Link: https://www.nytimes.com/2020/01/22/business/economy/trump-fed-growth.html?searchResultPosition=3 

 

Summary: This New York Times article discusses how President Trump promised to reach a 4% growth rate for the American Economy, but has been continuously blaming the Federal Reserve’s interest rate policy for not meeting those standards. While Trump was interviewing with CNBC and a few other newscasters, he said things like, "No. 1, the Fed was not good," when asked why economic growth was closer to 2% in 2019. After talking about severe storms and other factors he stated, "with all of that, had we not done the big raise on interest, I think we would have been close to 4 percent.” After that, economists stated that was not realistic. Another thing we have to keep in consideration when thinking about what he is talking about is that the "central bank’s 9% interest rate increase between 2015 and late 2018 — three of which it reversed last year — probably reined in business investment and the housing market, economists say. But that impact did not shave nearly 2 percentage points from economic growth." And then to conclude this article it talks about extreme, moderate, and real world versions of how the economy might have shaped up had the Federal Reserve acted differently.

 

Reaction/Relation to class:  Being not only in this class, but this major only one day, it is really interesting to work we are doing. I think this article relates to macroeconomics because one of our PLO's is to be able to analyze ethical issues that impact business decisions for economic, political, legal, and social perspectives and Trump has definitely done this, and by reading this article I can now see where those come in place and effect people in the business workforce. One of our CLO's is to know what "inflation" is and that is definitely stated here in this article. 

 

Citation: Smialek, Jeanna. “Trump Says the Fed Prevented 4% Growth. That Isn't True.” The New York Times. The New York Times, January 22, 2020. https://www.nytimes.com/2020/01/22/business/economy/trump-fed-growth.html?searchResultPosition=3.  

Reaction/Relation to the class: Reading this article was really interesting to me because I learned a lot about labor markets, inflation, wages, unemployment, and the economy. These all have to do with macroeconomics and will help me with my future in this class. I also think it is great that people can still find jobs because I know it is so stressful when you are unemployed and knowing inflation is low, is a good thing!

Citation: Smialek, Jeanna, and Keith Collins. “How the Fed Lost Its Faith in 'Full Employment'.” The New York Times. The New York Times, December 12, 2019. https://www.nytimes.com/interactive/2019/12/12/business/economy/fed-full-employment.html?searchResultPosition=6

Link: https://www.cnbc.com/2020/01/31/super-bowl-betting-to-be-6point8-billion-irs-wants-piece-of-winnings.html

Summary: This past weekend the Super bowl was played by the San Francisco 49ers and the Kansas City Chiefs. Around 26 million people are betting on this super bowl. Of those people 4 million will wager in person, and 5 million will do it illegally or legally, through an online or mobile website. The other 16 million will bet with their friends, family, etc. "Since the Supreme Court overturned a federal law in May 2018 that had banned sports betting in most places, more than $17 billion has been wagered legally, according to the gaming group. There are 14 states that now offer regulated sports betting, with six more and the District of Columbia expected too soon." Did you know that when you bet, and win, it is considered taxable income? Exactly, Neither did I!

Reaction/Relation to the class: Reading this article was really interesting to me because it grabbed my attention because we did just have the super bowl and I did not bet, but I know people who did. Not only did I learn about the IRS and how betting works and the laws that were just placed in May 2018, I also learned more about each states laws when it comes to the legal status of sports.

Citation: O'Brien, Sarah. “Super Bowl Betting Is Expected to Be $6.8 Billion. The IRS Will Want a Piece of Your Winnings.” CNBC. CNBC, January 31, 2020. https://www.cnbc.com/2020/01/31/super-bowl-betting-to-be-6point8-billion-irs-wants-piece-of-winnings.html 

Link: https://www.nytimes.com/reuters/2020/02/07/business/07reuters-china-health-usa-economy.html?searchResultPosition=3

Summary: According to the White Houses Economic Advisor, Trumps administration believes that the coronavirus in China will have a minimal impact on our countries economy. Based on what they are seeing, which is minimal, except the drop in GDP, they do not think it will impact our economy. 

