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Contents contributed and discussions participated by brickol

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For the Class of 2020, a Job-Eating Virus Recalls the Great Recession - The New York Times - 0 views

  • When the coronavirus pandemic forced college students across the country to leave campus in early March, the abrupt departure was especially painful for seniors. It meant rushed goodbyes, canceled graduation ceremonies — an overwhelming sense of loss.
  • Now, many of those seniors are home with their families, contemplating an even worse prospect: a job market more grim than any in recent history. Last week, according to the Labor Department, nearly 3.3 million people filed for unemployment benefits, more than quadruple the previous record.
  • As the economy barrels toward a recession, college seniors fear they could become the next class of 2009, which entered the work force at the peak of the Great Recession as companies conducted mass layoffs and froze hiring.
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  • At some job fairs in early March, major companies simply didn’t show up; now all those career events have been canceled.
  • The number of new job listings posted between mid-February and mid-March dropped 29 percent compared with the same period last year, according to data from the job marketplace ZipRecruiter. Postings for retail stores fell 14 percent, events jobs went down 20 percent and casino and hotel jobs dropped 23 percent.
  • The hiring situation will probably get worse over the next few months, as closures and cancellations ripple across the economy. “These are still early effects. The first wave of industries hit will not be the last,” said Julia Pollak, a labor economist at ZipRecruiter. “There will be a large human cost.”
  • Historically, college students who graduate into a recession have settled for lower-paying jobs at less prestigious companies than people who finished college even a year earlier. Economists have found that the impact of that bad luck can linger for as long as 10 or 15 years, leading to higher unemployment rates and lower salaries — a phenomenon known as “scarring.”
  • Whether the class of 2020 will face long-term consequences depends on a range of factors, including the length of the pandemic and the severity of the recession that seems certain to follow. But it doesn’t look good.
  • A severe downturn could also jeopardize the career prospects of students who graduate later this year or in 2021.
  • Some industries, like nursing, have even seen an increase in job listings, according to ZipRecruiter. The number of e-commerce listings rose 228 percent over the past four weeks compared to last year. Personal consulting jobs went up 26 percent.
  • Over the last few weeks, many job-hunting seniors have engaged in an awkward dance with recruiters in industries like law, journalism and technology, asking for updates while trying not to seem insensitive or selfish. All the traditional rules of engagement in a job hunt suddenly feel irrelevant. A meet-up for coffee is out of the question. A request for a networking call might seem invasive.
  • For some seniors, uncertainty about the economy has created outrage. Most of them were in fifth grade in 2008. But they remember the damage wrought by the Great Recession.
  • “This is the first pandemic that I have lived through, that my parents have lived through, but this isn’t the first time the economy has not been great,” said Amy Germano, a senior at James Madison University. “If we can get through the recession in 2008, I think we can get through this.”
brickol

As Coronavirus Spread, Largest Stimulus in History United a Polarized Senate - The New ... - 0 views

  • After 48 hours of intense bipartisan negotiations over a huge economic stabilization plan to respond to the pandemic, Republicans were insisting on a vote later that day to advance the package. Mr. Schumer, the Democratic leader, suspected Republicans would present Democrats with an unacceptable, take-it-or-leave it proposition and then dare them to stand in the way of a nearly $2 trillion measure everyone knew was desperately needed. As soon as he arrived at the Capitol, the choice was clear: Democrats would have to leave it.
  • In the end, Democrats won what they saw as significant improvements in the measure through their resistance, including added funding for health care and unemployment along with more direct money to states. A key addition was tougher oversight on the corporate bailout fund, including an inspector general and congressionally appointed board to monitor it, disclosure requirements for businesses that benefited, and a prohibition on any of the money going to Mr. Trump’s family or his properties — although they could still potentially benefit from other provisions.
  • What was worse, the corporate aid came with little accountability over dollars to be doled out unsupervised by the Treasury Department — a red flag to Democrats after the 2008 Wall Street bailout, and one that would be particularly hard to accept given President Trump’s disdain for congressional oversight.
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  • After days of intrigue, gamesmanship and partisan assaults, the Senate finally came together late Wednesday after nearly coming apart. As midnight was about to toll, lawmakers approved in an extraordinary 96-to-0 vote a $2 trillion package intended to get the nation through the crippling economic and health disruptions being inflicted on the world by the coronavirus.
  • With Democrats in control of the House and Republicans wielding a thin majority in the Senate, Mr. Schumer would have to be accommodated in any final bill.
  • Republicans had boosted to $500 billion the size of a bailout fund for distressed businesses, but failed to meet Democrats’ request to devote $150 billion to a “Marshall Plan” for hospitals on the front lines of the virus.
  • Republicans plunged ahead, pulling together their own ideas. On March 19, Mr. McConnell unveiled the Republican approach — a $1 trillion proposal that centered on $1,200 cash payments to working Americans to tide them over, guaranteed loans and large tax cuts for corporate America and a newly created program to provide grants to small businesses that kept their workers on the payroll.
  • Democrats had their own ideas, calling for a major infusion of cash to beleaguered hospitals and health care workers, more money for states and a major expansion of unemployment benefits — “unemployment on steroids” as Mr. Schumer called it — though they were not opposed to the cash payments. Democrats criticized the corporate aid in the Republican bill, saying they wanted restrictions on using the money for stock buybacks and raising executive pay among other conditions.
  • Democrats drew a particularly hard line on unemployment insurance, one Senate official said, with Mr. Schumer instructing his side to refuse to negotiate on the tax relief sought by Republicans until they had a deal on the jobless benefits. The idea was to boost the aid to the level of a laid-off worker’s pay, but when that proved logistically difficult, the two sides agreed on a $600 across-the-board supplement.
  • Republicans were further outraged when they saw the draft House bill, a $2.5 trillion measure that included an array of progressive policies well beyond the scope of emergency aid, saying Democrats were trying to use the crisis to advance a liberal agenda
  • And with members of the House falling ill and quarantine orders going into effect around the country, it was becoming clear that lawmakers from that chamber would not be returning to Washington to consider the plan. The emerging compromise would have to be acceptable enough to Democrats and Republicans that it could pass without a recorded vote.
brickol

