The pandemic exposed the weak points of the US economy
When you go to the grocery store, and there’s no toilet paper on the shelves, you think the problem is your neighbor down there stockpiling rolls in his basement, but in fact, you just got your first lesson in virus economics. There’s never been a change this fast in a single month. We lost more
Is China pushing the U.S. towards a new nuclear arms race?
The Wall Street Journal came out with an exclusive report saying that Saudi Arabia has expanded its nuclear program with the help of China. A new facility in the country’s northwest region is raising flags, and it’s reportedly being used to harvest yellowcake uranium. So, it’s going to be crucial that Saudi Arabia commits to
Almost two millions of small businesses were closed due to COVID
We’ve got a new report that says over 1.8 million of them have either temporarily or permanently closed in the second quarter because of the virus. That’s a big number. Not only almost nearly 2 million of them have closed their doors during the second quarter, but more than a third of small businesses have
Is there a national coin shortage?
Use a credit or debit card at your favorite store instead of using cash recently, blame the pandemic. The coronavirus crisis has stalled the circulation of coins throughout the country leading to a nationwide shortage. That’s really giving new meaning to that’s saying “the cash is king” argument. There are less circulation and less production
The Wall Street Journal’s James Freeman encourages jobless to find new industries
The White House released a new ad campaign today called “find something new” in an effort to encourage and assist the millions of laid-off American workers. As we saw in the first few years of the Trump administration, the best jobs program is low taxes and low regulation that was working. We now have a
Valley National Bank CEO Ira Robbins: The Paycheck Protection Program should be extended
Still thinking about applying for the Paycheck Protection Program? Well, the deadline to receive a loan is here, it’s today. Borrowers still have some time to apply, since they launched in early April. The SBA has approved more than five hundred eighteen billion dollars in loans. Instead of being depleted, more than $134 billion remains
The Former New York Stock Exchange chairman Dick Grasso: Protests may delay the recovery of the U.S. economy
Today we are in a comparable situation to 1968 the rioting in the streets preceding the election in November of that year. I think the death of George Floyd is a very deep tragedy. Our hearts go out to his family and to all of those who feel that there is a terrible and pressing
Summers: The lockdown is actually less the issue than people’s fear
The former U.S. Treasury Secretary, Lawrence H. Summers, told us about his views on the reopening of the economy: This week with some economy starting to open up, we had Georgia start to open up first. We also have Sweden then never really closed very much what are we learning from that is it does
U.S. economy lost 33 million jobs in 7 weeks. What will come next?
As the United States has taken unprecedented measures to control the coronavirus pandemic, including business closures, social distancing measures, and shutdowns across all areas of the economy, the labor market has suffered unbelievable losses. New unemployment data released today shows that fighting this virus has caused a historic spike in layoffs pushing the unemployment rate
Americans are poorer than before
US Census reported today that one in six American households live in poverty. The continued struggle of the economy and high unemployment has devastated the middle class, and their ranks have disappeared into poor class, people who can barely survive. About forty-six million people now live in poverty, the highest number since 1959, according to