Difficult Week Ahead, Officials Say
This weekend, the U.S. Surgeon General compared the travails of dealing with the coronavirus spread as this generation’s “Pearl Harbor” moment. He also announced that this week could be the “hardest and saddest” for most Americans, as domestic travel bans, quarantines, and business shutdowns increase.
"This is going to be our Pearl Harbor moment, our 9/11 moment, only it's not going to be localized, it's going to be happening all over the country and I want America to understand that," Vice Admiral Jerome Adams said on "Fox News Sunday."
According to the New York Times, a U.S. government report found medical facilities around the nation have been stretched to capacity and are in need of everything from ventilators to thermometers.
Across the pond, U.K. Prime Minister Boris Johnson has been moved into intensive care for coronavirus-related symptoms.
Stocks Rebound But Stimulus Questions Linger
On the economic front, stocks had their best day in nearly two weeks after indications that the coronavirus outbreak could be near a peak in the United States. But despite the positive update, questions remain about the nature of reimbursing the $2 trillion stimulus.
“Americans will pay the price of the economic rescue package: Not in higher taxes to service the debt or higher inflation, but in a slide toward a boom-and-bust economy,” Steven Pearlstein wrote in the Washington Post. From his article:
And where will the Fed get these trillions of dollars? That’s easy. All it has to do is print as much money as it needs by increasing the balance that banks have “on reserve” at the Fed. That power to print money is engraved at the top of every bill in your wallet, in the words “Federal Reserve Note.”
In other words, one arm of the government will create $2 trillion out of thin air and then lend it to another government agency, which will turn around and give or lend it to households, businesses, hospitals and local governments.
In the end, the real cost of printing and spending trillions of dollars to rescue the economy is not likely to come in the form of higher taxes to pay debt service or higher inflation that reduces our standard of living. Instead, the price will be paid by having a boom-and-bust economy in which the level of indebtedness, the depth of the recession and the size of the government rescue increase with each cycle, until the world finally loses faith and we are forced to give up our exorbitant privilege, much as Britain did a century ago.
Newsworthy Developments for April 6, 2020
Reporting from the New York Times:
- Boris Johnson has been moved to intensive care.
- New York sees a possible plateau, but warns that it is still in crisis.
- Wisconsin postpones Tuesday’s elections as cases rise.
- Iran will lift a nationwide shutdown of businesses, saying that economic activity must continue.
- A new government report confirmed that hospitals are facing severe shortages.
- California is trying to organize states to work together, instead of competing, to secure medical supplies.
- Amid quarantine orders, highway checkpoints appear along some state lines.
COVID-19: U.S. at a Glance
Cases and Data
The following data comes from the most recent information published by the Centers for Disease Control and Prevention (CDC)
- Total cases: 330,891
- Total deaths: 8,910
- Jurisdictions reporting cases: 55 (50 states, District of Columbia, Puerto Rico, Guam, Northern Marianas, and US Virgin Islands)
Current Sources and Origins
- Travel-related: 1,600
- Close contact: 6,332
- Under investigation: 322,959
Stay At Home States and Social Distancing Rules
More states across the country continue to impose stay-at-home orders and domestic travel restrictions to curb the spread of COVID-19. For complete details, refer to our map, which is updated each weekday.
We’re Here to Help
Oloop Technology Solutions is committed to the safety, health, and wellbeing of our workers, customers, and communities. We will continue to post regular updates. For further information and resources, we welcome you to check out our COVID-19 Resource Portal.
Photo Credit: U.S. Army