l4Am nytimes (from New York City) Mon Apr 13 02:40:04 +0000 2020
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