Even When The Economy Reopens, It Will Look Quite Different Than What It Used To
Experts warn that reopening of the economy over the coming weeks and months will be fitful, fragile and partial—and a bit dystopian, with frequent temperature checks, increased monitoring of employees and customers, and, potentially, blood tests to determine whether workers have possible immunity to the virus.
The Wall Street Journal:
The Coronavirus Economic Reopening Will Be Fragile, Partial And Slow
Walt Disney Co. reached a coronavirus milestone of sorts last month when it reopened a portion of its Shanghai Disney Resort as China’s pandemic began to ebb. But a trip to Tomorrowland may never be the same. Guests at the Shanghai resort must wear masks at all times, removing them only for eating. Hours and capacity are limited. And just to gain entry, visitors must submit to a temperature check and present a government-controlled QR code on their phone that indicates they are virus-free. Executives around the world who rapidly overhauled operations when the coronavirus struck, and the politicians who made them do it, are now focused on restarting the economy and their own businesses. (Schwartzel, Sider and Haddon, 4/13)
The New York Times:
‘This Is Going To Kill Small-Town America’
The coronavirus itself was slow to arrive in Bristol, a lakeside town of 3,300 people. The economic destruction came swiftly. By the end of March, with just a few local cases confirmed, gift shops, yoga studios and restaurants had all shut their doors. Hundreds lost jobs, contributing to a record surge in national unemployment claims. But at least the Freudenberg factory was running at full strength. The factory, which employs 350 people and makes bonded piston seals and other components for carmakers around the world, has an outsize impact on Bristol’s economy. (Gelles, 4/14)
The New York Times:
Economic Pain Will Persist Long After Coronavirus Lockdowns End
Walter Isenberg is the sort of business owner President Trump has in mind when he talks about the need to start lifting coronavirus lockdowns and reopen the American economy. Mr. Isenberg’s hotel and restaurant group in Denver has seen its revenues drop from $3 million a day last year to $40,000 a day now. But Mr. Isenberg has no expectation that his company, Sage Hospitality Group, will see the quick economic “boom” that Mr. Trump has predicted, even after state officials allow his properties to begin hosting customers again. (Tankersley, 4/13)
The New York Times:
How Bad Will The Economy Get? Companies Will Provide Clues
The coronavirus pandemic has pushed the economy into a slowdown of unknown severity. It could be a long, drawn-out recession, or a sharp dip followed by a swift recovery. The stock market, which has soared 23 percent from its low, is signaling that many investors expect a quick rebound. But that optimism will be tested over the coming weeks when large companies report their quarterly financial results for the first three months of the year and predict the pandemic’s effect on their business. (Eavis and Phillips, 4/14)
Politico:
Economic Meltdown Gives Democrats New Hope In Texas
The twin economic shock of the coronavirus pandemic and a collapsing oil market has upended the political landscape in Texas — driving Republicans into an unfamiliar defensive crouch and giving restive Democrats an unexpected election-year lift. Republicans who'd been running on a familiar platform of gangbusters job growth and small government suddenly find themselves without a clear message as unemployment skyrockets and plummeting oil prices ravage the state budget. (Cadelago and Rayasam, 4/13)
The Wall Street Journal:
Coronavirus Pandemic Fuels Rapid Increase In Missed Mortgage Payments
About two million homeowners are skipping their monthly mortgage payments, according to industry data released on Monday, a number that is forecast to rise further as more Americans lose their jobs as a result of the coronavirus pandemic. Approximately 3.74% of home loans are in forbearance as of April 5, according to Mortgage Bankers Association data, up from about 2.73% the prior week. (Ackerman, 4/13)
