May 4, 2020
“In the final analysis, we are not partisan combatants. We are human beings, equally vulnerable and equally wonderful in the sight of God. We rise or fall together.”
Economists surveyed by The Wall Street Journal forecast the new report will show that unemployment rose to 16.1% in April and that employers shed 22 million nonfarm payroll jobs…
With tax revenue plunging and unemployment benefit costs skyrocketing, budget shortfalls for state governments alone are projected to swell to more than $650 billion over the next three years.
Deflation prompts shoppers to put off purchases on the expectation that prices will fall further if they wait. That can lead to a toxic cycle in which lower spending prompts businesses to cut wages, further pushing down consumer purchases and prices.
“The biggest risk to the stock market is a premature reopening of the U.S. economy. If rising COVID-19 curves reemerge and economies are shut down again the damage to the stock market’s psyche will be dramatic.”
“It’s really hard to imagine anything like a normal economy when you have tens of millions of workers tied up caring for their kids.”
Contractors are returning to work…expect to foreshadow a severe slump in construction later
“I think there are certain industries, and unfortunately, I think that the airline industry, among others, that are really hurt by a forced shutdown by events that are far beyond our control.”
“Why should I go into a doctor’s office for a face-to-face consultation and waste half a day when I can do it from my office.”
The simple handshake, once an offer of peace, now carries a threat of contagion.
The novel frugality. After decades of materialism, some Americans are experimenting with thriftiness for the first time.
“Deliberate obsolescence in all its forms — technological, psychological, or planned — is a uniquely American invention…Not only did we invent disposable products, ranging from diapers to cameras to contact lenses, but we invented the very concept of disposability itself.”
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