President Donald Trump holds up a signed executive order limiting regulations to support economic ... [+] recovery during a Cabinet Meeting in the East Room of the White House, Tuesday, May 19, 2020, in Washington. (AP Photo/Evan Vucci)
It was the state lockdowns that directly did that, of course. "Many businesses and non-profits have been forced to close or lay off workers," Trump continued, "and in the last 8 weeks, the Nation has seen more than 36 million new unemployment insurance claims."
Were you following this:
Facing Adulthood With an Economic Disaster's Lasting Scars - The New York Times
Saddled with debt, and entering a job market devastated by the pandemic, he and millions of his contemporaries face an exceptionally dicey future.
Young adults, especially those without a college degree, are particularly vulnerable in recessions. They are new to the job market — with scant on-the-job experience and little or no seniority to protect them from layoffs. A large body of research — along with the experience of those who came of age in the last recession — shows that young people trying to start their careers during an economic crisis are at a lasting disadvantage.
Valid assumptions or tacky bluff: Newsom's economic forecast | CalMatters
Forecasters across the state have run the numbers and found that — at least in the next three months — overall economic activity will decline and the joblessness rate will remain at an historic high. No Ph.D required to deduce why: Statewide shelter-in-place orders coupled with the reasonable fear of a deadly pathogen have slowed the regular churn of transactions that make up the world's fifth-largest economy.
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Last week, Gov. Gavin Newsom proposed a revised budget for the coming fiscal year that projects a massive gap between the money coming in and the money going out: $54 billion.
Economist Ken Rogoff On Reopening The Massachusetts Economy | Bostonomix
Key to Gov. Charlie Baker's plan to restart the Massachusetts economy is the notion that getting back to work and combatting COVID-19 are two imperatives that must go hand-in-hand; we cannot have one without the other.
In case you are keeping track:
Bill Gates' new reading list includes 'Good Economics for Hard Times'
"Whether you're looking for business insights or just an entertaining read, I think anyone would enjoy his stories about overseeing Disney during one of the most transformative times in its history," Gates wrote about the 2019 memoir. "Iger does a terrific job explaining what it's really like to be the CEO of a large company."
Also making Gates' 2020 list are Dr Edith Eva Eger's The Choice , John Barry's The Great Influenza , and Good Economics for Hard Times by Abhijit Banerjee and Esther Duflo, who shared the Nobel prize in economics last year.
Mnuchin and Powell Warn of Economic Scarring, and Offer Divergent Solutions - The New York Times
In a joint appearance before the Senate Banking Committee, Treasury Secretary Steven Mnuchin and the Fed chair, Jerome H. Powell, offered a stark assessment of the fragile state of the economy as lawmakers and the Trump administration grapple with how to restart commerce and whether additional government support is needed.
Mr. Mnuchin, who acknowledged a painful month ahead, suggested that an expeditious reopening of states was the key to preventing irreversible economic devastation.
Coca-Cola CEO says economic impact of coronavirus is 'just starting'
Coca-Cola CEO James Quincey delivered a grim forecast for the global economy's recovery from the impact of the coronavirus pandemic on Wednesday.
"The economic impact of the lockdown is just starting to begin," Quincey said on CNBC's " Squawk Box ."
In the United States, more than 36 million Americans have applied for unemployment benefits since the coronavirus upended the economy. The Congressional Budget Office said Tuesday that it expects U.S. GDP to plunge 38% on an annualized basis in the second quarter. The International Monetary Fund is forecasting that the global economy will shrink by 3% this year.
Economic Responses To Coronavirus Pandemic Vary Worldwide : NPR
NPR Correspondents Rob Schmitz and Scott Horsley talk about stimulus efforts in the U.S. and Europe and how governments are dealing with sharp and sudden economic downturns during the pandemic.
Happening on Twitter
.@FoxNews is no longer the same. We miss the great Roger Ailes. You have more anti-Trump people, by far, than ever… https://t.co/CyU8CZMc7B realDonaldTrump (from Washington, DC) Tue May 19 01:59:49 +0000 2020
Trump just removed the watchdog investigating Elaine Chao's favoritism for her husband, Mitch McConnell's state.… https://t.co/3BUWza6N8x CREWcrew (from Washington, D.C.) Wed May 20 00:00:33 +0000 2020
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