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Economic Recovery #9

  • Restaurants’ survival
  • Sustainability in Scotland
  • Job losses at high levels
  • Mom-and-pop landlords
Published every Monday

Keloland News

South Dakota restaurants battle for survival amid pandemic

The COVID-19 pandemic has hit South Dakota restaurants harder than just about any other industry in the state.

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Project Syndicate

How does the COVID-19 recession compare?

Stanford, California – The historically deep COVID-19 recession appears to have turned the corner in most countries. But current private and official forecasts, if correct, imply that most economies will not return to their previous performance peaks until late 2022.

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Common Wealth

Charting a Just and Sustainable Recovery for Scotland

To that end, we recommend that the Scottish Government introduces a Community Wealth Building Act as part of the Programme for Government, which draws on the experiences of local authorities that have already initiated such a programme, bringing together best practices to integrate the five pillars set out by CLES to develop a national, integrated strategy to retain and grow local wealth and reduce inequality. Such a strategy would be used to codify the advancement of pluralist forms of business ownership, level out the advantages of traditional business models; integrate best practices of land ownership and management to steward areas such as housing, energy, and secure work; and leverage the progressive procurement practises of anchor institutions to increase local economic activity and the community stake in public land. The role of Community Wealth Building should also be formalised in future Growth Deals.

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Des Moines Register

Iowa moms pay the price when kids are pulled from in-person schools

The last two economic recessions have shaped Rachel and Josh Burns’ lives.

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Boston Globe ($)

Pandemic job losses level off, but at very high levels

After a gut-roiling surge in March and April to levels not seen since the 1930s, layoffs declined sharply and have leveled off over the past two months. New claims for unemployment pay in Massachusetts have averaged about 37,000 a week since the start of June, down from a peak of more than 180,000, according to data released Thursday by the state Department of Unemployment Assistance. In the week ended Saturday, filings were just under 30,000, a small nudge up up from the prior week.

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I’m a 57-year-old nurse with no retirement savings and I want to retire within seven years. What can I do?

I am 57. I have saved nothing. It always seemed like there would be time but…here I am. I’m a Registered Nurse and make $80,000 a year. I’m thinking I could work the next 10 years and save half my salary — five more years full time and two more years part time, at which time I will be 64. That would get me about $400,000 to retire. Not much. I am tired — nursing is a hard job. I am a nurse manager but it is a mentally stressful job. I need a plan.

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Canberra Times

Barr the builder – can he fix it?

In charting the course for the ACT’s economic recovery from the COVID-19 pandemic, Chief Minister Andrew Barr has a simple choice. Simple because there isn’t really a choice to make. The only way up and out of the coronavirus-induced economic slump, as he sees it, is to go down. Down into more debt, down into more deficit. The alternative – austerity, cost cutting – would lead to “misery” and even worse and more lasting economic pain, Mr Barr says. To repair the economy, to save and create jobs and keep struggling industries afloat, his government has committed to pillaging its budget, at least temporarily.

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Nevada Independent

Financial burden grows for mom-and-pop landlords months into the pandemic

Three years ago, Virginia and Donald Hartwig bought a ranch-style home in northwest Las Vegas for a dual purpose.

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The Nation (Pakistan)

Austerity and spending

Could the current economic slowdown in Pakistan be a result of unnaturally hyped up austerity slogans of PTI when it assumed power? The notion is worth exploring, because suddenly Pakistan from being described as an overheated economy in 2018, today finds itself in a negative growth trap; one that it is finding increasingly difficult to escape from. A decade ago the world was living in the aftermath of the worst economic crisis since the 1930s. International Financial markets may have stabilised, but the real economy in the developed world was still in terrible shape, with around 40 million European and North American workers unemployed. Fortunately though, economists have learned a lot from the experience of the Great Depression. In particular they knew that fiscal austerity slashing government spending in an attempt to balance the budget — is really a bad idea in a depressed economy.

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The Telegraph (UK) ($)

Italy fears ‘catastrophe by October’ as tourists vanish

As Italians await a €209bn EU stimulus package next year, fears are rising that the recovery will come too late to save businesses

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