Reaction/Relation to the class: This article relates to our class because they discuss the drop in GDP of perhaps 2/10 of 1%. We talk about this in our class, and now I know I know what they were talking about after learning about it. A drop in GDP means that "a period of general economic decline; typically defined as a decline in GDP for two or more consecutive quarters. A recession is typically accompanied by a drop in the stock market, an increase in unemployment, and a decline in the housing market." So since the coronavirus, the GDP for our country hasn't decreased by much at all.

Citation: Reuters. “White House Sees Minimal Impact on U.S. Economy From China's Coronavirus.” The New York Times. The New York Times, February 7, 2020. https://www.nytimes.com/reuters/2020/02/07/business/07reuters-china-health-usa-economy.html?searchResultPosition=3

Summary: A jewelry box, a worn Quran, a red leather wallet, according to Bianca Brooks these are all of her items that are her prized possessions. They each have great valve, their own stories, and memories. " Millennials not only place a higher value on experiences, they are also increasingly spending time and money on them, from music festivals and foreign travel to cooking classes and scavenger hunts. Unlike in days past, when possessions often held the story of who people were, today that story is told on a server: Photos, music and love letters are stored on a distant cloud." "On Black Friday this year, shoppers in the United States spent a record-breaking $7.4 billion in online sales, according to figures from Adobe Analytics. Cyber Monday also broke an e-commerce record: Shoppers spent a total of $9.4 billion in online sales." The more we buy, the less valve each thing we buy has. For one, it is easier to get rid of things when you have a lot. Another reason is that people have so much and their house/condo is only so big so they run our of space for things they buy, so they have to stop buying unnecessary things they don't really need, but they want. There is a big difference between to need and to want, and people don't realize that, including me!

Reaction/Relation to the class: This article relates to our class because it talks about money and the cost that shoppers spent on Black Friday shopping which was $7.4 billion only in online sales. That's a lot of money! It also talks about consumption habits, and true value.

Citation: Brooks, Bianca Vivion. “Go Ahead, Be Materialistic. You Might Just Save the Planet.” The New York Times. The New York Times, December 23, 2019. https://www.nytimes.com/2019/12/23/opinion/sustainable-consumption.html?searchResultPosition=4

Link: https://www.nytimes.com/2020/03/06/business/coronavirus-economy-us-china.html?searchResultPosition=1

Summary: The United States Economy is at more of a threat than Chinas because our face-to-face industries are  beginning to fall due to the kind of businesses that go into a tailspin when fearful people withdraw from one another — tend to dominate economies in high-income countries more than they do in China. If people stay home from school, stop traveling and don’t go to sporting events, the gym or the dentist, the economic consequence would be worse. Just as the disease poses a particular threat to older patients, it could be especially dangerous for more mature economies. With shortages of everything from auto parts to generic medicines and production delays in things like iPhones and Diet Coke, a great deal of pain is coming from the closing of Chinese factories. But it is to say that an equivalent outbreak in the United States might easily have a worse economic impact.

Reaction/Relation to class: This article relates to our class because or economy is going to drop due to people not traveling, going out to restaurants, etc. to try to avoid catching the deadly virus. This article talks all about numbers from what people spend on flights, health, etc. and this is all affecting our country in a negative way.

Citation: Goolsbee, Austan. “Why the Coronavirus Could Threaten the U.S. Economy Even More Than China's.” The New York Times. The New York Times, March 6, 2020. https://www.nytimes.com/2020/03/06/business/coronavirus-economy-us-china.html?searchResultPosition=1

Link: https://www.nytimes.com/2020/03/03/world/coronavirus-live-news-updates.html

Summary: "Vice President Mike Pence said the Centers for Disease Control and Prevention was lifting all restrictions on testing for coronavirus, and would be releasing new guidelines to fast-track testing for people who fear they have the virus, even if they are displaying mild symptoms.The federal government has promised to significantly ramp up testing, after drawing criticism for strictly limiting testing in the first weeks of the outbreak. But health care supply companies and public health officials have cast doubt on the government’s assurances, as complaints continue that the need for testing remains far greater than the capacity. And even if a million test kits were available, public health laboratories say they would not be able to process nearly that many within a week. A spokesman for the Department of Health and Human Services said on Monday that public health labs currently can test 15,000 people daily, though that figure is expected to grow."

