Thursday, December 17, 2020

Economist Lisa Cook examines wealth gap and COVID-19's lasting pain

In a world of sound bites, economist Lisa Cook provides a great deal of substance on troubling issues such as how systemic racism contributes to wealth inequality, how the pandemic has deepened racial and gender gaps, and how misallocating talent holds back U.S. economic growth.

And she's built quite a fan base, including 28,000 followers on Twitter. News that she will serve on President-elect Joe Biden's transition team even was celebrated in an article in Teen Vogue, written by a woman she has mentored.

Publisher: Detroit Free Press
Author: Susan Tompor
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Many things are taking place:

Final stretch on COVID-19 economic relief, but no deal yet - ABC News

WASHINGTON -- Congressional negotiators on the long-delayed $900 billion COVID-19 economic relief package worked through a handful of remaining holdups Thursday as they labored to seal a final agreement for more help to businesses and the unemployed and new stimulus payments to most Americans.

The central elements of the hard-fought compromise appeared in place: More than $300 billion in aid to businesses; a $300-per-week bonus federal jobless benefit and renewal of soon-to-expire state benefits; $600 direct payments to individuals; vaccine distribution funds and money for renters, schools, the Postal Service and people needing food aid.

Publisher: ABC News
Date: 2020-12-17T16:42:46Z
Author: ABC News
Twitter: @ABC
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Daily chart - Which economies are most vulnerable to covid-19's long-term effects?

THE HEALTH effects of covid-19 can in some cases persist for months, turning an acute illness into a chronic one. New research suggests that, for many countries, the economic effects of the pandemic will also last longer than expected. Modelling by Oxford Economics, a consultancy, sheds new light on the lasting effects of covid-19. Their research forecasts which countries are most susceptible to long-term economic scarring, and which could be first to bounce back.

Publisher: The Economist
Twitter: @TheEconomist
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Fed Issues Economic Assessment And Forecast For 2021 : NPR

The Federal Reserve has issued new economic forecasts, acknowledging the outlook remains uncertain. COVID-19 vaccines offer hope for a turnaround in 2021, but the next few months could be challenging.

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CHANG: Good afternoon. Well, all right. Let's start with the current moment. What did the Fed have to say about the economic situation right now?

But this latest wave is the worst yet. You know, local governments have been imposing new crackdowns on businesses. Nervous customers are just staying away. You saw that in this morning's retail data, which showed retail sales dropped in November, especially at places like bars and restaurants.

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Publisher: NPR.org
Date: 2020-12-16
Twitter: @NPR
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Many things are taking place:

Fed raises its economic outlook slightly, sees 4.2% growth next year and 5% unemployment rate

The Federal Reserve dialed up its economic expectations slightly for the end of this year as well as for 2021, according to the central bank's Summary of Economic Projections released on Wednesday.

The central bank now expects real gross domestic product to fall just 2.4% in 2020, compared to a decline of 3.7% predicted in September. The Fed also upped its 2021 real GDP forecast to 4.2% from 4.0% expected previously.

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The Jerome Powell-led Fed estimates the unemployment rate to fall to 6.7% this year, further below the 7.6% previously predicted. The unemployment rate should fall to 5.0% in 2021, compared to the central bank's previous estimate of 5.5%.

Publisher: CNBC
Date: 2020-12-16T19:28:32 0000
Author: https www facebook com CNBC
Twitter: @CNBC
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Q&A with Economist Vange Ocasio Hochheimer > Spokane Journal of Business

Vange Ocasio Hochheimer teaches economics at Whitworth University, but the roots she’s put down in Spokane over the past decade extend beyond the university’s campus.

Ocasio Hochheimer spent much of her childhood in Puerto Rico. As an adult, she spent time in New York City before moving to Colorado, where she completed two degrees in economics and gained teaching experience. In Spokane, she’s joined the boards of Catholic Charities of Eastern Washington and the Inland Northwest Land Conservancy. She put down more roots here this year, establishing her independent company, Grand Fir Analytics LLC.

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How Biden Can Move His Economic Agenda Without Congress - The New York Times

"If you pay attention to what Trump did and go about it from a different viewpoint, you can accomplish a lot," said Thomas M. Conway, the president of the United Steelworkers union.

Much of this work will fall to the incoming labor secretary, whose department has the authority to issue regulations and initiate enforcement actions that could affect millions of workers and billions of dollars in income.

Mr. Biden's labor secretary could substantially expand eligibility for time-and-a-half overtime pay. In 2016, the Obama administration extended that eligibility to salaried workers making less than about $47,500 a year, but a federal court suspended the Obama rule , and President Trump's Labor Department set the cutoff at roughly $35,500 rather than continue to appeal.

Date: 2020-12-15T14:00:10.000Z
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Twitter: @FinancialTimes
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