Attention to the Unseen

Derek Thompson writes: Last week, House Democrats unveiled their latest pandemic-relief package. The bill combines aid for families, a bailout for struggling cities and states, and additional funds for testing, tracing, and hospitals. The price tag is about $3 trillion—and it comes just weeks after the president signed an economic-relief package worth about $2 trillion. Republicans have assailed the bill as a profligate wish list. Even Americans who are suffering from the health and economic ravages of the pandemic may…

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Alex Tabarrok and Puja Ahluwalia Ohlhaver write: With the unemployment rate at its highest level since the Great Depression — 14.7 percent and climbing — many Americans are clamoring to reopen the economy, even if it means that thousands of daily covid-19 deaths become part of the backdrop to life. It’s time to move on as “warriors,” President Trump has said, because “we can’t keep our country closed down for years.” We, too, favor markets and share the president’s eagerness…

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MarketWatch reports: ‘The virus is still spreading throughout much of the country. We have to continue to be very measured and not reopen too quickly because we may pay the price for that.’ That’s the cautious view Minneapolis Federal Reserve Bank President Neel Kashkari shared on NBC’s Today Show in an interview ahead of Friday’s monthly employment report, which he says won’t give the clearest picture of job losses amid the coronavirus pandemic. “That bad report tomorrow is actually going…

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The Washington Post reports: Nobel Prize-winning economist Paul Romer says a return to nearly normal life is possible this summer if the United States does wide-scale testing for the coronavirus. Romer is calling on the U.S. government to test everyone in the nation once every two weeks and isolate people who test positive for the deadly coronavirus. He estimates that doing so would cost $100 billion, a hefty sum but far less than the $2 trillion Congress has spent so…

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The Guardian reports: Donald Trump’s botched handling of the Covid-19 crisis has left the US looking like a “third world” country and on course for a second Great Depression, one of the world’s leading economists has warned. In a withering attack on the president, Joseph Stiglitz said millions of people were turning to food banks, turning up for work due to a lack of sick pay and dying because of health inequalities. The Nobel prize-winning economist said: “The numbers turning…

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Daniel W. Drezner writes: Over the weekend, the hard-working staff here at Spoiler Alerts read a lot of analysis about what the Trump administration was thinking and doing about reelection. What all of this analysis had in common was a refusal to acknowledge some brute facts. My personal favorite is this headline on an Associated Press story: “Coronavirus could complicate Trump’s path to reelection.” I know the AP is as strait-laced as possible in its coverage, and to be fair,…

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The Financial Times reports: Unlike other world leaders, from Donald Trump in the US to Xi Jinping in China, who are trying to return their countries to where they were before the pandemic, the 42-year-old [French president] Mr Macron says he sees the crisis as an existential event for humanity that will change the nature of globalisation and the structure of international capitalism. As a liberal European leader in a world of strident nationalists, Mr Macron says he hopes the…

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CNN reports: States on the country’s East and West coasts are forming their own regional pacts to work together on how to reopen from the stay-at-home orders each has issued to limit the spread of the novel coronavirus. The first such group to be announced came Monday on the East Coast. Democratic New York Gov. Andrew Cuomo said his state, New Jersey, Connecticut, Pennsylvania, Delaware, Rhode Island and Massachusetts each plan to name a public health and economic official to…

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The Washington Post reports: Employers and employees around the world are anxious to get back to work as soon as possible. A picture of how that will unfold is starting to emerge — and it’s far from straightforward. Businesses have long relied on a five-tier inverted pyramid called the “hierarchy of controls” to reduce workplace risks to employees, ranging from chemical exposure to physical injury. This framework will also be the basis for companies’ plans to get back to work,…

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Robert Reich writes: As millions of jobless Americans line up for food or risk their lives delivering essential services, the nation’s billionaires are making conspicuous donations – $100m from Amazon’s Jeff Bezos for food banks, billions from Microsoft co-founder Bill Gates for a coronavirus vaccine, thousands of ventilators and N95 masks from Elon Musk, $25m from the Walton family and its Walmart foundation. The list goes on. On Wednesday, Forbes released its annual billionaires list, happily noting that “the planet’s…

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The Guardian reports: Billions of dollars worth of food is going to waste as growers and producers from California to Florida are facing a massive surplus of highly perishable items. As US food banks handle record demand and grocery stores struggle to keep shelves stocked, farmers are dumping fresh milk and plowing vegetables back into the dirt as the shutdown of the food service industry has scrambled the supply chain. Roughly half the food grown in the US was previously…

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