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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

Modern makeover and big deck deliver

first_img23 Wiseman St, Kenmore.IT took just two months for Kevin White to flip this Kenmore home, transforming it with a stylish renovation.The three-bedroom, one-bathroom home is for sale for $679,000 and all the hard work has been done for the next owner.Mr White, the owner of 23 Wiseman St, said the house was in a quiet street that was within walking distance to local schools, shops and public transport.More from newsDigital inspection tool proves a property boon for REA website3 Apr 2020The Camira homestead where kids roamed free28 May 2019The renovated kitchen at 23 Wiseman St, Kenmore.He said it had lacked street appeal and was “crying out” to be modernised inside and out. “There was a large unused area downstairs that could be better used and a large deck was needed out the back for entertaining and to enhance the potential resale value,” Mr White said.Renovations to the home included removing the asbestos ceiling upstairs, and replacing it with plasterboard. The kitchen at 23 Wiseman Street, Kenmore, before the renovations.Original timber boards on the front deck were replaced with new Pacific jarrah boards to match the new rear deck.LJ Hooker selling agent David Riley said buyer demand was always high in the Kenmore area. Mr Riley said the area was highly sought after due to the great schools and improvements including Legacy Way and the Airport Link tunnel.last_img read more

LMC slams N6m fine on Nasarawa Utd over Martins’ death

first_img Promoted Content10 Risky Jobs Some Women Do6 Ridiculous Health Myths That Are Actually True6 Interesting Ways To Make Money With A Drone8 Most Expensive Mistakes In History7 Of The Wealthiest Universities In The World7 Universities In The World With The Highest Market ValueWho’s The Best Car Manufacturer Of All Time?7 Inventions Created To Start Saving The World12 Iconic Actors Whose Careers Were Stunted By A Single MovieThe Highest Paid Football Players In The WorldThe Very Last Bitcoin Will Be Mined Around 2140. Read MoreBirds Enjoy Living In A Gallery Space Created For Them League Management Company has fined  Nasarawa United N6m for breaching regulatory requirements regarding stadium health and safety protocols and personnel in the course of the match against Katsina United. The club was also charged for breach of Rule B12.7.8 for failing to ensure that a standard, equipped and duly-staffed ambulance was available at the ground to transport any player or official requiring emergency treatment to the hospital. On the fourth count, Nasarawa United was charged for breach of Rule C1 of the Framework in that as the home team, it failed to comply with mandatory terms of the league rules and the club licensing regulations, including the provision of fundamental safety and medical requirements, which constituted conduct capable of bringing the league to disrepute. In its ruling, the LMC said it took cognizance of the club’s compliance with the mandatory medical examinations and records of contracted players under Rule B12.10 in imposing sanctions. Read Also:Martins’ death: Sports Ministry, NFF ban Matches without Medical Equipment and PersonnelMeanwhile, the LMC also made a suspended order of six points deduction/forfeiture which will be activated should a similar breach occur before the end of the 2020/2021 season. FacebookTwitterWhatsAppEmail分享 Loading… The club was fined N5, 000,000 to be paid within ten (10) working days and another fine of N1, 000,000 for conduct capable of bringing the league to disrepute. In Summary Jurisdiction Notice issued on Thursday , the Lafia based club was charged with breaches of Rule B12.7.1, B12.7.4 and C1 of the Framework and Rules of the NPFL. Nasarawa United were also charged with breach of Rule B12.7.5 of the Framework and Rules of the NPFL for failing to ensure that no person other than the official medical personnel were permitted to treat players.Advertisementlast_img read more

Bruce hails Aston Villa duo after win at QPR

first_img Follow West London Sport on TwitterFind us on Facebook Embed from Getty ImagesAston Villa manager Steve Bruce hailed Albert Adomah and youngster Keinan Davis after they played a starring role in their 2-1 win at QPR.Adomah, an R’s fan, equalised with a penalty in the final seconds of the first half after Jamie Mackie’s 18th-minute goal had put the home side ahead.And the winger took his goal tally for the season to eight with a cool finish 13 minutes into the second half.“Albert has added goals to his game, which is great,” said Bruce.“He’s done very well. At the start of the season he wasn’t in the team and he didn’t moan or groan.“He got on with it, came into my office and said: ‘I’ll prove you you wrong’. He trained well, worked hard and when he gets his chance he takes it.”While Adomah scored the goals, Davis was excellent up front.The 19-year-old, who was signed from non-League Biggleswade Town in 2015 and was given a new three-year contract this week, was handed a chance because of Villa’s injury problems.Bruce said: “If a big name drops out it gives others an opportunity – and proof of that was Keinan.“He was immense and it just shows you where you can come from in a short space of time. I’m very pleased with him.“We’re all absolutely delighted – a big well done to whoever found him. I haven’t quite got to the bottom of who did, because they’re all coming out of the woodwork.“The reaction when QPR scored was great and I thought we looked a very decent team, especially at the top end of the pitch.“The way we played pleased me, We played it forward, were energetic and looked a threat. We did very well.”See also:Holloway rues half-time change after QPR defeatAdomah bemused by QPR’s failure to sign himlast_img read more

