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aidenborst

If you want to travel next year, you may need a vaccine passport - CNN - 0 views

  • Now that coronavirus vaccines are starting to roll out in the US and abroad, many people may be dreaming of the day when they can travel, shop and go to the movies again. But in order to do those activities, you may eventually need something in addition to the vaccine: a vaccine passport application.
  • Several companies and technology groups have begun developing smartphone apps or systems for individuals to upload details of their Covid-19 tests and vaccinations, creating digital credentials that could be shown in order to enter concert venues, stadiums, movie theaters, offices, or even countries.
  • The CommonPass app created by the group allows users to upload medical data such as a Covid-19 test result or, eventually, a proof of vaccination by a hospital or medical professional, generating a health certificate or pass in the form of a QR code that can be shown to authorities without revealing sensitive information. For travel, the app lists health pass requirements at the points of departure and arrival based on your itinerary.
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  • "You can be tested every time you cross a border. You cannot be vaccinated every time you cross a border," Thomas Crampton, chief marketing and communications officer for The Commons Project, told CNN Business.
  • Large tech firms are also getting in on the act. IBM (IBM) developed its own app, called Digital Health Pass, which allows companies and venues to customize indicators they would require for entry including coronavirus tests, temperature checks and vaccination records.
  • Early on in the pandemic, Apple (AAPL) and Google (GOOG) set aside their smartphone rivalry to jointly develop a Bluetooth-based system to notify users if they'd been exposed to someone with Covid-19.
  • "I think where exposure notification ran into some challenges was more of the piecemeal implementation choices, lack of federal leadership ... where each state had to go it alone and so each state had to figure it out independently," said Jenny Wanger, who leads the exposure notification initiatives for Linux Foundation Public Health, a tech-focused organization helping public health authorities around the world combat Covid-19.
  • "If we're successful, you should be able to say: I've got a vaccine certificate on my phone that I got when I was vaccinated in one country, with a whole set of its own kind of health management practices... that I use to get on a plane to an entirely different country and then I presented in that new country a vaccination credential so I could go to that concert that was happening indoors for which attendance was limited to those who have demonstrated that they've had the vaccine," said Brian Behlendorf, executive director of Linux Foundation.
  • A few companies within the Covid-19 Credentials Initiative are also developing a smart card that strikes a middle ground between the traditional paper vaccine certificates and an online version that's easier to store and reproduce.
  • CommonPass, IBM and the Linux Foundation have all stressed privacy as central to their initiatives. IBM says it allows users to control and consent to the use of their health data and allows them to choose the level of detail they want to provide to authorities.
  • "Trust and transparency remain paramount when developing a platform like a digital health passport, or any solution that handles sensitive personal information," the company said in a blog post. "Putting privacy first is an important priority for managing and analyzing data in response to these complex times."
  • "A point of entry — whether that's a border, whether that's a venue — is going to want to know, did you get the Pfizer vaccine, did you get the Russian vaccine, did you get the Chinese vaccine, so they can make a decision accordingly,"
  • The variance can be wide: the vaccine developed by Chinese state-owned pharmaceutical giant Sinopharm, for example, has an efficacy of 86% against Covid-19, while the vaccines made by Pfizer and Moderna each have an efficacy of around 95%.
  • It's also unclear how effective the vaccines are in stopping the transmission of the virus, says Dr. Julie Parsonnet, an infectious disease specialist at Stanford University. So while a vaccine passport app will show that you've received the shot, it may not be a guarantee that you safely attend an event or get on a flight.
  • Still, Behlendorf anticipates that the rollout and adoption of vaccine passports will happen rather quickly once everything falls into place and expects a variety of apps that can work with each other to be "widely available" within the first half of 2021.
aidenborst

Opinion | I Hate the Mom That Covid Has Made Me - The New York Times - 0 views

  • I gave them a warning that still feels foreign, even eight months into this pandemic. “Leave your masks on!” They both gave a nod of agreement and were off.
  • In the beforetime, rather than a mask reminder, I would have told them when I expected them home, and after that I would not have given the matter a thought until they walked back in the house minutes before dinner, sweaty and tired, but happy.
  • But in Covid times, the longer they are gone the more a nag begins to build in my mind. Are they really leaving those masks on? They are the only kids I’ve ever seen wearing them at that park. Are they going to be responsible, or will they bend to social pressure? Am I doing the right thing letting them go? Is this really safe? Am I going to catch Covid because I let them go skating?
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  • The details may be different for each family, but these are the kinds of questions parents of teens are asking themselves right now. As a psychotherapist, I’m concerned. The most important task facing teenagers is to detach from their parents and become their own, separate beings.
  • I know that the mind of a teenager is wired to pay greater respect to their peers than to their parents at this age, and my strategy has been, “If I can’t beat them, join them.” I tried to orient my home to be one where kids would feel welcome.
  • When schools shut down in the spring and I began to make my children follow social distancing guidelines, I saw the toll it took. They were lonely. They missed their friends. They were grieving missed school dances and birthday parties and sporting events. They were growing irritable with me, and with each other.
  • Initially, they were FaceTiming and texting furiously with friends. But as time wore on, I noticed even that fell off. I think my kids, like many others, were experiencing a collective despair, and the lack of real face-time interaction was causing feelings of isolation and sadness, even while they were surrounded by family all day.
  • My children are sure that I am making a bigger deal of Covid-19 than any other parent. I’m sure that I am not, but I’m also sure it feels as if I am to them.
  • They are watching sleepovers, birthday parties and indoor movie nights happening on Instagram.
  • They are aware that some of their peers have not experienced a drastic change in their social life or safety rules. Kids are congregating, just not at our house anymore
  • Which is how I found myself a couple of Thursdays ago, stealthily driving to the skatepark to see if my boys were, in fact, wearing their masks … and then screaming at them in front of their friends because they weren’t. I don’t want to be a mom who spies on her kids. I don’t want to be a mom who yells in public. And yet, here I am.
  • I don’t like the mom that Covid has made me. I don’t want to run my house like a police state, or control my kids’ every movement, or discourage them from spending time with friends. But as an asthmatic with a wonky immune system, I don’t want to catch Covid, and I’d never want my family to be responsible for infecting anyone else in our community.
  • In the midst of my growing unease about how all of this is affecting my kids’ mental health, though, I continue to fall back on the other tenets I know to be true about what teenagers need. Empathy. Unconditional love. A need to be known and heard and seen as their own person.
  • I commiserate with how hard life is right now. I grieve their losses and disappointments with them and take care not to minimize their frustrations with this season. I let them rant and complain, and I try to listen without handing out quick fixes.
  • I admit to them that I’m not liking how I’m parenting, and I apologize; not because I’ve done something wrong, but because even if I feel that I’m doing the right thing to protect them and our community, I can acknowledge that this year has been extremely hard for them.
  • I make promises about the things we will do and the parties we will throw when all of this is over, willing myself to believe that we will get there eventually, and return to a life where I am once again the mom encouraging their social life instead of hindering it.
hannahcarter11

