How To Rebuild The Coronavirus Economy | On Point - WBUR

Oil shock. Great Depression levels of unemployment. It’s not just about restarting the economy. It’s about rebuilding it. We talk about how.

Guests

Rana Foroohar, CNN global economic analyst. Financial Times global business columnist and associate editor. (@RanaForoohar)
Michelle Singletary, Washington Post personal finance columnist. Her column, "The Color of Money" is syndicated in newspapers across the country. (@SingletaryM)
Jack Beatty, On Point news analyst. (@JackBeattyNPR)

From The Reading List

Financial Times: "Coronavirus bursts the US college education bubble" — "Bubbles are bursting everywhere and America’s most prestigious export — higher education — won’t be immune. Universities are like landlocked cruise ships: places with all-you-can-eat buffets and plenty of beer, but almost no way of social distancing."

Washington Post: "Your money and the pandemic" — "The coronavirus pandemic has turned people’s financial lives upside down. Millions are unemployed or have seen their income significantly reduced. Account balances in IRAs and 401(k)s and similar workplace retirement accounts have fallen."

Financial Times: "The ‘Doomsday Dollar’ scenario, part II" — "Some Swampians may remember that I put forward an idea last year called the 'Doomsday Dollar' scenario, which laid out how both the greenback and stock prices could potentially fall at once. I also made the case for holding some gold, as a hedge against a dollar dip related to the US entitlements crisis and the possibility that we could be heading, at some point, into a longer-term dollar dip, if a major debt crisis created unlimited central bank monetisation of state budgets."

Washington Post: "Why paying off your mortgage early may make sense — if you can afford it" — "As the stock market skyrocketed and mortgage interest rates fell, financial experts encouraged people to put any extra money they had into their retirement accounts rather than pay off their mortgages early."

MarketWatch: "Opinion: Why lockdown easing can’t bring a quick economic boost" -- "Whether they have already eased their lockdown restrictions (as in Germany,) are planning to (in France, Italy and Spain), or are delaying for the moment (in the U.K.), European governments are all saying the same thing: from an economic viewpoint, easing can only make sense once they are sure that the outbreak’s peak has been reached and the situation is under control. And, in any case, the return to (eventual) normal will be gradual and slow."

Financial Times: "We are entering the new age of American austerity" — "Americans are traditionally the world’s consumers of last resort. But that’s about to change. Even when what the IMF is calling the Great Lockdown ends and we emerge from the immediate coronavirus crisis, the economic ramifications of this moment will produce a new age of US austerity."

Washington Post: "Rent, mortgage, car loans, utilities and child support. The other bills can wait." — "More than 6.6 million people. That’s how many Americans applied for unemployment in the week ending March 28 — an all-time high. This is the latest aftershock of the coronavirus pandemic."

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April 28, 2020 at 11:06AM
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