Depression Thursday

1a

For the past year, economists and policy experts had been warning of a coming economic downturn. But the screeching halt the economy has experienced in the midst of the COVID-19 pandemic isn’t that, says Mike Konczal, who studies financial reform and unemployment at the Roosevelt Institute, a left-leaning think tank. “It is so difficult to describe how this is not the next recession that would have eventually happened,” Konczal tells me.

Recessions, Konczal explains, tend to unfold slowly; during the 2008 crisis, unemployment rose steadily, with roughly a million people losing their jobs in one month during the worst of it. But under current conditions, Konczal predicts we’ll see 3 or 4 million newly unemployed people this month alone. The second and third quarter of this year, he believes, will look like a depression. “This is such an absolute stop and such a shock across so many businesses—there really isn’t a good parallel,” he says.

Konczal says that the federal government needs to do everything it can to keep small and medium businesses from getting “wiped out”—particularly those in the service sector that won’t reap the benefits of pent-up demand when life goes back to normal. On Wednesday morning, Senate leadership and the White House announced a deal on a $2 trillion relief package that addresses some of this: It includes $350 billion in loan forgiveness grants to small businesses and $10 billion in emergency grants to provide up to $10,000 per company in immediate relief.

Kara Voght @ MOTHER JONES

About Den

Always in search of interesting things to post. Armed with knowledge and dangerous with the ladies.
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37 Responses to Depression Thursday

  1. David B Benson says:

    Even recreational fishing closing in Washington state.

    😞

    Like

  2. Micki says:

    Yikes, CAROL

    Michigan now surpasses Washington State in total Covid-19 cases: … maybe our earlier implementation of social-distancing is paying off? Time will tell….

    https://www.worldometers.info/coronavirus/country/us/

    Like

    • David B Benson says:

      Micki, Washington state statistics don’t update until after 3 pm PDT.

      Like

      • Micki says:

        That’s not entirely accurate. But whatever…

        There are other entities that release numbers/updates when they see fit.

        As of now, it is announce just within the hour (locally)

        Two more died in Whatcom County

        20 more confirmed positives

        With additional unknown number confirmed cases “at a small number of assisted living facilities…awaiting further testing needs and investigating contacts.”

        So…who knows…maybe WA State just knocked Michigan lower.

        Like

        • David B Benson says:

          Washington state finally updated on worldometer and is, evenso, behind Michigan.

          Like

          • David B Benson says:

            Updated again and now Washington state is ahead.

            Like

            • Micki says:

              Yes, I noticed:

              WA: 3207
              MI: 2856

              That moron in the WH !!!!!!!

              Like

            • Micki says:

              New Orleans may be next.

              According to one study, Louisiana, with nearly 1,800 coronavirus cases as of Thursday morning, is experiencing the fastest growth in new cases in the world.

              “I think it all boils down to Mardi Gras,” a specialist in infectious disease said about the city’s trademark celebration last month, pictured above. “The greatest free party in the world was a perfect incubator at the perfect time.”

              Like

    • Carol says:

      We’re ahead of Illinois and Florida. 😦 Weird.

      Like

  3. David B Benson says:

    Sunny turned to cloudy. Few out and about; less than yesterday. Seems like there are more busses than people.

    Day 5: 134+30=164 minutes.

    Like

  4. David B Benson says:

    Den, there are two Thursday posts.

    Like

  5. Den says:

    I recommend reading the other post too, commenting can be left here on this post if you like.

    Like

  6. David B Benson says:
    • Micki says:

      Yup…this proves the video above is accurate for dumbF**ery!

      President Donald Trump told America’s governors in a letter on Thursday that his administration will soon set new social distancing guidelines as the coronavirus pandemic worsens.

      Trump said in the letter that new coronavirus testing capabilities would allow his administration to identify “high-risk, medium risk and low-risk” counties. And these new guidelines will assist governors and other officials to decide on “maintaining, increasing or relaxing social distancing and other mitigation measures they have put in place.”

      The president said by doing “robust surveillance testing,” officials will be able to “monitor the spread of the virus throughout the country.”

      Public health experts have said easing restrictions too soon could overburden hospitals and lead to more deaths and economic damage related to the virus.

      Although the president said in the letter that “there is still a long battle ahead,” Trump said Tuesday he wants the country back to business by April 12, Easter Sunday, even though his own public health officials have warned that the outbreak will get worse.

      Like

  7. David B Benson says:

    The nearby Starbucks closed @ 3 pm.

    Like

  8. David B Benson says:

    A faint sign of hope is that recoveries now exceed deaths. Worldometer.

    Like

  9. David B Benson says:

    Here you go, Den & Carol! Online Corona party:
    http://www.asahi.com/sp/ajw/articles/13211974

    Like

  10. David B Benson says:

    I would think that they are running out of room to park the airplanes.

    Like

  11. °¿º arol says:

    Cuomo’s update was good, as usual, and Stupid’s update a wasted amount of everyone’s time, as usual.

    He made a reference to a conference call with all the governors and that one governor raised his voice. He said something like he won’t do that anymore, I hope what he said turns up in the news because I can’t recall it right now. I want to know who that governor was. Little does Trump know that every one of them HATE HIS GUTS.

    Like

  12. David B Benson says:

    An Internet commentator states that he won’t have anything to do with sites run by evil overlords, like Facebook.

    So I am in good company.

    Like

  13. Den says:

    Pay no attention to the overlord behind the curtain.

    Oh you peeked!

    Like

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