U.S. Coronavirus Testing Hits Milestone but Still Falls Short - The New York Times - 0 views

  • About 65,000 coronavirus tests are being performed on Americans each day — a meteoric rise from just 10 days ago. But public health experts say that about 150,000 tests are needed every day, so that infected patients can be quickly identified and separated.
  • The United States cannot even test everyone who is sick because of a shortage of testing kits and personal protective equipment for health care workers.
  • Early flaws in the testing process — like not relying on the World Health Organization’s coronavirus test and problems with the test kits — cost the United States valuable time and has left the country with a haphazard testing process from coast to coast.
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  • Public health laboratories in all 50 states and Washington, D.C. are now testing for the coronavirus and many more labs are completing testing verification procedures outlined by the Federal Drug Administration. But some states are actively discouraging testing for anyone who is not showing symptoms, and a request from a doctor is no guarantee of a test, Dr. LeRoy said.
  • The state labs are largely being used for patients identified by the Centers for Disease Control and Prevention as high priority. This includes hospitalized patients with symptoms compatible with the coronavirus; those over 65; those with chronic medical conditions or compromised immune systems; those who show symptoms within 14 days of being in contact with a confirmed coronavirus patient; and those with a history of travel to China, Italy, Iran or South Korea.
brickol

The National Debt Is About to Soar. Without a Rescue, It Would Probably Soar Even More.... - 0 views

  • The case is strong for spending a large amount of money in the short term to fend off worse economic woes down the road.
  • The United States government is poised to take on a huge amount of debt to contain the effects of the coronavirus pandemic, with budget deficits on a scale not seen since World War II looking likely.But the only thing worse for the public debt outlook would be if it didn’t. That’s why a broad range of economic analysts — including even many fiscal conservatives who generally view high public debt as a long-term threat — support aggressive action.
  • The very large deficits on the way in 2020 are more likely to leave the United States in a better fiscal situation for the years ahead than an alternative in which the government is more tightfisted but fails to prevent the widespread collapse of American businesses or help workers in desperate financial straits.
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  • Economists focus not on the absolute level of the debt, but on the interest costs to service it relative to the size of the economy. So a prolonged recession tends to be worse for the debt picture than some extra spending. Moreover, signals from financial markets suggest that the government should have little trouble borrowing vast sums of money on favorable terms
  • The exact numbers are still unknowable. The $2 trillion stimulus package has come together so quickly that the budget office has not had time to do its customary modeling of its fiscal impact. (Parts of the legislation are designed as loans, so the hit to the Treasury will be less than the headline number.) G.D.P. is a guessing game at this point.
  • As the economic outlook dimmed over the last month, interest rates plunged to unprecedented lows. The United States government can issue 30-year bonds at only a 1.44 percent interest rate at Thursday’s close — and in inflation-adjusted terms, borrowing costs are negative.
  • Simple math shows why. If the national debt were to rise by $2 trillion compared with what had been forecast, and the government paid for it by issuing 30-year bonds at current rates, the debt service cost would be about $29 billion a year, a trivial amount in a $20 trillion economy. And unlike a private borrower, the government never need pay down its debt; theoretically the debt can remain on the books indefinitely so long as the cost of interest payments is manageable, which in turn depends on economic growth.
  • The Fed may one day need to raise interest rates and sell off its holdings of Treasury bonds to prevent inflation. But that would most likely occur at a time when the economy had returned to its pre-coronavirus trajectory and was seeing higher inflation levels than have been evident over the last decade.All evidence now suggests that day is far away. Currently deflation, or falling prices, is more likely to be a problem. The price of oil, at around $23 a barrel, is roughly one-third the level at which it started the year, and bond prices imply that inflation will average only about 1.07 percent annually over the coming decade.
brickol

Coronavirus Refugees: The World's Most Vulnerable Face Pandemic - The New York Times - 0 views

  • Crowded camps, depleted clinics and scarce soap and water make social distancing and even hand-washing impossible for millions of refugees.
  • In an embattled enclave in Syria, doctors have seen patients die from what looks like the coronavirus but are unable to treat them because they lack beds, protective gear and medical professionals. A refugee camp in Bangladesh is so cramped that its population density is nearly four times that of New York City, making social distancing impossible. Clinics in a refugee camp in Kenya struggle in normal times with only eight doctors for nearly 200,000 people.
  • As wealthy countries like the United States and Italy struggle with mass outbreaks of the coronavirus, international health experts and aid workers are increasingly worried that the virus could ravage the world’s most vulnerable people: the tens of millions forced from their homes by violent conflict.
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  • Refugee camps across Africa, the Middle East and Asia are packed with traumatized and undernourished people with limited access to health care and basic sanitation, perfect breeding grounds for contagion. Extended families jam into tarpaulin shelters with mud floors. Food, water and soap are often lacking. Illnesses, from hacking coughs to deadly diseases, go untreated, facilitating their spread.
  • So far, the number of confirmed coronavirus cases among refugees is low, but that may be the result of a lack of testing. Testing is severely limited, and refugees are rarely a priority.
  • Many camp clinics are already struggling to fight outbreaks like dengue and cholera, leaving them without the resources to treat chronic conditions, such as diabetes or heart disease. The coronavirus, which has no vaccine or agreed upon treatment regimen for Covid-19, the respiratory disease it causes, could be even more devastating, medical experts warn.
  • Daily life in a refugee camp is an ideal incubator for infectious disease. Many lack running water and indoor sanitation. People often stand in line for hours to get water, which is insufficient for frequent showers, much less vigilant hand washing.
  • Nor are there adequate health systems. The same conflicts that have displaced huge numbers of people have decimated medical facilities, or forced people to live in places where there are none.The war in Syria has sent more than a million refugees into Lebanon, which is facing an economic crisis. Many live in cramped, squalid conditions and suffer from acute poverty.
  • Many refugees also suffer from poor nutrition and other health conditions that could leave them particularly vulnerable. In Bangladesh, where about 860,000 Rohingya Muslims fled to escape persecution in Myanmar, the authorities fear that the coming rainy season will cause sewage to overflow into flimsy shelters and possibly spread the coronavirus.
  • A lack of information in the camps has elevated the sense of panic among people already primed for anxiety. In Bangladesh, the government has limited mobile internet access for many Rohingya, creating an information vacuum that has allowed rumors to flourish:
  • Aid agencies that have contended with donor fatigue at a time when the number of displaced people is at a record high are worried that health and economic crises in the West will mean less money for refugees. Some fear that people in wealthier nations will worry less about people in poor ones when they feel threatened at home.
brickol