Reaction/Relation to class: This is very interesting and good to know that all restrictions are getting lifted. What is not good is that more and more people everyday are getting tested and it is coming back positive. At least in the U.S. we have one if the best healthcare systems in the world and we have the supplies and doctors these sick patients need to get better.

Citation: “U.S. Will Drop Limits on Virus Testing, Pence Says.” The New York Times. The New York Times, March 3, 2020. https://www.nytimes.com/2020/03/03/world/coronavirus-live-news-updates.html

Link: https://www.nytimes.com/2020/02/12/us/politics/harvard-yale-foreign-funding.html?searchResultPosition=9

Summary: A federal crackdown on universities that fail to disclose donations and contracts from foreign governments has ensnared Harvard and Yale, the Education Department said on Wednesday. In letters to the schools on Tuesday, the department wrote that it was investigating whether the two Ivy League universities had failed to report at least $375 million from countries including China, Iran, Russia, Qatar and Saudi Arabia. The department is seeking extensive records related to grants, gifts, contracts and overseas programming. The federal government demanded thousands of records that could reveal millions of dollars in foreign aid for campus operations overseas, academic research and other cultural and academic partnerships.

 
Reaction/Relation to class: This is related to our class because it talks about two colleges, just like how we are in college, and how they have students from all over the world just like us. My reaction to this article was "wow" I cant believe these ivy league schools who make so much money aren't paying foreign countries at least a recorded $375 million.

Citation: Green, Erica L., and Ellen Barry. “Harvard and Yale Ensnared in Education Dept. Crackdown on Foreign Funding.” The New York Times. The New York Times, February 12, 2020. https://www.nytimes.com/2020/02/12/us/politics/harvard-yale-foreign-funding.html?searchResultPosition=9

Link:
https://www.nytimes.com/2020/03/21/business/economy/coronavirus-recession.html?searchResultPosition=1

Summary: The U.S. economic outlook darkens daily, with millions facing unemployment and businesses in a steep decline. Economists say there is little doubt that the nation is headed into a recession because of the coronavirus pandemic, with businesses shutting down and Americans being locked in their homes. But it is harder to foresee the bottom and how long it will take to climb back. The abruptness of the descent — and the near-lockdown of major cities — is unheard-of in advanced economies, more akin to wartime privation than to the downturn that accompanied the financial crisis more than a decade ago, or even the Great Depression. Smaller companies will be hit harder than large ones because of their limited access to credit and less cash in the bank. “There will be a swath of small businesses that simply won’t be able to survive this,” Ms. Zentner added. Even if the pessimists are correct in their estimates so far, the coronavirus recession would not approach the devastation of the Great Depression. From 1929-33, the economy shrank by one-third, unemployment jumped to 25 percent and the stock market fell 80 percent.

Reaction/Relation to class: Reading this article I found a lot of topics that related to our class. They talked about  economy, credit, unemployment, consumer spending, etc. These are all things we have talked about in this class this semester and will continue to talk about. My reaction to reading this was "wow." How is our country going to rise above this crash once this pandemic is over? I guess with a lot of support from each other we will get through it!

Citation: Schwartz, Nelson D. “Coronavirus Recession Looms, Its Course 'Unrecognizable'.” The New York Times. The New York Times, March 21, 2020. https://www.nytimes.com/2020/03/21/business/economy/coronavirus-recession.html?searchResultPosition=1 

Link: https://www.nytimes.com/2020/04/02/nyregion/spanish-flu-nyc-virus.html?algo=bandit-story-geo_desk_filter&fellback=false&imp_id=236480220&imp_id=443882791&action=click&module=editorsPicks&pgtype=Article&region=Footer