Yellen, Tanden, Rouse: Biden Formally Unveils Economic Team : Biden Transition Updates ... - 0 views

  • With the number of confirmed coronavirus cases spiking and the nation's job market struggling to pull itself out of the abyss caused by the pandemic, President-elect Joe Biden has formally announced the advisers he hopes can guide the United States back to solid economic footing.
  • the president-elect referred to the group as "first-rate" and well-equipped to meet the dual challenges the pandemic and the sputtering economy present.
  • He cited the two-track economic recovery amid the pandemic, in which working people continue to struggle while the wealthy get further ahead.
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  • Biden said Congress should come together to pass a "robust" aid package, but also repeated his call for "immediate relief" in the lame-duck period, before he takes office.
  • He also laid out a laundry list of economic goals that must be addressed early on in his administration. These include keeping businesses and schools open safely, delivering economic relief for those who have lost jobs or had hours cut, stabilizing the nation's health care system and addressing racial inequities the virus has laid bare.
  • Yellen would become the first woman to lead the department in its 231 years of existence.
  • She would be just the fourth woman and the first Black woman to lead the CEA since it was established nearly 75 years ago.
  • Biden also named Wally Adeyemo, who, if confirmed, would become the Treasury Department's first Black deputy secretary.
  • Tanden — who is the CEO of the left-leaning public policy organization the Center for American Progress and a veteran of both the Clinton and Obama administrations — would be the first woman of color to lead OMB.
tsainten

France and Germany Lock Down as Second Coronavirus Wave Grows - The New York Times - 0 views

  • BRUSSELS — France announced a second nationwide lockdown and Germany moved to the very edge of one on Wednesday, testing their pandemic-weary populations as they tried to stop a mounting new wave of coronavirus infections from swamping hospitals and undoing hopes of economic recovery.
  • The pandemic surge and new lockdowns battered stock markets in Europe, as in the United States, with major indexes down about 3 percent Wednesday.
  • Starting Friday, France will go into a nationwide lockdown with just schools and essential businesses staying open until Dec. 1
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  • Spain went back into a state of emergency last week, while on Sunday the government in Italy moved to shut restaurants by 6 p.m. In Belgium, which currently has the continent’s highest infection rate, restaurants were shuttered this month, followed by museums and gyms over the weekend.
  • France, Spain, Italy and Britain are all among the European countries reporting spikes in new cases
  • More people have been protesting against restrictions
Javier E

'The virus is moving in': why California is losing the fight against Covid | US news | ... - 0 views

  • By early summer, however, the pressure to open back up rose. Officials discovered the state wasn’t immune to the national fatigue with social distancing and mask-wearing. Amid a patchwork of haphazard rules and guidelines, cases crept up.
  • Today, most of California is back under lockdown amid a dramatic surge in infections. The state has tallied more than 1.3m cases, and broke a record last week with more than 25,000 infections recorded in a single day.
  • LA officials said that one person is now dying of Covid every 20 minutes, and the county’s public health director, Barbara Ferrer, broke down crying at a briefing while talking about the “incalculable loss” of more than 8,000 deaths.
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  • Staff on the frontlines say they are increasingly battling burnout after months of devastation and with a dark winter ahead. “I’ve seen younger people come in through the door, and be admitted right away to the ICU,”
  • It was frustrating that the public no longer seemed to be taking Covid protocols seriously, Santini said. “Every day we go to work, we’re putting our lives and our family’s lives on the line.”
  • “Even lower-risk activities now carry substantial risk because there is more virus out there than ever before. Simply put and bluntly put, we can’t get away with things that we’ve been able to get away with so far.”
  • Some restaurants have invested thousands in outdoor dining infrastructure they hoped would last them through the pandemic, only to see those facilities ordered to close.
  • the organization’s research has shown that 43% of restaurant owners are unsure whether their business will survive the next six months. “People who started out frustrated – today they are feeling just outright desperate.”
  • the latest Covid surge continues to shine a harsh light on inequality. California has seen record levels of unemployment and countless businesses have been shuttered for good, yet some sectors – notably the tech industry – have continued to rake in revenue.
  • post-pandemic, California could see a so-called “K-shaped recovery”, where the incomes of the highest earners continue to rise just as quickly as they plummet for those who are struggling.
  • Latinos in LA county, many of whom are working essential jobs, are also contracting the virus at more than double the rate of white residents. The toll in working-class neighborhoods has been especially devastating for undocumented people, who have been unable to access aid.
  • “We have the confluence of factors where people are facing financial instability, and feel like they have no choice but to work even if they get sick,” she said. “And particularly in California, we have a large population of undocumented people who have been demonized by the federal government and are especially vulnerable.”
Javier E

Opinion | Covid-19 may be hastening democracy's demise - The Washington Post - 0 views

  • Trust in U.S. institutions has been declining for years, thanks to government scandals, economic dislocation, increased inequality and social media. Now, evidence is growing that the coronavirus pandemic is making the phenomenon much worse.
  • As Jonathan Haidt recently wrote in the Atlantic: “The right has been so committed to minimizing the risks of covid that it has turned the disease into one that preferentially kills Republicans. The progressive left is so committed to maximizing the dangers of covid that it often embraces an equally maximalist, one-size-fits-all strategy for vaccines, masks, and social distancing — even as they pertain to children.” The latter doesn’t kill people, but it has worsened isolation, polarization and Americans’ suspicion of the government.
  • The data strongly suggest that we are emerging from the crisis with lower levels of trust than before. This might account for why Americans seem excessively grouchy and unwilling to credit government for the recovery thus far. And it almost certainly is connected to higher levels of depression and anxiety in our daily lives.
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  • This is a problem for governance and for democracy. People with exceedingly low levels of trust are often disposed to favor authoritarian, right-wing parties; embrace conspiracy theories; and feel victimized by outsiders.
  • So how does one rationalize with and govern a society with low trust, getting lower with each crisis? Democracy in the United States and Europe might depend on solving that quandary.
Javier E

