WHAT YOU NEED TO KNOW
U.S. stocks and European futures are pointed lower this morning as investors question whether their expectations for a rally outpaced the realities of surging coronavirus cases. Goldman Sachs economists have reduced their second-quarter outlook from a gain of 33% down to 25% due to the subsequent delays in reopening, while Atlanta’s Federal Reserve Bank President Raphael Bostic said the country’s economic recovery is stalling amid the surge. Even so, the gold market retreated Tuesday as the U.S. dollar regained some traction.
The federal Paycheck Protection Program designed to help small businesses weather the outbreak is facing fresh scrutiny following the release of a list of businesses that accepted the emergency loans. Among the recipients receiving the most aid were large restaurant chains such as P.F. Changs, luxury property developers, venture-backed companies, and even rapper Kanye West’s sneaker company, Yeezy LLC. An analysis by the Associated Press found that more than 100 of the companies awarded funds were also owned or operated by donors of President Donald Trump’s election campaign, although there is no evidence that those companies received favorable treatment. Several large companies such as Shake Shack faced backlash in April for accepting the loans while small businesses struggled to stay afloat, resulting in a return or a cancellation of more than $30 billion in PPP loans.
The freelance economy in Los Angeles remains precarious as gig workers struggle with a sudden loss in income, prompting many creative workers to say they are thinking of leaving the city for good. Millions of Americans – especially young people – have already moved due to the coronavirus, citing high risk of exposure in urban hotspots, college closures, desire to be with family, and lack of income as reason to leave.
Gig workers in ride-sharing, food delivery, and childcare face heightened competition for those roles amid high unemployment. A stall in demand has prompted ride-hailing company Uber to acquire the food delivery startup Postmates for $2.65 billion, with the hopes that demand for food delivery will increase with restaurant closures.
Meat consumption across the globe is expected to fall by 3% this year, while consumption in the U.S. is not expected to return to pre-pandemic levels until after 2025. Economists say the reduction was spurred by cost-saving efforts amid the economic downturn, disruptions in the supply chain, and a rising fear of diseases linked to animal products. Experts with the United Nations have warned that world leaders must act to reduce reliance on animal protein, promote sustainable agriculture and reduce climate change to stop the rise in diseases that spread from animals to humans.
Five coworkers in New York City who grew weary of social distancing alone decided to go in on quarantining together. The desk mates, who say they missed the culture that accompanies going into the office, found a rental house in the country where they now work and cohabitate.
NAVIGATING THE PANDEMIC
The Pandemic Experts Are Not Okay – The Atlantic – 7/7/2020But they’re also very tired, and dispirited by America’s continued inability to control a virus that many other nations have brought to heel. As the pandemic once again intensifies, so too does their frustration and fatigue. America […] is also looking at a drought of expertise, as the very people whose skills are sorely needed to handle the pandemic are on the verge of burning out.
The Pandemic and the National Parks – Sierra Club – 7/7/2020The novel coronavirus pandemic has brought a slew of changes to America’s beloved national parks. Throughout early spring, as the country gradually shut down, the parks followed suit, either closing completely or significantly curtailing operations by shutting down visitor centers, campgrounds, and ranger programs, while allowing visitors limited access to some features.
A Mathematician’s Guide to How Contagion Spreads – Wired – 7/7/2020Learning from what other countries are doing and not making the same mistakes again is crucial. It was quite striking how a lot of the discourse around the Ebola outbreaks, for example, was at times quite patronizing. People were saying, ‘We know how to control this. We know what measures work, so why aren’t people doing them?
How Dixie cups became the breakout startup of the 1918 pandemic – Fast Company – 7/7/2020While not earth-shattering in our current context, in the early 1900s there were no disposable paper tissues or paper towels. A cup made of paper was a novel idea, one with a noble goal: Luellen hoped his paper cups could help stop the spread of disease.
Here’s one ‘remarkable’ difference between COVID-19 and the 1918 Spanish flu – MarketWatch – 7/7/2020During the 1918 flu pandemic, “mortality was high in people younger than 5 years old, 20-40 years old, and 65 years and older. The high mortality in healthy people, including those in the 20-40 year age group, was a unique feature of this pandemic,” the CDC said.
WHAT INFLUENCERS ARE SAYING
Michelle Ye Hee Lee @myhlee 6 Jul Searchable database of the businesses that received aid through the coronavirus relief Paycheck Protection Program, one of the biggest economic stimulus programs ever assembled.
Raheem Kassam @RaheemKassam 7 Jul Media Matters Takes As Much As $2M In PPP Aid While Criticizing Trump Coronavirus Response
Tony Ortega @TonyOrtega94 7 Jul Among the recipients of loans in the Paycheck Protection Program that were released yesterday, we found three Scientology churches and two Narconon centers, as well as Scientology’s most unhinged front group, Citizens Commission for Human Rights
Mark Schlueb @MarkSchlueb 7 Jul I guess all those Ayn Rand principles hold up until you need the money. Hypocrites.
Tony Nash @TonyNashOnAsia 6 Jul Governments killed Q2 revenues for nearly every US business. The #PPP is simply a fee that small business have collected for government stupidity.
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