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Title: Ending austerity: why public spending is key to building a stable and fair economy

Link: https://theconversation.com/ending-austerity-why-public-spending-is-key-to-building-a-stable-and-fair-economy-102145

Summary: This article by The Conversation talks about the disadvantages a strict government focused on budget balancing and how using consumers’ spending are a better way to build the economy. The author used the UK’s economy as an example because after they recovered from a financial crisis the UK implemented austerity policies for 8 years. After the implementation of these policies it “brought recession, stagnation, and growing poverty”.

Reflection: I think this was an interesting outlook on how to better a country’s economy. The article talked about the fact that if there is a negative balance budget, an obvious assumption to fix it quickly might be to increase taxes or to reduce spending. This article relates to our conversation in class about what consumers contribute to society. In the article, John Weeks says, “Public investment in things such as education and transport is the instrument to stimulate growth.”

Citation: John Weeks Professor Emeritus. “Ending Austerity: Why Public Spending Is Key to Building a Stable and Fair Economy.” The Conversation, October 15, 2019. https://theconversation.com/ending-austerity-why-public-spending-is-key-to-building-a-stable-and-fair-economy-102145.

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Title: Job market still strong for 2020—but red flags abound

Link: https://www.nbcnews.com/business/economy/job-market-still-strong-2020-red-flags-abound-n1113486

Summary: This article by NBC News talks about the job market and how the number of jobs added this year was less than 145,000. In addition, unemployment remained at 3.5 percent and underemployment hit a low. The article states that there are several red flags for the economy in 2020 especially with the unemployment rate (which is continuously dropping). For example, the article elaborates on the fact that jobs in manufacturing, logging and mining are on a continuous decline. Even though December had a gain of 20,000 jobs in construction, it still made no change because there were 21,000 jobs lost in manufacturing, logging and mining. An emphasis was made on the fact that even though retail has showed an increase in jobs (41,000 in December) the struggle of unemployment still looms over that sector as well.

Reflection: I think this article was quite interesting because Martha C. White talked about the progress of employment in each sector of the labor market. Close to the end of the article they talk about same-store sales shrinking which was a number that retail companies use that I had no idea existed. This number is a comparison between the sales made at a company’s new store locations compared to store locations that have been open more than a year. This statistic seems to be gradually decreasing which shows that many retail companies are losing prominence which directly affects the jobs available in that field. Another point I found that the biggest risk we’re facing in our economy is trade (which they didn’t go as in depth as I wanted them to). That part connected most to our class because we just recently talked about GDP and that trade with other countries influences that number.

Citation: White, Martha C. “Job Market Still Strong for 2020 - but Red Flags Abound.” NBCNews.com. NBCUniversal News Group, January 13, 2020. https://www.nbcnews.com/business/economy/job-market-still-strong-2020-red-flags-abound-n1113486.

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Title: Consumer price inflation rises amid increases in gas and housing costs

Link: https://www.cnbc.com/2019/08/13/consumer-price-index-july-2019.html

Summary: This article was made on August 13, 2019 by CNBC’s Jeff Cox and it talks about the percent changes of U.S. consumer prices. In addition, the cost of gasoline rose 2.5%, the cost of rent also rose, and the consumer price index rose by 0.3% even though a 0.2% increase was expected. It was also expected that the U.S. central bank will drop its benchmark for the first time in 11 years because of inflation. The core inflation rate also increased by 2.2% and “the Fed still looks likely to cut interest rates again next month”.

Reflection: I think this article was interesting not just because it was informational and very statistical. The article directly connected to our lesson in class about Consumer Price Index and inflation. I found it very interesting because it addressed the price changes in each specific category of consumer spending that have increased or decreased. The fact that inflation has gone up 2% means that interest rates will most likely rise as well.

Citation: Cox, Jeff. “Consumer Price Inflation Rises amid Increases in Gas and Housing Costs.” CNBC. CNBC, August 13, 2019. https://www.cnbc.com/2019/08/13/consumer-price-index-july-2019.html.

