May 4, 2020

George W. Bush: ‘We are not partisan combatants’ in fight against coronavirus

“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.”

April Jobs Report Likely to Show Highest Unemployment Rate on Record

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…

From Houston to New York, America’s Muni Finances Are in Tatters

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.

Besides millions of layoffs and plunging GDP, here’s another worry for economy: Falling prices

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.

Dow futures fall nearly 300 points amid concerns over reopening the economy

“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.”

Closed Schools Mean Closed Economy Despite Politicians’ Push

“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.”

Construction Work Resumes, But Demand Weakens

Contractors are returning to work…expect to foreshadow a severe slump in construction later

Warren Buffett says Berkshire sold all its airline stocks because of the coronavirus

“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.”

Telemedicine key to US health care even after pandemic ends

“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.”

Let’s (Not) Shake on It

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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