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Week 14/April 22nd

Title- Here is everything the Fed has done to save the economy

Link- https://www.cnbc.com/2020/04/13/coronavirus-update-here-is-everything-the-fed-has-done-to-save-the-economy.html

Summary- This article is about all the actions that the Federal Reserve has taken to try to keep the economy afloat during this pandemic. Some of these actions include the stimulus check, lowering interest rates, credit program for small businesses and buying municipal debt.

Reaction- The Federal Reserve is trying to do all that they could to keep the economy afloat during this crisis however, it is getting to the point where there isn’t much more than they themselves can do. This pandemic has been going on for a while and it will continue to go for a while and all their efforts are good, but it may not be enough to keep the economy flourishing the way that they want. They may need to come up with some new ideas to prevent the country's economy for going down too much.

Relation to Class- This article relates to class because it speaks on what is going in on our current economy and how much it has been affected by the Coronavirus. When future students are studying economics, they will look back at this pandemic and see how much the economy is suffering due to it. This is history in the making.

Coxx, Jeff. “Here is everything the Fed has done to save the economy.” CNBC, April 20th, 2020.

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Week 13/April 15th

Title- Coronavirus could push half a billion more people into poverty globally, UN warns

Link- https://www.cnbc.com/2020/04/09/coronavirus-could-push-half-a-billion-people-into-poverty-globally.html

Summary- This article is about how the Coronavirus could lead to an increase in global poverty. This could affect the United Nation’s plan/goal to end poverty by 2030. It is estimated that 7.8 billion people could be living in poverty after this pandemic. 4 out of 5 people who end up living in poverty due to the pandemic will be from Africa or Asia. It can even lead to a worldwide recession.

Reaction- I know that this pandemic is affecting economies all over the world, but I didn’t think that it would increase global poverty as much as they are stating in this article.

Relation to Class- The article relates to class because it speaks on the global economic effect of the Coronavirus. It talks about the predicted amount of the world that will be living in poverty due to this pandemic. The whole world is suffering economically from this virus. People aren’t working and consumer consumption is decreasing affecting not just your household but the country and the rest of the world as well.

Mckeever, Vicky. “Coronavirus could push half a billion more people into poverty globally, UN warns.” CNBC, April 13th, 2020.

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Week 12/April 8th

Title- US consumer sentiment falls to lowest level in more than 3 years

Link- https://www.cnbc.com/2020/03/27/us-consumer-sentiment-march-2020.html

Summary- This article is about how consumer sentiment has fell from 101 in February to 89.1 in March, the lowest since 2016. This is all due to the Coronavirus and the high unemployment rate that it has caused.

Reaction- It is not surprising that this is the case because people are spending less by staying home and when you don’t have a job you tend to spend less because there is no money coming in. It wouldn’t be wise to spend more than you are bringing in, so this makes complete sense.

Relation to Class- This article relates to class because it speaks about the economic effect of the coronavirus. The high unemployment rate is affecting the economy and so is the decrease in consumer sentiment. The economy is struggle and this event will go down in history.

Imbert, Fred. “US consumer sentiment falls to lowest level in more than 3 years.” CNBC, April 6th, 2020.

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Week 11/April 1st

Title- Coronavirus stimulus just pushed Fed’s balance sheet past $5 trillion for the first time ever

Link- https://www.cnbc.com/2020/03/27/the-feds-balance-sheet-just-passed-5-trillion-for-the-first-time-ever.html

Summary- This article is about the Federal Reserve balance sheet now at $5.3 trillion. The greatest peak since May 2016. Some are worried that inflation may occur due to all the extra money in the economy others think that this won’t cause inflation. The central bank is trying to keep the economy running healthy by increasing the amount of assets and treasuries.

Reaction- I like that the Federal Reserve is trying to bring more money into the economy due to this time of crisis where many people and businesses are hurting financially. It’s no surprise that the economy is going to take a hit but hopefully with the more money coming in, it won’t be as bad.

Relation to Class- This article relates to class because it is about our current economic issue. The economy is hurting right now due to the Coronavirus and the government is trying to help economically the best way that they can. Our current situation will go down in history and many people will look back/study this current event as both a part of world history, US history and economic history. It is also important for us to know what is happening in our country economically this is macroeconomics.

Cox Jeff. “Coronavirus stimulus just pushed Fed’s balance sheet past $5 trillion for the first time ever.” CNBC, March 30th, 2020.

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Week 10/March 23rd

Title- Bank of America says the recession is already here: ‘Jobs will be lost, wealth will be destroyed’

Link- https://www.cnbc.com/2020/03/19/bank-of-america-says-the-recession-is-already-here-jobs-will-be-lost-wealth-will-be-destroyed.html

Summary- This article is about the Bank of America claiming that the country’s economy has fell into a recession joining the rest of the world due to the coronavirus. They believe that many will lose their jobs leading to an increase in unemployment rates. They believe that this recession won’t last long but it is happening. They also predict that the country won’t get back to somewhat normal until July.