Trump Administration Pulls Back From $1 Billion Coronavirus Ventilator Deal - The New Y... - 0 views

  • A deal with General Motors and Ventec Life Systems to produce tens of thousands of the critical lifesaving devices seemed imminent. Then the announcement was pulled back.
  • The White House had been preparing to reveal on Wednesday a joint venture between General Motors and Ventec Life Systems that would allow for the production of as many as 80,000 desperately needed ventilators to respond to an escalating pandemic when word suddenly came down that the announcement was off.
  • The decision to cancel the announcement, government officials say, came after the Federal Emergency Management Agency said it needed more time to assess whether the estimated cost was prohibitive. That price tag was more than $1 billion, with several hundred million dollars to be paid upfront to General Motors to retool a car parts plant in Kokomo, Ind., where the ventilators would be made with Ventec’s technology.
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  • And they contend that an initial promise that the joint venture could turn out 20,000 ventilators in short order had shrunk to 7,500, with even that number in doubt. Longtime emergency managers at FEMA are working with military officials to sort through the competing offers and federal procurement rules while under pressure to give President Trump something to announce
  • But in an interview Thursday night with Sean Hannity, the president played down the need for ventilators.“I don’t believe you need 40,000 or 30,000 ventilators,” he said, a reference to New York, where Gov. Andrew Cuomo has appealed for federal help in obtaining them. “You go into major hospitals sometimes, and they’ll have two ventilators. And now all of a sudden they’re saying, ‘Can we order 30,000 ventilators?’”
  • The shortage of ventilators has emerged as one of the major criticisms of the Trump administration’s response to the coronavirus. The need to quickly equip hospitals across the country with tens of thousands more of the devices to treat those most seriously ill with the virus was not anticipated despite the Trump administration’s own projection in a simulation last year that millions of people could be hospitalized. And even now, the effort to produce them has been confused and disorganized.
  • “Ventec and G.M. have been working at breakneck speed to leverage our collective expertise in ventilation and manufacturing to meet the needs of the country as quickly as possible and arm medical professionals with the number of ventilators needed to save lives,” said Chris O. Brooks, Ventec’s chief strategy officer.The only thing missing was clarity from the government about how many ventilators they needed — and who would be paid to build them.
  • Last week, General Motors, Ventec Life Systems and a coalition of business executives called StopTheSpread.org issued a statement saying that Ventec would “leverage G.M.’s logistics, purchasing and manufacturing expertise to build more of their critically important ventilators,” including some portable units.By Sunday, Mr. Trump appeared to suggest on Twitter that a deal had been completed to mass-produce the ventilators, even though it was unclear who would pay to equip the General Motors plant or how long that process would take.
  • The initial projection, one senior administration official said, was that after three weeks of preparation it could produce an initial run of 20,000 ventilators, or about two-thirds of what Gov. Andrew Cuomo of New York recently said his state alone needed to cover the influx of coronavirus patients expected in two weeks, if not sooner.That number then shrank to 7,500 ventilators in the initial run, or maybe 5,000, an apparent recognition that auto transmissions and ventilators had very little in common. Those numbers are in flux and so are the Trump administration’s because the White House cannot decide how many ventilators it wants.
  • Targets have changed by the hour, officials said, as the Centers for Disease Control and Prevention, the Department of Health and Human Services, the Food and Drug Administration, which approves the use of medical devices, and the White House try to figure out how many ventilators to request and how much they should cost.
  • The $1.5 billion price tag comes to around $18,000 a ventilator. And the overall cost, by comparison, is roughly equal to buying 18 F-35s, the Pentagon’s most advanced fighter jet.
brickol

What World War II can teach us about fighting coronavirus (opinion) - CNN - 0 views

  • Eighty years ago, as Americans came together to defeat the fascism that threatened civilization, American factories poured out the weapons needed to crush Germany and the other Axis Powers.
  • Today America can do it again and create the arsenal that defeats this latest threat to civilization: the coronavirus. From ventilators and N95 masks, to anti-viral drugs and ICU equipment and hospital beds, American companies are being mobilized in the face of the most serious public health crisis in more than a century. But these companies will only be successful if we learn the right lessons from the industrial mobilization that won the world's biggest war.
  • Have a clear objective and a realistic timeline When war mobilization began in 1940-41, no one said the goal was to defeat fascism — and no one was able to mass produce tanks or bombers from a standing start. From the beginning, Washington set a more purposeful goal of building a modern, well-equipped military in case war came.
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  • Today, our window of opportunity is much shorter — perhaps as little as 30 to 60 days. In order to mass produce testing kits, antiviral drugs, ventilators, masks and hospital beds in that time frame, the administration will need to set production goals that are both within reach, but also meet our most immediate objective: halting the deadly spread of COVID-19 before it overwhelms our health care system.
  • Find the right leadership
  • Getting Ford, GE and GM to produce ventilators is a great first step. But don't neglect companies like Medtronic, Johnson & Johnson and Becton Dickinson that already make the US a world-class leader in medical devices.
  • Seek out the best, brightest and most productive During World War II, the federal government offered contracts to America's most productive companies like automakers GM and Ford and electrical companies like GE and Westinghouse to mass produce the engines, planes, tanks, torpedoes and weapons needed to arm America — even though they had never made them before. But Washington also incentivized companies that were already producing planes, like Boeing and Lockheed, to move into a higher gear by steadily increasing government orders while assuming the costs associated with higher production.
  • Have an exit strategy
  • Stay unified and unitedAs a master architect of the Arsenal of Democracy, Knudsen smartly put it: "We can do anything if we do it together." The same is true of defeating coronavirus: If we hit the right balance between what business can and must do, and what the federal government shouldn't and can't, we can do anything.
brickol

