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Archive for 3. Juni 2020

U.S. Economy Faces Projected 10‑Year Recovery From Coronavirus Effects

Posted by hkarner - 3. Juni 2020

Date: 02‑06‑2020

Source: The Wall Street Journal

Surveys of purchasing managers in U.S., Asia and Europe offer some hope that decline in factory activity is starting to bottom out

The U.S. economy could take the better part of a decade to fully recover from the coronavirus pandemic and related shutdowns, a U.S. budget agency said, as a series of surveys pointed to continuing weakness in global manufacturing.

The Congressional Budget Office, a nonpartisan legislative agency, said the sharp contraction triggered by the coronavirus caused it to mark down its 2020‑30 forecast for U.S. economic output by a cumulative $7.9 trillion, or 3% of gross domestic product, relative to its January projections. GDP isn’t expected to catch up to the previously forecast level until the fourth quarter of 2029, the CBO added.

 The roughly $3.3 trillion in stimulus programs enacted by Congress since March will only “partially mitigate the deterioration in economic conditions,” the CBO said.

“After you get the initial bounce of economic activity simply from removing the lockdowns, I think what we’ll see is an economy that is running at a level of activity notably below where we were prior to Covid,” said Michelle Meyer, chief U.S. economist at BofA Merrill Lynch. “It’s going to take a long time to heal. There will be scars as a result of such a painful shock of the economy.”

The CBO analysis came as new surveys showed that factories in the U.S. and abroad continued to reduce output and shed jobs in May, though the pace of deterioration moderated as governments moved to ease coronavirus‑related restrictions on their economies. Den Rest des Beitrags lesen »

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With Trump we’ve reached the ‚mad emperor‘ stage, and it’s terrifying to behold

Posted by hkarner - 3. Juni 2020

Date: 02‑06‑2020

Source: The Guardian Richard Wolffe

Trump incites violence from the safety of a bunker, then orders peaceful protesters tear‑gassed for the sake of a surreal photo op

Writing from a Birmingham jail, Martin Luther King Jr famously told his anxious fellow clergymen that his non‑violent protests would force those in power to negotiate for racial justice. “The time is always ripe to do right,” he wrote. 

On an early summer evening, two generations later, Donald Trump walked out of the White House, where he’d been hiding in a bunker. Military police had just fired teargas and flash grenades at peaceful protesters to clear his path, so that he could wave a bible in front of a boarded church.

For Trump, the time is always ripe to throw kerosene on his own dumpster fire.

In the week since George Floyd was killed by Minneapolis police officers, Trump has watched and tweeted helplessly as the nation he pretends to lead has reached its breaking point. After decades of supposedly legal police beatings and murders, the protests have swept America’s cities more quickly than even coronavirus.

This is no coincidence of timing. In other crises, in other eras, there have been presidents who understood their most basic duty: to calm the violence and protect the people. In this crisis, however, we have a president who built his entire political career as a gold‑painted tower to incite violence. Den Rest des Beitrags lesen »

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