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Title: Productivity And Economic Growth

Link: https://www.forbes.com/sites/billconerly/2015/05/19/productivity-and-economic-growth/#226488054176

Summary: This article by Bill Conerly (which was written 2015) was very informative and went very into depth about how productivity directly affects the growth of an economy. Conerly also gave a short equation-based explanation of productivity. The equation was that in its simplest form productivity is output per hour. He also mentions that income going to workers over the past year may have increased compared to the income given to owners of capital. In addition, it’s difficult to measure the amount of labor in services but it’s easier to compare the dollar value of labor in manufacturing. Another very important is that productivity is also procyclical which means it rises in booms and falls in recessions.

Reflection: First of I chose this article because as it directly relates productivity and economic growth in the economy. It directly correlates to our chapter from this week and it also adds more depth to my understanding of productivity in an economy. My favorite part of this article is the statement “Productivity is the most important determinant of the standard of living”. The graph that was shown was very relevant because it showed how productivity change in the economy from 1950 until 2015. I also thought it was important that Conerly also compared the United States in the world to show that the influence of productivity doesn’t change based on location.

Citation: Conerly, B. (2015, May 19). Productivity And Economic Growth. Retrieved February 11, 2020, from https://www.forbes.com/sites/billconerly/2015/05/19/productivity-and-economic-growth/#226488054176

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Title: The Value of Financial Intermediaries

Link: https://knowledge.wharton.upenn.edu/article/the-value-of-financial-intermediaries/

Summary: First thing’s first, this article was made in 1999 which is about 21 years ago so it may have significant differences with how money is seen. This article’s focus is on the responsibilities along with the impact of financial intermediaries. One very important statement from this article is that “Households and firms rely on intermediary companies understanding that they will share in any surprises in the market since both will benefit from the relationship in the future”. Also mentioned is the fact that banks have specifically ignored high-margin transactions and have been focusing on profitable and desirable transactions that customers have been looking for at other intermediaries. It also talks about the fact that in Europe there is less competition for bank services.

Reflection: I decided to use this article for two very significant reasons: it was written so long ago, and it also directly talks about the affect of a financial intermediary has on a household and company. The most consistent service to use is banks because the regular population usually does. I also thought it was interesting that they talked about the effect the stock market has on intermediate services.

Citation: The Value of Financial Intermediaries. (1999, May 24). Retrieved February 19, 2020, from https://knowledge.wharton.upenn.edu/article/the-value-of-financial-intermediaries/

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Title: The Value of Financial Intermediaries

Link: https://www.investopedia.com/articles/economics/10/unemployment-rate-get-real.asp

Summary: How The Unemployment Rate Affects Everybody by Elvis Picardo is an informative article that approaches what unemployment is, how it’s determined and ultimately how it effects the economy. When people are unemployed their family loses wages, the nation loses that person’s production contribution to the economy and they also lose their ability to purchase things which can contribute to someone else’s jobless. He also mentions the true definition of employed versus unemployed; the employed are people with jobs and the unemployed are people who are jobless, looking for jobs and available for work. People not employed or unemployed are not considered part of the labor force. Being unemployed means you “don’t have a job”, “have actively looked for work in the prior four weeks”, and “are currently available for work”. He also talks about measures of unemployment, U-6: the real unemployment rate and the unemployment test.

Reflection: I liked this article because it was informative and made an effort to explain things in depth. This article was interesting because even though it’s a very informative article it is still clear enough for someone new to topic to understand thoroughly. In addition, this article connects directly to Chapter 15 of the textbook that talks about Employment and the way it affects the economy as a whole.

·      Citation: Picardo, E. (2020, January 29). How The Unemployment Rate Affects Everybody. Retrieved February 25, 2020, from https://www.investopedia.com/articles/economics/10/unemployment-rate-get-real.asp

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Title: This is more than a health crisis: here’s a 10-point plan for avoiding recession

Link: https://theconversation.com/this-is-more-than-a-health-crisis-heres-a-10-point-plan-for-avoiding-recession-133073