Why New York is the epicenter of the American coronavirus outbreak - CNN - 0 views

  • There were over 74,000 cases of coronavirus in the United States as of Thursday midday. About half were in New York -- almost 10 times more than any other state.
  • Health experts said the answers are largely specific to the New York metropolitan area -- its density and population, primarily -- but they are also a warning to other states that think they may be spared.
  • The first and most obvious explanation for the severity of the area's outbreak is that New York is the largest and most densely populated city in the US, and coronavirus tends to spread in dense places.
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  • Another reason why New York has so many confirmed coronavirus cases is because it is looking for them.The US has lagged behind other countries in testing suspected cases, and people across the country have told CNN that they have been unable to get tested.New York, though, has made a dedicated push to ramp up testing at hospitals, labs and drive-through centers specifically set up in the most dense areas. With FDA approval, New York state authorized 28 public and private labs to begin testing for coronavirus on March 13, the first state to do so.
  • With over 8 million people, New York City is also the largest city in the country. So New York's high number of coronavirus cases is also just a reflection of its size. The state will likely lead the country in coronavirus cases even if its infection rate per person is not the highest, Sepkowitz said.
  • Cuomo said over 100,000 people have been tested for coronavirus in New York. He said Thursday that about 25% of all testing nationwide has been performed by New York.
  • Cuomo has earned rave reviews for his daily press conferences during the crisis. But both he and de Blasio were slow to aggressively shut schools, events and social gatherings in the early days of the outbreak.
  • New York City is a world-renowned tourist destination and the most visited destination in the US. As such, Cuomo said that contagious people from countries that had earlier coronavirus outbreaks traveled to the city and spread the virus.
  • Given all those reasons, New York City was always bound to be a hub of rapidly spreading cases. But it is far from the last.
brickol

'Stranded at sea': cruise ships around the world are adrift as ports turn them away | W... - 0 views

  • Ports around the globe are turning cruise ships away en mass amid the corona pandemic, leaving thousands of passengers stranded even as some make desperate pleas for help while sickness spreads aboard.
  • at least ten ships around the world – carrying nearly 10,000 passengers – are still stuck at sea after having been turned away from their destination ports in the face of the Covid-19 pandemic. Some of the ships are facing increasingly desperate medical situations, including one carrying hundreds of American, Canadian, Australian and British passengers, currently off the coast of Ecuador and seeking permission to dock in Florida.
  • Dramatic scenes of coronavirus-stricken cruises, such as the Grand Princess in California and the Diamond Princess in Japan, have become synonymous with the pandemic. The plight of those still adrift highlights how cruise ships have become a kind of pariah of the seas, as cities push back against becoming the next home for a potentially infected vessel.
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  • As of Thursday, the Guardian had identified five ships in the Americas that were unable to unload nearly 6,000 passengers. At least three other ships were having trouble off the coast of Australia, including one which sought urgent medical attention for an outbreak of respiratory illness. Two more ships were trying to get passengers to ports in Italy.
  • Holland America said this week it had dispatched support in the form of another cruise ship carrying 611 extra staff, supplies and coronavirus test kits to meet up with the Zaandam, and that the cruise line is looking for other alternative locations to disembark passengers.
  • Passengers who spoke with the Guardian describe being locked down in the cabins, with three daily meals left on the floor outside their doors. Meanwhile the number of people reporting influenza-like symptoms has almost tripled this week: 56 passengers and 89 crew members, passengers say the ship’s captain has told them. Four elderly passengers reportedly required oxygen.
  • The fast-moving nature of the virus has added to the confusion – when many passengers left for vacations in early March there were no cases of Covid-19 in South America, so they thought it would be safe to travel.
  • cases of cruise ships being turned away from ports as a result of coronavirus fears began as early as January and escalated in February, with passengers being quarantined on the Emerald Princess in Japan on 3 February.
  • “There is a level of greed on the part of these companies,” he said. “They want to make every penny – and they make money when people are on the ships.”Cruise ships are drawing increasing government scrutiny for not doing enough to protect their passengers during this pandemic.
  • Despite Donald Trump’s repeated vows to bail out the cruise ship industry, money for cruise companies was not a part of the $500bn in aid for large employers included in stimulus bill passed by Congress on Wednesday.
  • Meanwhile a report from the US Centers for Disease Control this week laid the blame on cruise ships for spreading the virus in the crucial early weeks of the outbreak, linking hundreds of cases to the Diamond Princess and Grand Princess.
brickol

Members of Congress race back for $2.2tn stimulus vote amid fears of delay | US news | ... - 0 views

  • Members of Congress are racing back to Washington, despite social isolation guidelines, out of fear that a lawmaker could delay a Friday vote on the $2.2tn economic stimulus package designed to rush federal aid to workers, businesses and a healthcare system ravaged by the coronavirus.
  • The desire by House leaders was to pass the bill with a “voice vote” – when everyone in the chamber shouts “aye” or “no” and the loudest group prevails. But any member of Congress can demand a rollcall vote and require a quorum, forcing at least 216 lawmakers to return to Washington in the midst of a pandemic to ensure the bill passes.
  • His colleagues are furious. At least two House members have tested positive for coronavirus, while a number of others are awaiting test results or in quarantine after coming into contact with an infected person.
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  • There is no doubt the law has enough support to pass.
  • The House will convened at 9am ET. There will be three hours of debate on the legislation before they attempt to pass the bill by voice vote.
  • If a recorded vote is required, the House is planning to enforce strict social distancing guidelines, allowing members on the floor to vote in small groups to avoid crowding.
brickol