Europe Has a New Economic Engine: American Tourists - WSJ - 0 views

  • the Mediterranean rush is turning Europe’s recent economic history on its head. In the 2010s, Germany and other manufacturing-heavy economies helped drag the continent out of its debt crisis thanks to strong exports of cars and capital goods, especially to China.
  • Today, Italy, Spain, Greece and Portugal contribute between a quarter and half of the bloc’s annual growth. 
  • While Germany’s economy is flatlining, Spain is Europe’s fastest-growing big economy. Nearly three-quarters of the country’s recent growth and one in four new jobs are linked to tourism
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  • In Greece, an unlikely economic star since the pandemic, as many as 44% of all jobs are connected to tourism. 
  • Can Europe’s emerging “museum economy” support sustained wealth creation and the expansive welfare systems Europeans have become accustomed to since the end of World War II? And what happens if the dollar falls and the tourists leave?
  • Rent and other living expenses are rising in hot spots, making it harder for many locals to make ends meet. A heightened focus on tourism, which turns a quick profit but remains a low-productivity activity, tethers these economies to a highly cyclical industry
  • It also risks keeping workers and capital from more profitable areas, like tech and high-end manufacturing. 
  • some economists, residents and politicians are concerned about the boom’s long-term implications.
  • “It is literally, for Americans right now, the place to go,”
  • The strong dollar—and a powerful post-Covid recovery—has empowered millions of Americans who would have vacationed in the U.S. before the pandemic. They are now finding they can afford a lavish European holiday.
  • One reason is the brutal sovereign debt crisis that hit the continent’s south especially hard just over a decade ago. Unable to stimulate demand with public spending or to energize exports by devaluing their currency—the euro, which is shared by 20 states—those countries could only boost their competitiveness by lowering wages.
  • “Your dollar goes a lot further,” Cross said over coffee in the lobby of her five-star hotel. “You don’t feel you’re scrounging as much.”
  • Tourism now generates one-fifth of economic output in Lisbon and supports one in four jobs. That boom has reverberated far beyond the capital.
  • Portugal’s gross domestic product grew nearly 8% between 2019 and 2024, compared with less than 1% for Germany,
  • The government recorded a rare 1.2% of GDP budget surplus last year, and its debt-to-GDP ratio is expected to fall to 95% this year, the lowest since 2009
  • Portugal’s population is growing again after years of decline, thanks in part to an influx of migrant workers and to various tax incentives and investor visas that have attracted high-income workers. 
  • Moedas, Lisbon’s mayor, says there’s room for further growth. For a city that doubles in size to around one million every day, including commuters, only around 35,000 are tourists, he said. “We are very far from a situation of so-called overtourism.”
  • The trend is part of a global readjustment following the Covid-19 lockdowns. Spending on travel and hospitality worldwide grew roughly seven times faster than the global economy over the past two years, according to Oxford Economics. That pattern is expected to continue for the next decade, though to a lesser degree.
  • Europe, especially southern Europe, has benefited more than many other regions. Though it is home to just 5% of the world’s population, the European Union received around one-third of all international tourist dollars—more than half a trillion dollars—last year. This is up roughly threefold over two decades, and compares with about $150 billion for the U.S., where tourism has been slower to rebound.
  • In Portugal, a country of 10 million that juts out into the North Atlantic from Spain, Americans recently surpassed Spaniards as the biggest group of foreign tourists. 
  • This and a real estate collapse that left hundreds of thousands of workers suddenly available made the region’s tourist industry ultracompetitive, much cheaper than Caribbean beach destinations and on a par with Latin American destinations like Mexico. 
  • Once an owner of TAP, Neeleman increased the number of direct flights to the U.S. eightfold between 2015 and 2020, adding major hubs such as JFK and Boston Logan, betting that would open up an untapped market. As bookings soared, other U.S. airlines followed. 
  • “It was actually comical, because I went from knowing no one who had been to Portugal to everyone telling me they were going to Portugal,”
  • For Gonçalo Hall, a 36-year-old tech worker, the influx of foreign cash that has transformed Lisbon has been overwhelmingly beneficial for the city. When he lived in the capital 15 years ago, he wouldn’t walk in the historic downtown after 8 p.m. It was “full of homeless people, not safe. Lots of empty and abandoned buildings,” he said. 
  • “The quality of life in Lisbon doesn’t match the prices. Even expats are leaving,” said Hall, who moved to the Atlantic island of Madeira during the pandemic and continues to work remotely.  
  • The average Portuguese employee earns around €1,000 a month after tax, or around $1,100 a month, and only 2% earn more than €2,000. A one-bedroom apartment in Lisbon can easily cost more than €500,000 to buy, or over €1,200 a month to rent. Rents in nearby cities are also climbing as people leave the capital, squeezed out as lucrative short-term rentals transform the housing market. 
  • Jessica Ribeiro, a 35-year-old sociologist, pays around €490 a month for an apartment that she shares with her ex-husband in a town close to Lisbon. Neither can afford to leave. Both make a little more than the minimum wage of €820 a month, and soaring rents mean it is impossible to find an apartment in the neighborhood for less than €700, Ribeiro said. 
  • “The harm that tourism has brought is infinitely bigger than the benefits,” Ribeiro said. “It sends people away from their place of work, making their lives much harder.” 
  • A frequent complaint from residents and housing advocates is that some of the boom’s biggest winners are American companies, from Airbnb to Uber, which often pay little tax in the places where they do most of their business.
  • Lisbon is cracking down on Airbnbs and increasing taxes on tourists, doubling the nightly city tax from €2 to €4, which should raise €80 million a year. Airbnb has paid Lisbon and Porto, Portugal’s two biggest cities, more than €63 million after entering into voluntary tax collection agreements with local officials. Moedas said he is considering “a bit more regulation” of the city’s many Ubers, whose drivers he said don’t always respect traffic rules. 
  • Around nine in 10 Airbnb hosts in Portugal rent their family home and almost half say the extra income helps them afford to stay in their homes, according to a spokesperson for the company. “Guests using our platform account for just 10% of total nights booked in Portugal, and we follow the rules and only allow listings that are registered with local authorities,”
  • Higher rents are forcing many businesses and cultural and social spaces catering to locals to close, according to Silva. “This is not an economy that is serving the needs of the majority of people,” she said.
  • Signs of discontent are bubbling up across the region. Tens of thousands of local residents marched in Spain’s Balearic and Canary islands in recent months to protest mass tourism and overcrowding. On Mallorca, activists have put up fake signs at some popular beaches warning in English of the risk of falling rocks or dangerous jellyfish to deter tourists, according to social-media posts.
  • Serving foreigners is difficult to scale up and is more exposed to economic headwinds. Like the discovery of oil, southern Europe’s new focus on tourism can crowd out higher-value activities by hogging capital and workers, a phenomenon some economists have dubbed the “beach disease.”
  • “Portugal isn’t an industrialized country. It’s just the playground of the EU,” said Priscila Valadão, a 43-year-old administrative assistant in Lisbon. She makes €905 a month and rents a room from a friend for €250 a month. “The type of jobs being offered…are restricted to a type of activity that really doesn’t enrich the country,”
  • For Europe’s policymakers, having people open hotels or restaurants is easier than incentivizing them to build up advanced manufacturing, which is capital intensive and takes a long time to pay off, said Marcos Carias, an economist with French insurer Coface. 
  • “Tourism is the easy way out,” Carias said. “What is the incentive to look for ingenuity and go through the pain of creating new economic value if tourism works as a short-term solution?”
  • Proponents say tourism attracts capital to poor regions, and can serve as a base to build a more diversified economy. Lisbon’s Moedas said he is trying to leverage the influx of foreign visitors to build up sectors such as culture and technology, including by developing conferences and cultural events. 
  • “Some extreme left parties basically say we need to reduce tourism,” Moedas said, but that is the wrong approach. “What we have to do is to increase other sectors like innovation, technology…. We should still invest in tourism, but we should go up the ladder.”
  • While Dias, the hotel owner, is diversifying into nightlife, he refuses to envisage a future where the sector would have to rely heavily on visitors from elsewhere.
  • More than one-third of highly qualified Portuguese students leave the country after graduating,
  • Even higher-paid technology workers have started decamping to cheaper places. 
  • Tiago Araújo, chief executive of tourism tech startup HiJiffy, has held on to his employees but says many of them have been moving out of Lisbon. The trend, which started during Covid, is now being primarily driven by the housing crisis.
  • In Athens, Mayor Haris Doukas says he is working on extending the tourist season, increasing the average length of stay and promoting specific types of tourism, such as organizing conferences and business meetings, to attract visitors with higher purchasing power. He’s also called for new taxes to help the city accommodate the millions of additional tourists thronging to the ancient capital.
  • If Americans stop coming to Lisbon, he said, “I don’t think we can charge this kind of [price] because we will have to go to Europeans, and the Europeans, they don’t have money.”
nrashkind

