May 14, 2020
The new bill is set to cost more than $3 trillion, which easily tops the $2 trillion cost of the late March stimulus package — the biggest emergency spending measure in U.S. history.
“…a recession may last long enough to cause extensive damage to the economy…unemployed workers would lose skills and their connections in the job market…fewer companies would be available to hire the jobless.”
But many firms now bleeding cash are in for a tough ride until the economy fully rebounds, which likely will come only after a vaccine is developed and broadly employed.
“The ultimate way to deal with this pandemic is likely to be a vaccine against Covid-19…That will take more time — my guess is about one and a half to two years.”
“…what we heard today is that the Fed is more concerned that this is going to take longer for the U.S. recovery.”
Layoffs are easing but remain at historic levels as millions likely filed for unemployment last week
Last week’s layoffs push total unemployment claims the past eight weeks to a staggering 36 million and foreshadow another punishing jobs report for May
“The numbers show clearly that it’s more recent hires and lower paid people who are bearing the brunt of this, although people are suffering all across the income spectrum,”
Even in “boots and bolts” industries, a majority of respondents now say remote work can play an effective role. Examples include hardware and networking (61%), energy and mining (61%), or transportation and logistics (52%).
“Maybe you have a great job that seems to be geographically located in New York City, you can do it two-thirds of the time from your home in Stamford.”
Ultimately, the psychological impact of the pandemic will harm far more people than the virus itself.
A 55% rise in alcohol consumption in the last month…36% of Americans reported increased use of marijuana and prescription opioids.
Pearce said he expected a rebound in demand to come about two years after an upturn in GDP, partly due to the increased inconvenience of travel.
The coronavirus pandemic has forced about a third of U.S. workers to do their jobs from home. In turn, companies are ramping up the use of software to monitor what their employees do all day
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