Boris Johnson and Matt Hancock in self-isolation with coronavirus | World news | The Gu... - 0 views

  • Johnson posted a video on Friday morning on Twitter saying he had a temperature and a persistent cough. “I am working from home, I’m self-isolating, and that’s entirely the right thing to do,” he said.
  • After the prime minister, who is 55, said he had mild symptoms and would self-isolate in Downing Street, Hancock posted a Twitter video saying that he too had mild symptoms and he would be able to continue.
  • Boris Johnson and health secretary Matt Hancock have both tested positive for coronavirus and will have to work leading the government’s efforts to tackle the pandemic in isolation.
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  • “Fortunately for me the symptoms so far have been very mild so I’ve been able to carry on with the work driving forward the UK response,” he said. “I’ll be continuing to do everything I can to get our carers the support that they need. And I’ll be doing that from here but with no less gusto.”
  • The World Health Organization has said there is no evidence that pregnant women are at higher risk of severe illness than the general population if they contract Covid-19.
  • Earlier in the week it was announced that the Prince of Wales had “mild symptoms” of the disease. The Labour MP Angela Rayner, the favourite to become the party’s deputy leader, announced on Twitter that she was self-isolating after displaying symptoms.
  • journalism that is rooted in empirical data and science matters. It may even save lives. This administration has cleared out science and scientists across all departments. Donald Trump's daily coronavirus press briefings have become political rallies. He frequently spreads, at best, misinformation and, at worst, lies.
brickol

Record 3.3m Americans file for unemployment as the US tries to contain Covid-19 | Busin... - 0 views

  • A record 3.3 million people filed claims for unemployment in the US last week as the Covid-19 pandemic shut down large parts of America’s economy.
  • he number of new jobless claims filed by individuals seeking unemployment benefits rose by more than three million to 3.28m from 281,000 the previous week. The figure is the highest ever reported, beating the previous record of 695,000 claims filed the week ending 2 October 1982.
  • Across the US, laid off workers have overwhelmed state labor departments with claims for unemployment benefits. In New York City, which now accounts for roughly 5% of global Covid-19 cases, there has been a 1,000% increase in claims.
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  • Economists said it was still too early to gauge the depth and length of the pandemic’s impact on the jobs market. Federal Reserve Bank of St Louis president James Bullard has said he expects unemployment to hit 30% in the second quarter, while Morgan Stanley has estimated that unemployment would average 12.8% over that time period.
  • Trump is concerned the quarantine measures could prove more harmful than the virus, an opinion that is disputed by economists and health experts.
  • According to Johns Hopkins University there are now 55,233 confirmed cases of Covid-19 in the US and 802 reported deaths, up from 302 last weekend. Despite the rising casualties, president Donald Trump said this week that he would like the country “opened up and just raring to go by Easter”.
brickol

Coronavirus Will Change the World Permanently. Here's How. - POLITICO - 0 views

  • For many Americans right now, the scale of the coronavirus crisis calls to mind 9/11 or the 2008 financial crisis—events that reshaped society in lasting ways, from how we travel and buy homes, to the level of security and surveillance we’re accustomed to, and even to the language we use.
  • A global, novel virus that keeps us contained in our homes—maybe for months—is already reorienting our relationship to government, to the outside world, even to each other.
  • But crisis moments also present opportunity: more sophisticated and flexible use of technology, less polarization, a revived appreciation for the outdoors and life’s other simple pleasures.
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  • We know now that touching things, being with other people and breathing the air in an enclosed space can be risky. How quickly that awareness recedes will be different for different people, but it can never vanish completely for anyone who lived through this year
  • The comfort of being in the presence of others might be replaced by a greater comfort with absence, especially with those we don’t know intimately
  • he paradox of online communication will be ratcheted up: It creates more distance, yes, but also more connection, as we communicate more often with people who are physically farther and farther away—and who feel safer to us because of that distance.
  • When all is said and done, perhaps we will recognize their sacrifice as true patriotism, saluting our doctors and nurses, genuflecting and saying, “Thank you for your service,” as we now do for military veterans. We will give them guaranteed health benefits and corporate discounts, and build statues and have holidays for this new class of people who sacrifice their health and their lives for ours. Perhaps, too, we will finally start to understand patriotism more as cultivating the health and life of your community, rather than blowing up someone else’s community. Maybe the de-militarization of American patriotism and love of community will be one of the benefits to come out of this whole awful mess.
  • Plagues drive change. Partly because our government failed us, gay Americans mobilized to build organizations, networks and know-how that changed our place in society and have enduring legacies today. The epidemic also revealed deadly flaws in the health care system, and it awakened us to the need for the protection of marriage—revelations which led to landmark reforms. I wouldn’t be surprised to see some analogous changes in the wake of coronavirus
  • The first is the “common enemy” scenario, in which people begin to look past their differences when faced with a shared external threat.
  • But given our current levels of tension, this scenario suggests that now is the time to begin to promote more constructive patterns in our cultural and political discourse. The time for change is clearly ripening.
  • The COVID-19 crisis could change this in two ways. First, it has already forced people back to accepting that expertise matters. It was easy to sneer at experts until a pandemic arrived, and then people wanted to hear from medical professionals like Anthony Fauci. Second, it may—one might hope—return Americans to a new seriousness, or at least move them back toward the idea that government is a matter for serious people.
  • The coronavirus pandemic marks the end of our romance with market society and hyper-individualism. We could turn toward authoritarianism.
  • Religion in the time of quarantine will challenge conceptions of what it means to minister and to fellowship. But it will also expand the opportunities for those who have no local congregation to sample sermons from afar. Contemplative practices may gain popularity. And maybe—just maybe—the culture war that has branded those who preach about the common good with the epithet “Social Justice Warriors” may ease amid the very present reminder of our interconnected humanity.
  • The second reason is the “political shock wave” scenario. Studies have shown that strong, enduring relational patterns often become more susceptible to change after some type of major shock destabilizes them
  • COVID-19 will sweep away many of the artificial barriers to moving more of our lives online. Not everything can become virtual, of course. But in many areas of our lives, uptake on genuinely useful online tools has been slowed by powerful legacy players, often working in collaboration with overcautious bureaucrats
  • The pandemic will shift the paradigm of where our healthcare delivery takes place. For years, telemedicine has lingered on the sidelines as a cost-controlling, high convenience system. Out of necessity, remote office visits could skyrocket in popularity as traditional-care settings are overwhelmed by the pandemic. There would also be containment-related benefits to this shift; staying home for a video call keeps you out of the transit system, out of the waiting room and, most importantly, away from patients who need critical care.
  • This crisis should unleash widespread political support for Universal Family Care—a single public federal fund that we all contribute to, that we all benefit from, that helps us take care of our families while we work, from child care and elder care to support for people with disabilities and paid family leave. Coronavirus has put a particular national spotlight on unmet needs of the growing older population in our country, and the tens of millions of overstretched family and professional caregivers they rely on. Care is and always has been a shared responsibility. Yet, our policy has never fully supported it. This moment, challenging as it is, should jolt us into changing that.
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Trump's 'back-to-work' plan would only make things worse, experts say | US news | The G... - 0 views

