@economistmeg on the FT:”The US economy is now suspended in mid-air” ft.com/content/0850c6… The US has ended income relief and the P.P.P. for SMEs, Europe has kept relief programmes, waiting for virus developments to later prioritize restructuring on a firmer basis./1
@economistmeg facts: “.consumer confidence..dropped to a six-year low in August”..”the $600 per week unemployment benefit bonus expired. A temporary $300..disbursed in only 6 states so far. Funding for that will run out in just..a month.. Consumption will..be damped by evictions”
Megan list:”Pandemic furloughs are becoming permanent.. the August payroll figures included 238,000 temporary census workers..The Paycheck Protection Program, which offered loans to small businesses, expired in early August. . the US faces a wave of small-business failures” /3
@economistmeg conclusion:”The US may not have started falling yet, but we are no longer on terra firma. Gravity may suddenly take effect in the form of job and income losses and business failures, and it could also come from a second wave of the virus.” Markets are complacent 4/4
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