Thursday, April 9th, 2020
Ventilators Questioned, Bernie Out & Pro Sports Return?
(+ Economic Impact of a Pandemic)
All the news you need in less than 10 min:
This episode is brought to you by www.Blinkist.com/news
Story Summaries
All the news stories mentioned in today's episode are listed with links below, so you can spend as much -- or as little -- time as you want perusing the latest happenings...
Federal Stockpile & Ventilators
Some U.S. lawmakers released a new report confirming the federal government does not have enough medical equipment to go around. The Strategic National Stockpile is nearly out of N95 respirators, surgical masks, face shields, gowns and other medical supplies. The House Oversight and Reform Committee revealed 90% of the personal protective equipment from the stockpile has already been distributed to state and local governments. However, more supplies are being made. General Motors has a contract to build 30,000 ventilators. GM will produce them for nearly $490 million and deliver them by August.
Meanwhile, some doctors are moving away from using ventilators on COVID-19 patients. Certain hospitals have reported unusually high death rates for COVID-19 patients on ventilators, so some doctors worry the machines could be harming certain patients. The reason isn’t clear, although some physicians have questioned whether they’re being overused.
Federal Stockpile Low: AP, The Hill, Press Release
Production Act GM Ventilators: USA Today, CNBC
Ventilator Death Rates: AP, STAT News
Virus Spread & New Guidelines
Daily death tolls are hitting highs in places like New York, New Jersey and California. The White House Coronavirus Response Coordinator acknowledged the spike in deaths, but said they reflect people who were first infected with COVID-19 two or three weeks ago, before the strictest guidelines were implemented. Now, Dr. Birx says she’s seeing early signs Americans are beating the coronavirus, and the best thing we can do is keep adhering to restrictions. Also, the CDC announced new guidelines to “keep the critical workforce working.” Under new recommendations, essential employees, like those in health care and food supply, who have been exposed to the virus, no longer have to self-isolate for two weeks. Instead, they can keep working, as long as they aren’t showing symptoms, but they have to take their temperatures before work and wear a face mask at all times.
COVID-19 Cases & Death Toll: Johns Hopkins
Second Wave Warning: Reuters, LA Times, NBC News, NYT
CDC Guidelines: AP, The Hill
Black Americans Disproportionately Affected
The new coronavirus is proving more deadly to black Americans than other populations in major cities. An AP analysis found black people accounted for about 42% of deaths from COVID-19 in areas where data was available, but in those same areas, black people only made up 21% of the population. Infectious disease expert, Dr. Anthony Fauci, says historic disparities in health care have put black people at risk for more diseases. Civil rights groups, lawmakers and the White House have called on health officials to release more data about race and COVID-19 cases. Hopefully, that will ensure resources and information are reaching every community.
Read More: NBC News, USA Today, Axios
Financial Fallout & Relief
The U.S. Labor Department will come out with new unemployment numbers today. The last reports showed nearly 10 million people applied for jobless benefits over just two weeks, and this week’s number could be the highest yet. That’s reportedly because so many states are still clearing out backlogs of unemployment applications. Also, even more companies are having to resort to layoffs to save money. However, more help could soon be on the way. Next week, Americans should start receiving the first batch of direct payments from the federal government. Also, Congress is debating another relief bill.
Unemployment Claims: CNBC, AP
Next Relief Bill: ABC News, Bloomberg
Bernie Sanders Drops Out
U.S. Sen. Bernie Sanders is officially out of the presidential race. He suspended his campaign yesterday. That means the general election battle is now set. It will be former Vice President Joe Biden facing off against President Trump in November. Once Sanders made the announcement, Biden reached out to Sanders' supporters. He promised to work to earn their votes and unite the Democratic party. On Twitter, President Trump made a pitch for the Sanders base as well. Both Biden and Trump will have to get creative to gain support this year, since neither can rely on traditional in-person fundraisers or big events.
Read More: The Hill, NYT, CNN, Twitter
Study: Survivor Blood Plasma Helps
More data shows COVID-19 survivors may actually be able to help people still suffering from the virus. A small study from China found sick patients have gotten much better after getting a blood transfusion. The blood has to be donated from a survivor, so it’s packed with enough antibodies to fight this new coronavirus. American hospitals are also trying to make this work. Blood banks have set up resources for people who have recovered to donate.
Read More: MIT Tech Review, Johns Hopkins Univ
Recovered Patients Can Donate: AABB, Red Cross
UFC Fights to Resume
The UFC is planning to hold a title fight this month, defying social distancing guidelines. On April 18, the fight will reportedly be held on tribal land in California, so the UFC won’t be subject to the state’s stay-at-home order. There won’t be a live audience, but people will be able to watch on pay-per-view. It seems like plans don’t stop at this event either. UFC President Dana White has reportedly secured a private island where he plans to host other matches for international fighters who can’t travel to the U.S.
Read More: Axios, NYT, ESPN
MLB's New Season Plans?
Major League Baseball is trying to figure out how to restart its season, possibly as early as May. The season should have started last month, but was delayed because of COVID-19. To get back on track, the league is reportedly talking with a players union about having all 30 teams play games at stadiums in the Phoenix area for the foreseeable future. Fans wouldn’t be allowed to attend games. Players, coaches and other essential personnel would have to live in isolation. That’s a hard sell, since they’d have to separate from their families, but the incentive is they’d get paychecks again.
Read More: CNN, ESPN
Help for Grocery Shoppers
Costco is thanking first responders and healthcare workers by letting them jump to the front of lines. At some locations, lines have been out the door because the company is limiting how many people can be inside at once. So, this gesture should be a time saver for workers like doctors, nurses and police officers. Other stores have rolled out similar policies. Speaking of giving back, actor and director Tyler Perry paid grocery bills for all shoppers during some senior shopping hours in Atlanta. Then, some of those shoppers paid it forward, donating to the local food bank.
First Responders Cut the Line: CNN, Miami Herald
Tyler Perry Pays Grocery Bills: AJC, GMA
Passover Begins
Today is the first full day of Passover. Jewish people across the globe are observing the holiday. It began at sundown last night and lasts for eight days. As part of Passover, families usually get together on the first night for a big meal called a Seder. Because of social distancing, many families are relying on video conferencing apps like Zoom and FaceTime to gather virtually instead. Christians will also have to find ways to stay connected during this upcoming religious weekend. Tomorrow, they observe Good Friday, then Sunday is Easter.
Read More: NYT, CNN
Thing to Know Thursday:
Economic Impact of Coronavirus Pandemic
Read more: WSJ, CNBC, The Atlantic, MSNBC
Guest: Diane Swonk
Diane Swonk is chief economist and a member of the executive leadership team at Grant Thornton. Diane frequently advises the Federal Reserve Board and its regional banks. She has periodically advised the Congressional Budget Office (CBO) and the Council of Economic Advisers (CEA) for the White House on a nonpartisan basis. She has been named a Fellow by the National Association for Business Economics (NABE) for her outstanding contributions to the field of business economics.
Diane has more than 30 years experience in the financial industry. As one of the most respected economists in the world, Diane is frequently called upon by policy makers and business leaders from Washington to Tokyo. She is seen regularly on national and international television. Her commentary can be read in top financial news publications throughout the world. Diane is a member of the Council on Foreign Relations as well as the Chicago Council on Global Affairs. Diane received a lifetime achievement award from the Association for Corporate Growth (ACG) in 2019.