Browsing the "economy" Tag

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Coronavirus is a ‘sliding doors’ moment. What we do now could change Earth’s trajectory

The numbers of people cycling and walking in public spaces during COVID-19 has skyrocketed. Cities from Bogota to Berlin and Vancouver have expanded bike lanes and public paths to accommodate the extra cycling traffic. In Australia, the New South Wales government is encouraging councils to follow suit. By Pep Canadell, CSIRO; Corinne Le Quéré, University […]

Why we need a global Green New Deal NOW

The global economy is collapsing. When the pandemic began, experts at the International Monetary Fund predicted that we would see the worst economic downturn since the Great Depression. This week, they announced that it will be even worse than they thought. This disaster comes into a world already facing record inequality, desperate poverty, and a growing climate crisis. The COVID-19 pandemic […]

2.25 million file new unemployment claims – Powell says more stimulus needed or it’ll be YEARS before they find jobs

We’ve had plenty more news this week indicating just how bad things are economically now and how long they are likely to remain bad. Federal Reserve Chairman Jerome Powell, who has warned that gross domestic product could drop 30% this quarter, on Wednesday reinforced what other analysts have said about the crunch affecting American workers: ”It’s just going to be very […]

June 11th

Another 2.1 million seek unemployment benefits. The Coronavirus Recession will stick it to millennials

The Department of Labor reported Thursday that yet another 2.1 million Americans, on a seasonally adjusted basis, applied for initial state unemployment benefits in the week that ended May 23. Counting these new applications makes for a total of 40.5 million workers who have filed for initial benefits over the past 10 weeks. Add in the millions of Americans who are receiving […]

May 29th

Trump won’t offer usual economic projections. Probably because it’s hard to brag about disaster

In a story they broke this morning, Jeff Stein and Josh Dawsey at The Washington Post report that the Trump regime has decided it will not deliver economic projections in the traditional “mid-session review” of the budget this summer. Budget experts the reporters interviewed said they didn’t know of any time in the past half century when an administration has […]

May 28th

James Howard Kunstler: What makes you think we’ll ever return to “Normal”? (Coronavirus and oil meltdown, part 3)

Don’t it always seem to go, that you don’t know what you’ve got ‘til it’s gone, Joni trilled half a century ago. Another song, by CSN, went, it’s been a long time coming, it’s gonna be a long time gone. Boomers. Back in the day – before they invented the hedge fund, glyphosate, and political correctness […]

Millions of new claims for unemployment benefits push the jobless rate to 20%

To nobody’s surprise, the Department of Labor reported Thursday that another 4.4 million Americans filed new claims for unemployment benefits in the week that ended April 18. That brings the seasonally adjusted new claims for the past five weeks to 26.3 million. That’s one out of six American workers. Add in the 5.8 million people who were already out of work when the massive […]

April 23rd

7 Reasons why Tesla Will Benefit From The Crisis — #2 Diversification

Cathie Wood, the founder of Ark Invest, has repeated many times that in a recession or economic downturn disruptive companies gain pace and expand their competitive advantage versus incumbents. Even if all business is shrinking, the moment it’s getting just slightly better, disruptive companies grow faster, win more market share and more profit than the competition. […]

April 7th