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U.S. economy needs ‘really big’ Covid relief package, says Paul Krugman

first_imgKrugman, an economics professor at City University of New York’s Graduate Center, said it’s difficult to put a total price tag on an ideal relief package for the U.S. But he stressed that a “really, really big” one is needed given that the U.S. hasn’t managed to contain the virus.The economist, whose research interest includes macroeconomics and international economics, won the Nobel prize in 2008 for his analysis on trade patterns and location of economic activity. – Advertisement – “We’re still 11 million jobs down from where we were before this thing hit and all of those people are without wages, state local governments are in extreme financial distress, thousands of businesses — maybe hundreds of thousands — are on the verge of collapse,” he said.“So we need a lot to keep this thing afloat.”  The U.S. enacted a $2 trillion package known as the CARES Act in March, but those benefits have either expired or will soon end. Negotiations for another pandemic relief has been at an impasse for months after Republicans and Democrats failed to agree on what should be in the package.Democrats proposed another $2.2 trillion relief package that includes funding for state and local governments, as well as extending enhanced unemployment benefits of an additional $600 weekly subsidy. Republicans, meanwhile, wanted a smaller deal that would focus more on payment to individuals and business loans. Paul KrugmanNobel prize-winning economist A lot of people are going to be out of work, a lot of businesses are going to be stressed. We need to just make life tolerable for them.- Advertisement – The U.S. may need several hundred billion dollars a month in “disaster relief” to keep the economy afloat as a raging coronavirus outbreak continues to suppress prospects for workers and businesses, Nobel prize-winning economist Paul Krugman said on Thursday.“We really are still very much in the disaster relief stage,” he told CNBC’s “Street Signs Asia.”“A lot of people are going to be out of work, a lot of businesses are going to be stressed. We need to just make life tolerable for them,” he added.- Advertisement – Senate Majority Leader Mitch McConnell (R-Ky.), who has won his reelection bid for a seventh term, said on Wednesday that the additional relief package will be his priority when the chamber reconvenes next week.Still, Krugman said there’s no indication that McConnell would agree to a large relief bill or extend enhanced unemployment benefits which have been the “most important policy” to cushion the pandemic’s economic impact.Republicans, he noted, viewed those benefits as “rewarding people for not working” and therefore, may not be inclined to renew that payout.“That was far more effective than anything else in the package, but we’ve seen very, very little … on the part of Senate Republicans to resume enhanced employment benefits,” he said. Nobel Prize-winning economist Paul Krugman.Panayiotis Tzamaros | ullstein bild via Getty Images – Advertisement –last_img read more

KPK criticized for official car procurement plan

first_imgIndonesia Corruption Watch (ICW) activist Kurnia Ramadhana said the plan to purchase official cars showed the deterioration of the antigraft body’s integrity under Firli’s leadership. He called the procurement “unethical” because it was occurring during the COVID-19 health and economic crisis.“As leaders of an anticorruption institution, they should understand and be sensitive to our current situation caused by the outbreak, which has devastated the economy,” Kurnia said in a statement on Friday.He added that the plan was part of a long list of “hedonistic” practices by current KPK leaders, following a recent brouhaha surrounding Firli’s use of a private helicopter service for a personal trip in June.The KPK supervisory council found Firli guilty of violating the comission’s code of ethics in September for the taking the helicopter trip – the first time a KPK chair has faced such a sanction. Watchdogs and a former Corruption Eradication Commission (KPK) commissioner have criticized the antigraft body’s recent move to procure cars for its high-ranking officials and supervisory board members, saying the plan is “against the commission’s values”.The House of Representatives recently approved the KPK’s budget for 2021, which includes a plan to procure official cars for the agency’s commissioners and other high-ranking officials.While the budget for the vehicles has yet to be determined, it was previously reported that the KPK had allocated Rp 1.45 billion (US$98,209) for a new car for chairman Firli Bahuri and Rp 1 billion each for cars other commissioners. Read also: Watchdogs’ grim report says KPK has ‘lost public trust’ in six months under FirliFormer KPK commissioner Bambang Widjojanto also criticized the procurement, saying it was in contrast to the commission’s public image as an efficient and effective institution that upheld sensible values.“[Expensive cars] are inefficient and ineffective because they don’t directly improve the quality of the country’s graft eradication campaign,” said Bambang, who served as KPK commissioner from 2011 to 2015.KPK supervisory council chair Tumpak Hatorangan Panggabean said the council would reject the official cars. He claimed the council members were not involved in the decision to purchase the cars.“We never suggested the procurement of official cars for us. We don’t know where the proposal came from,” Tumpak said on Thursday, as quoted by kompas.com.During a press briefing on Friday, KPK secretary-general Cahya Harefa defended the plan, saying official cars were necessary to support the KPK’s high-ranking officials in carrying out their duties.However, he said the commission would reevaluate the plan in response to public criticism by discussing its 2021 budget with the National Development Agency (Bappenas) and the Finance Ministry. Cahya said spending for the cars would follow the government’s standard.“Currently, all high-ranking officials are given transportation benefits that are included in their monthly paycheck,” said Cahya. “If the plan for official cars is approved for next year, they won’t receive the transportation benefits anymore.”Topics :last_img read more

American-born Nigerian Striker Joins MLS Side

first_imgThrough their official webpage, Canadian Major League Soccer club Montreal Impact have announced the acquisition of American-born Nigerian forward Quincy Amarikwa from the San Jose Earthquakes in exchange for midfielder Dominic Oduro.The transfer of the 30-year-old will be completed upon the receipt of his International Transfer Certificate.Amarikwa first got his start at Bakersfield Brigade in 2008, followed by a transfer to San Jose Earthquakes, where he spent one year before shifting to Colorado Rapids. He signed for Toronto in 2012, then moved to Chicago Fire the following year, before returning to San Jose Earthquakes for a second spell in 2015.The striker has scored 24 goals and 19 assists in 190 regular season games, logging 9,121 minutes, and was nominated for the MLS Comeback Player of the Year award in 2017 after recovering from a serious knee injury.He played the first half of San Jose Earthquakes goalless draw against Manchester United in a friendly on July 22.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more