Asian stocks set to extend gains as stimulus fans recovery hopes - Reuters - 0 views

  • Asian stocks set to extend gains as stimulus fans recovery hopes
  • Stronger appetite for riskier assets is set to lift Asian equities on Thursday, as government stimulus expectations support investor confidence in an economic recovery from the coronavirus.
  • E-mini futures for the S&P 500 were up 0.05% and Australian S&P/ASX 200 futures rose 1.23% in early trading. Japan’s Nikkei futures rose 1.1%.
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  • The safe-have U.S. dollar continued to fall.
  • Markets for risk assets have been on a tear, carrying major stock market indexes to within sight of pre-pandemic, all-time highs.
  • The rise came as the Nasdaq Composite, S&P 500 and the Dow Jones Industrial Average continued their rise from March
  • The dollar index fell 0.24%
  • On Wednesday, the Dow rose 2.05%, the S&P 500 gained 1.36% and the Nasdaq Composite added 0.78%.
  • The move to riskier assets continued to take down prices for U.S. Treasuries. The yield on the benchmark 10-year reached 0.7333% on Wednesday, up from 0.667% on Tuesday.
  • Governments around the world have gradually started to lift tough lockdown measures imposed to contain the coronavirus which has infected nearly 6.4 million people and killed over 379,000.
  • On Wednesday, a report showed that U.S. private payrolls fell less than expected in May, suggesting layoffs were abating as businesses reopen.
Javier E

Denmark's Idea Could Help Avoid a Great Depression - The Atlantic - 0 views

  • Denmark has gone big—very, very big—to defeat the unprecedented challenge of the coronavirus.
  • the Danish government told private companies hit by the effects of the pandemic that it would pay 75 percent of their employees’ salaries to avoid mass layoffs.
  • That is roughly the equivalent of a $2.5 trillion stimulus in the United States spread out over just 13 weeks. Like I said: very, very big.
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  • the workers compensated are not allowed to work in the period. Workers staying with the company do not receive the 75 percent compensation.
  • The philosophy here is that the government wants companies to preserve their relationship with their workers. It’s going to be harder to have a strong recovery if companies have to spend time hiring back workers that have been fired. The plan will last for three months, after which point they hope things come back to normal.
  • he U.S. faces the sharpest economic downturn in a century, and statistics that seem impossibly pessimistic one moment look positively optimistic hours later. In weeks—even days—Denmark’s aggressive response could be a blueprint for how the world can avoid another Great Depression
  • In the German plan, the government and the employer share the cost of paying for work. Here, the government is paying companies for employees who are going home and not working. These workers are being paid a wage to do nothing.
  • You’re saying: We know that all these people won’t be able to work for the next few months. It’s inevitable. Rather than do rounds of firing followed by rounds of hiring, which will delay the recovery, let’s throw the whole economy into a deep freezer, and when the virus winds down we can thaw it out and almost everybody will still be with the company they worked for in January.
  • Thompson: It sounds like 10 years ago, there was a debate about stimulus. But today, everybody agrees that you just have to save the economy.Larsen: Yes. They just want to save the economy. The philosophy is, if we don’t do it now, it will be more expensive to save the economy late
  • Larsen: I have to say that the decision-making process in Denmark has been very extraordinary. We have 10 parties in Parliament. From the very left-wing to the really, really right-wing. And they all agree. There is nearly 100 percent consensus about this. And that’s really amazing. People are convinced that it’s wise to do this now.
mariedhorne

