Economics

Virus wipes out 5 years of U.S economic growth

Fri, 2020-07-31 09:53 — mike kraft

The coronavirus pandemic’s toll on the nation’s economy became emphatically clearer Thursday as the government detailed the most devastating three-month collapse on record, which wiped away nearly five years of growth.

Gross domestic product, the broadest measure of goods and services produced, fell 9.5 percent in the second quarter of the year as consumers cut back spending, businesses pared investments and global trade dried up, the Commerce Department said.

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Research on illness-related absences during the COVID-19 increases

Tue, 2020-07-28 21:45 — mike kraft

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OPINION:To defeat COVID, bring America's full power to the international fight:

Tue, 2020-07-28 12:05 — mike kraft

To defeat COVID, bring America's full power to the international fight: Albright & Hadley The stakes are immeasurably high for the global community to get this right. The world needs US resources, conflict resolution and democracy support. Madeleine Albright and Stephen Hadley USA TODAY

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U.S. Coronavirus deaths are at the highest level in two months; Economy falters

Sun, 2020-07-26 09:37 — mike kraft

Coronavirus updates: U.S. deaths top 1,000 for four consecutive days More than 74,000 coronavirus cases were reported across the United States on Friday, and Anthony S. Fauci said states hit hard by the virus should walk back their reopenings. David Lynch, Meryl Kornfield, Marisa Iati Washington Post

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Corporate Insiders Pocket $1 Billion in Rush for Coronavirus Vaccine

Sat, 2020-07-25 21:29 — mike kraft

On June 26, a small South San Francisco company called Vaxart made a surprise announcement: A coronavirus vaccine it was working on had been selected by the U.S. government to be part of Operation Warp Speed, the flagship federal initiative to quickly develop drugs to combat Covid-19.

Vaxart’s shares soared. Company insiders, who weeks earlier had received stock options worth a few million dollars, saw the value of those awards increase sixfold. And a hedge fund that partly controlled the company walked away with more than $200 million in instant profits.

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James Dimon's Warning for the U.S. Economy and uncertainties ahead

Sat, 2020-07-25 21:06 — mike kraft

Jamie Dimon's warning for the U.S. economy — nobody knows what comes next More than four months into the coronavirus pandemic, the financial damage wrought by the outbreak has yet to fully register. Hugh Son CNBC

The range of outcomes for the economy in the second half is incredibly wide: JPMorgan Chase sees no fewer than five different paths it can take.
The bank has gotten more pessimistic, seeing unemployment in its default “base” scenario hitting nearly 11% by the end of this year, 4.3% worse than when it made the same forecast in April.

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Study says poor diets are a national security threat

Sat, 2020-07-25 14:01 — mike kraft

Poor diets in the US are a national security threat Poor nutrition is the leading cause of US illnesses, creating a growing burden on the nation's economy, exacerbating health disparities and impacting national security, according to a white paper in the American Journal of Clinical Nutrition. Gisela Crespo, CNN CNN

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Major new climate study rules out less severe global warming scenarios

Thu, 2020-07-23 09:18 — mike kraft

Major new climate study rules out less severe global warming scenarios The study found the planet is most likely to warm 4.1 to 8.1 degrees if carbon dioxide doubles from preindustrial levels. Washington Post

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Foreign Aid from top donors drops even as need soars

Wed, 2020-07-22 10:03 — mike kraft

AP Exclusive: Aid from top donors drops even as need soars JOHANNESBURG (AP) — A new snapshot of the frantic global response to the coronavirus pandemic shows some of the world’s largest government donors of humanitarian aid are buckling under the strain:... AP NEWS

JOHANNESBURG (AP) — A new snapshot of the frantic global response to the coronavirus pandemic shows some of the world’s largest government donors of humanitarian aid are buckling under the strain: Funding commitments, for the virus and otherwise, have dropped by a third from the same period last year.

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NYTimes Investigation: 5 Takeaways on Trump’s Effort to Shift Responsibility

Sun, 2020-07-19 09:42 — mike kraft

President Trump and his top aides sharply shifted their pandemic strategy in mid-April after seizing on optimistic data suggesting the virus would disappear, a Times investigation found.

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