Tag: United States Economy

Covid-19 Brings Out All the Usual Zombies

Let me summarize the Trump administration/right-wing media view on the coronavirus: It’s a hoax, or anyway no big deal. Besides, trying to do anything about it would destroy the economy. And it’s China’s fault, which is why we should call it the “Chinese virus.” Oh, and epidemiologists who have been modeling the virus’s future spread […]

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Alone on the Road, a Trucker’s Long Haul as America Fights the Virus

Like so many other long-haul truckers, pumping wares of a gasping economy through the arteries of the nation’s highway system, Darrell Woolsey sees the changing landscape through his windshield. Self-isolated in the cab of his 2016 Freightliner, a twin mattress behind him and the world out front, Mr. Woolsey moves from one load to the […]

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Check Is in the Mail? For Many Bill Payers, It Won’t Be

On Wednesday, as on the first day of any month, many companies and households will have bills to pay. This time, a lot will simply pile up. Angela Rogan is unlikely to make the rent on her apartment in the San Francisco Bay Area. Katherine Anderson, who owns a cafe-bakery in Seattle, isn’t going to […]

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The Nordic Way to Economic Rescue

The unleashing of cash by Congress to combat the catastrophe of the pandemic amounts to the traditional American prescription — in gargantuan form. The $2 trillion package of spending expands the standard unemployment insurance system, while setting aside a pool of money that is supposed to aid distressed companies. It may prove to be weak […]

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For Farmers, Stimulus Bill Means Subsidies Continue to Flow

WASHINGTON — After providing nearly $26 billion in aid to farmers over the past few years to offset losses from President Trump’s trade war with China, the administration now has another giant new pot of money to pass out to them with little or no oversight, courtesy of the $2 trillion coronavirus stimulus package. The […]

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Trump Chooses Disaster as His Re-Election Strategy

Donald Trump’s re-election strategy had two potential paths this week. The first path would save millions of jobs, turn Trump into a populist hero for many and perhaps prevent another depression. The second path would court chaos, playing up the partisan divide, deflecting all blame for the coronavirus pandemic onto the media, China and the […]

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What the Coronavirus Means for Climate Change

Something strange is happening. Not just the illness and death sweeping the planet. Not just the closing of borders and bars and schools, the hoarding of wipes and sanitizer, the orders — unimaginable to most Americans weeks ago — to “shelter in place.” Something else is afoot. In China and Italy, the air is now […]

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The National Debt Is About to Soar. Without a Rescue, It Would Probably Soar Even More.

The United States government is poised to take on a huge amount of debt to contain the effects of the coronavirus pandemic, with budget deficits on a scale not seen since World War II looking likely. But the only thing worse for the public debt outlook would be if it didn’t. That’s why a broad […]

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D.J.T. Is No F.D.R.

The coronavirus pandemic may plunge the United States into its worst social and economic crisis since the Great Depression. But our response — from the president’s blame-shifting rhetoric to the Senate’s inadequate relief package — has yet to rise to the scale and scope of the challenge. I’ve written before about why Congress needs to […]

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Stock Markets in Asia Climb After U.S. Rally: Live Updates

ImageCommuters in Tokyo on Thursday.Credit…Noriko Hayashi for The New York Times Asian markets rise cautiously after Wall Street’s big day. Stock markets in Asia rose cautiously on Friday, after investors in the United States sent stocks more than 6 percent higher on optimism over the impact of a big spending package from Washington. Most of […]

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Why Is America Choosing Mass Unemployment?

Thursday’s news that more than three million Americans filed for unemployment benefits last week, a total far higher than in any previous week in the modern history of the United States, has been greeted with surprising equanimity by the nation’s political leaders. They appear to regard mass unemployment as an unfortunate but unavoidable symptom of […]

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An Open Letter to President Trump

Dear President Trump, I have not been one of your supporters, but when it comes to combating the coronavirus, saving lives and getting as many Americans back to work as quickly as possible, I am praying for your success, because so much is riding on the decisions that you, and only you, can make. So […]

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As Coronavirus Spread, Largest Stimulus in History United a Polarized Senate

WASHINGTON — As Senator Chuck Schumer walked the two miles from his apartment to the Capitol early Sunday morning, getting his steps in since the Senate gym had been shut down to stem the spread of the novel coronavirus, he knew he and his fellow Democrats had a momentous decision to make. After 48 hours […]

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Coronavirus relief bill: What it means for business

The $2 trillion coronavirus rescue package that the Senate passed on Wednesday will fundamentally transform the U.S. government by placing thousands of businesses and millions of workers on federally funded life support. The government will pay the wages of some workers who remain on their companies’ payrolls. It will sustain other workers who have lost […]

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Trump Says He Will Label Regions by Risk of Coronavirus Threat

WASHINGTON — President Trump said Thursday that he planned to label different areas of the country as at a “high risk, medium risk or low risk” to the spread of the coronavirus, as part of new federal guidelines to help states decide whether to relax or enhance their quarantine and social distancing measures. “Our expanded […]

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Trump’s Baseless Claim That a Recession Would Be Deadlier Than the Coronavirus

President Trump, in saying that he wanted to reopen the economy by Easter, has argued that an economic downturn would be more deadly than the coronavirus. What Was Said “You have suicides over things like this when you have terrible economies. You have death. Probably — and I mean definitely — would be in far […]

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Stocks Surge as Washington’s Aid Package Advances: Live Updates

Here’s what you need to know: Wall Street shakes off record unemployment claims. Boeing is up nearly 90 percent this week. American Airlines has jumped almost 50 percent. Carnival Corporation has soared nearly that much as well. Wall Street has been in rally mode, as investors bid up shares of companies that were set to […]

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On Coronavirus, We’re #1

It’s hard to believe, but just a month ago Donald Trump and his henchmen were dismissing the coronavirus as a nonevent. On Feb. 26 Trump declared that “You have 15 people, and the 15 within a couple of days is going to be close to zero.” His remark came a day after Larry Kudlow, his […]

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‘It’s a Wreck’: 3.3 Million File Unemployment Claims as Economy Comes Apart

More than three million people filed for unemployment benefits last week, sending a collective shudder throughout the economy that is unlike anything Americans have experienced. The report, released by the Labor Department on Thursday, provides some of the first hard data on the economic toll of the coronavirus pandemic, which has shut down whole swaths […]

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How the Fed’s Magic Money Machine Will Turn $454 Billion Into $4 Trillion

Treasury Secretary Steven Mnuchin has a favorite talking point: With the Federal Reserve’s help, the government will turn a $500 billion spending package working its way through Congress into a $4 trillion booster shot for the United States economy. How, you might ask, does that figure? The answer lies in the central bank’s emergency lending […]

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When Will Coronavirus Stop?

This article is part of David Leonhardt’s newsletter. You can sign up here to receive it each weekday. “The higher the peak, the longer it lasts,” Tom Frieden, a former head of the Centers for Disease Control and Prevention, told me yesterday. Frieden’s point was that a local surge in coronavirus cases isn’t only a […]

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Fed’s Powell Says U.S. Must Get Virus Under Control Before Economy Restarts

Jerome H. Powell, the Federal Reserve chair, said during a rare television interview on Thursday that the United States “may well” be in a recession already, but that it should get the coronavirus under control before getting back to work. “The first order of business will be to get the spread of the virus under […]

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