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Federal Reserve Chairman Jerome Powell thinks the U.S. economy may not start to turn around until the end of this year, and that a vaccine will be critical to achieving a full financial recovery.
“Assuming there’s not a second wave of the coronavirus, I think you’ll see the economy recover steadily through the second half of this year,” the U.S. central bank chief said in an interview aired Sunday on CBS. “For the economy to fully recover people will have to be fully confident, and that may have to await the arrival of a vaccine.”
Meanwhile, all eyes are on what comes next now that the House of Representatives has pushed through an enormous $3 trillion piece of legislation intended to aid in the economic recovery process.
Friday’s 208-199 vote in the House came on the heels of a new analysis that claims a vast majority of states are not administering the number of coronavirus tests recommended by public health experts to safely reopen their economies.
All but one Republican opposed the measure, advancing what boils down to a campaign-season display of Democratic economic and health care priorities. The measure has no chance of becoming law as written, but will likely spark difficult negotiations with the White House and Senate Republicans.
Powell Warns U.S. Recovery Could Stretch Through 2021
Federal Reserve Chairman Jerome Powell sounded a slightly more optimistic note Sunday when asked about the U.S. economy, a shift from Wednesday when he said the economy could face lasting harm from the coronavirus crisis if the government doesn’t step up.
“This economy will recover. It may take a while,” Powell said in an interview aired on CBS Sunday.
Powell added that people should never “bet” against the American people, but the economy will take its time in recovering. The Fed chair’s comments came as more than 36 million Americans have lost their jobs since February.
Powell’s full interview will be broadcast at 7 p.m. ET. on CBS’s “60 Minutes.”
House Passes $3 Trillion Coronavirus Package
The Democratic measure would cost more than the prior four coronavirus bills combined. It would deliver almost $1 trillion for state and local governments, another round of $1,200 direct payments to individuals and help for the unemployed, renters and homeowners, college debt holders and the struggling Postal Service.
“Not to act now is not only irresponsible in a humanitarian way, it is irresponsible because it’s only going to cost more,” warned House Speaker Nancy Pelosi, D-Calif. “More in terms of lives, livelihood, cost to the budget, cost to our democracy.”
Trump and top Republicans like Senate Majority Leader Mitch McConnell, R-Ky., are insisting the next measure should protect reopening businesses from liability lawsuits. The president is also demanding a cut to payroll taxes, but GOP leaders are not yet onboard.
The measure now moves to the Senate, where GOP leaders have already declared it “dead on arrival.”
Most States Failing To Hit Recommended Testing Levels
A new analysis claims a vast majority of states are not administering the number of coronavirus tests recommended by public health experts to safely reopen.
According to an AP analysis of metrics developed by Harvard’s Global Health Institute, 41 of the nation’s 50 states fail to test widely enough to drive their infections below a key benchmark. Rapid, widespread testing is considered essential to tracking and containing the coronavirus.
Among the states falling short are Texas and Georgia, which moved aggressively last month to reopen stores, malls, barbershops and other businesses.
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Researchers at Harvard University have calculated that the U.S. needs to test a minimum of 900,000 people per day to safely reopen the economy. That goal is nearly three times the country’s current daily testing tally of about 360,000, according to figures compiled by the COVID Tracking Project website.
Obama Criticizes Virus Response In Graduation Speech
Former President Barack Obama on Saturday criticized U.S. leaders responsible for overseeing the country’s response to the coronavirus pandemic.
Obama spoke during the “Show Me Your Walk, HBCU Edition,” a two-hour event for students graduating from historically black colleges and universities, and then again later in the day during a televised commencement address for high school seniors.
“More than anything, this pandemic has fully, finally torn back the curtain on the idea that so many of the folks in charge know what they’re doing,” Obama said in his first speech. “A lot of them aren’t even pretending to be in charge.”
Obama did not name any federal or state officials in either of his appearances, but earlier in May he harshly criticized President Trump’s handling of the pandemic as an “absolute chaotic disaster” in a call with 3,000 members of his administrations.
Obama urged the young graduates to be unafraid despite the current challenges facing the nation and to strive to be part of a diverse community.
New Rules Allow House To Work, Vote From Home
It all started with the grandchildren.
As House Majority Leader Steny Hoyer saw it, if he could Face Time with the grandkids, why not have Congress legislate by video chat and avoid the health risks of convening at the Capitol during the coronavirus pandemic?
And so the silver-haired, 80-year-old congressman from Maryland helped steer the House into one of the more substantial rules changes of its 230-year history.
From now on, lawmakers will be allowed to cast House floor votes by proxy — without being “present” as the Constitution requires. The next step will allow them to skip the middle-man and simply vote remotely once leaders approve the technology. The House approved the new rules Friday.
Trump Hopeful For Coronavirus Vaccine By Year’s End
Trump on Friday said he’s hopeful a coronavirus vaccine will be on the market by year’s end or shortly after. Trump talked about the latest vaccine developments during a Rose Garden event at the White House.
Moncep Slaoui, a former pharmaceutical executive who Trump has tapped to serve as the administration’s virus czar, also spoke at the briefing. Slaoui said early trial data suggests that “a few hundred million doses of vaccine” will be delivered by late 2020.
Scientists, however, aren’t as optimistic as the president. Many say Trump’s goal is unrealistic and could even backfire by shortchanging safety and undermining faith in vaccines more broadly, The Washington Post reports.
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From Across America Class Of 2020 Joins Worst Job Market In History
Nearly 4 million people are expected to graduate with a college degree this academic year, according to the National Center for Education Statistics. They will do so amid soaring unemployment and shuttering businesses, The Hill reports.
NY Racing Tracks Get Green Light To Reopen
The state will allow horse racing tracks to open without fans, as Gov. Andrew Cuomo looks to boost economic activity while avoiding crowds.
Wisconsin Supreme Court Strikes Down ‘Safer-At-Home’ Order
The Wisconsin Supreme Court has struck down the state’s “Safer-At-Home” order, stating that Democratic Gov. Tony Evers’ administration overstepped its legal boundaries when crafting the order.
Illinois 13-Year-Old Makes More Than 2,000 Masks
Madi Hagwell, a junior high student from Mokena, has made 2,000 masks for those in need.
You’ve Never Seen A ‘Save The Date’ Like This One
Marc and Christina of Connecticut have been together for 8 years, engaged for 3. They set a date: June 2020. But coronavirus happened. Come on, July 2021!
How To Get Free Or Discounted Prescriptions During Coronavirus
Pharmacies across the U.S. are stepping up to help consumers find affordable medications.
Should We Believe Gov. Pritzker’s Coronavirus Testing Statistics?
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Coronavirus Stalks California’s Wildfire Season
Crackling flames won’t be all that threatens California firefighters this wildfire season. For the first time, they’ll be faced with another, invisible menace: the new coronavirus.
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