Jerome Powel is the Federal Reserve Chairman. According to him, we are facing the worst economy ever. Moreover, on Wednesday, he spoke with reporters. Thus, he previewed some truly awful
economic data headed our way. Powel said that for the second quarter, we would see financial data that is worse than any data we have seen for the economy. Moreover, he added that there are direct consequences of the disease, and they are measures that we take to defend ourselves.
Naturally, it is worse for minorities than for white Americans. A few months ago, Powel noted, the United States market of labor was best for minorities. Nevertheless, stay-at-home orders shuttered retailers, restaurants, movie theaters, and many other businesses. Thus, a disproportionate number of non-white Americans have lost their jobs. Powell said of previous gains in non-white unemployment that it is frankly heartbreaking to see that all threatened now.
Moreover, health care hurts the economy. Nevertheless, it is not because you think. Increasingly, one of the biggest drives of decline was the industry of health care. Thus, hundreds of thousands of Americans contracted the deadly virus. Moreover, in New York especially, its overwhelmed hospitals. It was the suspension of money-making elective procedures that created one of the biggest hits for the economy.
The government shuts much of the economy. The United States President Donald Trump deemed meat processors essential to national security. Thus, he said that despite safety concerns, they must stay open. Tyson Foods is one of the largest meat processors. He promised that some workers would have two $500 bonuses. Moreover, they ramp up safety in their plants. However, it is notable that a good portion of the workers in meat processing plants are minorities and immigrants.
Thus, you see that economy is struggling.
David Michaels is a former Assistant Secretary of Labor for Occupational Safety and Health. He was working there during the administration of Obama. During an appearance on CNN, He slammed Trump’s executive order. Michaels said that What President Trump said is done. He said that they solved the bottleneck, and they are going to make you stay open. It is a disaster for the workers. They are creating those meatpacking plants and workplaces into zones of human sacrifice.
New data is suggesting that with that severe COVID-19 who took remdesivir can recover much faster than patients who did not make it, that what the National Institute of Allergy and Infectious Diseases said on Wednesday. Antoni Fauci is the doctor and director of the institute. He said the data is showing that remdesivir has a clear-cut, definite, significant effect of diminishing the time of the recovery.
Fauci said that it is an especially important proof of concept. Nevertheless, a 31% improvement does not seem like a knockout hundred percent. The prove is that the drug can block the virus. Data about the efficacy of drugs will not be releases that early from a preliminary trial. Nevertheless, whenever you have clear cut evidence that a drug is working, you have an ethical obligation to let the people in the placebo group know immediately. Thus, they can have access, said Fauci.
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