Biden, who has held online events from home during the shutdown, “stayed in his basement and did the proper thing, but now it’s different,” said a leading Democrat in Michigan’s Macomb County, a suburban Detroit county critical to Biden’s hopes of taking the state back after Trump’s 2016 win there. … [Read more...] about Biden losing economic argument to Trump as U.S. begins to re-open
While White House officials have expressed optimism that the economy will rebound in the second half of the year, economists and public health experts have warned that a hasty reopening of the economy could trigger a second wave of infections, which could reverse the economic recovery. ■ … [Read more...] about White House not to release economic projections this summer: media
Even so, small business owners, lawmakers, and policy experts are scratching their heads as to how such a potentially valuable lifeline seemed to be cut adrift. “EIDL has been left behind,” said Jared Bernstein, a fellow at the Center for Budget and Policy Priorities think tank and a former top economic adviser in the Barack Obama White House. “The problem with the PPP is it’s overly focused on payrolls, whereas a lot of businesses are facing shutdown due to fixed costs such as rent, outstanding loans, and restocking inventory on the other side of the crisis.” … [Read more...] about Five Million People Need This Lifeline. But It’s Gone Broke.
“We saw the pain caused, of course, by economic globalisation and saw the degree to which many in our own communities were being left behind. But the idea that that would be laid squarely on political globalisation or on alliances or on the United Nations, it was not accurate, it seemed like too big a leap to get the fuel and the momentum that Trump has given it, so we were wrong to underestimate that,” she said. … [Read more...] about ‘Gross incompentence at highest levels’: ex-Obama adviser blasts Trump’s Covid response
By Sanjeev Sanyal The prime minister has set out a clear vision for a $5 trillion economy by 2024-25, a nominal GDP of Rs 375 lakh crore. In turn, this requires sustaining a real GDP growth rate of 8% a year. What are the ingredients of a model that can generate such growth? The overwhelming evidence, especially from East Asia, is that such high growth rates have only been sustained by an economic model driven by a virtuous cycle of savings, investment and exports supported by a favourable demographic phase. As discussed in the latest Economic Survey, India has already entered a period with a high share of workingage population, & will remain in this ‘demographic dividend’ phase for over two decades. However, favourable demographics is not sufficient. Broth for Growth Cross-country data shows that sustained high growth has always been driven by investment. Indeed, a GDP growth rate of 8% will typically require an investment effort in excess of 35% of GDP. … [Read more...] about View: Improving legal system is the best investment India can make