Reaction- I don’t know if the country is in a recession due to the coronavirus but I do know that it is going to affect the country’s economy badly. Many people are out of work with no pay and many businesses are closing early and some are completely closed. This is going to affect the production and flow of the economy. Schools are closed and people are forced to stay home to watch their kids. Some people won’t have enough to pay their bills for a while. A recession is very likely with the way things are set up right now. I have never seen or heard of a virus having this much of an effect on the world.

Relation to Class- This article relates to class because it talks about possible effects on the economy such as an increase to unemployment rates and the country being in a recession because of the coronavirus. The economy of our country and a lot of other countries around the world are hurting.

Stevens, Pippa. “Bank of America says the recession is already here: ‘Jobs will be lost, wealth will be destroyed’. CNBC March 19th, 2020.

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Week 9/March 18th

Title- Treasury Secretary Mnuchin does not expect recession from the coronavirus

Link- https://www.cnbc.com/2020/03/15/treasury-secretary-mnuchin-does-not-expect-recession-from-the-coronavirus.html

Summary- This article is about the Secretary of Treasury of the United States making a statement about him believing that the Coronavirus will not cause the economy to go into a recession. With the stock market going down and Nike and Apple closing their stores in the United States he says that he is confident that the economy will recover in a few months. On the other hand, Gary Cohn, former National Economic Council director says that he thinks that the country is already in a recession.

Reaction- I do not think that the country is already in a recession, but I do believe that we are possibly heading in that direction. Stores are being closed early, many people aren’t working, the grocery stores are running out of products, people are staying home more, trade isn’t happening, and the stock market has fallen a lot. Some of the necessary things needed for the economy to keep moving forward is not happening the way it would of because of the Coronavirus.

Relation to Class- This article relates to class because we are seeing/facing the effects of the Coronavirus. We’re no longer meeting face to face and we’re watching the country basically slow down/hurt because of it. People aren’t allowed in big groups out in the public and not many people are spending money because of it. The economy has taken a hit because of this virus which may or may not cause a recession.

Imbert, Fred. “Treasury Secretary Mnuchin does not expect recession from the coronavirus”. CNBC, March 16th 2020.

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Week 8/ March 11th

Title- American paychecks just aren't getting much bigger -- unless you're rich

Link- https://www.cnn.com/2020/02/20/economy/wage-inequality-rising-2019/index.html

Summary- This article is about how lower and middle-class workers pay has not increased much but the upper class has. Unemployment is low however, the gap between the increase of the salary is big. The rate in which upper class workers salary increase is much bigger than the rate of lower- and middle-class workers. The increase in minimum wage has helped some not by much.

Reaction- It does not surprise me much that upper class workers' pay continue to increase at a higher rate/amount than the lower and middle class. The richer seems to continue getting richer while the poor continue getting poorer. Some middle workers are barely making ends meet and with prices increasing every year it will only become worse. There needs to be a closer balance in wages/increase of wages.

Relation to Class- This article relates to class because it’s about people in different income groups (upper, lower and middle class). Economics has a lot to do with income and wages and this article speaks on that. The distribution of wages in each income group can affect our economy, it can decide whether our economy is balanced or not. It can also show whether people can afford certain products or not and the supply and demand of goods and services.

Tappe, Anneken. “American Paychecks Just Aren't Getting Much Bigger -- Unless You're Rich.” CNN Business, February 20, 2020.

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Week 5/ February 19th

Title- Would Bernie Sanders really wreck the US economy if he became President?

Link- https://www.independent.co.uk/news/world/americas/us-election/bernie-sanders-economy-policies-fact-check-lloyd-blankfein-goldman-sachs-democrats-a9336721.html

Summary- This article is about how presidential candidate Bernie Sanders goals might affect the economy. Some of Sanders plans are to cancel student loan debt, free healthcare for all and more public housing. This would mean that taxpayers would have to pay more taxes. Sanders is leaning more into a European economy where there is free healthcare for all. A wall street worker criticized him for this by saying that Sanders is going to ruin the economy.

Reaction- I like that Bernie Sanders is trying to solve some of the major problems like student loan debt and healthcare however that does mean that people would have to pay higher taxes. Some taxes are already high so increasing it might just cause another problem. His heart is in the right place but there are still a few points of concern. I’d love to have my student loan debt cancelled but how will it be possible? Wouldn’t the government or the bank need that money back?

Relation to Class- This article relates to class because it discusses Bernie Sanders plans for the economy if he wins the election and becomes the next president. Him wanting to cancel student deb, provide more public housing and give free healthcare all fits in to the economy and how it runs. Some of his decisions might hurt the economy or it might help the economy. Weighing the effect of his economic promises is what we do/study in class.

Ben Chu. “Would Bernie Sanders really wreck the US economy if he became President?” Independent, February 18th 2020.

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Week 4/February 12th

Title- Trump looks to kill student loan forgiveness program

Link- https://www.cnbc.com/2020/02/10/trump-proposes-end-to-student-loan-forgiveness-program.html

Summary- This article speaks about the effect of Trump’s 2021 budget on student loans. Trump asked for 8% less money for the Department of Education for 2021 than he did for 2020. This would make it harder to give out student loan forgiveness. This would also affect subsidized loans for many. The government would not be able to pay the interest on some loans or forgive as much loans as they normally would. “Trump’s administration already has a reputation for being anti-borrowers" (Mark Kankrowitz). Two presidential candidates are promising to lessen or forgive student loan debt in the upcoming election. None of which includes Trump.

