Monday, October 5, 2020

Calamities Challenge California’s Economic Foundation - The New York Times

SAN FRANCISCO — Businesses shuttered by the pandemic are slowly reopening, but technology complexes are quiet, their workers carrying on from home indefinitely. The smoke-filled skies had started to clear, but new fires have arrived in a fierce wildfire season that shows the intensifying effects of climate change.

Now California and its $3 trillion economy are confronting a profound question: How much will go back to normal, and how much has been permanently changed?

Date: 2020-10-05T15:53:58.000Z
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Quite a lot has been going on:

The pandemic's shadow harvest - Will the economic and psychological costs of covid-19 increase
Publisher: The Economist
Twitter: @TheEconomist
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New Deadline For Claiming $1,200 Economic Stimulus Payments: November 21

If you're eligible to receive the Earned Income Tax Credit or the Child Tax Credit, you can't use the non-filer tool. Instead, you must file a regular tax return for 2019 as soon as possible, and the IRS will use that information to calculate your stimulus payment, if one is due.

Why the November 21 cutoff? The 2021 filing season is looming! "The IRS is deeply involved in processing and programming that overlaps filing seasons. Any further extension beyond November would adversely impact our work on the 2020 and 2021 filing seasons," said IRS Commissioner Chuck Rettig.

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Publisher: Forbes
Date: 2020-10-05
Author: Ashlea Ebeling
Twitter: @forbes
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Economists growing less optimistic about outlook for U.S. economy - MarketWatch

The road ahead for the U.S. economy looks rockier now than it did in June, according to a survey of economists released Monday.

While growth is expected to continue, a panel of 52 economists has lowered its forecast for the rate of growth for the last three months of this year and for 2021, the National Association for Business Economists said.

Economists cut their forecast for October-December growth to a 4.9% annual rate from their prior estimate in June of a 6.8% rate.

Publisher: MarketWatch
Date: 2020-10-05T01:08:00-04:00
Author: Greg Robb
Twitter: @marketwatch
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And here's another article:

Pope Francis Says Covid-19 Pandemic Shows Limits to Market Economics - WSJ
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Publisher: WSJ
Date: 2020-10-04T16:54:00.000Z
Author: Francis X Rocca
Twitter: @WSJ
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Biden's Tax Plan Would Spur Economic Growth - WSJ

Every four years a Democrat runs for president on a platform that includes higher taxes for the wealthy. And every four years a group of people predicts that the sky will fall if those plans are implemented. Yet every time their plans have been implemented, the sky hasn't fallen—if anything, economic growth and business investment have been stronger under Democratic than Republican presidents.

Publisher: WSJ
Date: 2020-10-05T23:02:00.000Z
Author: Jason Furman
Twitter: @WSJ
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UCI Podcast: At the intersection of economics and political philosophy | UCI News | UCI

What is the Federal Reserve? What does it do? When is debt not a bad thing? Is a universal basic income economically sustainable? Why would you take financial advice from philosopher? Aaron James, UCI professor of philosophy, works at the intersection of economics and political philosophy and is co-author of a new book, "Money from Nothing: Or, Why We Should Stop Worrying About Debt and Learn to Love the Federal Reserve," published by Melville House.

Publisher: UCI News
Date: 2020-10-05T09:14:48-07:00
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Letter from London: UK thermal generation economics in a spin

The June appointment of administrators for the UK's Severn Power and Sutton Bridge combined-cycle gas turbine (CCGT) power plants owned by independent power producer Calon Energy was, unfortunately, no great surprise. Even when Calon bought Sutton Bridge from France's EdF seven years ago, its commercial assumptions were optimistic.

Calon plants may well have been negatively impacted by 2020's UK power demand reduction due to the Covid-19 pandemic. It certainly would not have helped.

Twitter: @PetroleumEcon
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