IN NOW JUST 10 DAYS, MILLIONS OF PEOPLE'S LIVES ARE SCHEDULED TO BE THROWN INTO DISARRAY
In today's @markets newsletter, I wrote about the very straightforward stakes of what's about to happen to the US economy bloomberg.com/news/newslette…
In today's @markets newsletter, I wrote about the very straightforward stakes of what's about to happen to the US economy bloomberg.com/news/newslette…
@markets The key thing I want to emphasize is that people keep talking about how things are "unprecedented" in the economy. And that's true so as far as it goes. But what's always true is that all spending is someone else's income. And the government is set to slash spending dramatically.
The scheduled GDP hit is going to be massive, without an adequate replacement. Simple math here from Charlie.
And while the unemployment rate is down from its peak, the reopening isn't going well, and in fact the rate of permanent job losses is still accelerating, as this chart from @calculatedrisk shows
@calculatedrisk On top of this, we've delayed the housing reckoning through a series of moratoriums that are coming to an end, which will only compound the crunch for millions of people. nathantankus.substack.com/p/suspending-e…
So there you have it. We'll see what happens over the next 10 days. Bear in mind though, that as of right now, there's no high level negotiations happening right now in DC bloomberg.com/news/articles/…
In the meantime, here's how that extra $600/week has affected people's lives, allowing them to pay rent, eat and so forth. bloomberg.com/news/articles/… by @readep @MaeveSheehey @msasso
And here's the tightrope for financial markets bloomberg.com/news/articles/… by @boes_ @vivienlouchen and @elwasson
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