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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

Bear Killed in Accident

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThis A fatal accident involving a vehicle and a bear happened yesterday in Hillman.The black bear was killed after being struck by the vehicle on M–32 near Keetch road.Michigan State Police- Alpena post, Hillman Fire and Ambulance, as well as Green Township Fire Department, were all called out to the accident. The driver was a Lachine resident who was alone when the accident occurred.She thought her vehicle had collided with a black car due to the size of the animal. She was shocked to find out that it was actually a bear.The driver did not receive any visible injuries, but was provided services by EMS. AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisContinue ReadingPrevious More Memorial Day Ceremonies at Little Flanders FieldNext Northland Area Credit Union Coming to Alpenalast_img read more

DONEGAL MAN DROWNED AFTER TRYING TO JUMP ON BOARD TRAWLER

first_imgA CO Donegal fisherman died in similar circumstances to his brother nine years earlier, an inquest has heard, as a coroner called for boarding ladders to be fitted to trawlers.Killybegs man Oliver Cunningham drowned as he returned to the Patrick C vessel, docked at Castletownbere on April 25 last year.Coroner Frank O’Connell said he would welcome tighter regulations on use of boarding ladders on trawlers after it emerged other seamen died in similar circumstances at the pier. Mr Cunningham had had to jump as he tried to board the vessel on April 25th last.His body was recovered close to the slip at the pier in Castletownbere.His brother Matthew, pictured right, who was just 25 at the time, drowned off Killybegs harbour in November 2002.Mr Cunningham had been living in Co Louth in up until his death. His family at St Catherine’s Road in Killybegs were devastated by the loss of a second son.Sgt Fachtna O’Donovan said it was not the first time such an incident happened. “Especially when the stern is up against the pier, often they have to jump to get back on the boat,” he said.DONEGAL MAN DROWNED AFTER TRYING TO JUMP ON BOARD TRAWLER was last modified: February 22nd, 2012 by BrendaShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more