Attention to the Unseen

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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Larry Elliott writes: It is New Year’s Eve 2019 and around the world stock markets are closing for business on a high note. Shares in the US are up by almost 30% on the year, those in Japan by 18%. Even in Britain, where the mood has been dampened by months of Brexit uncertainty, the FTSE 100 has risen by 12%. Overall, it had been the best year for stocks since 2009 and traders saw no real reason why the…

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The Washington Post reports: After 10 weeks confined to their apartments, unable to exercise, shop for groceries or walk their dogs, Wuhan residents are emerging into the daylight. The subway and intercity trains are running again. Shopping malls and even the Tesla store are reopening. State-owned companies and manufacturing businesses are turning on their lights, with others to follow. “I’ve been indoors for 70 days. Today is the first time that I came outside,” one woman who ventured into a…

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CNBC reports: Millions of Americans already have lost their jobs due to the coronavirus crisis and the worst of the damage is yet to come, according to a Federal Reserve estimate. Economists at the Fed’s St. Louis district project total employment reductions of 47 million, which would translate to a 32.1% unemployment rate, according to a recent analysis of how bad things could get. The projections are even worse than St. Louis Fed President James Bullard’s much-publicized estimate of 30%….

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Farhad Manjoo writes: Why is the United States running out of face masks for medical workers? How does the world’s wealthiest country find itself in such a tragic and avoidable mess? And how long will it take to get enough protective gear, if that’s even possible now? I’ve spent the last few days digging into these questions, because the shortages of protective gear, particularly face masks, has struck me as one of the more disturbing absurdities in America’s response to…

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The Washington Post reports: With President Trump saying he wants “the country opened” by Easter to salvage the U.S. economy, a fierce debate is now raging among policymakers over the necessity of shutting down vast swaths of American society to combat the novel coronavirus. Health experts point to overwhelming evidence from around the world that closing businesses and schools and minimizing social contact are crucial to avoid exponentially mounting infections. Ending the shutdown now in America would be disastrous, many…

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Derek Thompson interviewed Flemming Larsen, a professor at the Center for Labor Market Research at Denmark’s Aalborg University: Larsen: [T]he government is paying companies for employees who are going home and not working. These workers are being paid a wage to do nothing. The government is saying: Lots of people are suddenly in danger of being fired. But if we have firing rounds, it will be very difficult to adapt later. This way, the company maintains their workforce under the…

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The Observer reports: Such was the scale of the global market crash last week in the wake of the coronavirus outbreak, the spectre of the 1929 Wall Street rout and the ensuing Great Depression of the 1930s has been raised. Comparisons no longer seem fanciful. The failure of the US and the UK to swing into action with a wide range of mitigation measures – despite the lessons of Italy’s slow response to the spread of Covid-19 – has heightened…

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Bloomberg reports: Federal Reserve Bank of St. Louis President James Bullard predicted the U.S. unemployment rate may hit 30% in the second quarter because of shutdowns to combat the coronavirus, with an unprecedented 50% drop in gross domestic product. Bullard called for a powerful fiscal response to replace the $2.5 trillion in lost income that quarter to ensure a strong eventual U.S. recovery, adding the Fed would be poised to do more to ensure markets function during a period of…

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  CNBC reports: Investor Bill Ackman urged President Donald Trump and corporate America in an impassioned plea on CNBC to shut down the country for 30 days to contain the fast-spreading coronavirus, calling it the only option to rescue the economy. “What’s scaring the American people and corporate America now is the gradual rollout,” Ackman told Scott Wapner on “Halftime Report” on Wednesday. “We need to shut it down now. … This is the only answer.” “America will end as…

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