The congressional agreement on a $900 billion dose of aid to fuel the slowing economic recovery has probably spared millions of Americans from a winter of poverty and kept the country from falling back into recession.
For much of the economy — especially people and industries that have been insulated from the worst effects of the pandemic — the deal on Sunday may provide a bridge to a vaccine-fueled rebound. That is especially likely if the vaccine is quickly and widely distributed, and the swelling number of coronavirus cases doesn't force another round of widespread shutdowns.
Other things to check out:
Biden Adds New Members to His White House Economic Team - WSJ
WASHINGTON—President-elect Joe Biden is rounding out his economic team , adding a longtime aide to Sen. Elizabeth Warren and a former Obama administration budget official to his National Economic Council.
Other senior staff on the NEC are expected to be unveiled in the coming weeks, transition officials said.
The new appointees will work alongside Brian Deese, Mr. Biden's incoming NEC director , to flesh out the president-elect's pledge to rebuild the economy amid a worsening pandemic that has devastated many U.S. businesses and left millions unemployed.
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Moody's Analytics on outlook for U.S. economy, Covid stimulus bill
The U.S. economy could experience a "slight downturn" in the first quarter of 2021 if the Covid stimulus bill is not passed, an economist from Moody's Analytics said on Monday.
Senate Majority Leader Mitch McConnell announced Sunday that Congress had agreed on a $900 billion coronavirus relief package after months of failed negotiations. American lawmakers are expected to vote on the bill on Monday.
"This is really a critical factor, perhaps the most important factor right now in terms of the very near-term outlook for the U.S. economy," Steve Cochrane, chief Asia-Pacific economist at Moody's Analytics, told CNBC's "Squawk Box Asia."
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Grant-funded studies by App State analyze COVID-19's economic impact on Northwestern NC |
This $52.4 million translates to more than 8,000 full-time jobs lost in the month of April and a corresponding $17.2 million in lost income for laborers.
For these analyses, the grantees — CERPA Director Dr. Ash Morgan, a professor in the Department of Economics ; and Jason Hoyle, a CERPA senior research associate — used an input–output model to measure the total economic impacts resulting from COVID-related business closures and operation interruptions in Ashe, Avery, Caldwell, Watauga and Wilkes counties.
Beginning the 'long climb' toward economic and social stability
Economists suggest the speed of recovery from pandemic-related shutdowns shows the United States is on an upswing that could continue into 2021. However, presidential transition-related conflict and a third-wave surge in global coronavirus cases have economists, investors and businesses on edge.
Credit spreads, overall financial-stress indicators and the dollar have remained relatively tame, suggesting the equity market is mainly consolidating its outsized gains while anticipating clarity on the profits outlook. Indicators, including positive corporate earnings in the third quarter, have been pointing toward stronger U.S. growth—particularly since they rebounded faster than during the last recession.
Trickle-down economics doesn't work but build-up does – is Biden listening?
How should the huge financial costs of the pandemic be paid for, as well as the other deferred needs of society after this annus horribilis?
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That's because they've bought into one of the most dangerous of all economic ideas: that economic growth requires the rich to become even richer. Rubbish.
Economist John Kenneth Galbraith once dubbed it the "horse and sparrow" theory: "If you feed the horse enough oats, some will pass through to the road for the sparrows."
ExplainSpeaking: Economics behind India's rising child malnutrition | Explained News,The Indian
In 2004, the Copenhagen Consensus, which is a think tank devoted to finding the most efficient ways to solving the world's biggest problems, tossed this very compelling question before an expert panel of scientists and economists, which included four Nobel winners.
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The idea was to find out that one intervention which gives the most bang for the buck — the one that scored the highest in cost-benefit analyses as limited budgets are a global reality.
Happening on Twitter
Breaking News: Congress agreed on a stimulus deal that would give $600 checks to Americans and provide funds for sm… https://t.co/nMCTGxsune nytimes (from New York City) Sun Dec 20 22:55:45 +0000 2020
Tough Pills to Swallow I'm sure delaying positive vaccine news and downplaying the Hunter Biden story help sway th… https://t.co/TECWs9UI6F cvpayne (from New Jersey & New York) Mon Dec 21 11:37:39 +0000 2020
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