I'm not certain the US can survive economically to be shut down through June. I mean that's essentially three more months of what we're doing right now and I just can't see that happening without a monthly $2 trillion stimulus, which would equate to over $8 trillion over the course of the shutdown, plus probably another massive stimulus sometime in August to get everything back on track. I have no idea where the money is coming from now and I really have no idea where something like $10-$12 trillion would come from.
I get we need to keep COVID-19 from spreading, but I think the powers that be need to come up with a better solution than "stay home and throw money at the issue." Hopefully, one of the drug trials they've been doing shows success, that way people can just catch the virus and treat it at home without needing critical care.
Earlier in the thread I mentioned 30 million unemployed last week, that was incorrect. I’ve done a bit of searching, and what I’m seeing indicated 3.3 million (not 30
) applied for unemployment in the US last week. It’s still a record number. This is also from last week.
https://www.theguardian.com/business/2020/mar/26/us-unemployment-rate-coronavirus-business
US Treasury secretary Steve Mnuchin has predicted unemployment in the US – close to record lows only last month – could reach 20%.
“This morning’s jobless claims confirm that the United States is in the thralls of a catastrophic unemployment crisis, the likes of which we haven’t seen since the Great Depression,” said Andrew Stettner, senior fellow at the Century Foundation thinktank. “This represents the single worst one-day piece of labor market news in America’s history.”
Across the US, laid-off workers have overwhelmed state labor departments with claims for unemployment benefits. In New York City, which now accounts for roughly 5% of global Covid-19 cases, there has been a 1000% increase in claims.
That’s from last Thursday, before these announcements for enforced Stay at Home measures until May or June. Those numbers are only going to go up, probably massively.
It’s not at all to take away from the seriousness of this coronavirus, but this is a big problem, the fallout of which could potentially be worse than the virus itself.
Thinking about it, I haven’t heard much about how other countries are handling the economic aspect of this crisis. How is Italy handling this?
In Canada there is financial compensation available from the federal government ($2000CAN for up to 4 months), as well as provincial employment insurance (not everyone, myself included, pays into that though). For the fed money, you have to apply and prove a loss of income (either 25% or 40% loss, I forget).
For any fellow Canadians, here’s the Canada.ca page regarding Covid-19 economic relief.
https://www.canada.ca/en/department-finance/economic-response-plan.html
The Canada Emergency Response Benefit (CERB) is the link for those who have become unemployed due to Coronavirus and don’t qualify for employment insurance. Stiff penalties for trying to scam the system have already been announced, so no funny business (criminals, please don’t do crime...)
From my local newspaper, regarding Stay at Home measures in British Columbia. We just crossed over 1000 cases in the province. 1013 cases, 24 deaths, 507 full recoveries, 43k tested (population 4.7 million).
https://www.castanet.net/news/BC/29...f-COVID-19-will-be-in-place-for-months#296054
During Tuesday’s daily press conference, Provincial Health Officer Dr. Bonnie Henry said we are currently in the “first wave” of the virus in B.C., which is expected to last through to at least May.
“I do think it's more and more less likely that we're going to be able to get back to full normal life, which I miss a lot, before at least the summer and then we need to start preparing ourselves for the potential of a second wave in the fall,” she said.
“I haven't given up entirely the hope that we might get a reprieve during the summer as we do with influenza and some of the other respiratory viruses. Though, how much of a reprieve is yet to be seen.”
While there might be a slowdown of cases come summer, Dr. Henry says until a vaccine is developed, there will have to be some form of control measures in place for the foreseeable future.
“Realistically, we are going to be in some form of having to monitor and prevent transmission of this virus until we have a vaccine, or until enough of the population is immune to it that it's no longer infecting people, but we know that that is a very high number,” she said.
Health Minister Adrian Dix said there is “zero chance” that any of the orders that have been put in place, like limits on the size of gatherings and the banning of in-house dining at restaurants, will be lifted by the end of April, and there is “little to no” chance they'll be lifted in May.
“This is going to be a challenge for a long time,” Dix said.
Despite that, Dr. Henry said she doesn't think the province will need to be “this locked down ... for many, many months" into the future, but what that future looks like depends on people's actions today.