U.S. Unemployment Claims Rise as Coronavirus Weighs on Economy - WSJ - 0 views

  • The total for the week ended Jan. 9 also was the highest in nearly five months and put claims well above the roughly 800,000 a week they had averaged in recent months
  • The U.S. labor-market recovery stalled last month with the December jobs report showing the U.S. lost 140,000 payroll positions. The economic recovery’s slowdown has included weakness in household spending, though economists expect the economy to rebound later this year as a Covid-19 vaccine is distributed through the population.
  • Employers cut 140,000 jobs in December, marking the first decline since the pandemic hit last spring. The leisure and hospitality industry bore the brunt of the decline, shedding 498,000 jobs as a surge in coronavirus infections forced many restaurants and bars to close or scale back operations.
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  • So-called continuing claims rose to nearly 5.3 million for the week ended Jan. 2, from 5.1 million a week earlier, according to the Labor Department. That marked the first weekly increase since November.
  • Hunter Keegan, 27 years old, of Fairfax County, Va., said he lost his job as a corporate recruiter for a health-care company last April. He said he immediately began applying for work in the greater Washington, D.C., area as well as in other parts of the country where the labor market seems to be faring better.
  • Seasonal quirks and the passage last month of a $900 billion Covid-19 relief bill could have muddied the claims picture somewhat.
  • At the same time, the bill added the $300-a-week supplement for those receiving unemployment benefits through March 14 and extended two federal pandemic programs that otherwise would have paid out their final benefits in December. News of the relief package could also have contributed to an uptick in initial claims by encouraging additional workers to apply or previously eligible workers who exhausted their benefits to reapply.
anonymous

Wall St at record levels after Trump signs fiscal aid bill | Reuters - 0 views

  • Wall Street’s main indexes were trading at record levels on Monday as President Donald Trump’s signing of a long-awaited $2.3 trillion pandemic aid bill bolstered bets on an economic recovery.
  • In a sudden reversal late on Sunday, Trump backed down from his threat to block the hard-fought bill, restoring unemployment benefits to millions of Americans and averted a federal government shutdown.
  • erasing some fears and investors are relieved that there is help out there,
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  • The S&P 1500 airlines index added 1.5% as carriers are set to receive $15 billion in addition payroll assistance under the new government aid.
  • Ten of the 11 major S&P sectors were higher
  • After a sharp recovery from a coronavirus crash in March, the S&P 500 is on track to rise more than 15% this year
  • it appears unlikely to gain traction in the Republican-controlled Senate.
  • will put to vote a proposal for higher pandemic relief payments
  • Britain and the European Union clinched a lean post-Brexit trade deal on Thursday, while the launch of a mass COVID-19 vaccination drive in Europe over the weekend added to the upbeat mood.
anonymous

New Signs of Economic Distress Emerge as Trump Imperils Aid Deal - The New York Times - 0 views

  • A decline in consumer income and spending poses a further challenge to the recovery as jobless claims remain high and benefits approach a cutoff.
  • Personal income fell in November for the second straight month, the Commerce Department said Wednesday, and consumer spending declined for the first time since April, as waning government aid and a worsening pandemic continued to take a toll on the U.S. economy.
  • “We know that things are going to get worse,” said Daniel Zhao, senior economist with the career site Glassdoor. “The question is how much worse.”
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  • Mr. Trump’s criticism of the relief effort, which he called a “disgrace,” was that it was not generous enough: He called on Congress to provide $2,000 a person in direct payments to households, rather than the $600 included in the bill.
  • The pullback in spending is spilling over into the labor market. About 869,000 people filed new claims for state jobless benefits last week. That was down from a week earlier but is significantly above the level in early November, before a surge in coronavirus cases prompted a new round of layoffs in much of the country.
  • A further 398,000 people filed for Pandemic Unemployment Assistance, one of two federal programs to expand jobless benefits that were set to expire this month without congressional action. Some forecasters expect the December employment report to show a net loss of jobs.
  • By waiting until the last minute to act, legislators forced state labor departments — which administer both state and federal unemployment benefits — to prepare for the programs’ end. Many states won’t be able to reverse course in time to avoid a lapse in payments.
  • Those savings could help fuel a rapid recovery once coronavirus vaccines are widely available, allowing Americans to resume traveling, attending concerts and gathering in bars and restaurants. But that prospect only underscores the need for aid to ensure that businesses make it until then.
leilamulveny

How Coronavirus Changed the Retail Landscape - WSJ - 0 views

  • Online credit-card transactions soared. E-commerce sales in the second quarter rose by 44.5% compared with the same period in 2019 and they now make up 16% of all U.S. retail sales, according to the Commerce Department.
  • Consumer spending has picked up since many cities and states began lifting lockdown restrictions and allowing stores to reopen in May, but only some sectors have regained lost ground.
  • Online transactions with credit and debit cards have increased an average of 88% each month since the beginning of April, according to weekly transactions collected by financial-data firm Facteus.
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  • In August alone, almost 2,200 retail stores closed while only 14 opened.
  • Initial claims for jobless benefits held steady at 870,000 last week, revealing a loss of momentum in the recovery of the labor market. Retail is one area where job losses could be permanent.
  • managed to boost profitability despite the higher costs of operating in a pandemic
clairemann

