In the aftermath of more than 29,000 deaths, Italy has announced that 4.5 million workers will be returning to their jobs Monday as the country began listing some restrictions that were adopted to stop the deadly COVID-19 virus.
Tag Archive: #economy
California’s embattled governor, Gavin Newsom, lifted restrictions on some businesses in the state in a bid to balance public safety with the need to reopen devastated businesses and resume tax collections to pay for government services.
Like the rest of the public, anxious senators who have been called back into session and must interact face-to-face in close quarters, are trying to adjust to a new normal amidst fear of a deadly virus that can strike the wealthy and powerful as fatally as the poor.
Former New Jersey Governor Chris Christie, a Republican, said that people must be prepared for many more deaths to occur as the price or re-opening the US economy, and he compared the pandemic to the horror of World War II.
A draft report by the Federal Emergency Management Agency (FEMA) predicts that easing social distancing guidelines in an effort to jump start the devastated US economy will have staggering consequences. The report warns that by June 1, the death rate in America from COVID-19 will double to more than 3,000, and over 200,000 new infections will be reported every day. The Trump White House dismissed the report, saying that the Coronavirus Task Force headed by Vice-President Mike Pence hadn’t had a chance to look at the report.
The US will be forced to borrow $3 trillion as spending soars for Coronavirus stimulus and other economic responses. The staggering amount is five times greater than the previous quarterly record during the 2008 Great Recession.
One employee has died and a cluster of co-workers have been infected by the COVID-19 coronavirus at a Walmart in Quincy, Massachusetts, forcing the store to be closed. Last week at another Walmart, 81 employees tested positive for the coronavirus, and the city of Worcester ordered the store closed.
As major retailers that were already struggling in the age of online shopping face the stark reality of bankruptcy in the wake of the COVID-19 pandemic, some of these companies are so cash-strapped that they can’t afford to file for bankruptcy protection and liquidate their stock.
As more than 40 states across the country move forward with plans to re-open their economies, experts that previously predicted the US would suffer 63,000 deaths by August 1 will now report 134,475 deaths. A second model predicts that the death toll will skyrocket to 3,000 a day, totaling nearly 200,000 deaths by the end of June.
A new FEMA draft report predicts that as the United States re-opens and tries to resume normal life while ignoring a virus that has killed over 250,000 people around the world, the consequences will be dire: daily infections will skyrocket from 25,000 to 200,000 and deaths will nearly double to more than 3,000 a day, which adds up to 100,000 per month.