Coronavirus (Stay on Topic)

[Nerman]

Do any of those articles you linked demonstrate a direct historical relationship between the unemployment rate and the deficit, or nah?

Yeah, but here's another one...

The U.S. is currently experiencing a disastrous “new normal”: The economy is booming at the same time that government debt and deficits are exploding. That scenario is a radical departure from the normally healthy, self-correcting interplay between economic growth and budget shortfalls—and its likely long-term consequences are worth losing sleep over.

In almost every other period in recent history, U.S. deficits have been counter-cyclical. When growth weakens, unemployment rises, so that fewer people are paying taxes. Falling profits shrink revenues from corporate levies, and the government frequently enacts emergency spending measures to recharge the economy. The shrinking tax receipts and temporary outlays swell the deficit. When the economy revives, in contrast, an expanding workforce and a surge in earnings lifts revenues and narrows the budget gap.

America's Disastrous New Normal: A Booming Economy and Soaring Deficits

It's an unprecedented combination, and a really unhealthy one.

fortune.com

That was January a year ago. It's gotten worse.

 

[Jimmy Hypocracy]

I told y’all to buy at 3:15

I’m afraid I missed my calling

 

[snowlover91]

Man I clicked on this thread thinking it was about the coronavirus... someone needs to change the thread title ?

 

[Ethan80963]

 

[Yellow Snow]

Yeah, but here's another one...

The U.S. is currently experiencing a disastrous “new normal”: The economy is booming at the same time that government debt and deficits are exploding. That scenario is a radical departure from the normally healthy, self-correcting interplay between economic growth and budget shortfalls—and its likely long-term consequences are worth losing sleep over.
In almost every other period in recent history, U.S. deficits have been counter-cyclical. When growth weakens, unemployment rises, so that fewer people are paying taxes. Falling profits shrink revenues from corporate levies, and the government frequently enacts emergency spending measures to recharge the economy. The shrinking tax receipts and temporary outlays swell the deficit. When the economy revives, in contrast, an expanding workforce and a surge in earnings lifts revenues and narrows the budget gap.

America's Disastrous New Normal: A Booming Economy and Soaring Deficits

It's an unprecedented combination, and a really unhealthy one.

fortune.com

That was January a year ago. It's gotten worse.

Did you read the entire article? The key metric is demographics (notably the rapidly-aging population), not unemployment.

 

[Deleted member 527]

Our GDP is 77.4% comprised of the Service Sector. What happens when everyone stays home?

Maybe we can cut taxes? Nope. Already done that. Cut rates? Sure, already done that and already at historical lows though. QE? They're already easing just by a different name.

And we've got a $1Trillion deficit this year when unemployment is the best it's been in over 70 years?

Consumer confidence the only thing pushes this last boom. Perfect storm folks.

It’s been a perfect storm for the last 12 to 16 years

 

[Yellow Snow]

Man I clicked on this thread thinking it was about the coronavirus... someone needs to change the thread title ?

Perhaps we should start a separate thread on the economic/financial impacts of Coronavirus, and devote this thread to the characteristics and progression of the pathogen as well as government responses to the pandemic (unless there are economic consequences that directly impact the ability of national & local polities to respond).

 

[$alt]

Man, who would have known this would be the most popular thread on the site.

So, I was listening to the news and the FLU cases are dropping because people are practicing better hygiene over this new virus threat, lol.

 

[Nerman]

Did you read the entire article? The key metric is demographics (notably the rapidly-aging population), not unemployment.

View attachment 36891

It's a combination of factors and employment is certainly one of the major factors that drives revenues. Again, agree to disagree here. Nobody said employment was the only factor. You said there is no correlation or very little and I've cited 4 articles that point to it having a major influence. Let's move on since we're not going to convince the other. ✌

 

[Ethan80963]

Here’s an add on to this. Some background info in the person recently got back to Atlanta from Washington DC

 

[Ethan80963]

 

[Ethan80963]

 

[Ethan80963]

 

[Myfrotho704_]

Lol here we go, it’s starting to crank up here in the US even tho it’s likely already has (lack of testing)

 

[Ethan80963]

 

[GeorgiaGirl]

Somewhat of a funny update (with the Waffle House part), I haven't been able to go to a store to really look in detail at (wanted to though to observe if there was any panic in buying) but as we were out today, a Waffle House we drove past was apparently jam packed with customers around lunchtime. The Lab Corp looked like things was going on as normal (with a couple that were working that wore masks), and the Pita Street Food I was at seemed normal as well.

At least as of now, business as usual for most in town.

 

[Ethan80963]

This is an update from the ship off the California coast

 

[Yellow Snow]

Lol here we go, it’s starting to crank up here in the US even tho it’s likely already has (lack of testing)

Definitely looking like a wider geographic dispersion across the US than it was a couple of days ago...

 

[Nerman]

CDC says older adults should “stay at home as much as possible” due to coronavirus
From CNN Health’s Elizabeth Cohen and John Bonifield

Amid a coronavirus outbreak in the United States, the US Centers for Disease Control and Prevention posted new guidance on its website, encouraging older people and people with severe chronic medical conditions to “stay at home as much as possible.”
This advice is on a CDC website that was posted Thursday.
The CDC says early data suggests older people and people who have severe chronic medical conditions like heart, lung, or kidney disease are at higher risk for more serious illness from the novel. coronavirus. The CDC says older people are twice as likely to become seriously ill if they become infected with the virus.
Some context: This advice from the CDC comes as two top infectious disease experts with ties to the federal government have advised people over 60 and those with underlying health problems to strongly consider avoiding activities that involve large crowds, such as traveling by airplane, going to movie theaters, attending family events, shopping at crowded malls, and going to religious services.
A Trump administration official tells CNN that the US Department of Health and Human Services “is in the process of doing targeted outreach to the elderly community and those that have serious underlying health conditions.”

 

[Ethan80963]

This is scary how quick the numbers just jumped in Switzerland