AOC and Rashida Tlaib's Public Banking Act, explained - Vox - 0 views

  • A public option, but for banking. That’s what Reps. Rashida Tlaib and Alexandria Ocasio-Cortez are proposing in a new bill unveiled on Friday.
  • would foster the creation of public banks across the country by providing them a pathway to getting started, establishing an infrastructure for liquidity and credit facilities for them via the Federal Reserve, and setting up federal guidelines for them to be regulated.
  • which theoretically would be more motivated to do public good and invest in their communities than private institutions, which are out for profit.
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  • The proposal lands in the midst of the Covid-19 pandemic, which has shed light on many inefficiencies in the American system, including banking. Take the Paycheck Protection Program, for example: It used the regular banking system as an intermediary, which ultimately meant that bigger businesses and those with preexisting relationships with those banks were prioritized over others.
  • guarantee a more equitable recovery by providing an alternative to Wall Street banks for state and local governments, businesses, and ordinary people,
  • The public banking bill also does double duty as a climate bill: It would prohibit public banks from investing in or doing business with the fossil fuel industry.
  • “Public banks empower states and municipalities to establish new channels of public investment to help solve systemic crises.”
  • But, he said, this proposal is particularly comprehensive and supportive.
  • If Democrats keep control of the House come 2021 and manage to flip the Senate and win the White House, they’ll be able to take some big legislative swings, including and perhaps especially on issues related to the economy.
  • at some point it’s just hitting a wall where it doesn’t carry them along and they’re looking for options,” said Tlaib, who represents Michigan’s 13th Congressional District, the third-poorest congressional district in the country. “So I’m putting this on the table as an option.”
  • To be clear, the Public Banking Act isn’t creating a federal public bank.
  • encourage and enable the creation of public banks across the US. It provides legitimacy to those who are pushing for more public banking, and it also includes regulators as key stakeholders who can support and provide guidance for how those banks should operate.
  • though different public banks would likely have different areas of emphasis.
  • They could also facilitate easier access to funds for state and local governments from the federal government or Federal Reserve.
  • “It’s basically a way to finance state and local investment that doesn’t go through Wall Street and doesn’t leave the community and turn into a windfall for shareholders,
  • “This is more about community development.”
  • Tlaib recalled hearing from her constituents when the $1,200 coronavirus stimulus checks went out this spring — people waiting days and weeks for direct deposits, or getting a check in the mail only to lose a substantial portion of it cashing it at the store down the street.
  • The Public Banking Act allows the Federal Reserve to charter and grant membership to public banks and creates a grant program for the Treasury secretary to provide seed money for public banks to be formed, capitalized, and developed.
  • Public banks need the FDIC to provide assurances that it will recognize them in accordance with the bond rating of the city or state they represent.
  • McConnell said the FDIC issuing guidance that it recognizes the city’s — and the state’s — public banks as an AAA rating would send a clear direction to the state financial regulators that the public bank is considered low risk.
  • The bill would also provide a road map for the FDIC, which insures bank deposits of up to $250,000, to insure deposits for public banks, so people feel assured they won’t lose all their money by choosing to open an account with their state bank instead of, say, Wells Fargo.
  • the Office of the Comptroller of the Currency (OCC) has historically been charged with chartering national banks in the US, not the Fed, meaning this is a fairly novel idea.
  • It prohibits the Fed and Treasury from considering the financial health of an entity that controls or owns a bank in grant-making decisions.
  • So here is the thing about private companies, including, yes, banks: The point of them is to make money, and that drives their decisions. It’s not necessarily evil (though sometimes it kind of is), but it’s just how they work.
  • The idea behind public banking isn’t that Goldman Sachs, Wells Fargo, and Morgan Stanley go away; it’s that they have to compete with a government-owned entity — and one that’s a little fairer and more ethical in how it does business.
  • Public banks, as imagined in the Tlaib/Ocasio-Cortez proposal, would provide loans to small businesses and governments with lower interest rates and lower fees.
  • Student loans are facilitated directly with BND, but other loans, called participation loans, go through a local financial institution — often with BND support.
  • According to a study on public banks, BND had some $2 billion in active participation loans in 2014. BND can grant larger loans at a lower risk, which fosters a healthy financial ecosystem populated by a cluster of small North Dakota banks.
  • Democrats have a lot of ideas, and if they take power come January 2021, there’s a lot they can do.
  • The Public Banking Act is meant to complement ideas such as the ABC Act and postal banking. And, of course, it’s linked to the Green New Deal, not only because it would bar public banks from financing things that hurt the environment, but also because the idea is that public banks would play a major role in financing Green New Deal and climate-friendly projects.
  • If former Vice President Joe Biden wins the White House and Democrats control both the House and the Senate come 2021, the talk around these ideas becomes a lot more serious.
Javier E

Carlos Moreno Wanted to Improve Cities. Conspiracy Theorists Are Coming for Him. - The ... - 0 views