Summary: This article’s general point is about avoiding recession during this current COVID-19 crisis. It’s stated in the article that, “The world economy is teetering on a knife edge: the Chinese and Indian economies were slowing even before the COVID-19 Coronavirus, and as Australia was recovering from one of its worst bushfires.” In addition, the share markets collapsed at the end of February and still haven’t recovered. Australia, Japan, and Korea are considered to be close to entering or “flirt” with recession according to Standard & Poor’s global ratings agency. Recession is something that once it starts rapidly grows because of how vast it is. The solution to recession is to boost public investment, cut taxes, and increase the benefits given by social security. The article ends with Australia’s 10-point plan: “

cut income tax rates on lower income earners who have a higher propensity to consume

invest heavily in renewable energy; with very low interest rates, the rate of return will be high and will create certainty about energy prices

invest in low-cost housing for low-income and homeless families

invest in public sector aged care homes

invest in better medical facilities in remote areas for indigenous people

make an immediate cash payment of A$2,000 to everyone on Newstart and related allowances

make an immediate cash payment of A$2,000 to all volunteer firefighters who worked during the bushfire emergency

increase the minimum wage from $19.49 per hour to, say, $20.65 ($785 per week)

increase Newstart and linked allowances from $279.50 per week to at least $375, and index them to climb in line with wages afterwards

increase the wages of public sector auxiliary hospital staff, teachers in child-care centres and staff in aged care homes”

Reflection: I thought this article was very straight forward and intriguing. In addition, this directly connects to our class’ discussions about government policy. Personally, I didn’t know any of these things about Australia and some of these countries’ economies. I also think that Australia’s 10-point plan will be successful and helpful. This article is directly connected to the COVID-19 issues happening recently.

·      Citation: Junankar, R. (2020, March 13). This is more than a health crisis: here's a 10-point plan for avoiding recession. Retrieved March 18, 2020, from https://theconversation.com/this-is-more-than-a-health-crisis-heres-a-10-point-plan-for-avoiding-recession-133073

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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 by Pippa Stevens is about Bank America’s view on the current economic status of the country. Bank of America’s statements were, “We are officially declaring that the economy has fallen into a recession…joining the rest of the world, and it is a deep plunge. Jobs will be lost, wealth will be destroyed and confidence depressed.” The firm also expects the economy to shrink by 12% in the second quarter, causing a total collapse. In the second quarter they expect 1 million jobs to be lost each month of the second quarter which would be a total of 3.5 million jobless (nearly doubling the unemployment rate). Bank of America economist Michelle Myer stated, “Although the decline is severe, we believe it will be fairly short lived”; the firm expects a slow return to growth in July.

Reflection: I liked this article because it was directly related with today’s current economic state. It was very much based on current statistics in the stock market like the Dow Jones and S&P 500 being 30% below their all-time high levels from the last month. The article was also based more on predictions of the future based on the world’s current economic status.

Citation: Stevens, P. (2020, March 19). Bank of America says the recession is already here: 'Jobs will be lost, wealth will be destroyed'. Retrieved March 23, 2020, from 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

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Title: US economy could face largest quarterly contraction in history – Bullard

Link: https://www.centralbanking.com/central-banks/economics/macroeconomics/7511971/us-economy-could-face-largest-quarterly-contraction-in-history-bullard

Summary: This article talks about the current economic state of the country and how it may progress as things continue. One important quote is the fact that, “The US economy could face its largest quarter-on-quarter economic contraction in history due to the necessary restrictive measures used to contain the spread of the coronavirus, warns James Bullard, president of the Federal Reserve Bank of St Louis.” Also mentioned, is Congress’ passing of a fiscal package on March 25th that includes 250 billion dollars for direct payments to individuals, 350 for small business loans, 250 for unemployment loans and 500 billion to distressed firms. Although both recently fell in regard to Congress’ decision, the S&P 500 rose 9.4% and the Dow Jones rose 11.4% as well.

Reflection: I think article talks about an important and dire issue since the start of the economy’s decline in the past few weeks. Ultimately, this article is a way of putting the things Congress has been doing in a tangible form. Whether these advancements will benefit the economy is unknown for now. In addition I think this is a well rounded and reliable source.

Citation: Central Banking Newsdesk. (2020, March 25). US economy could face largest quarterly contraction in history – Bullard. Retrieved from https://www.centralbanking.com/central-banks/economics/macroeconomics/7511971/us-economy-could-face-largest-quarterly-contraction-in-history-bullard

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Title: US economy could face largest quarterly contraction in history – Bullard

Link: https://equitablegrowth.org/income-inequality-and-aggregate-demand-in-the-united-states/

Summary: “Income inequality has been rising for decades in the United States. While there are many reasons why this trend may be concerning, one particular worry for economists and policymakers is the effect that it might have on macroeconomic activity through what is sometimes called the aggregate demand channel. The argument is as follows: There is some evidence that the rich save more than the poor. A rise in income inequality implies more income accruing to the rich, a trend that may be depressing overall consumption and in turn lowering aggregate output and employment.”

