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About this blog: I grew up in Los Angeles and moved to the area in 1963 when I started graduate school at Stanford. Nancy and I were married in 1977 and we lived for nearly 30 years in the Duveneck school area. Our children went to Paly. We moved ...  (More)

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Economic Responses to the Coronavirus

Uploaded: Mar 12, 2020
There are four immediate and several medium term responses that would help mitigate the pain and support the economy to the extend possible.

The immediate measures are:

--temporary and substantial augmentation of unemployment insurance benefits

--Paid sick leave covering most or all of lost wages

--a temporary reduction or suspension of tariffs for countries who reciprocate

--increased spending to increase the ability of the health care system to respond

The first two policies target those directly affected , allow sick residents to stay home without economic penalty and support spending power

The tariff policy would reverse the terrible course we have been on and benefit most of us as well as countries around the world.

The fourth policy addresses the need to increase our health care infrastructure (more temporary hospital; and testing facilities, etc/

Over the medium and long-term the nation needs (before the virus but even more now) a,major investment program to address climate, transportation and housing challenges.
We need your support now more than ever. Can we count on you?

Comments

 +   12 people like this
Posted by Alice Schaffer Smith, a resident of Downtown North,
on Mar 12, 2020 at 10:13 am

We need to provide parking lot free testing at Stanford at the parking garage on Stock Farm Road as was tested in a pandemic trial run we had when I was on the Red Cross to help people get appropriate and free testing.

I agree with all of your recommended measures as well.

The President should be in isolation: apparently he has had 2 contacts with the virus. Serve by example.


 +   9 people like this
Posted by stephen levy, a resident of University South,
on Mar 12, 2020 at 10:30 am

stephen levy is a registered user.

Good suggestion Alice.


 +   7 people like this
Posted by Mark Weiss, a resident of Downtown North,
on Mar 12, 2020 at 11:46 am

Mark Weiss is a registered user.

Microeconomics case study or sidebar to above: I happened to ramp up my Palo Altan, community-oriented events business (concerts ) right before the pandemic hit. I have about $50,000 of inventory (tickets, $20 each) onsale online, for events at Mitchell Park Community Center Friday thru May 3. Plus (or minus) x amount of sunk costs.
So far the scale spares its abolition from city or county health.
It's a nirvana between social distancing and attraction. One hundred fifty seats, safely nestled in a room that holds 500 standing. I'll have the city wipe down the chairs. I'll leave the sliding wall windows ajar.

Oddly I might get a bounce if healthy people need a respite from self quarantine.
The virus is causing havoc in my industry, but by design and since day one (1994) I'm a contrarian. “Earthwise" means adapted to a niche.

I'm helping We The People recoup the $40m invested in the facility.

Take care,
Mark Weiss
CEO Earthwise Productions

Friday's show " tomorrow" by Akira Tana " a Gunn and Harvard grad " has an all Japanese and Japanese American jazz combo doing music mostly they wrote themselves. Part of the purpose is to raise awareness about rebuilding Japan after the 2011 tsunami. Akira visited several times. (Another micro case 1000x larger)


 +   6 people like this
Posted by protect the po' rich folk first, a resident of The Greenhouse,
on Mar 13, 2020 at 6:36 am

But we know what it'll be: more tax cuts for corporations and billionaires, and probably a sprinkling of corporate welfare for the hospitality industry.

Who do we know that made his name in the hotel world?

On top of all that, Mitch McConnell send the Senate home for a three day weekend - in the middle of this disaster?!?!?


 +  Like this comment
Posted by protect the po' rich folk first, a resident of The Greenhouse,
on Mar 16, 2020 at 6:49 am

S(tuff) be gettin' real this week (closed at -9.7% as I write.)

Senate passes the Family First bill by the Dems (and watered down by Mnuchkin, the slum lord billionaire.) Senate still off on 3 day weekend, tweeting about steaks on the barbie, while mocking social distancing Web Link

Need to prime the pump by directing aid to those unable to work - seriously, this time, not the 2-bit solution that Munchkin watered down.

Tax breaks for gig workers that can't get work? What good does that do NOW? Laid off service workers? Offices closed?

We're looking at a *really* negative Q2.


 +  Like this comment
Posted by protect the po' rich folk first, a resident of The Greenhouse,
on Mar 16, 2020 at 6:51 am

*closed at -9.7%

Meant: market suspended at -9.7%


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