The Coronavirus Shock Looks More like a Natural Disaster than a Cyclical Downturn Recessions typically develop gradually over time, reflecting underlying economic and financial conditions, whereas the current economic situation developed suddenly as a consequence of a fast-moving global pandemic. A more appropriate comparison would be to a regional economy suffering the effects of a severe natural disaster, like Louisiana after Hurricane Katrina or Puerto Rico after Hurricane Maria. ........ The coronavirus pandemic, in contrast, came on suddenly, hitting the economy at full force in one month. Third, the current pandemic is widely viewed as a temporary situation with an endpoint, though how soon that endpoint is reached is of utmost concern and remains to be seen. .........
A Katrina-Level Event—but at a National Scale
.......... As New York’s governor has aptly noted, the coronavirus pandemic is like a slow-moving hurricane—and we’re not even sure how slow-moving it is yet.Coronavirus News (89) https://t.co/4pmLBOpa5t #trumpdeathtoll81k #TrumpGate #TrumpDeathToll #coronavirus #COVID19 #Covid_19 #pandemia #pandemic #LockdownEnd #lockdownuk
— Paramendra Kumar Bhagat (@paramendra) May 11, 2020
Small Businesses Are Worse Off Than We Thought If the COVID-19 crisis lasts four months, 65 percent of small retailers say there’s a good chance they’ll be forced to close permanently by the end of the year. Among restaurants and bars, 70 percent expect to go out of business if social-distancing orders last into July. ................ On average, survey respondents with less than $10,000 in monthly bills had only enough cash on hand to cover one month of expenses. ......... “Everything is rapidly evolving” .......
Through the Paycheck Protection Program, part of the federal government’s $2 trillion economic relief package, small businesses can apply for low-interest loans, all or most of which will be forgiven, based on amounts spent on wages, rent, and utilities.
........ A significant number of survey-takers said they would not apply for government loans because they anticipated problems with accessing the funds due to red tape and distrust in the government to forgive the loans.I fought Trump until the very end to stop him from becoming the president. I hate the guy. But @GavinNewsom is showing me what it’s like to be governed by a panicked socialist. When he grows a spine, I’ll believe democrats can run America again https://t.co/OW7WhXra01
— Kimbal Musk (@kimbal) May 11, 2020
.@WHO said that ‘extreme vigilance’ was needed as countries begin to exit from lockdowns imposed to curb the spread of the new coronavirus https://t.co/3eeLlFiUbE pic.twitter.com/JGHq1XMSvz
— Reuters (@Reuters) May 11, 2020
Nearly 40% of Americans don’t have the cash to cover a surprise $400 expense.
— Rep. Gerry Connolly (@GerryConnolly) May 11, 2020
That’s a devastating statistic. And it’s one no elected official should be able to ignore, because we know how to fix this:
Americans need recurring direct payments until this crisis ends. pic.twitter.com/nwWKd3TmZx
America’s always been great. That’s why immigrated here. Super grateful to all of America for taking me in. I love California as well. But not the handling of Covid by CA. What a mess #newsomgrowaspine https://t.co/mwF7VHLCXv
— Kimbal Musk (@kimbal) May 11, 2020
Don’t retweet! This really freaks Trump out! https://t.co/zzVNTeGxS7
— Laurence Tribe (@tribelaw) May 11, 2020
This is what I don't understand: the job of being President is to deal with crises like this one. Trump hates doing this job. Why does he want to keep it for a second term, when things are going to be even worse? https://t.co/B3xcPiHR2i
— Julia Ioffe (@juliaioffe) May 11, 2020
COVID will force children to learn online.
— Kunal Shah (@kunalb11) May 11, 2020
Once they learn how to learn online, they will only want to learn from the best teachers who can teach millions at a time (potentially for free).
If testing becomes digital, asynchronous and fraud proof, COVID may win noble prize.
This is how some students in China are doing social distancing while eating in class pic.twitter.com/PfsJw9IPsT
— SCMP News (@SCMPNews) May 11, 2020
Anti-lockdown protesters enter North Carolina sandwich shop with weapons, including apparent rocket launcher https://t.co/wzj8nAPqcR pic.twitter.com/Ca7QQSjiiH
— CBS News (@CBSNews) May 11, 2020
It also includes everyone in California. California is handling Covid worse than any state in the nation. https://t.co/bM6zCe5NXq
— Kimbal Musk (@kimbal) May 11, 2020
Elon Musk tweeted threats over the weekend that he would move Tesla’s headquarters to Nevada or Texas — a move that could save him billions. https://t.co/greTsvtomj
— CNBC (@CNBC) May 11, 2020
Face coverings should be reusable and can be made from materials in your home - you just need to make sure you have enough fabric to cover from the top of your nose to the bottom of your chin.
— Mayor of London (gov.uk/coronavirus) (@MayorofLondon) May 11, 2020
Watch this video for tips on how to make your homemade face covering. pic.twitter.com/xC902DNdwl
While the top 1% own twice as much wealth as the bottom 99% of humanity, 420 million people throughout the world are in danger of slipping into extreme poverty and 30 million children are at risk of dying from hunger. We cannot allow that to happen. https://t.co/tvCiebEMSx
— Bernie Sanders (@SenSanders) May 11, 2020
Happy Mother’s Day, Mom.
— Andrew Cuomo (@NYGovCuomo) May 10, 2020
Love this photo of you with your favorite son, and @ChrisCuomo... pic.twitter.com/I85ZS2oxbx
I keep robotically walking to the fridge and opening the door, irrationally expecting to see something new and exciting in there. I hope this isn't an early neurological symptom of the coronavirus.
— Elizabeth Spiers (@espiers) May 11, 2020
Tesla has sued the county blocking its car plant from reopening, and Elon Musk has threatened to move Tesla’s headquarters out of California, warning that all its manufacturing may leave the state, too https://t.co/fnsaPtqOQc pic.twitter.com/RnDXy1i2rf
— Bloomberg (@business) May 11, 2020
We need an ambitious FDR New Deal-style response to #COVID19.
— Ed Markey (@SenMarkey) May 11, 2020
We need to rebuild and transform our society and economy to prioritize the working class.
And we need to get Americans money NOW. That's why @SenSanders, @SenKamalaHarris, and I are calling for $2k monthly payments. pic.twitter.com/KiOGFbKA8v
The man who accurately predicted Amazon's acquisition of Whole Foods is now saying COVID-19 is going to force some US colleges to shut down for good. Here's @profgalloway comments on #highered: https://t.co/9akMPOnaGQ
— Marguerite Ward (@ForWardist) May 11, 2020
Angry. Desperate. https://t.co/NCeu7x5sEG
— Anuj Rampal (@anujrampal01) May 11, 2020
Trump’s strategy was always going to revert back to ‘don’t believe your lying eyes’ and just claiming up is down, black is white, hot is cold. And he knows he can get away with this with 1 in 3 Americans. https://t.co/m5bXYnxaAK
— Mehdi Hasan (@mehdirhasan) May 11, 2020
The Shift to Online Teaching How K-12 educators can translate proven higher ed practices to their virtual classrooms
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