Reflection: This is one of the most analytical articles I’ve ever read. In addition, to being so analytical it also very reliable because it’s statistics are accurate and shown in a visually pleasing way.

Citation: Income inequality and aggregate demand in the United States. (2019, September 25). Retrieved April 8, 2020, from https://equitablegrowth.org/income-inequality-and-aggregate-demand-in-the-united-states/

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Title: Cuomo Says He Won’t Give Donald Trump a Political Fight Over the Coronavirus

Link: https://www.usnews.com/news/politics/articles/2020-04-14/gov-andrew-cuomo-says-he-will-not-give-trump-the-political-fight-he-wants-over-the-virus

Summary: “GOV. ANDREW Cuomo said Tuesday that he "is not interested in fighting" with Donald Trump following the president's criticism of Cuomo and other Democratic governors. The president lashed out at Cuomo and other Democratic governors Monday and Tuesday after several states, including Connecticut, Delaware, New Jersey, New York, Pennsylvania and Rhode Island, announced they would coordinate the reopening of their economies together. Cuomo has repeatedly spoken about reopening the state's economy, stressing that it needs to be done gradually, with multiple sectors across New York working together and regional states teaming up to fight the spread of the coronavirus.”

Reflection: This article isn’t very analytical, but it does talk about today’s current situation and the need for economic stimulation. It also speaks to the fact that because of this virus many politicians have decide whether the economic standing of the country is more important than the welfare of the country’s citizens.

Citation: Lardieri, A. (2020, April 14). Cuomo Says He Won't Give Donald Trump a Political Fight Over the Coronavirus. Retrieved April 15, 2020, from https://www.usnews.com/news/politics/articles/2020-04-14/gov-andrew-cuomo-says-he-will-not-give-trump-the-political-fight-he-wants-over-the-virus

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Title: UK employment rate at record high before lockdown

Link: https://www.bbc.com/news/business-52364811

Summary: “UK employment was estimated at a record high in the three months to February, before the effects of the coronavirus lockdown started to hit the economy. Official figures showed 76.6% of people aged 16 to 64 were in paid work, up from 76.4% in the previous quarter. Unemployment was estimated at 4%, up slightly on the last quarter, the Office for National Statistics said. However, early estimates for March showed a slight drop in the number of paid employees compared with February. The figures fell by 0.06%, although they were still 0.8% higher than the same period last year. Pay in February continued to grow faster than inflation, but its rate of growth has slowed since the middle of last year. The estimated growth for pay excluding bonuses in the three-month period was 2.9%. There were an estimated 33.07 million people in employment, 352,000 more than a year earlier.”

Citation: “UK Employment Rate at Record High before Lockdown.” BBC News, BBC, 21 Apr. 2020, www.bbc.com/news/business-52364811.

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Title: 'We're getting flat out hammered right now.' UPS employees on working during the pandemic

Link: https://www.cnn.com/2020/04/22/economy/ups-delivery-truck-drivers-coronavirus/index.html

Summary: “At UPS, the most frantic time of year is typically around the winter holidays. Then things level off. But these days, as the coronavirus pandemic spurs American households and businesses to buy almost everything online, the deliveries have seemed relentless. Online sales data and anecdotal evidence from employees we spoke to show the volume of packages handled has significantly increased. That has many UPS (UPS) workers putting in long, physically exhausting hours while, at the same time, taking extra precautions to protect themselves from infection. "I'm working more than I ever have in almost 24 years at UPS," Jack Warren, a UPS delivery driver based out of Providence, Rhode Island, tells CNN. Warren is also a union steward and is in charge of the safety committee at his facility. He says the team spends extra time cleaning "handrails, doorknobs, some of the machinery," including the trucks and forklifts. Drivers, who walk into dozens of public spaces a day, also carry paper towels and cleaning spray, he said.”

Citation: McFarland, Matt. “'We're Getting Flat out Hammered Right Now.' UPS Employees on Working during the Pandemic.” CNN, Cable News Network, 22 Apr. 2020, www.cnn.com/2020/04/22/economy/ups-delivery-truck-drivers-coronavirus/index.html.