Even if businesses reopen, many people won’t risk getting themselves or a loved one sick to crowd into restaurants and bars. Still, a sort of magical thinking has settled into place: This was just a glitch, some people argue, and a swift economic recovery is just around the corner if we simply will it.
But much of the evidence points to a longer and harder recovery than optimists project — instead of a “V-shaped” recovery (a quick dip down and then pop back up), at the very least, more of a Nike swoosh.
The article lingered over discussions within Democratic policy circles about a universal basic income, a federal jobs guarantee, a revised tax code, and an effort to rebuild America’s manufacturing base.
Yet, in more than 2,000 words, it offered no details about foreign policy at all. Similarly, Gabriel Debenedetti of New York magazine recently described Biden’s plans for a presidency “more ambitious than FDR’s,” but largely avoided international affairs.
These omissions are telling. While the COVID-19 pandemic and the need to win over Bernie Sanders voters have pushed the Biden campaign to embrace a more ambitious domestic agenda, little evidence indicates that the presumptive Democratic nominee is doing anything comparable on international affairs.
That’s a pity, because America’s relationship with the world needs dramatic rethinking too.
Of the more than $43.6 million the former vice president brought in last month, he spent less than $13 million of it, giving him a burn rate of about 30 percent, according to the latest batch of Federal Election Commission filings released this week.
Trump, meanwhile, saw a less drastic drop in spending. His campaign alone raised just under $17 million in April, though it spent only $7.7 million of it — a burn rate of about 46 percent, his federal filings show.
The reason for the spending reductions is two-fold. The candidates are no longer spending money on expenses such as travel and venues for rallies and other events amid the pandemic. But at a time when economic uncertainty has at least somewhat disrupted the flow of donations to the campaigns.
“Hello, Milwaukee!” the former vice president and presumptive Democratic presidential nominee said. “Thank you all for welcoming me into your city.”
Except – they weren’t, exactly, and he wasn’t. Biden was in his Delaware home, doing a virtual “rally” with the battleground state’s biggest city. It’s the new reality of campaigning during a pandemic, and it’s still a challenge for Biden, whose first campaign for office was a half century ago.
Wednesday’s “rally” went off without much of a hitch, unlike an early May event aimed at Tampa, Florida. That event, the first virtual rally the campaign held, was marred by technical glitches, some unexplained blank screens and a baffled-looking Biden asking “am I on?” as he took off his signature aviator glasses to address the Internet crowd.
For Donald Trump, the 2020 presidential campaign strategy is 2016 all over again – demonizing his critics as deranged anti-Trumpers and casting himself and his most ardent supporters as victims of a Washington, D.C., “swamp” out to protect itself at the expense of regular Americans.
The problem for Trump is that he has been the highest ranking resident of the purported swamp for 3 1/2 years, making it harder for him to run as the outsider best equipped to shake up a corrupt system. But unlike his predecessors, Trump has retained an insurgent image among his base, who continue to see the president as the defiant force against everything from the so-called “deep state” to the “fake news.”
The hedge-fund veteran and chairman of Soros Fund Management LLC said perpetual bonds, used by the British to finance wars against Napoleon, would allow the European Union – itself created out of the ashes of World War Two – to survive.
“If the EU is unable to consider it now, it may not be able to survive the challenges it currently confronts,” Soros said in a transcript of a question-and-answer session emailed to reporters. “This is not a theoretical possibility; it may be the tragic reality.”
The worst oil bust in decades has slashed the bounty that flowed to millions of rural Americans like Ruckman, who said his royalty checks have plummeted 70% since January.
“I imagine they’re going to be dropping quite a bit more,” said Ruckman, who owns the land with his brothers.
The bust has erased tens of thousands of jobs in the drilling and service sectors, dried up local tax revenues and charitable largess that flowed along with crude oil to Texas, North Dakota and Oklahoma.
Thanks to modern drilling technology, shale has turned the United States into the world’s No. 1 energy producer, pumping as much as 13 million barrels per day (bpd) before prices crashed.
The pandemic is acting as tech’s reverse Robin Hood. Firms treading water are finding their problems aggravated, while emerging winners are growing faster.
Hewlett Packard Enterprise, the storage and server firm, said Thursday it would save $1 billion by reducing pay and other costs. IBM is slashing jobs. And Dell Technologies is cutting benefits, according to Bloomberg. Meanwhile, chipmaker Nvidia said on Thursday revenue rose 39% last quarter, and growth will be faster than expected this quarter.
On Wednesday, Pompeo bluntly stated in a televised press conference that he had been wanting to fire Linick for quite a while, openly acknowledging that he had advised Trump to get rid of the one congressionally approved official charged with looking into fraud, waste and abuse at the agency Pompeo oversees.
Pompeo’s defiant and stunningly arrogant admission came on the heels of news reports that he pushed for Linick’s ouster in part because the inspector general’s investigation into controversial U.S. arms sales to Saudi Arabia was getting too close for comfort to the secretary of state and his inner circle.
Given Pompeo’s presidential ambitions, and all that is at stake for the future of American diplomacy, it is imperative that Congress and the press, as well as civil society organizations committed to government oversight, are more aggressive in their scrutiny of the record of what went down with that “emergency” Saudi arms deal, which bypassed Congress.