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America’s ‘economic meltdown’ is ‘without historic parallel’ — and deteriorating rapidly: report

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The government shutdowns of businesses are harming the U.S. economy even more than predicted, The Washington Post reported Friday evening.

“The U.S. economy is deteriorating more quickly than was expected just days ago as extraordinary measures designed to curb the coronavirus keep 84 million Americans penned in their homes and cause the near-total shutdown of most businesses,” the newspaper reported. “In a single 24-hour period, the governors of three of the largest states — California, New York and Illinois — ordered residents to stay home except to buy food and medicine, while the governor of Pennsylvania ordered the closure of nonessential businesses.”

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“The resulting economic meltdown, which is sending several million workers streaming into the unemployment line, is outpacing the federal government’s efforts to respond,” The Post reported. “With each day, an unprecedented stoppage gathers force as restaurants, movie theaters, sports arenas and offices close to shield themselves from the disease. Already, it is clear that the initial economic decline will be sharper and more painful than during the 2008 financial crisis.”

Unemployment is skyrocketing during the COVID-19 coronavirus pandemic.

“Next week, roughly 3 million Americans will file first-time claims for unemployment assistance, more than four times the record high set in the depths of the 1982 recession, according to Bank of America Merrill Lynch. That is just the start of a surge that could send the jobless rate spiking to 20 percent from today’s 3.5 percent, a JPMorgan Chase economist told clients on a conference call Friday,” the newspaper reported.

“Estimates of the pandemic’s overall cost are staggering. Bridgewater Associates, a hedge fund manager, says the economy will shrink over the next three months at an annual rate of 30 percent. Goldman Sachs pegs the drop at 24 percent,” The Post reported. “JPMorgan Chase says 14 percent.”

Former Federal Reserve Chair Janel Yellen painted a dire picture.

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“We are looking at something quite grave,” Yellen noted. “If businesses suffer such serious losses and are forced to fire workers and have their firms go into bankruptcy, it may not be easy to pull out of that.”

Read the full report.


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Trump is living in a ‘COVIDless la-la land’ — and can’t understand why he isn’t being taken seriously: CNN’s Cuomo

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On Wednesday's edition of CNN's "Cuomo Prime Time," Chris Cuomo slammed President Donald Trump for demanding people take him seriously as he ignores his own health experts and tries to override recommendations on school closures.

"Another day gone without the president deciding to lead us with a plan of action to fight the pandemic," said Cuomo. "Instead, we now know what he meant by pressuring states to reopen schools, ready or not, without ever offering them a plan to help. If they don't reopen, he will punish the poorest students. He said he's going to pull federal aid, and the kids that get most of that aid are the neediest. Many of them are white, by the way, and from families that may be Trumpers."

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There’s about to be another shortage in masks and gloves as COVID-19 explodes — but Trump’s team says it’s nothing: report

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After the United States erupted, COVID-19, masks, gowns and gloves started disappearing. It wasn't merely the medical professionals on the front lines that needed the personal protective equipment; Americans were hoping to get them too. Finally, more were made, but now the problem is back.

The Washington Post reported Wednesday that there's about to be another shortage.

"Nurses say they are reusing N95 masks for days and even weeks at a time," said the Post. "Doctors say they can't reopen offices because they lack personal protective equipment (PPE). State officials say they have scoured the U.S. and international suppliers for PPE and struggle to get orders filled. Experts worry the problem could worsen as coronavirus infections climb, straining medical systems."

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‘He doesn’t care about those kids at all’: Anderson Cooper tears into Trump for pressuring schools to reopen

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On CNN Wednesday, Anderson Cooper blasted President Donald Trump's attempts to push schools to reopen without a plan to keep students safe.

"Today the president of the United States did something rare: he expressed a notion that we can all agree on, that kids belong in the classroom," said Cooper. "But then made it quite clear beyond what it means to himself and his re-election, he doesn't actually care about those kids at all. He doesn't care about their health and safety, nor the health of their teachers and parents, and federal guidelines for keeping them safe."

"The president bragged today about getting the CDC to change their guidelines to weaken them, and lo and behold, the CDC, which used to be a world-respected organization, they are going to come up with new guidelines, less difficult ones," said Cooper. "Just think about that. The CDC puts together guidelines based on science to protect kids and teachers, staying six feet apart and masks and having air flow in rooms and washing hands, and because the president thinks it's too difficult, the CDC is going to weaken them."

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