Tag Archives: coronavirus outbreak

ECONOMICS: Will there be another Great Depression? – The Guardian UK

Government indecision amid the coronavirus crisis has fuelled fears of a long recession – unless there is a huge fiscal response
Unemployed men eat soup in Washington, circa 1935.
 Unemployed men eat soup in Washington, circa 1935. Photograph: Archive Photos/Getty Images

Such was the scale of the global market crash last week in the wake of the coronavirus outbreak, the spectre of the 1929 Wall Street rout and the ensuing Great Depression of the 1930s has been raised. Comparisons no longer seem fanciful.

The failure of the US and the UK to swing into action with a wide range of mitigation measures – despite the lessons of Italy’s slow response to the spread of Covid-19 – has heightened concerns that a sustained, epochal downturn lies in wait.          Continue reading

Coronavirus Outbreak – Fragile safety net leaves U.S. economy vulnerable to hit – Commentary : REUTERS

Unlike in other rich countries, the United States provides thin and uneven social assistance for its 130 million full-time workers, and even less for the country’s nearly 30 million part-time employees.

There also are no federal laws requiring companies to provide paid sick leave, or paid time off to care for sick relatives, leaving workers at the mercy of their employers and local governments.                Continue reading

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