Photo library: Infrastructure 14

first_img{loadposition tc}Click on a thumbnail for a low-resolution image, or right-click on the link below it to download a high-resolution copy of the image.» Download Infrastructure contact sheet (1.1MB) » Download full image library contact sheet (10.5MB) Mossel Bay, Western Cape province: The PetroSA gas-to- liquids refinery, the largest of its kind in the world. South Africa is a pioneer in the development of this technology. Photo: Rodger BoschMediaClubSouthAfrica.com » Download high-res image Mossel Bay, Western Cape province: The PetroSA gas-to- liquids refinery, the largest of its kind in the world. South Africa is a pioneer in the development of this technology. Photo: Rodger BoschMediaClubSouthAfrica.com » Download high-res image Mossel Bay, Western Cape province: The PetroSA gas-to- liquids refinery, the largest of its kind in the world. South Africa is a pioneer in the development of this technology. Photo: Rodger BoschMediaClubSouthAfrica.com » Download high-res image Mossel Bay, Western Cape province: The PetroSA gas-to- liquids refinery, the largest of its kind in the world. South Africa is a pioneer in the development of this technology. Photo: Rodger BoschMediaClubSouthAfrica.com » Download high-res image Beaufort West, Western Cape province: Electricity pylons. Photo: Chris Kirchhoff, MediaClubSouthAfrica.com » Download high-res image Beaufort West, Western Cape province: Electricity pylons. Photo: Chris Kirchhoff, MediaClubSouthAfrica.com » Download high-res image Beaufort West, Western Cape province: Electricity pylons. Photo: Chris Kirchhoff, MediaClubSouthAfrica.com » Download high-res image Beaufort West, Western Cape province: Electricity pylons. Photo: Chris Kirchhoff, MediaClubSouthAfrica.com » Download high-res image Richards Bay, KwaZulu-Natal: Huge piles of wood chips for export at the harbour. Photo: Hannelie Coetzee, MediaClubSouthAfrica.com » Download high-res imageINFRASTRUCTURE 14: {loadposition infrastructure}Having trouble downloading high-resolution images? Queries about the image library? Email Mary Alexander at marya@mediaclubsouthafrica.com.last_img read more

A Preview of Beck’s 2017 Ohio PFR Insight Meetings

first_imgShare Facebook Twitter Google + LinkedIn Pinterest The Beck’s Hybrids 2017 Ohio Practical Farm Research Meetings are coming up January 9th through 11th. RSVP at www.BecksHybrids.comlast_img

