First up, consumer spending. Typically, Chetty said, recessions are driven by a drop in spending on durable goods, like refrigerators, automobiles and computers.
This recession is different. It’s driven primarily by a decline in spending at restaurants, hotels, bars and other service establishments that require in-person contact.
We kinda already knew that. But what the team’s data show is that this decline in spending is mostly in rich ZIP codes, whose businesses saw a 70% drop-off in their revenue. That compares with a 30% drop in revenue for businesses in poorer ZIP codes.
Second, jobs. This 70% fall in revenue at businesses in rich ZIP codes led those businesses to lay off nearly 70% of their employees.
These employees are mostly low-wage workers. Businesses in poorer ZIP codes laid off about 30% of their employees.
The bottom line, Chetty said in his presentation, is that “reductions in spending by the rich have led to loss in jobs mostly for low-income individuals working in affluent areas.”
Third, the government rescue effort. They find it has mostly failed. The $500 billion Paycheck Protection Program, which has given forgivable loans to businesses with fewer than 500 employees, doesn’t appear to have done much to save jobs.
When the researchers compare the employment trends of businesses with fewer than 500 employees with those with more, the smaller businesses eligible for PPP don’t see a relative boost after the program went into effect.
It looks like the program didn’t do its job of saving jobs. Meanwhile, the stimulus checks, while increasing spending, did not have much stimulative effect because the spending mostly flowed to big companies like Amazon and Walmart.
The money didn’t flow to the rich ZIP code, in-person service businesses most affected by the downturn.
If the party still called Republican succeeds in institutionalizing minority rule, and suppressing votes, “messy” will not be the correct adjective. Funny story: I live in a Republican area, I can vote in minutes. In Democratic areas it takes hours.
I’m not from Texas, so I’m asking anyone that is. What happens when they go to pull down the statues Colonel Travis, Davy Crockett, Jim Bowie and the others that died at the Alamo?
A person is justified in using deadly force against another to protect land or tangible, movable property:
(1) if he would be justified in using force against the other under Section 9.41; and
(2) when and to the degree he reasonably believes the deadly force is immediately necessary:
(A) to prevent the other’s imminent commission of arson, burglary, robbery, aggravated robbery, theft during the nighttime, or criminal mischief during the nighttime; or
(B) to prevent the other who is fleeing immediately after committing burglary, robbery, aggravated robbery, or theft during the nighttime from escaping with the property; and
(3) he reasonably believes that:
(A) the land or property cannot be protected or recovered by any other means; or
(B) the use of force other than deadly force to protect or recover the land or property would expose the actor or another to a substantial risk of death or serious bodily injury.
We need to reject this revolution by Black Lives Matter and Anti-fa. They Seek oppression of freedom, free people, desteuction, tyranny and a literal overthrow of the American government.
Instead, we need a restoration of our nations’s covenant with God and our founding priciples as set out by our founders.
The standard America haters here need not speak…you are predictable and part of the problem and enemies of Americans. Your never ending hatred of America and Americans speak for iteself.
This is the time for those who love America to stand up, speak and act, before it is too late. Lives, fortunes and sacred honor required.
kaffekup over 4 years ago
Is that Sharpie ink on Carmen?
braindead Premium Member over 4 years ago
99.4% of Trump Disciples give the rest a bad name.
braindead Premium Member over 4 years ago
Oh, and at last we get guidance at the national level for how to respond to the virus: Don’t test so much.
RobinHood over 4 years ago
You say you got a real solution
Well, you know
We’d all love to see the plan
You ask me for a contribution
Well, you know
We’re doing what we can
But if you want money for people with minds that hate
All I can tell is brother you have to wait
Don’t you know it’s gonna be
All right, all right, all right
Sanspareil over 4 years ago
Revolution is best left to turntables!
Ignatz Premium Member over 4 years ago
Revolutions usually result in “Meet the new boss, same as the old boss.”
Silly Season over 4 years ago
Why Reopening Isn’t Enough To Save The Economy.
