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Coronavirus to Shave Trillions From the Economy Over 10 Years Coronavirus to Shave Trillions From the Economy Over 10 Years
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WASHINGTON — The Congressional Budget Office projected on Monday that the coronavirus pandemic would inflict a serious long-term blow to the United States economy, taking 3 percent off the gross domestic product 10 years from now.WASHINGTON — The Congressional Budget Office projected on Monday that the coronavirus pandemic would inflict a serious long-term blow to the United States economy, taking 3 percent off the gross domestic product 10 years from now.
Without adjusting for inflation, the budget agency said, the pandemic would cost nearly $16 trillion over the next 10 years. Adjusting for inflation, that number would still total $7.9 trillion. The estimates were an official tally of the damage the crisis has wrought, reflecting expectations of dampened consumer spending and business investment in the years ahead.Without adjusting for inflation, the budget agency said, the pandemic would cost nearly $16 trillion over the next 10 years. Adjusting for inflation, that number would still total $7.9 trillion. The estimates were an official tally of the damage the crisis has wrought, reflecting expectations of dampened consumer spending and business investment in the years ahead.
The estimate, requested by Senators Chuck Schumer of New York, the Democratic leader, and Bernie Sanders, independent of Vermont, is likely to become wrapped in the continuing debate in the Senate over another coronavirus relief package, as Republicans urge restraint while Democrats push for another large round of spending.The estimate, requested by Senators Chuck Schumer of New York, the Democratic leader, and Bernie Sanders, independent of Vermont, is likely to become wrapped in the continuing debate in the Senate over another coronavirus relief package, as Republicans urge restraint while Democrats push for another large round of spending.
Much of the diminished output would come from the energy and transportation sectors, which will grow more slowly as Americans pull back on travel.Much of the diminished output would come from the energy and transportation sectors, which will grow more slowly as Americans pull back on travel.
Phillip L. Swagel, the director of the budget office, cautioned that “an unusually high degree of uncertainty surrounds these economic projections” because it remained unknown how the pandemic would unfold during the remainder of the year, or how social distancing and future relief measures enacted by the federal government might affect growth.Phillip L. Swagel, the director of the budget office, cautioned that “an unusually high degree of uncertainty surrounds these economic projections” because it remained unknown how the pandemic would unfold during the remainder of the year, or how social distancing and future relief measures enacted by the federal government might affect growth.
“If future federal policies differ from those underlying C.B.O.’s economic projections — for example, if lawmakers enact additional pandemic-related legislation — then economic outcomes will necessarily differ from those presented here,” Mr. Swagel wrote in a letter to Mr. Schumer and Mr. Sanders.“If future federal policies differ from those underlying C.B.O.’s economic projections — for example, if lawmakers enact additional pandemic-related legislation — then economic outcomes will necessarily differ from those presented here,” Mr. Swagel wrote in a letter to Mr. Schumer and Mr. Sanders.
The two senators had asked the budget office on Wednesday to examine the effect of the pandemic on the economy over the past few months as Democrats press for another quick and substantial round of federal coronavirus aid to spur a recovery.The two senators had asked the budget office on Wednesday to examine the effect of the pandemic on the economy over the past few months as Democrats press for another quick and substantial round of federal coronavirus aid to spur a recovery.
Last month, the House passed a $3 trillion stimulus package as an opening offer in anticipated negotiations with the Senate. Senate Republicans rejected its price tag and scope, arguing that it contained provisions unrelated to relief for families and businesses grappling with the health and economic toll of the pandemic.Last month, the House passed a $3 trillion stimulus package as an opening offer in anticipated negotiations with the Senate. Senate Republicans rejected its price tag and scope, arguing that it contained provisions unrelated to relief for families and businesses grappling with the health and economic toll of the pandemic.