Farm Bill could help farms battling low prices

first_imgShare Facebook Twitter Google + LinkedIn Pinterest Dairy farmers have a stronger safety net against low milk prices and high feed costs under the new federal farm bill, and more federal dollars will be spent to spur international trade of American agricultural products.Both changes could help farmers at a time when revenues from selling milk, corn and soybeans have dipped and markets have shrunk.Under the new farm bill, dairy farmers will pay lower premiums for a federal program that provides them payments when the margin between milk prices and feed costs dips below a certain level set by the government. The top level of coverage was raised from $8 to $9.50 per hundred pounds of milk, which will increase payments to dairy farmers.“This is not a trivial change,” said Carl Zulauf, an agricultural economist and professor emeritus with the College of Food, Agricultural, and Environmental Sciences (CFAES) at The Ohio State University.“It could mean a lot to dairy farmers.”Ohio’s dairy farmers have recently been leaving the business at a higher than usual rate as a result of a drop in the price they’ve gotten for their milk for several years. Many of Ohio’s 2,130 dairy farmers have struggled with reduced revenue because the supply of dairy products has outstripped the demand.The new federal farm bill signed by President Donald Trump on Dec. 20 is expected to cost $867 billion over the next decade. It is a massive piece of legislation that funds a host of programs from crop insurance to food assistance. The House of Representatives and the Senate each passed separate versions of the bill in June.“Given the large voting margins, I think there was something in this bill that appealed to everybody, whether you’re living in a rural area or an urban area,” said Ben Brown, manager of the farm management program in CFAES.Missing from the final bill is a controversial provision to increase work requirements for those receiving foods stamps, also known as Supplemental Nutrition Assistance Program (SNAP).The farm bill’s allocation of additional money to open up new foreign markets for agricultural products amounts to an additional $235 million over the next five years. This comes at a time when the U.S. share of world markets for many of its agricultural exports is continuing to decline, as it has for decades, Zulauf said.Soybeans are Ohio’s top agricultural export, but sizeable international tariffs imposed this year on U.S. soybeans as well as on corn and other commodities have driven down the international demand for those crops.“Farmers want someone to help market their products, which leads to higher demand,” Brown said.The debate has been over whether the government should partner with farm organizations to help pay for marketing agricultural goods, he said.Since March, when the Trump Administration announced a 25% tariff on foreign steel and 10 percent on foreign aluminum bought in the United States, countries including China, the world’s top soybean consumer, have countered with tariffs on U.S. products, including soybeans, corn, pork and other agricultural products.Even before the recent tariff war, the United States had been claiming a smaller share in the world export market of many agricultural goods, Zulauf said.“This is Congress’s reaction to that,” he said.Other changes in the new farm bill include:Farmers who participate in the Conservation Reserve Program, by agreeing not to plant crops on a portion of their land, could receive less compensation per acre compared to what they received under the previous farm bill. Even so, farmers will have the option of enrolling more acres in that program.Starting with the crop harvested in 2021, farmers, including corn and soybean farmers, will be able to choose annually between one of two commodity subsidy programs: Agricultural Risk Coverage (ARC) and Price Loss Coverage (PLC). Previously, farmers could choose only once and had to stick with that choice through the end of whatever farm bill was in place, typically a five-year period. Which program is more profitable for a farmer can change from year to year.More relatives associated with a farm, specifically first cousins, nieces and nephews, could now be eligible to receive federal payments made to farms when commodity prices or a farm’s revenues from the sale of those commodities go below a certain level. The relatives have to meet certain criteria to qualify for the payments.last_img read more

Coach blames poor practice for wrestlers’ failure

first_imgIndian wrestlers came a cropper at the Asian Games and the performance in Guangzhou was a reality check for the grapplers basking in the glow of their impressive Commonwealth Games (CWG) show. The wrestlers managed to add just three bronze to India’s tally of 64 medals.While the Indians ruled the mat at home in the Commonwealth Games, the strong challenge posed by Iranian, Kazakh and Uzbek grapplers has exposed India’s deficiencies which need to be ironed out before the London Olympics. World champion Sushil Kumar was the most prominent name missing from the Indian ranks at the Asian Games and there were hardly anyone else who surged into prominence.National coach Jagminder Singh blames the lack of adequate time for preparation as one of the reasons for Indian wrestlers not faring well.” Those were not the best of days for us but there were a lot of factors that were responsible for this kind of show,” Jagminder told Mail Today soon after his return from Guangzhou. ” There were a lot of felicitation functions that we had to attend after the CWG. We could not even say no to these invitations and our practice was affected due to these events,” he noted.Indian wrestlers featured in 18 categories which included 14 for men but only three of them – Mausam Khatri, Sunil Kumar Rana and Ravinder Singh – managed a medal for the country.Narsingh Pancham Yadav, the gold medallist at the CWG and Asian Championships, drew a lot of attention but failed to replicate his previous performances.advertisementRajiv Tomar, who could not participate in the CWG after he was pulled out of the squad for a dope offence, got his opportunity at the Asiad but the 120kg category wrestler returned empty- handed.” We had our hopes from Rajiv Tomar but just a couple of days before his bout he was down with fever. Otherwise, he was definitely in with a chance,” Jagminder said.The Asian Games have served as an eyeopener for Indian wrestlers and there is still a lot to be achieved before they can pose a serious challenge to grapplers from Kazakhstan, Iran, Uzbekistan and other Asian countries. ” The standard of wrestling in Asia is as good as we get at the World Championships. Our wrestlers were unlucky on a few occasions but I think we have the kind of athletes who can match the best wrestlers of the world.” It’s time to move ahead and think about the future. We have our Nationals starting on December 25 and we will draw a road map for the London Olympics,” he said.last_img read more