Subterms
Economists like to think of the wreckage caused by stock market downturns, widespread bankruptcies and corporate downsizing as “creative destruction.” As it destroys the old and the dysfunctional, the capitalist system continually spurs innovation, much as a forest fire prepares the ground for new growth. Or so the representatives of the dismal science argue. Donald […] More
The US economy risks “permanent damage” if coronavirus lockdowns continue for months, the treasury secretary, Steven Mnuchin, has warned Congress. Mnuchin’s comments came in a joint appearance before the Senate banking committee with Jerome Powell, the chairman of the Federal Reserve. Appearing via video link, the pair offered a stark assessment of the fragile state […] More
Recent review finds at least $113m in taxpayer-backed loans meant for small businesses have gone to fossil fuel industry Coronavirus – latest US updates Coronavirus – latest global updates ‘The outlook for US shale companies bad before before the pandemic and the recent steep decline in oil demand that forced oil prices negative.’ Photograph: Paul […] More
Professor argues US president is stabbing citizens in back while pretending to be saviour Coronavirus – latest updates See all our coronavirus coverage Donald Trump has frozen payments to the World Health Organization amid the coronavirus crisis. Photograph: White House/Zuma Wire/Rex/Shutterstock Donald Trump is culpable in the deaths of thousands of Americans by using the […] More
Under Trump, American exceptionalism means poverty, misery and death Robert Reich No other advanced nation denies healthcare and work protections, or loosens lockdown while fatalities mount Donald Trump listens during a meeting with Republican members of Congress on Friday. Photograph: Tom Brenner/Reuters No other nation has endured as much death from Covid-19 nor nearly as […] More
Four causes for alarm in the US jobs figures – and one possible reason for hope More than 20m Americans lost their jobs in April – and Friday’s report suggests there might be much more trouble ahead Jobs figures: April worst month since Great Depression A closed thrift shop in downtown Hialeah in Florida. The […] More
A lot has changed since the first cases of COVID-19 were reported in Wuhan, China, in December last year. While much remains unknown about the new coronavirus, COVID-19 has since spread rapidly from its origin in China to every corner of the world except Antarctica. Unlike previous health crises such as SARS (severe acute respiratory […] More
How will the US reopen? Slowly, bit by bit, but we may never return to ‘normal’ A ‘Closed’ sign is posted on the window of a store in downtown Lexington, Nebraska. Photograph: Dan Brouillette/Bloomberg via Getty Images Trump rolled out a blueprint for reopening the country. But businesses and governors will have as large a […] More