Reaction- This budget will affect me because I have government loans that are both subsidized and unsubsidized and I have an outside loan with Discover bank. I am currently in about $50,000 debt just from my freshman year alone and I probably may need to sign up for a student loan forgiveness program seeing that my mother works for less than $50,000 a year. Someone like me will only keep suffering more from this due to the new set budget for next 2021.

Relation to Class- This article relates to class because setting budgets and having student loans all contributes to economics. Budgeting is a way to make sure that the economy prospers. However, having an excess amount of student loans can hurt the economy. Over 40 million people are in debt from student loans in the United States. There is more than $1.4 trillion owed in student loan debt. Most of the debt in this country comes from student loans. Most of us here at Regis are in some type of debt from student loans so this budget can affect us.

Annie Nova. “Trump Looks to Kill Student Loan Forgiveness Program" CNBC. CNBC, February 10, 2020.

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Week 3

Title- Fears of global economic slowdown as virus follows trade war

Link- https://www.theguardian.com/business/2020/feb/01/fears-global-economic-slowdown-coronavirus-follows-trade-war

Summary- This article speaks about the economic effect that the coronavirus has had on the economy and the economic effect it will continue to have. It will further affect the trade between China and the rest of the world. This has not only effect trade but also consumer sales. Airlines and cruises have stopped traveling to China due to this and causing them to lose money. China is already losing money because the amount of tourist coming in has dropped since the Coronavirus has been exposed. Many businesses in China has also been closed to avoid catching the virus which will continue to cost the economy lots of money and raise the GDP.

Reaction- This virus has only been exposed for about 3 weeks has already had a huge impact on the world. I see many Asian people walking around with their mask on to try to avoid catching anything. The closer it gets to where I am, the scarier it is. Many has died from it and it will only keep impacting the world unless a cure is found. The fact that it is now considered a “global emergency” makes me realize how real it is.

Relation to Class- This article relates to class because it’s about the economics behind the Coronavirus. Many may not think that a physical virus can affect the economy, but it can. The more people try to avoid it by not opening their businesses, avoiding certain sales and not traveling somewhere can affect economy because less money is being spent on certain things and many are losing money due to that.

The Guardian, Fears of global economic slowdown as virus follows trade war.

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Week 2/January 29th

Title- US weekly jobless claims increase less than expected

Link- https://www.cnbc.com/2020/01/23/weekly-jobless-claims.html

Summary- The unemployment rate has been increasing and so has the unemployment benefit application. In just one-week unemployment claims rose from 211,000 to 215,000 when calculated for the week ending in January 18th (US weekly jobless claims increase less than expected). Reports has also shown job loss in factories, transportations and construction (US weekly jobless claims increase less than expected). Job growth has been slowly increasing but not by much.

Reaction- The article mentioned that around the Holidays the unemployed claims weren’t as high as it is now, and I believe that this is because around the Holiday time there are more jobs available like seasonal jobs for the unemployment may not be that high. I have seen the demand for certain jobs lessen as the years ago. I have also seen certain jobs availability increase and decrease according to the season. For instance, construction workers don’t have as much work in the winter as they do in the summer causing the unemployment rate to change.

Relation to Class- This article relates to class because it speaks on unemployment and unemployment has a lot to do with economics because without employment people wouldn’t have money to buy things and that would affect the economy significantly. Having high rates of unemployment is not good because it means that something is going wrong in the economy.
CNBC, US weekly jobless claims increase less than expected. CNBC weekly. January 23rd 2020.

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Week 1/January 24th 2020
Title - A big tax refund is nothing to celebrate. Here’s why.
Link-https://www.washingtonpost.com/business/personal-finance/a-big-tax-refund-is-nothing-to-celebrate-heres-why/2020/01/21/0706ba58-3c94-11ea-b90d-5652806c3b3a_story.html

Summary- This article reflects on tax returns and some pros and cons to it. Many get excited for this time of year because they receive a big check from the government from the taxes that they’ve paid the previous year. Last year the amount received in tax returns were less than previous years because less taxes were taken out of people’s paycheck and they received more money in their monthly paychecks, which wasn’t very noticeable. This triggered a lot of people simply because they didn’t know that this was going on and it led them to owing the IRS.

Reaction- Last year I heard many people complain about not getting as much money as they usually would the previous years and now, through this article I am seeing how much of a reality it really is. Last year was my first year paying taxes and I, myself owed the IRS a small amount of money due to the company that I worked for not deducting enough money out of my paychecks.

Relation to Class- This article relates to class because it speaks on taxes and money which is one of the based things that our economy runs on. Without it we wouldn’t have an economy and without a balance between both our economy wouldn’t succeed.
Michelle Singletary, A big tax refund is nothing to celebrate. Here's why. The Washing Post. January 21st 2020.