dagblog - Comments for "Powell Warns of Prolonged Economic Pain Without Help"

Headline story: Crushing

artappraiser — Wed, 07 Oct 2020 06:03:18 +0000

In reply to Powell Warns of Prolonged Economic Pain Without Help

Headline story: Crushing Chicago restaurants' hopes for federal aid, Trump halts stimulus package negotiations

By Liz Nagy @ABC7Chicago.com Updated an hour ago

CHICAGO (WLS) -- Hopes for Chicago's hospitality industry, especially restaurants and music venues, have been crushed after President Donald Trump halted all talks on a stimulus package, postponing any COVID-19 relief until after the election.

Beverly Kim's northwest side Michelin-starred dining room at Parachute hasn't seated a single customer in nearly seven months."We're hemorrhaging money at a rate that's not sustainable," she said.A James Beard Award-winning chef, Kim said she and her husband have lost $16,000 in just the last two weeks; nearly $80,000 since March.

"I've personally guaranteed every single thing, me and my husband.[....]

[....] The restaurant industry is the largest private sector employer in the state of Illinois, employing more than 594,000 people before the pandemic. With the days of outdoor dining numbered, Chicago's restaurants are desperate for a federal lifeline.

"Without passing this and not getting a second chance at the PPP loan, we're going to see a lot more restaurants go out of business here in the city of Chicago," said Sam Toia, president and CEO of the Illinois Restaurant Association. "They were prediction 20%. If they're going to wait 'til after the election, we could see it go up to 30 or 40%."

Chicago was also hoping for federal money to help with its COVID-cratered budget hole. Without it, the mayor has said drastic cuts could be on the table, tweeting "By shutting down negotiations that could have brought desperately needed funds to cities and towns all across America, again today, Donald Trump provided further evidence of his failure to lead."

"The American people need help, the American economy needs support to get us to recovery that we have to have, so people can go back to work. And we can have the future we deserve," said Rep. Brad Schneider (D-IL 10).[....]

Nate Silver: The Economy Was

artappraiser — Wed, 07 Oct 2020 03:40:15 +0000

In reply to Powell Warns of Prolonged Economic Pain Without Help

Nate Silver: The Economy Was Trump’s One Remaining Advantage. Now He Might Have Blown It.

@ FiveThirtyEight.com, Oct. 6, 7:04 pm

President Trump was already in a deep electoral hole following the first debate, but one remaining bright spot for him was the economy. So calling on Republican leaders to end talks with Democrats on another stimulus package — as Trump did on Tuesday — would seem like a bad move for the president, and, in fact, it did send the stock market tumbling.

True, U.S. GDP fell at an annualized rate of 31.7 percent in the second quarter, the largest ever quarterly decline. But Trump’s approval ratings on the economy had remained relatively solid despite this: 51 percent of voters approve of his economic handling and 47 percent disapprove of it, according to the Real Clear Politics average. The economy has also been one of the few issues on which polls regularly find that voters prefer Trump to Joe Biden.

How to explain this seeming disconnect? Well, Trump can actually make some decent arguments to voters about the economy that are grounded in the data. For instance, the economy was pretty good during his first three years in office. And the rebound has been pretty swift. The Atlanta Federal Reserve’s “nowcast” estimates that GDP grew by a 35.3 percent annualized rate in the third quarter, which ended on Sept. 30. That still leaves the economy in worse shape than before the pandemic,1 but not that much worse.

Trump had also been able to patch a lot of holes in the economy with the series of stimulus packages passed by Congress earlier this year, which injected trillions of dollars into the economy in the form of direct cash payments, expanded unemployment benefits and protections for businesses. Indeed, one of the economic indicators that has historically been among the most reliable predictors of the election — disposable income — sharply increased amid the pandemic because of the stimulus benefits, although it has since fallen as those benefits have lapsed [....]

the time lapse between Drumpf

artappraiser — Tue, 06 Oct 2020 23:10:12 +0000

In reply to Powell Warns of Prolonged Economic Pain Without Help

the time lapse between Drumpf's contradictions has grown very short:

Very confusing, the message is the president had to blow up talks because Democrats were asking for too much money — and also that the Fed chair was correct that Congress should pass more stimulus and not worry about deficit concerns pic.twitter.com/f3OMBDO7yA
— Benjy Sarlin (@BenjySarlin) October 6, 2020

and a reminder of how two

artappraiser — Tue, 06 Oct 2020 20:34:29 +0000

In reply to Rick Wilson on the stimulus

and a good reminder of how two-year-old-like he can be even without (new) drugs:

For some reason, I'm suddenly remembering that admin. official who told @tparti a couple years ago that Trump isn't always playing three-dimensional chess...

"More often than not he's just eating the pieces."
— Eli Stokols (@EliStokols) October 6, 2020

Rick Wilson on the stimulus

artappraiser — Tue, 06 Oct 2020 20:17:24 +0000

In reply to Full Pelosi statement.

Rick Wilson on the stimulus temper tantrum:

1/ Trump cut off stimulus talks. It's almost as if he has a political death wish and will take down Republicans with him.

His campaign people are staring mutely at the screens of their phones, stunned and depressed.

Stepien was just on with the pollsters. Ooops. Blindsided.
— Rick Wilson (@TheRickWilson) October 6, 2020

2/ The desperation is growing in the campaign. They've watched the tracker. They see how badly they've bled out since the debate and his manic behavior since diagnosed.

The stunts aren't moving the numbers. Even the base is fading. Seniors fading. Noncollege whites fading.
— Rick Wilson (@TheRickWilson) October 6, 2020

Even presuming for a moment

artappraiser — Tue, 06 Oct 2020 19:34:17 +0000

In reply to Full Pelosi statement.

Even presuming for a moment that a Covid deal was unlikely, both sides were being cautious not to be seen as the one walking away from the table with so many Americans struggling. The president basically just flipped the table and left the room. And now stocks are falling.
— Sahil Kapur (@sahilkapur) October 6, 2020

poll news this morning (was copied on POLLS news thread)

Poll: 74 percent of voters want Senate to take on COVID-19 relief before SCOTUS nominee https://t.co/sRBRRKy9ky pic.twitter.com/c8Le58UhjW
— The Hill (@thehill) October 6, 2020

Full Pelosi statement.

artappraiser — Tue, 06 Oct 2020 19:26:52 +0000

In reply to Powell Warns of Prolonged Economic Pain Without Help

Full Pelosi statement. “Clearly the White House is in complete disarray.” pic.twitter.com/BrGNDf3SBa
— Manu Raju (@mkraju) October 6, 2020