  • For most of his 40-year career, Carlos Moreno, a scientist and business professor in Paris, worked in relative peace.Many cities around the world embraced a concept he started to develop in 2010. Called the 15-minute city, the idea is that everyday destinations such as schools, stores and offices should be only a short walk or bike ride away from home. A group of nearly 100 mayors worldwide embraced it as a way to help recover from the pandemic.
  • In recent weeks, a deluge of rumors and distortions have taken aim at Mr. Moreno’s proposal. Driven in part by climate change deniers and backers of the QAnon conspiracy theory, false claims have circulated online, at protests and even in government hearings that 15-minute cities were a precursor to “climate change lockdowns” — urban “prison camps” in which residents’ movements would be surveilled and heavily restricted.
  • Many attacked Mr. Moreno, 63, directly. The professor, who teaches at the University of Paris 1 Panthéon-Sorbonne, faced harassment in online forums and over email. He was accused without evidence of being an agent of an invisible totalitarian world government. He was likened to criminals and dictators.
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  • he started receiving death threats. People said they wished he and his family had been killed by drug lords, told him that “sooner or later your punishment will arrive” and proposed that he be nailed into a coffin or run over by a cement roller.
  • Mr. Moreno, who grew up in Colombia, began working as a researcher in a computer science and robotics lab in Paris in 1983; the career that followed involved creating a start-up, meeting the Dalai Lama and being named a knight of the Légion d’Honneur. His work has won several awards and spanned many fields — automotive, medical, nuclear, military, even home goods.
  • Many of the recent threats have been directed at scientists studying Covid-19. In a survey of 321 such scientists who had given media interviews, the journal Nature found that 22 percent had received threats of physical or sexual violence and 15 percent had received death threats
  • Last year, an Austrian doctor who was a vocal supporter of vaccines and a repeated target of threats died by suicide.
  • increasingly, even professors and researchers without much of a public persona have faced intimidation from extremists and conspiracy theorists.
  • Around 2010, he started thinking about how technology could help create sustainable cities. Eventually, he refined his ideas about “human smart cities” and “living cities” into his 2016 proposal for 15-minute cities.
  • The idea owes much to its many predecessors: “neighborhood units” and “garden cities” in the early 1900s, the community-focused urban planning pioneered by the activist Jane Jacobs in the 1960s, even support for “new urbanism” and walkable cities in the 1990s. So-called low-traffic neighborhoods, or LTNs, have been set up in several British cities over the past few decades.
  • Critics of 15-minute cities have been outspoken, arguing that a concept developed in Europe may not translate well to highly segregated American cities. A Harvard economist wrote in a blog post for the London School of Economics and Political Science in 2021 that the concept was a “dead end” that would exacerbate “enormous inequalities in cities” by subdividing without connecting them.
  • Jordan Peterson, a Canadian psychologist with four million Twitter followers, suggested that 15-minute cities were “perhaps the worst imaginable perversion” of the idea of walkable neighborhoods. He linked to a post about the “Great Reset,” an economic recovery plan proposed by the World Economic Forum that has spawned hordes of rumors about a pandemic-fueled plot to destroy capitalism.
  • A member of Britain’s Parliament said that 15-minute cities were “an international socialist concept” that would “cost us our personal freedoms.” QAnon supporters said the derailment of a train carrying hazardous chemicals in Ohio was an intentional move meant to push rural residents into 15-minute cities.
  • “Conspiracy-mongers have built a complete story: climate denialism, Covid-19, anti-vax, 5G controlling the brains of citizens, and the 15-minute city for introducing a perimeter for day-to-day life,” Mr. Moreno said. “This storytelling is totally insane, totally irrational for us, but it makes sense for them.”
  • The multipronged conspiracy theory quickly became “turbocharged” after the Oxford protest, said Jennie King, head of climate research and policy at the Institute for Strategic Dialogue, a think tank that studies online platforms.
  • “You have this snowball effect of a policy, which in principle was only going to affect a small urban population, getting extrapolated and becoming this crucible where far-right groups, industry-sponsored lobbying groups, conspiracist movements, anti-lockdown groups and more saw an opportunity to insert their worldview into the mainstream and to piggyback on the news cycle,”
  • The vitriol currently directed at Mr. Moreno and researchers like him mirrors “the broader erosion of trust in experts and institutions,”
  • Modern conspiracy theorists and extremists turn the people they disagree with into scapegoats for a vast array of societal ills, blaming them personally for causing the high cost of living or various health crises and creating an “us-versus-them” environment, she said.
  • “I am not a politician, I am not a candidate for anything — as a researcher, my duty is to explore and deepen my ideas with scientific methodology,” he said. “It is totally unbelievable that we could receive a death threat just for working as scientists.”
brickol

'It's a Wreck': 3.3 Million File Unemployment Claims as Economy Comes Apart - The New Y... - 0 views

  • More than three million people filed for unemployment benefits last week, sending a collective shudder throughout the economy that is unlike anything Americans have experienced.
  • Just three weeks ago, barely 200,000 people applied for jobless benefits, a historically low number. In the half-century that the government has tracked applications, the worst week ever, with 695,000 so-called initial claims, had been in 1982.
  • The numbers provided only the first hint of the economic cataclysm in progress. Even comparatively optimistic forecasters expect millions more lost jobs, and with them foreclosures, evictions and bankruptcies. Thousands of businesses have closed in response to the pandemic, and many will never reopen. Some economists say the decline in gross domestic product this year could rival the worst years of the Great Depression.
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  • Cases in the United States now exceed 80,000, the most of any nation, even China and Italy, according to a New York Times database, and more than 1,000 deaths across the country have been linked to the virus.
  • President Trump said the federal government planned to designate areas as being at high, medium or low risk for spreading the virus to guide local decisions on imposing or relaxing restrictions on movement and commerce.
  • The terrifying speed of the U.S. economic collapse from the pandemic has spurred lawmakers to action. Late Wednesday night, senators agreed on a $2 trillion aid package that would provide cash payments to nearly all Americans and would expand the unemployment system, among other changes. Final congressional approval is expected on Friday.
  • A three-day rally has lifted stocks in the S&P 500 index more than 17 percent, including a rise of 6.2 percent on Thursday, though prices remain far lower than they were a month ago.
  • Some part-time and low-wage workers don’t qualify for unemployment benefits. Nor do gig workers, independent contractors and the self-employed, although the emergency aid package passed by the Senate would broaden eligibility to include many of them. Others who do qualify may not know it
  • The congressional relief package is intended to, in effect, press “pause” on the economy, allowing idled workers and shuttered businesses to keep paying their bills so that they can spring back quickly once the health crisis eases. If it works, the recovery could be relatively swift; if it doesn’t, the cascade of layoffs and business failures could stretch on far longer.
  • Low-wage workers — many of them black, like Ms. Moore-Caraway, or Hispanic — have been hit especially hard by the sudden economic reversal. Many work in the industries most affected by the outbreak, such as restaurants and travel, and few can work from home. They are also less likely to have sick leave or other paid time off, and they have less money saved to help overcome a missed paycheck.
  • Black and Hispanic workers “always bear the brunt” of economic slowdowns, said Alix Gould-Werth, a researcher at the Washington Center for Equitable Growth, a left-leaning think tank. “Now they’re bearing the brunt of these twin crises, the health crisis and the economic crisis.”
  • Under the congressional aid package, most families would receive $1,200 per adult and $500 per child in direct payments. The bill would also increase unemployment benefits by $600 a week and extend how long laid-off workers could receive benefits. And it would waive some requirements for receiving jobless benefits, like the requirement that recipients look for work.
  • An earlier relief bill, passed by Congress last week, provided $1 billion to help state unemployment systems that are breaking under the stress of record call volumes. Departments across the country reported huge spikes in call volumes and online applications.
brickol

Trump invokes Defense Production Act law to compel GM to supply ventilators | US news |... - 0 views