First up, consumer spending. Typically, Chetty said, recessions are driven by a drop in spending on durable goods, like refrigerators, automobiles and computers.
This recession is different. It’s driven primarily by a decline in spending at restaurants, hotels, bars and other service establishments that require in-person contact.
We kinda already knew that. But what the team’s data show is that this decline in spending is mostly in rich ZIP codes, whose businesses saw a 70% drop-off in their revenue. That compares with a 30% drop in revenue for businesses in poorer ZIP codes.
Second, jobs. This 70% fall in revenue at businesses in rich ZIP codes led those businesses to lay off nearly 70% of their employees.
These employees are mostly low-wage workers. Businesses in poorer ZIP codes laid off about 30% of their employees.
The bottom line, Chetty said in his presentation, is that “reductions in spending by the rich have led to loss in jobs mostly for low-income individuals working in affluent areas.”
Third, the government rescue effort. They find it has mostly failed. The $500 billion Paycheck Protection Program, which has given forgivable loans to businesses with fewer than 500 employees, doesn’t appear to have done much to save jobs.
When the researchers compare the employment trends of businesses with fewer than 500 employees with those with more, the smaller businesses eligible for PPP don’t see a relative boost after the program went into effect.
It looks like the program didn’t do its job of saving jobs. Meanwhile, the stimulus checks, while increasing spending, did not have much stimulative effect because the spending mostly flowed to big companies like Amazon and Walmart.
The money didn’t flow to the rich ZIP code, in-person service businesses most affected by the downturn.
~
https://www.npr.org/sections/money/2020/06/23/881662948/why-reopening-isnt-enough-to-save-the-economy
William Robbins Premium Member over 4 years ago
If the party still called Republican succeeds in institutionalizing minority rule, and suppressing votes, “messy” will not be the correct adjective. Funny story: I live in a Republican area, I can vote in minutes. In Democratic areas it takes hours.
RobinHood over 4 years ago
I’m not from Texas, so I’m asking anyone that is. What happens when they go to pull down the statues Colonel Travis, Davy Crockett, Jim Bowie and the others that died at the Alamo?
Silly Season over 4 years ago
To RH’s question above. No-one is going to be going to be tearing down any statues in Texas.
~
Texas Penal Code (2017)
Chapter 9. Justifications Excluding Criminal Responsibility
SUBCHAPTER D. PROTECTION OF PROPERTY
Sec. 9.42. DEADLY FORCE TO PROTECT PROPERTY.
A person is justified in using deadly force against another to protect land or tangible, movable property:
(1) if he would be justified in using force against the other under Section 9.41; and
(2) when and to the degree he reasonably believes the deadly force is immediately necessary:
(A) to prevent the other’s imminent commission of arson, burglary, robbery, aggravated robbery, theft during the nighttime, or criminal mischief during the nighttime; or
(B) to prevent the other who is fleeing immediately after committing burglary, robbery, aggravated robbery, or theft during the nighttime from escaping with the property; and
(3) he reasonably believes that:
(A) the land or property cannot be protected or recovered by any other means; or
(B) the use of force other than deadly force to protect or recover the land or property would expose the actor or another to a substantial risk of death or serious bodily injury.
~
https://lawofselfdefense.com/statute/texas-sec-9-42-deadly-force-to-protect-property/
Brain Pudding over 4 years ago
We need to reject this revolution by Black Lives Matter and Anti-fa. They Seek oppression of freedom, free people, desteuction, tyranny and a literal overthrow of the American government.
Instead, we need a restoration of our nations’s covenant with God and our founding priciples as set out by our founders.
The standard America haters here need not speak…you are predictable and part of the problem and enemies of Americans. Your never ending hatred of America and Americans speak for iteself.
This is the time for those who love America to stand up, speak and act, before it is too late. Lives, fortunes and sacred honor required.
librarian4hire over 4 years ago
Brain Pudding wants a theocracy. Or, at least a government where his Christianity is the correct religion. Other- or non-believers need not apply.
Which is of course against the First Amendment. But not the Second Amendment, which is far more important to civil life. /sarcasm