Wednesday, May 13, 2020

Stimulate Me

Perhaps the most rational voice in the current Government is Jerome Powell, other than Nancy Pelosi I question all the elected officials for their seeming inability to do shit. They have clearly proven that there fundamental role in Congress is to raise money and retain position and power.  No one does that more effectively than the turkey neck Mitch McConnell. 

I had another bad night of sleep and then I went grocery shopping, the bulk of shoppers were the "runners" and they are clearly in over their head and necks trying to navigate this for others and the endless bullshit that the media do to fuel the fear factor, such as meat shortages, dairy shortages, eggs and the like make it harder.  When you are shopping on your own you can quickly adjust and change plans given what is or is not available.  What is nuts is that at one store you will see signs saying only limited to so many and other stores you walk in with no such quota. The price may be higher or it may be brand name or whatever but again it is food, so get what you need and move on. Even I who has always had a tendency to over shop realized this this week when I threw out cheese, cherry tomatoes and onions,  I acknowledged that this is not pademania but just over shopping but with the added idea that next week what if....

The what and if is that I am sick of this shit.  The endless parade of names and numbers of the dead and hospitalized do what for the living and healthy? Nothing that I can tell. Little discussion about the breakdown of the number of unemployed, the racial breakdown, age and other data they seem so proud to pronounce on their daily chat.   I would love to see a chart on that as well as those who have not been able to get unemployment, get a Covid or Antibody test for free for the asymptomatic or well anything else such as state budget issues and costs at this point regarding all this.  NOPE.  The goal is to frighten not enrage or actually inform.  Keep em scared and stupid. Given that these are the people that elected these assholes, Cuomo, DiBlasio and Murphy in the tri-state area that is the best of the worst I guess and it explains it. No one listens to Connecticut and why who knows?

There are needs to expand and change the stimulus to be more aggressive and in turn better monitored and handled.  Appointing a special prosecutor to investigate Trump was not an issue let's see if we can find the same with an economic background and apolitical of course. 

This is not over for a long long time.  Little Igor is there to keep the flames of fear going as he well has actually met Trump and has to do this to keep him from acting upon his most basic impulses and so far not working out but hey whatever one needs I support that. Meanwhile Pelosi is third in line and for whatever reason Trump and Pence have been in close contact with Covid carriers and yet despite the 1:2.5 transmission rate it seems to skip them by.  Well there is a capable woman there to step in while they recover.  

So call, write and harass your representatives, from local municipalities to state wide and since they are home working they are there to finally pay attention that this is serious shit and we need help so get on it. 




Fed warns more cash is needed as US figures reveal widening inequality

Jerome Powell: pace of downturn ‘without modern precedent’
Lowest-paid Americans hit hardest by coronavirus pandemic

Dominic Rushe in New York
Guardian
Wed 13 May 2020

More evidence of how the coronavirus pandemic is widening income inequality has emerged after the Federal Reserve announced 40% of households earning less than $40,000 included someone who has lost a job since February.

The Federal Reserve chairman, Jerome Powell, released the figure on Wednesday as he called on US policymakers to do more to pull the country out of the economic mire.

“The scope and speed of this downturn are without modern precedent, significantly worse than any recession since the second world war,” Powell said in prepared remarks for a webcast event with the Peterson Institute for International Economics.

The pandemic, which has already cost at least 20m jobs, has caused “a level of pain that is hard to capture in words”, he said.

On Thursday, the Fed will release a report detailing who has been hit hardest by the pandemic downturn. April’s job report showed rises across the board but minorities have been badly affected and those in low-wage work – such as hospitality and retail – have been the first to lose their jobs.

Latinos posted the highest unemployment rate in April, 18.9%, while unemployment for African Americans rose from 6.7% to 16.7%, wiping out the gains made since the last recession. Those without a college education have been particularly damaged. The unemployment rate for teenagers hit 31.9% in April, up from 14.3% in March.

Powell said: “While the economic response has been both timely and appropriately large, it may not be the final chapter, given that the path ahead is both highly uncertain and subject to significant downside risks.”

Congress has already agreed $2.9tn in financial aid for households, businesses, healthcare providers and state and local governments. But the money has not slowed a tidal wave of job losses.

Last week the labor department announced 20m jobs had been lost in April as the unemployment rate shot up to 14.7%, the worst losses since the Great Depression of the 1930s.

Powell did not specify what new measures should be taken but he said that despite the size of the funds already agreed, they “may not be the final chapter, given that the path ahead is both highly uncertain and subject to significant downside risks”.

He said: “Additional fiscal support could be costly but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery.”

Weekly unemployment claims – applications for benefits from those who have lost their jobs – have soared to record levels in the last two months as the pandemic has shuttered large parts of the US economy. The latest weekly figures will be released on Thursday and another 3m applications are expected – bringing the total to 36m since the pandemic hit the US.

House Democrats have unveiled a new $3tn coronavirus relief bill, a vote is expected on Friday but the bill faces opposition in the Republican-controlled Senate.

“We are seeing a severe decline in economic activity and in employment, and already the job gains of the past decade have been erased,” Powell said.

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