  • Donald Trump has bowed to overwhelming pressure and invoked a national security law compelling General Motors to mass produce breathing equipment as the US becomes the first country to top 100,000 confirmed coronavirus cases.But at yet another turbulent press conference, the president continued to give conflicting signals, claiming that more than 100,000 ventilators would be produced quickly but then casually suggesting some could be donated to the UK and other countries.
  • For weeks the president seemed reluctant to enforce the Defense Production Act (DPA), which grants him power to require companies to expand industrial production of key materials or products.
  • But officials say he did use it on 18 March, when he signed an order prioritising contracts and allocating resources to the US health secretary, Alex Azar, and again on 23 March, when he signed an order to prevent people from hoarding health and medical resources.
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  • The third instance, an order compelling GM to begin manufacturing ventilators, was the most far-reaching as Trump came under criticism from state governors, Democrats and doctors for playing down a nationwide shortage of ventilators.
  • Covid-19 is a respiratory illness. Most who contract it recover but it can be fatal, particularly among older people and those with underlying health problems. Ventilators enable a person with compromised lungs to keep breathing.
  • After Trump invoked the act, GM said it had been working around the clock for more than a week with Ventec Life Systems, a medical device company, and parts suppliers to build more ventilators. The company’s commitment to build Ventec’s ventilators “has never wavered”, it said.
  • Trump also announced that the White House trade adviser Peter Navarro would become the national DPA policy coordinator for the federal government. Navarro has been a leading advocate of Trump’s protectionist trade agenda, championing tariffs against China and the European Union.
  • The House speaker, Nancy Pelosi, welcomed Trump’s use of the DPA as “an important but seriously belated step”. She added in a statement on Friday: “Much more must be done. The president must use the full powers of this law to address the dire, widespread shortage of materials required to fight this pandemic, including diagnostic test supplies, masks and other personal protective equipment.”
  • Critics say Trump ignored early warnings about the threat of the pandemic and had he acted sooner, mass production of ventilators would now be well under way.
  • In another bizarre moment, when Trump was asked for a message to schoolchildren forced to stay at home, he said: “You can call it a germ, a flu, a virus, you can call it many things. I’m not sure people know what it is.” Scientists have identified it as coronavirus disease (Covid-19), an infectious disease caused by a newly discovered coronavirus called Sars-CoV-2.
  • In another sign that Trump is not living up to his appeal for bipartisanship, Trump did not invite Pelosi or any other Democrats to the signing of a $2.2tn emergency relief bill. Pelosi said in a statement on Friday: “We must do more to address the health emergency, mitigate the economic damage, and provide for a strong recovery.”
Javier E

Opinion | Trump and His Allies Are Worried About More Than November - The New York Times - 0 views

  • there’s another element underlying the push to reopen the economy despite the threat it poses to American lives, a dynamic beyond partisanship that explains why much of the conservative political ecosystem, from politicians and donors to activists and media personalities, has joined the fight to end the lockdown.
  • To even begin to tackle this crisis, Congress had to contemplate policies that would be criticized as unacceptably radical under any other circumstances
  • At $2.2 trillion, the initial relief package was a bill that was more than twice the size of the American Recovery and Reinvestment Act passed in 2009
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  • Democrats, at least, are contemplating trillions more in additional stimulus, including universal basic income for the duration of the crisis, a COBRA expansion that would cover 100 percent of health care costs for laid-off and furloughed workers and a proposal to cover payrolls for nearly every business in America.
  • On top of all of this, the Federal Reserve is flooding the economy with trillions of dollars in rescue loans and bond purchases, to stabilize markets and keep interest rates low.
  • Editors’
  • In one short month, the United States has made a significant leap toward a kind of emergency social democracy, in recognition of the fact that no individual or community could possibly be prepared for the devastation wrought by the pandemic.
  • in trying to destroy the administrative state — in trying to make government small enough to “drag it into the bathroom and drown it in the bathtub” — conservatives left the country vulnerable to a deadly disease that has undermined that project and galvanized its opponents.
  • Should the health and economic crisis extend through the year, there’s a strong chance that Americans will move even further down that road, as businesses shutter, unemployment continues to mount and the federal government is the only entity that can keep the entire economy afloat
  • the ideological danger is that it undermines the ideological project that captured the state with President Ronald Reagan and is on the path to victory under Donald Trump.
  • If the rolling depressions of the late 19th century disrupted the social order enough to open the space for political radicalism — from the agrarian uprising of the Farmers’ Alliance to the militant agitation of the industrial labor movement — then the one-two punch of the Great Recession and the Pandemic Depression might do the same for us.
  • In which case, it makes all the sense in the world for Trump, the Republican Party and the conservative movement to push for the end of the lockdown, public health be damned
  • After years of single-minded devotion, the conservative movement is achingly close to dismantling the New Deal political order and turning the clock back to when capital could act without limits or restraints.
  • this logic — that ordinary people need security in the face of social and economic volatility — is as true in normal times as it is under crisis. If something like a social democratic state is feasible under these conditions, then it is absolutely possible when growth is high and unemployment is low
  • all of this is happening as one of the most progressive generations in history begins to take its place in our politics, its views informed by two decades of war and economic crisis.
  • at this moment in American life, it feels as if one movement, a reactionary one, is beginning to unravel and another, very different in its outlook, is beginning to take shape.
Javier E

Opinion | Think This Pandemic Is Bad? We Have Another Crisis Coming - The New York Times - 0 views

  • We need to design the stimulus not only to help the U.S. economy recover but to also become more resilient to the climate crisis, the next multitrillion-dollar crisis headed our way.
  • Leaders on both sides of the aisle have argued that folding policies to address climate and environmental injustice into coronavirus-related legislative packages would distract from efforts to provide immediate relief. But addressing climate change and environmental injustice will not diffuse efforts to address the virus and its economic fallout if we apply intersectional policies such as the Green New Deal.
  • They are designed to address connected issues in a way that protects the most vulnerable while building a more just and sustainable economy.
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  • No one knows the depth of the recession, but it is hard to see how we will put the 16 million people who have filed for unemployment back to work without significant public investment.
  • rebounding from an economic disruption this large requires an equally large spike in demand and production. Outside of war, climate change is the only issue large enough to provide such a spike. Now is the time to create policies that provide immediate relief to communities, such as federal assistance to transition homes and businesses to renewable energy; give “green” fiscal aid to states; and fuel economic recovery with the creation of federally funded green jobs.
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