Summary: The wire arrived in New York City from an incoming ship at sea, announcing that 10 of its passengers and 11 crew members were ill. So a team of doctors and officials waited at a Brooklyn pier to greet the Norwegian vessel Bergensfjord and, with it, the first cases in the city of the deadliest pandemic in modern human history. The illness spread, racing through crowded neighborhoods and tenements. The numbers rose slowly at first, then soared as if swept in on a huge wave — a pattern eerily familiar 102 years later. It was the Spanish flu, and it would kill tens of millions of people worldwide, including 675,000 people in the United States. In New York City, more than 20,000 died, at a rate of 400 to 500 a day at its apex. It was a bracing death toll — and yet city leaders saw it as a sign of a job well done after the fact. It could have been much worse. Today, looking back at the response to the pandemic of a century ago from the street-level vantage of shelter-in-place apartments is to watch, in many ways, our own current experience with a sepia tint. City leaders struggled with the same decisions then as today. But in other ways, the experience of 1918 was altogether its own: a different flu, a different city. The first death in New York City was recorded about a month after the Bergensfjord arrived, and the numbers rose rapidly.

Reaction/Relation to class: I think it is crazy that the pandemic we are going through right now happened about a century ago. Just like now, it killed 20,000+ people from New Yorkers, the illness spread, racing through crowded neighborhoods and tenements. The numbers rose slowly at first, then soared as if swept in on a huge wave, just like how it is during Covid-19. They say that the Spanish flu was worse than now, and I hope it was because we weren't alive then, and we're alive for this so hopefully this blows over soon.

Citation: Wilson, Michael. “What New York Looked Like During the 1918 Flu Pandemic.” The New York Times. The New York Times, April 2, 2020. https://www.nytimes.com/2020/04/02/nyregion/spanish-flu-nyc-virus.html?algo=bandit-story-geo_desk_filter&fellback=false&imp_id=236480220&imp_id=443882791&action=click&module=editorsPicks&pgtype=Article&region=Footer

Link: https://www.nytimes.com/2020/04/14/us/coronavirus-updates.html

Summary: President Trump, who has been under criticism for his handling of the response to the coronavirus and has seen his poll numbers drop, on Tuesday blamed the World Health Organization for what he called its failures in the crisis and said he planned to stop American funding of the organization. The announcement came as Mr. Trump continued to be angered by criticism of his response to the pandemic and as he sought to gain credit for how he has performed. “Everybody knows what is going on there,” he said, blaming the organization for what he described as a “disastrous decision to oppose travel restrictions from China and other nations.” Mr. Trump has repeatedly pointed to his decision to impose travel restrictions on China as proof that he responded early to warnings about the dangers of the coronavirus. He said that decision saved “thousands and thousands of lives,” and the W.H.O. “fought us.” The president blamed the organization for a “20-fold” increase in cases worldwide.

Reaction/Relation to class: While reading this article, I found it to be interesting because it talks about how the WHO gave the whole world wrong information about China, and now everyone is in even more of a crisis. Due to this, Trump has decided to halt WHO funding.

Citation: “Coronavirus Live Updates: Governors Push Back at Trump Over Authority to Reopen.” The New York Times. The New York Times, April 14, 2020. https://www.nytimes.com/2020/04/14/us/coronavirus-updates.html

Link: https://www.nytimes.com/2020/04/18/health/cdc-coronavirus-lab-contamination-testing.html

Summary: Sloppy laboratory practices at the Centers for Disease Control and Prevention caused contamination that rendered the nation’s first coronavirus tests ineffective, federal officials confirmed on Saturday. Two of the three C.D.C. laboratories in Atlanta that created the coronavirus test kits violated their own manufacturing standards, resulting in the agency sending tests that did not work to nearly all of the 100 state and local public health labs, according to the Food and Drug Administration. Problems ranged from researchers entering and exiting the coronavirus laboratories without changing their coats, to test ingredients being assembled in the same room where researchers were working on positive coronavirus samples, officials said. Those practices made the tests sent to public health labs unusable because they were contaminated with the coronavirus, and produced some inconclusive results.

Reaction/Relation to class: This is really scary to think that there is contamination in the labs where they are trying to find a vaccine for a pandemic that every person is being affected by right now. You would think that these lab specialists/scientists would be more careful, but I guess not.

Citation: Kaplan, Sheila. “C.D.C. Labs Were Contaminated, Delaying Coronavirus Testing, Officials Say.” The New York Times. The New York Times, April 18, 2020. https://www.nytimes.com/2020/04/18/health/cdc-coronavirus-lab-contamination-testing.html