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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

Ronaldo returns to Turin after coronavirus lockdown

first_imgTopics : Juventus are leading Serie A, one point ahead of Lazio, as they target a ninth consecutive Scudetto.The club has not yet given an official date for a return to training.Juventus began carrying out tests on their players at the club’s medical center in Turin on Monday.The first to arrive were Federico Bernardeschi, Juan Cuadrado, Carlo Pinsoglio, Leonardo Bonucci and Aaron Ramsey, all wearing face masks.Juventus are also waiting the return to Turin of Dutch center-back Matthijs de Ligt and midfielder Blaise Matuidi, who returned to France after recovering from the virus.Gonzalo Higuain remains in Argentina where he returned to be with his sick mother. Juventus star Cristiano Ronaldo flew back to Italy on Monday after almost two months in coronavirus lockdown in his native Portugal.Ronaldo and his family landed in Turin Airport just after 10.20pm local time, according to media reports in Italy.The five-time Ballon d’Or winner arrived by private jet from the Portuguese island of Madeira and will spend two weeks in quarantine.center_img The 35-year-old played Juventus’s last Serie A game, a 2-0 win over Inter Milan behind closed doors at the Allianz Stadium on March 8, before the Italian football season was suspended amid the COVID-19 pandemic which has killed over 29,000 people in the country.Ronaldo returned to Madeira after the Inter Milan match to be close to his mother Dolores who had suffered a stroke.Juventus have recalled their 10 overseas players as Serie A clubs were given the green light to return to individual training on Monday.The Italian interior ministry’s go-ahead for players to return to club training facilities two weeks ahead of schedule has offered fans hope that the 2019-20 season might yet be salvaged.last_img read more

Houses make a comeback in 2018 after years of unit domination

first_imgHouses are making a comeback over units, according to Master Builders. Picture: AAP Image/Glenn Hunt.AFTER years of units dominating the market, houses are making a comeback according to Master Builders.Latest Australian Bureau of Statistics figures for the year to September found house starts rose 4 per cent while unit commencements fell a whopping 40 per cent.During the September quarter, dwelling commencements were up 14 per cent, according to Master Builders deputy chief executive Paul Bidwell.“It’s very positive for builders working in the detached housing sector and it’s a trend we don’t expect to see change any time soon.” Bargain buys a magnet for investors from as low as $79,000 More from newsParks and wildlife the new lust-haves post coronavirus21 hours agoNoosa’s best beachfront penthouse is about to hit the market21 hours ago Brisbane’s new auction hot spots Get The Courier-Mail’s real estate news free in your inbox He said there was clear pipeline of future construction work in 2018, with stand-alone house building up and unit construction down.Master Builders is forecasting 36,000 dwelling commencements in 2018, with 70 per cent made up of detached houses and 30 per cent units.The fall from the estimated 39,000 dwellings in 2017 (62 per cent detached houses, 38 per cent units) was “due entirely to the slump in unit construction”.“We’re predicting that residential construction will continue to be concentrated in the south east but will shift away from large unit blocks to smaller developments (i.e. detached housing, townhouses and boutique unit developments).” FOLLOW SOPHIE FOSTER ON FACEBOOKlast_img read more