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#America #economics #covid19
Tom Gara: The Real Economic Catastrophe Hasn’t Hit Yet. Just Wait For August. (Buzzfeed)
Tom Gara: The Real Economic Catastrophe Hasn’t Hit Yet. Just Wait For August. (Buzzfeed)
After a terrifying spring spent in lockdown and a summer of protests in the streets, things are going to get a lot worse in the fall. --- As millions of people experience a sudden collapse of their income at the very moment their landlords are allowed to start kicking them out, other bills will also come due. Payments on millions of paused student loans will begin again at the beginning of October; the more than 4 million homeowners who received a six-month pause on their mortgage after April’s mass layoffs will need to start making payments again at the end of October. […] You might have noticed a few major things — like, well, the coronavirus pandemic — missing from this equation. If we’re really lucky, we won’t experience a nasty second wave of infections in the fall and early winter, spurring new rounds of attempted lockdowns shortly after the economic plane crashes into the mountain — lockdowns that will once again disproportionately affect Black people and people with low incomes who can't safely work from home. Fingers crossed on that one.
·buzzfeednews.com·
Tom Gara: The Real Economic Catastrophe Hasn’t Hit Yet. Just Wait For August. (Buzzfeed)
Ezra Klein: The debate over ending social distancing to save the economy, explained (Vox)
Ezra Klein: The debate over ending social distancing to save the economy, explained (Vox)
President Trump wants to cut short social distancing measures to save the economy. Is the cure worse than the disease? --- So let’s put this clearly: Comparing the cure and the disease is a false choice in both directions. If you let the disease rage, you don’t save the economy. But if you lock down the economy, you don’t cure the disease. It is understandable, in the initial panic to slow the disease, that public health messaging has emphasized the importance of social distancing, but in order to keep people bought into that strategy, it’s necessary to be clear about what comes after. […] The grim truth, for those of us living under tight lockdowns right now, is it’s not clear that the time we’ve bought is being used well. Social distancing is likely slowing disease transmission, but there’s little evidence that the country has been sufficiently swift in surging health and testing capacity. Indeed, governors of key states are saying, daily, that they’re not getting the support they need. […] Rather than make the country’s sacrifices count, Trump is telling Americans we’ve already sacrificed too much, for too long. This is a moment that demands social solidarity, but all Trump knows is fracture. This is a moment that requires long-term thinking and sacrifice, but Trump acts on the timeline of the cable news segment in front of him. It is perhaps the most stunning and dangerous abdication of presidential leadership in the modern era.
·vox.com·
Ezra Klein: The debate over ending social distancing to save the economy, explained (Vox)