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Economic Recovery #6

  • Argument for idleness
  • What to do with CARES?
  • Markets bounce?
  • Self-esteem in Australia
Published every Monday

New Statesman

Why Bertrand Russell’s argument for idleness is more relevant than ever

We are used to thinking of idleness as a vice, something to be ashamed of. But when the British philosopher Bertrand Russell wrote “In Praise of Idleness” in 1932, at the height of the Great Depression, idleness was an unavoidable reality for the millions who had lost their jobs. Russell realised that his society didn’t just need to confront the crisis of mass unemployment. He called for nothing less than a total re-evaluation of work – and of leisure.

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The Conversation

Yes, most workers can collect more in coronavirus unemployment than they earn – but that doesn’t mean Congress should cut the $600 supplement

Americans who lost their jobs because of the pandemic had been getting a US$600 bump on top of state benefits in their weekly unemployment checks since March. That ended on July 31, and lawmakers are debating whether to extend the program and if so by how much.

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Gordon touts plans for $1.25B in CARES funds as some question pace | WyoFile

“There is kind of a narrative going on that the money is’t going out fast enough,” Gordon said Wednesday during remarks to the Cheyenne Rotary Club. His administration had sent $300 million “out the door,” he said, with much more on the way.

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One-Third of American Renters Expected to Miss Their August Payment

An expansive census survey reveals a nation stretched to the brink by the financial toll of pandemic.

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Las Vegas Review Journal

COMMENTARY: Congress must ensure Nevadans can stay in their homes

According to some estimates, the combined fiscal and monetary stimulus injected into the economy in the second quarter (around $5 trillion) may have exceeded nominal GDP (initially estimates put the figure at $4.85 trillion). Despite the record stimulus, hopes for a rapid U.S. economic recovery have been dashed, and another dip in economic activity appears increasingly likely.

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The Telegraph (UK) ($)

There is method to madness of markets’ recessionary bounce

But the historical record shows that of the 13 post-war recessions, equities have risen during nine of them

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The Journal (Ireland)

Wage subsidy and mortgages: ‘The government isn’t helping them. What chance have they with the banks?’

Mortgage applicants who are in receipt of the wage subsidy scheme are facing problems not only with the banks on moving to drawdown – but also with a government-backed mortgage scheme for first-time buyers.

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Ball in government’s court after RBI status quo on monetary policy

With inflation forcing the Reserve Bank of India (RBI) to hold off on further easing of monetary policy, the pressure is now on the Union government to support an economic recovery amid the world’s fastest rise in coronavirus cases.

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CT Mirror

Few qualify for state housing assistance – and a crisis looms

Connecticut is on the precipice of a housing crisis, if it hasn’t already arrived.

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The Guardian

‘It chips away at your self-esteem’: Australia’s newly unemployed struggle in pandemic’s barren job market

At a job interview for a bottle shop attendant in Melbourne two weeks ago, Finley Brentwood asked his interviewers how many other applicants had submitted a resumé.

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