This piece is in today's New York Times. I wish the author would have spent less time trying to defend "fairness" and more time addressing how supply and demand functions and how the mechanism of prices leads to better resource allocation and efficiency. Let's think about the consequences of fairness and letting politicians make economic decisions, instead of letting the collective economy make t
The first thing everyone notices about Robert Caro's Pulitzer Prize winning book The Power Broker is its size. My edition came in at 1,162 pages (plus notes). It is a tome in the truest sense. The book is so large that it would often grow heavy in my hands, forcing me to frequently change my reading position. The word count varies depending on the source, but the audiobook is an astounding 66 hours and 8 minutes long. Caro is so known for his exhaustive detail that the adverb Caro-esque is appli
Due to the pandemic of COVID19 that swept over our nation, thousands of jobs were lost. People who lived paycheck to paycheck are now out of a job, in need of basic necessities. Employees who are considered "essential employees" need a piece of paper to be out on the road, and most of them are not receiving hazard pay for putting their health on the line for said business to resume as normal. The United States was at its lowest unemployment rates in history at a mere 3.5% as of November, Decembe
The Commerce Department is set to release its report on first-quarter GDP and by all accounts, it looks bleak. According to experts, this will be the largest quarterly economic contraction since early 2009, while we were in the midst of a recession. S&P Global’s chief U.S. economist Beth Ann Bovino is estimating the GDP dropped at a 7.5% annual rate in the first quarter while other economists surveyed are estimating the drop in GDP closer to a seasonally adjusted rate of 3.5% in the first quarte
Breaking news 3:53 PM Wed April 15, 2020
Apple releasing a new budget friendly iPhone
After years of prices skyrocketing, Apple has decided to calm down for once. The company is releasing a phone with a price of $399. The new phone price compared to the iPhone 11 and iPhone 11 Pro Max is a drastic difference. The 11 is $699 and Pro Max $1099. The new phone is called the SE (released in 2016) is smaller than the newest iPhones, but it has the processor that is in the 11 Pro.
This is a difficult time for many in the labor market, but the impacts may be most acute for those that are graduating and entering the job market for the first time. A growing body of literature in the field of economics shows that those entering the job market during a recession will have significantly lower wages. More importantly, repeated studies have found that this pay decrease can last for many years. Those that graduated in 2009, for example, most likely still are feeling the impacts. A
With the current economic state of the US in shambles and no end in sight is it imperative to look forward and see how things will change to suit a lower socially interactive environment. It is important to note that While these conditions are hampering productivity it is important to use the time to plan for how to be more productive in the fire. like I said there is no end in sight and according to Berkly news“We’re definitely headed to something much deeper than the Great Recession, and compa
The world is facing a crisis like no other in the form of the coronavirus pandemic. All across the world daily life has come to a screeching halt as this virus rips across the world discrminating agaisnt no one and effecting every corner of the wrold. The global economy has shuttered, and for the first time in half a century, the worlds second biggest economy bas shrunk fter an unprecedented period of financial growth. I am talking abo
Covoid-19 has effected everyone in one way or another. We are in a time where we are living out what we would see in a Steven King movie. World wide spread of a virus and no one is exempt from contracting. Not only are we fearful for our lives but we also have a fear of losing our way of living. Our jobs, gigs and anything that helps pay our bills. Prior to the coronavisus breakout the United States was considered at full employment. Meaning not every single American have a job,but almost everyo
Shopping carts filled with toilet paper. Empty shelves. Shaming on social media. The Coronavirus has upended daily life and prompted a debate between the importance of individual and economic health. Yet one topic has near-universal agreement: price gouging is bad. At first glance, this makes sense. Price gouging combines two things Americans love to hate, increased prices and corporate profits. Take a closer look, however, and it becomes clear the effects of price gouging are nuanced. In certai
The world is facing a crisis like no other in the form of the coronavirus pandemic. All across the world daily life has come to a screeching halt as this virus rips across the world discrminating agaisnt no one and effecting every corner of the wrold. The global economy has shuttered, and for the first time in half a century, the worlds second biggest economy bas shrunk fter an unprecedented period of financial growth. I am talking about the origin country of COVID-19, China. On friday The chin
In the knowledge of the COVID-19 pandemic and how it has taken a toll on our government and our economy. The FED has even made decisions to try to stabilize the economy as best as they can but the decisions that they have made, define the future for America’s economy. Since the U.S. economy is falling deeper and deeper into recession and as COVID-19 is getting worse so will the economy. Our economy will even have to face many consequences since the U.S. Banks and institutions have to borrow from
Since the start of this COVID-19 pandemic situation, 6.6 million Americans have requested unemployment benefits and in March alone, hundreds of thousands of people have lost their jobs. The American unemployment rate has increased to 4.4% from 3.5%, in the time frame of February to March. Which is said to be the largest one month increase since January 1975. It is even starting to be considered "Great Depression II" because of the danger America and our world is being put in as far as within our
The Corona Virus pandemic has scared many people and has had a huge impact on how we now live our lives. The scariest part for many of us is wondering how long it will last. This pandemic has been unpredictable and the pattern continues to be unidentifiable. There is no doubt that we are heading into a recession, if we aren’t already in one. This recession is like something we’ve never experienced, and it’s worldwide. Being advised to not go outside only if absolutely necessary and to stay away
The International Monetary Fund has forecasted that the global economy is expected to contract by 3 percent this year due to the economic damage caused by COVID-19 to cripple global output. In the United States, the I.M.F has projected that the US economy will contract as much as 6 percent by the end of 2020. The Federal Reserve in the United States has taken several steps to mitigate the economic damage imposed by the still-evolving COVID-19 global pandemic using several monetary policy tools.
Near-Zero interest rate is one step the FED is implementing to try to help our economic state. Near Zero interest rates means that the rate banks pay to borrow from each other overnight is being cut. The FED is cutting it by a total of 1.5 percentage points since March 3, bringing it down to a range of 0 percent to 0.25 percent. Because the federal funds rate is a benchmark for other short-term rates, and also affects longer-term rates, it is aimed at lowering the cost of borrowing on mortgages,
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