  • New York, San Francisco, Los Angeles, Chicago – cities across the US are closing down because of the Covid-19 epidemic. The economic impact is already dire. Millions are probably already out of work, and economists are certain we are heading for recession. Donald Trump has a solution: get back to work. But it is a solution that many think will make matters worse, leading to the loss of even more lives and a deeper economic crisis.
  • The administration is now reportedly considering easing some physical distancing directives in order to halt the collapse of the economy.Many experts think that’s a terrible idea.The result would be “an open door to chaos”, said Professor Michael Greenberger, a former counselor to the United States attorney general and now director of the Center for Health and Homeland Security at the University of Maryland.
  • Greenberger said he could understand the desire to support the economy but that such short-term thinking could be devastating.“There are no two ways about this. The shutdown of the economy is damaging. It is a balancing of risks. I think we will be in worse shape in the public health sector and the financial sector if we just unthinkingly send people back to business as usual.”
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  • “There is no functioning economy unless we control the virus.”But Trump has pinned his re-election hopes on soaring stock markets and record lows in unemployment. Now with stock markets in freefall and jobs set to follow, he seems determined to press ahead and try to relax restrictions on business in an attempt to cure the economic crisis.
  • Gould said some people were likely not to return to work even if ordered to do so. Secondly, she said, it was clear that state governors – who have shut down so many cities – would resist any move from Trump that could worsen the escalating health crisis.Even in normal times, such a conflict would create a constitutional crisis. In the current situation it could be much worse.
  • Public health experts, including the senior official Dr Anthony Fauci, have said Americans will need to adhere to physical distancing restrictions for at least several more weeks to stop the spread of the virus.Such chaos would only exacerbate the problems in the wider economy. Stock markets have fallen even as the Federal Reserve pumps billions into the economy, interest rates are cut and the government works on a bailout plan that could end up costing close to $2tn.
  • Nevertheless, the short-term temptation for Trump to try and push for a return to a normal may prove insurmountable. Not least because as the economic crisis deepens it is clear that his administration made fundamental errors that have exacerbated the situation.Covid-19 can’t be blamed on Trump, but moves he made before the crisis and after it began have substantially worsened the situation – and with it the economy.
  • No matter how you view it, Greenberger argues, the fact is that the US was woefully unprepared for a pandemic that security agencies had reportedly recently warned it about. Trump has disputed those claims, but there is no disputing that shortly after Covid-19 hit the US it became clear the country was ill equipped to deal with it. Frontline health workers are begging for supplies.
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'Coughing while Asian': living in fear as racism feeds off coronavirus panic | World ne... - 0 views

  • Across the US, Chinese Americans, and other Asians, are increasingly living in fear as the coronavirus spreads across the country amid racial prejudice that the outbreak is somehow the fault of China. It is a fear grounded in racism, but also promoted from the White House as Donald Trump – and his close advisers – insist on calling it “the Chinese virus”.
  • Last week Trump started to refer to Covid-19 as the Chinese virus.“The United States will be powerfully supporting those industries, like airlines and others, that are particularly affected by the Chinese virus. We will be stronger than ever before!” read one tweet on 16 March, the first time he referred to the illness as “Chinese virus” online. It comes from China, that’s why. It comes from China. I want to be accurate Trump’s use of the phrase sparked a chorus of criticism. Professional basketball player Jeremy Lin told Trump on Twitter that he should be instead supporting vulnerable people, “including those that will be affected by the racism you’re empowering”. Author Celeste Ng noted on Twitter that “Asians worldwide are facing actual harassment because of people who insist on calling the illness the Chinese virus”.
  • Trump’s new name for coronavirus comes after weeks of racist attacks against Asian American seen across the country. An Asian woman in New York City wearing a face mask was assaulted and called “diseased” in early February by a stranger in a subway station. In Los Angeles, a man directed a racist rant about coronavirus to a fellow passenger, who is Asian.
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  • “The increasing frequency [in incidents] is something we have to take seriously,” said Gregg Orton, national director of the National Council of Asian Pacific Americans (NCAPA). “Racial scapegoating is the exact opposite response we want to see from leaders of our country.”NCAPA led a group of 260 civil rights organizations in sending a call to Congress to denounce anti-Asian racism around coronavirus. The Congressional Asian Pacific American Caucus sent a letter to their fellow members of Congress urging them to share verifiable information about the illness given the misconceptions about national origin and the spread of the virus.
  • “What is being accomplished by using this kind of language?” Kim said. “We’re being misled about what causes pandemics and how to possibly prevent them or reduce their severity in the future. That’s the kind of conversation that we need to be having.”
  • “It’s not really hatred that is the most operative in motion regarding [dangerous speech], it’s fear. Fear is what makes people turn violently against another group of people more than hatred,” Benesch said. “The level of fear is so great around this epidemic.”As the coronavirus and its effects appear to be long-lasting, advocates in the Asian American community emphasize the importance of speaking up and calling out any racist remarks, when the environment is safe.
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Coronavirus heroes: the doctors carrying an immense burden to care for us | World news ... - 0 views

