$7.9 trillion: That’s the total expected economic toll of the coronavirus in the U.S.
The Congressional Budget Office estimates that U.S. GDP will be reduced by 3% through 2030.
That total economic decline is in spite of the $3 trillion in stimulus spending.
Congress is currently considering a fourth phase of stimulus spending to combat the economic toll of the pandemic. Proposals have ranged from $1 trillion to $3 trillion.
Democrats in the House of Representatives have passed a $3 trillion stimulus bill. Republicans in the Senate have no plans to pass the bill.
The U.S. economy is expected to bottom in the current calendar quarter. The official unemployment rate could reach 20% in this month, an increase from 14.7% in April.
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Study Estimates 150,000 Deaths of Despair
Aside from the direct economic toll of the coronavirus, a new study estimates that 150,000 Americans could experience “deaths of despair” as part of the human toll. These are deaths as a result of alcoholism, drug overdose and suicide. These additional deaths are not part of the official coronavirus death toll – yet they could be even larger.
Australia Links Humidity to Coronavirus Spread
When humidity falls, coronavirus spreads. That’s according to a recent study in Australia. The lead researcher explained that “COVID-19 is likely to be a seasonal disease that recurs in periods of lower humidity. We need to be thinking if it’s winter time, it could be COVID-19 time,”
Gov. Cuomo: Protests Will Spread Virus
New York Gov. Andrew Cuomo warns that mass gatherings of protesters pose a big risk. There have been protests related to the killing of George Floyd in 75 cities across the U.S.
Michigan Finally Lifts Stay-at-Home Orders
Michigan’s governor lifted the state’s “stay at home” order on Monday. The state will allow gatherings of 100 people or less outside. And restaurants will be allowed to open. The state with 10 million people has been among the slowest to re-open.
The Coronavirus Numbers
Here are the numbers from Tuesday at 9 a.m. ET:
- 6,400,055 Infected worldwide
- 378,069 Deaths
- 1,859,772 Infected in the U.S.
- 106,929 Deaths in the U.S.
Coronavirus has finally been toppled from the day’s headline news.
Widespread protests have dominated the headlines for the last couple of days, following the murder of George Floyd in Minneapolis.
Cities including New York and Washington D.C. are imposing curfews in order to clamp down on violence and looting.
Financial markets are shrugging off the news – continuing to slowly grind higher.
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