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T he coronavirus pandemic has taken an inconceivable toll on the American economy. It's caused the highest unemployment rate since the Great Depression, decimated millions of small businesses, and set off a wave of big corporate bankruptcies.
Since March, Washington lawmakers have been scrambling to prevent a full-scale economic meltdown while managing a public health crisis. So far, they've passed four major pieces of coronavirus rescue legislation (more on that below) anchored by the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, the largest economic stimulus package in American history.
While you're here, how about this:
Self-Driving Money Is Coming To Consumer Fintech
To really understand the value of consumer fintech, though, we need to view these platforms as the fundamental building blocks for autonomous finance, which will reshape how we interact with money.
The second step is where the 'autonomous' part comes in. Connected fintech services will use a combination of common-language rules set by the user and machine learning to manage money in the background. This goes a step beyond setting a retirement goal on a roboadvisor: I should be able to say "whenever I have spare money laying around, other than what I need for day-to-day expenses, reinvest it into whatever earns the highest return."
Australian Reserve Bank Blasts Money Printing: 'There's No Free Lunch'
Australian Reserve Bank governor Philip Lowe has taken a swipe at the concept of money printing, as further fiscal stimulus measures are rolled out in the country amid the ongoing pandemic.
In a speech in Sydney on Tuesday, the central bank boss said the government could borrow "on very favorable terms" and said public debt was currently much lower than in many other countries. Calls for money printing are misguided he said:
"There is no free lunch. The tab always has to be paid and it is paid out of taxes and government revenues in one form or another [...] The message here is that somebody always pays."
Another Problem on the Health Horizon: Medicare Is Running Out of Money | Kaiser Health News
Everyone involved even tangentially in health care today is completely consumed by the coronavirus pandemic, as they should be. But the pandemic is accelerating a problem that used to be front and center in health circles: the impending insolvency of Medicare.
With record numbers of Americans out of work, fewer payroll taxes are rolling in to fund Medicare spending, the numbers of beneficiaries are rising, and Congress dipped into Medicare's reserves to help fund the COVID-19 relief efforts this spring.
Not to change the topic here:
Luxuries do still exist during the pandemic, 'if you have the money.' - The New York Times
In a Covid-19 world, crowds and lines are more than just inconveniences — they are threats to health and, in some cases, to survival.
Thus, the pandemic has given wealthy customers an even stronger incentive to take advantage of luxury services that physically separate them from the masses.
Deluxe in-home manicures and pedicures for $125, an entire auditorium at a movie theater for $350, and socially distanced in-store appointments at Bergdorf Goodman — these offerings are an extension of a trend that predates the virus, an invisible velvet rope rising between the wealthiest Americans and everyone else on airplanes, on cruise ships, even in the health care system. They allow wealthy customers to skip to the front of lines and avoid crowds, hassle and wasted time.
7 Ways to Double Your Money (Fast)
Clinical Researcher in Seattle, WA - Money Diary
New law will mean more jobs and money for Kentucky once alcohol shipments can begin, Rep.
Kentuckians can soon get alcohol shipped to their home from in and out of state producers under a new bill passed by lawmakers during the 2020 session.
House Bill 415, sponsored by Rep. Adam Koenig, allows producers to ship wine, spirits, and beer directly to consumers.
In an interview with The Bottom Line, Koenig noted it was a long road for Kentucky to get to this point with alcohol shipment.
"Before this law passed, only the Kentucky's small farm wineries were allowed to ship and a Kentuckian could not legally ship in wine from Napa Valley or any other type of delivery," Koenig said.
Happening on Twitter
@AndrewYang It's just a bike though. We're in the middle of a pandemic where a third of the country wasn't able to… https://t.co/zfJgpWpeoF scottsantens (from New Orleans, LA) Tue Jul 21 20:17:55 +0000 2020
$50 billion. That's the minimum amount of money we need to keep the childcare system afloat. That's what I asked f… https://t.co/VvbBwttEFH MassAGO (from Massachusetts) Tue Jul 14 18:49:56 +0000 2020
PS2/ The problem isn't so much the money as the administrative obstacles. You'd need Bloomberg agents personally ac… https://t.co/KHTykqOhqK SethAbramson (from All views are my own.) Thu Jul 16 18:52:25 +0000 2020
To break even, airlines need to sell about 75% of a plane's seating capacity — 8 percentage points higher than an a… https://t.co/uuZLUI80NC FinancialTimes (from London / New York / Hong Kong) Mon Jul 20 08:00:07 +0000 2020
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