  • Doctors across North America are bracing for a surge of critically ill patients, knowing that the more patients they see, the greater their risk of becoming infected with Covid-19.Their commitment to work comes with a heavy psychological burden that their many hours in hospitals could harm their families.
  • Five weeks ago, Dr Erin Bruce, an anesthesiologist, and her husband, Dr Michael Szava-Kovats, had their first child, a daughter. He agonizes over the thought of exposing his young daughter and wife to infection. He accepts that he may get coronavirus. The risks to his family are outside his comfort zone, he says.Last weekend, he moved into an empty condo owned by friends.
  • He worked five days in a row after his move. On his first day off, the sadness of their separation hit him. He feels a combination of guilt that he’s not there to help with a newborn and heartache that he missing out on the first months of his daughter’s life. He longs to be with his wife during an event that’s changing their lives and history.
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  • Drs Bonnie Larson and Alan Chu met at medical school and bonded over their shared interest in global health. They’re married with two children.Larson is a frontline physician working with the city’s homeless. She’s working to keep Covid-19 out of local shelters. Chu is leading online training for residents about coronavirus and airway management, but is readying for a crush of sick patients to arrive in the ICU.They wonder what it will be like for their kids, ages eight and 10, to go through the pandemic without at least one parent home all the time.
  • Dr Zara Mathews is 34 weeks pregnant and mother of a toddler. She plans to work for another week and half, keeping to the schedule that she set out months ago.Her home and work lives have never felt so intertwined, she says. Now there’s this question of whether doing what I need to at work is potentially going to put my family at risk “Normally, when I’m at work, my patients are my priority and when I’m at home, my family is my priority,” she says. “But now there’s this question of whether doing what I need to at work is potentially going to put my family at risk.”
  • Dr Mathews says her parents and husband worry about her, but she is more concerned for her kids and her patients. Most physicians feel the same, she said. Everyone has concerns about risks that they bring to our family but the primary focus is doing everything they can for our patients.
  • Dr Christine Carter Toevs, who has worked in medicine for more than 30 years, says she always worries about bringing home illnesses that could affect her husband. He has respiratory issues and diabetes. When he gets a cold, it lasts for ages.
  • She is concerned about what will happen if high numbers of staff get sick, or she gets sick. Even if one trauma surgeon becomes unable to work in a community of this size, it affects the hospital’s ability to provide care.
  • Everybody has a responsibility in this pandemic, she says. Non-essential workers have a social obligation to stay home to minimize the risk for everyone. Her responsibility is to care for patients. “I get up every day and make a commitment to take care of people. To sit at home and live in fear is a terrible way to live life.”
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$1,200 stimulus checks for all? All you need to know about the US coronavirus bailout |... - 0 views

  • With large areas of the US shut down, stock markets crashing, industries facing collapse and soaring unemployment, the US government is set to pass the most expensive bailout in US history in attempts to save the US economy.Democrat and Republican leaders of Congress, along with White House officials, have been scrambling to make a deal in around-the-clock negotiations and finally announced early on Wednesday that they have reached an agreement. The Senate is expected to vote on the bill on Wednesday.
  • The bill is worth about $2tn, which will go to businesses, corporations and directly into the pockets of Americans. It has six main components: Direct payment to most Americans. $250bn to bolster unemployment insurance. $350bn in loans for small businesses that may be forgiven if firms use them to keep workers on payroll. $500bn in aid for hard-hit industries and states and $50bn for airlines. $130bn in aid to hospitals. $150bn to help state and local governments.
  • There has been some compromise. Republicans agreed to some major changes from their original bill. More money will be given to large companies in hard-hit industries, but Democrats have also pushed for strict oversight of the loans. More aid will also be given to the healthcare sector and more funds will be earmarked for unemployment insurance after pushes from Democrats.
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  • The plan is for individuals to get up to $1,200 and married couples to get up to $2,400, including $500 for each child. The size of a check would diminish gradually for those whose income is above $75,000, while individuals earning more than $99,000 and couples earning more than $198,000 will not be getting any checks. The checks will be based on a household or individual’s 2018 tax return unless they filed their 2019 tax return, in which case it will be based of their 2019 return.
  • Democrats and even some Republicans are adamant that corporations are given fair assistance that will not end up in the pockets of wealthy shareholders or corporate executives.
  • Companies who receive government assistance will also see restrictions on stock buybacks, which is when a company buys shares of its own stock to increase the value of its shares, ultimately helping their wealthy stockholders and corporate executives. Commercial airlines have been known for buying back their own shares.
  • The deal extends unemployment insurance by 13 weeks and covers self-employed and furloughed workers, offering workers $600 a week for those additional four months in addition to what a state will provide through their own program.
  • The bill will relieve burden on the healthcare sector by including a “Marshall Plan” that will give $130bn in grants and assistance to hospitals. The bill also boosts Medicare payments for hospitals treating patients with Covid-19.
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Are Trump's coronavirus briefings the new 2020 campaign rallies? | US news | The Guardian - 0 views

