Overall, the economy was surprisingly resilient in the second half of the year, given the falloff at the start of the public health crisis, according to data released Thursday from the Bureau of Economic Analysis. Yet, the 1 percent growth in the fourth quarter signaled a faltering recovery and a long road ahead, with 9.8 million jobs still missing and 23.8 million adults struggling to feed their families.
"2020 has no precedent in modern economic history," said David Wilcox, senior fellow at the Peterson Institute for International Economics and a former director of the domestic economics division at the Federal Reserve. "The influenza of 1918 and 1919 predates our modern system of economic statistics, and since World War II, there's never been a contraction that even remotely approached the severity and the breadth of the initial collapse in 2020."
This may worth something:
Subscribe to read | Financial Times
Imported tactics - Shades of Minsk, as Russians again protest against Putin | Europe | The
Paradoxically, the unrest may have been precipitated by the Kremlin's attempt to avert a Belarus-style uprising. The scale and the suddenness of the revolt against Mr Lukashenko made it reassess the threat posed by Mr Navalny, who has made a name for himself by exposing corruption in Russia. That reassessment, many in Russia believe, led Mr Putin's security service, the FSB, to poison Mr Navalny with Novichok, a nerve agent, in August.
Tens of thousands of Russians turned out across the country, both to demand that Mr Navalny be freed, and to protest against Mr Putin's corrupt government. The mass detentions, the brutality of the police and the anger directed against the ageing strongman have closely resembled the response to protests in Belarus.
The Economic Fallout Of The Pandemic Has Had A Profound Effect On Women : NPR
GARCIA-NAVARRO: And we should mention, of course, that we can't talk about women without talking about race. The pandemic, as I mentioned, has been much more devastating for Black and Hispanic women. Is it, again, about the types of jobs that these women hold?
GOULD: Well, I think when we talk about the pandemic, we can't just talk about the labor market. We also have to talk about the pandemic itself and what we know has happened for Black and Hispanic workers and their families - that they have both been decimated by job losses but also been disproportionately impacted on the health front. And so when you think about the labor market, there's three different things that have happened to people over the last year.
And here's another article:
Opinion | Biden's 'Buy American' plan is good politics — and awful economics - The Washington Post
ASK ANY economist about "Buy American" laws, and he or she will tell you: All else being equal, they are counterproductive. Such laws, which require federal and state governments to purchase goods and services from U.S. companies, are touted as a way to boost production within the United States. In fact, they raise the average cost and lower the average quality of everything government buys.
Ask a political consultant, though, and you'll get a different answer: Many voters support the practice. In a 2020 survey for the nonprofit Hinrich Foundation, 75 percent of Americans backed Buy American policies, including 48 percent who "strongly" favor them. Organized labor, a key Democratic constituency, is especially supportive.
Economic pieties | Business Standard News
What does an esoteric concept like Calvinist soteriology have to do with the rise of modern economics? Does laissez-faire have its roots in the arcane Quinquarticular Controversy? Can one find the origins of the welfare state in postmillennialist eschatology?
In contrast to Calvin, the Dutch theologian Jacobus Arminius (1560-1609) found strict Calvinism insulting to God. Like their rivals, Arminius and his followers summarised their positions in five points; hence the term Quinquarticular Controversy. The essence of those points held that God’s glory could not be fully appreciated if the people who worship him lack the freedom to choose him.
Italian Manufacturing Fuels Hope of 2021 Economic Recovery
(Bloomberg) -- Italian manufacturing is picking up at the fastest pace in nearly three years, a bright spot in an economy that probably shrank close to 10% during the 2020 pandemic.
Factories, mostly located in the country's north, saw a sustained upturn in output in January, with orders expanding at a solid pace thanks to demand from Europe and North America, according to an IHS Markit survey. Surging sales prompted firms to add staff, though they also aggravated capacity pressure -- supply chains are under strain across much of the world.
India budget: Government spending on health care, infrastructure expected
SINGAPORE — India's finance minister, Nirmala Sitharaman, will present the country's annual budget on Monday for the new fiscal year that starts on April 1.
* * *
After sinking into a technical recession last year due to a lengthy lockdown to slow the spread of the coronavirus outbreak, economic data show some signs of a recovery underway. But India's statistics ministry said last month that advanced data indicated the economy still shrank 7.7% for the current fiscal year .
Happening on Twitter
In 2020, the U.S. economy shrank by 3.5% due to the pandemic. This made last year the worst year for U.S. economic… https://t.co/T38lM4aV4I CongressmanRaja (from Schaumburg, IL) Sat Jan 30 22:10:02 +0000 2021
2020 was the worst year for our economy since WWII. What made the decades after 1946 prosperous? Investments in ed… https://t.co/oB0XztbXA0 PramilaJayapal (from Seattle, WA) Sat Jan 30 18:06:00 +0000 2021
Just in: For 2020, GDP decreased by 3.5% from the prior year - the worst decline since 1946. jimsciutto (from Washington, DC & New York, NY) Thu Jan 28 13:52:54 +0000 2021
No comments:
Post a Comment