Lawmakers have begun discussing a number of proposals, including toughening liability protections for businesses, providing aid to states and watering down unemployment benefits approved in the $2.2 trillion stimulus package. But some Republicans have begun pushing back at the idea of more federal spending, raising the specter of the ballooning national debt.Lawmakers have begun discussing a number of proposals, including toughening liability protections for businesses, providing aid to states and watering down unemployment benefits approved in the $2.2 trillion stimulus package. But some Republicans have begun pushing back at the idea of more federal spending, raising the specter of the ballooning national debt.
In a joint statement, Mr. Schumer and Mr. Sanders said the budget office’s estimate undercut Republican arguments that Congress should wait to approve another relief package, as well as President Trump’s call to include tax cuts in the next measure.In a joint statement, Mr. Schumer and Mr. Sanders said the budget office’s estimate undercut Republican arguments that Congress should wait to approve another relief package, as well as President Trump’s call to include tax cuts in the next measure.
“In order to avoid the risk of another Great Depression, the Senate must act with a fierce sense of urgency to make sure that everyone in America has the income they need to feed their families and put a roof over their heads,” the senators said. “The American people cannot afford to wait another month for the Senate to pass legislation. They need our help now.”“In order to avoid the risk of another Great Depression, the Senate must act with a fierce sense of urgency to make sure that everyone in America has the income they need to feed their families and put a roof over their heads,” the senators said. “The American people cannot afford to wait another month for the Senate to pass legislation. They need our help now.”
Later, on the Senate floor, Mr. Schumer called on the chamber to address before the end of the month not only coronavirus relief measures, but police violence, arguing that lawmakers should not “spend time on fringe conspiracy theories, not spend time on putting right-wing judges who have shown no sympathy to civil rights and racial justice and harmony on the floor of the Senate.”Later, on the Senate floor, Mr. Schumer called on the chamber to address before the end of the month not only coronavirus relief measures, but police violence, arguing that lawmakers should not “spend time on fringe conspiracy theories, not spend time on putting right-wing judges who have shown no sympathy to civil rights and racial justice and harmony on the floor of the Senate.”
Updated June 24, 2020 Updated June 30, 2020
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles.Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles.
A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.
The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.
The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.
So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.
A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.
The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)
If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.
But Senator Mitch McConnell, Republican of Kentucky and the majority leader, gave little indication that the Senate would soon enter negotiations on another relief package. Instead, he announced on Monday, he hoped that the Senate would take up a measure that would soften the terms of a federal loan program intended to help small businesses during the pandemic.But Senator Mitch McConnell, Republican of Kentucky and the majority leader, gave little indication that the Senate would soon enter negotiations on another relief package. Instead, he announced on Monday, he hoped that the Senate would take up a measure that would soften the terms of a federal loan program intended to help small businesses during the pandemic.
The House approved the measure on Friday, 417 to 1. The legislation would give companies more time and flexibility to use the money, altering the Paycheck Protection Program to allow small businesses 24 weeks instead of eight weeks to spend the loan funds.The House approved the measure on Friday, 417 to 1. The legislation would give companies more time and flexibility to use the money, altering the Paycheck Protection Program to allow small businesses 24 weeks instead of eight weeks to spend the loan funds.
“These events only compound what has already been a historically challenging time for our country,” Mr. McConnell said in a speech on the Senate floor. “As our nation continues to combat and contain the coronavirus, the Senate will continue to lead the response.”“These events only compound what has already been a historically challenging time for our country,” Mr. McConnell said in a speech on the Senate floor. “As our nation continues to combat and contain the coronavirus, the Senate will continue to lead the response.”
As he spoke, protesters began to gather outside the Capitol. They told reporters that the government — and lawmakers of both parties — had failed to support them. As police officers stood between the building and the hundreds gathered there on Monday, at least one protester offered a police officer a mask. It was not accepted.As he spoke, protesters began to gather outside the Capitol. They told reporters that the government — and lawmakers of both parties — had failed to support them. As police officers stood between the building and the hundreds gathered there on Monday, at least one protester offered a police officer a mask. It was not accepted.
Alan Rappeport and Jim Tankersley contributed reportingAlan Rappeport and Jim Tankersley contributed reporting