  • But for the absence of a sea of “Keep America Great Again” hats and Rolling Stones soundtrack, Donald Trump’s coronavirus press briefings at the White House are, critics say, increasingly resembling his 2020 re-election campaign rallies.Some critics have even called for TV networks to drop live coverage of the daily sessions because, by carrying the president’s words unfiltered, they are actively misleading their audiences and could harm public health.
  • Broadcasters were widely criticized for giving Trump’s speeches and rallies wall-to-wall coverage during the 2016 presidential election, granting him free exposure worth billions of dollars in advertising. Although campaign rallies have been suspended because of the virus, there are concerns that history is repeating itself, giving Trump an advantage over his likely opponent, Joe Biden. On Sunday and Monday, the briefings shifted to late afternoon, giving Trump access to peak viewing hours.McCurry, now a professor at Wesley Theological Seminary, said he “tends to agree” with the view that networks should not carry the entire briefings live.“Putting it on because it’s better than whatever else is available to daytime TV is not a good reason. It shouldn’t be a platform for the president to just give out his own message. It’s not reality television,” he said.
  • Perhaps sensing political opportunity, Trump moved swiftly to regain the limelight and become master of ceremonies. At times, he has reassured viewers with an uncharacteristically solemn tone. But at others, he has reverted to his buccaneering style, over-promising vaccines or therapies – forcing experts to contradict him – or throwing a tantrum at a reporter who challenged him.
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  • “These are rallies by TV press briefing from the podium and that’s not what it should be,” said Mike McCurry, who was press secretary to President Bill Clinton in the 1990s. “It’s not a substitute for a daily briefing by the press secretary, giving real information to the public, taking questions and being held accountable. It’s become a theatrical production rather than a true press briefing.”
  • “More and more each day, President Trump is using his daily briefings as a substitute for the campaign rallies that have been forced into extinction by the spread of the novel coronavirus. These White House sessions – ostensibly meant to give the public critical and truthful information about this frightening crisis – are in fact working against that end.”
  • Joe Lockhart, another former White House press secretary, acknowledged a difficult balancing act for network controllers on whether to keep broadcasting them live. “I’ve been a strong advocate of not putting the president live, taping and checking for accuracy,” he tweeted. “This situation is much tougher. His lies are outrageous and dangerous. But there is a risk of sanitizing his bizarre behavior and saying it’s just Trump. Very hard news decision.”
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'What am I supposed to do?': Covid-19 sparks mass unemployment across US | Business | T... - 0 views

  • The US is experiencing an unprecedented rise in unemployment as industries such as hospitality and food service grind to a halt. The first official government snapshot of how coronavirus has hit the labor market is due on Thursday, when the labor department releases unemployment figures for last week.
  • The last department of labor figures showed initial unemployment claims rose to 281,000, a sharp rise from 211,000 the previous week but nothing to what is expected tomorrow.
  • The Economic Policy Institute (EPI) thinktank estimated a record-setting 3.4 million people filed unemployment claims last week based on an analysis of news reports. Weekly claims have not topped a million since records began in 1967.
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  • Shierholz said despite the gloom, the federal government has the power and resources to intervene. “The economy is taking a big hit, but it is a policy choice, the level of human suffering that is caused,” Shierholz said.EPI is one of several bodies advocating for the federal government to waive unemployment insurance requirements, such as making people demonstrate they are looking for work; increase funding to social support systems, such as food stamps; place moratoriums on evictions; and allow laid off or furloughed people to continue using their employer-sponsored healthcare so state health insurance programs aren’t overwhelmed. Worker advocates are also encouraging employers to simply keep paying their employees, because when the crisis is over, those jobs will need to be filled again.
  • Early Wednesday, Congress reached a deal on what is expected to be the largest US economic stimulus measure ever passed.Democrats and Republicans had been divided on the level of oversight required for industries receiving bailouts. Progressives are concerned the Republican plan would allow billions of dollars to go to business leaders while workers continue to live without pay or health insurance.
  • The Brookings Institution thinktank said more than 24.2 million Americans work in the five high-risk sectors facing a sharp slowdown. This includes travel, hospitality, employment services, transportation and energy centers, such as Texas oil and gas towns.
  • More working people need to feel that hope, said Johnson. “This is like a wartime economy,” he said. The government needs to decide what its goals are “and get them done”.
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US coronavirus: There's time to stop country from becoming next epicenter, health offic... - 0 views

  • There's still time to stop the United States from becoming the next epicenter of the novel coronavirus pandemic, a World Health Organization spokeswoman told CNN on Wednesday.
  • The formula for success is testing people, finding each case, identifying people who have come into contact with those who have been infected, isolating those who are ill or who have been exposed and quarantining, she said.
  • President Donald Trump is hopeful Americans will be able to return to work in fewer than three weeks, he said, by Easter, which is April 12 -- an outlook that is not shared by world health officials.
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  • With US health officials sounding alarms similar to those of their world counterparts, governors across the country have continued to roll out aggressive measures to stop the rise in cases.
  • Without the proper data in hand, "it would be premature for us to roll back any of these restrictions which frankly have just started," the George Washington University professor said. "We need to know the data, and if we don't have the data, how are we making these decisions at all?" she asked. "It seems like these dates that are being picked are arbitrary and not based on science and evidence."At least 709 Americans have now died from the virus, and 53,209 have been infected. More than half of the US population is under stay-at-home orders.
  • As more states implement stay-at-home orders, Trump isn't planning on a nationwide quarantine, he said. Social distancing guidelines set forth by the federal government this month will expire next week. Among other guidelines, the "15-day pause" urges Americans to avoid public gatherings with more than 10 people.
  • The US has turned to Italy to understand how social distancing measures can help slow the virus' spread, a health official said Tuesday.
  • New York's surge in cases should serve as a warning for the rest of the country, Gov. Andrew Cuomo said. "We are just a test case," he said. "Where we are today, you will be in three weeks or four weeks or five weeks or six weeks. ... What we do here will chart the course for what we do in your city and in your community."New York has a case tally several times that of any other state, and the majority of the state's cases are in New York City. The state and city are making appeals to the federal government for more medical supplies.
  • Because of the varying tallies -- more than 25,000 in New York, while other states have fewer than 50 -- timelines for reopening businesses and returning to normalcy need to remain flexible, said Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases.
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