User: newstrust Topic: US Economy
Category: Recession
1 new since Apr 02 2020 23:31 IST RSS 2.0
 
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Trump backs Gilead’s exclusive patent on treatment as US reels from COVID-19 deaths 2.4.2020 Raw Story
As the United States leads the world in coronavirus cases, the nation’s healthcare system is already stretched to capacity and protective gear in short supply. President Trump and his health advisors say more than 100,000 Americans could die from the coronavirus in the next two weeks. Meanwhile, millions of people have lost their jobs, and […]
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‘A portrait of disaster’: Experts warn 6.6 million new jobless claims portend an unparalleled crisis 2.4.2020 Raw Story
The U.S. Department of Labor announced Thursday that 6.6 million Americans filed jobless claims last week, a staggering and record-breaking surge in unemployment that comes as the coronavirus outbreak has completely shuttered large swaths of the economy and sparked mass layoffs nationwide. “I have spent the last twenty years studying the labor market and have […]
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Record-shattering 6.6 million Americans filed jobless claims last week 2.4.2020 Raw Story
6.6 million Americans last week filed for unemployment — doubling the previous record of 3.3 million people who had filed for unemployment just one week earlier. According to CNBC, the new jobless claims numbers were vastly worse than the consensus estimate of 3.1 million claims, and are indicative that the economy is collapsing at a […]
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Coronavirus recession now expected to be deeper and longer 2.4.2020 LA Times: Health

Forecasts for economic damage from the coronavirus pandemic have quickly turned much darker – both for the depth and duration of the damage.

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Chomsky: Ventilator Shortage Exposes the Cruelty of Neoliberal Capitalism 1.4.2020 Truthout.com
Chomsky: Ventilator Shortage Exposes the Cruelty of Neoliberal Capitalism
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Europe toll tops 30,000 as UN warns of world’s worst crisis since WWII 1.4.2020 Raw Story
The coronavirus pandemic has claimed more than 30,000 lives in Europe alone, a global tally showed Wednesday, in what the head of the United Nations has described as humanity’s worst crisis since World War II. Italy and Spain bore the brunt of the crisis, accounting for three in every four deaths on the continent, as […]
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Here are 3 things you should do to prepare for the coming Trump recession 1.4.2020 Raw Story
The global coronavirus pandemic has put our economy in free-fall. Even through Donald Trump’s reckless economic policies, like his pointless trade war with China or his deficit-busting tax cuts for his billionaire donors, the economy has somehow managed to keep chugging along — until now. All of the stock market gains from Trump’s time in […]
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COVID-19 could lead to an epidemic of clinical depression 1.4.2020 Raw Story
Isolation, social distancing and extreme changes in daily life are hard now, but the United States also needs to be prepared for what may be an epidemic of clinical depression because of COVID-19. We are clinical psychological scientists at the University of Washington’s Center for the Science of Social Connection. We study human relationships, how […]
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Fed economists warn US unemployment rate could soon reach 32 percent — during Great Depression it peaked at 25 percent 31.3.2020 Raw Story
“These are very large numbers by historical standards, but this is a rather unique shock that is unlike any other experienced by the U.S. economy in the last 100 years.” Economists at the Federal Reserve Bank of St. Louis are warning that if the current rate of U.S. job losses continues, the country’s unemployment rate […]
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COVID-19 could shrink the earnings of 2020 graduates for years to come 31.3.2020 Raw Story
Before the coronavirus pandemic forced businesses and schools to close, high school and college graduates from the Class of 2020 could have expected to graduate into the strongest job market in 50 years. Now, due to massive economic fallout, the Class of 2020 is at risk of graduating into a recession. This souring economy has […]
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Could COVID-19 Spell the End of the Fracking Industry as We Know It? 30.3.2020 Truthout.com
New Mexico is just one state whose fracking boom appears poised to fall off an economic cliff amid the ...
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An epidemiologist explains how the GOP laid the foundation for America’s coronavirus catastrophe 30.3.2020 Raw Story
In many ways both obvious and subtle, Donald Trump is precisely the wrong person to be president of the United States during the coronavirus crisis. Almost everything he does makes matters worse and imperils lives. This article was originally published at Salon Over the weekend, Trump threatened to instigate civil war, if perhaps only through his own ignorance, […]
Don’t believe the polls — Trump is killing his re-election chances with his pandemic floundering: columnist 30.3.2020 Raw Story
According to longtime political observer David Leonhardt, Donald Trump’s chances of being re-elected are diminishing every day as the economy continues to crash and Americans are dying because of the COVID-19 pandemic despite “snapshot polls” saying voters are still supportive of him. Writing for the New York Times, the columnist notes that the full horrors […]
Trump SLAMS PBS Lefty Yamiche Alcindor; ‘Don’t Be Threatening…We’re All on the Same Team!’ 30.3.2020 NewsBusters
The White House Coronavirus Task Force was back Sunday with a briefing and President Trump tussled with multiple reporters, most notably another throwdown with PBS NewsHour White House correspondent Yamiche Alcindor. Alcindor asked about his comments to Sean Hannity about New York’s ventilator requests, but the President wasn’t having it. Instead, he told her to “be nice,” “don’t be threatening,” and reminded her that, despite how some in the liberal media behave, “we’re all on the same team” in hoping to defeat the ...
A whiplash world waits to see if coronavirus stimulus can help markets 30.3.2020 LA Times: Business

We are about to find out if the stimulus efforts are enough to calm nervous markets, experts say,

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‘We have entered a recession’: IMF chief offers warns of economic ‘sudden stop’ worldwide 28.3.2020 Raw Story
The coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, IMF chief Kristalina Georgieva said Friday. “It is clear that we have entered a recession” that will be worse than in 2009 following the global financial crisis, she said in an online press briefing. With […]
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American consumers, once bulwark of the economy, are rapidly losing confidence 28.3.2020 LA Times: Business

In another warning sign of how hard the coronavirus crisis may punish the U.S. economy, American consumer confidence in March saw its sharpest drop since the Great Recession in 2008.

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‘Brace for a downward spiral’: Economics columnist zeroes in on a creeping financial catastrophe we’re not prepared for 28.3.2020 Raw Story
The coronavirus pandemic is not only a massive health crisis — it is also a massive economic crisis. Economist and long-time New York Times columnist Paul Krugman has warned that “markets are implicitly predicting not just a recession, but multiple years of economic weakness.” And similarly, journalist Catherine Rampell, this week in her Washington Post column, […]
$2 trillion rescue plan passes US House, heads to Trump 27.3.2020 The Moderate Voice

Washington (AFP) – The US House of Representatives passed a historic $2 trillion rescue package Friday that injects cash into the pockets of struggling Americans and fortifies an economy so ravaged by coronavirus that it is sliding toward recession.After clearing the Senate earlier this week, and as the United States became the new global epicenter […]

The post $2 trillion rescue plan passes US House, heads to Trump appeared first on The Moderate Voice.

Historian who correctly predicted last 9 presidential elections: Trump is more likely to lose because of coronavirus 27.3.2020 Raw Story
Allan Lichtman, a political historian at American University whose book “The Keys to the White House” has helped him correctly predict the last nine presidential elections, told Salon last week the coronavirus pandemic may spell defeat for President Trump in the 2020 election. Lichtman’s system is based on 13 “keys,” a series of true-or-false statements that anticipate whether the incumbent […]
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