The "Re-Opening" the Economy Thread

[Cooked Crack]

 

 

[Cooked Crack]

 

 

 

[Cooked Crack]

 

 

[China]

Minnesota's big budget hole is now a $1.6 billion surplus

 

Minnesota is now expected to see a $1.6 billion surplus instead of $1.3 billion deficit over the next two years, according to an updated state budget forecast released today.

 

Why it matters: The swing is a sign of the strength of the state's pandemic economic recovery — one that could make it easier for Gov. Tim Walz and legislators to strike a deal on a two-year state spending plan by the summer deadline.

 

What they're saying: Higher-than-anticipated state tax revenues, reductions in spending and an "improved U.S. economic outlook that is bolstered by large federal actions," such as the December stimulus package, helped fill the gap, according to the Minnesota Department of Management and Budget.

 

Yes, but: "Improvements to the economic outlook have not been spread equally as unemployment continues to disproportionately impact lower-wage workers," MMB notes.

 

The big picture: It's not just Minnesota. Many states and local governments are reporting that COVID-19's hit to their budgets weren't as bad as initially feared,  the Wall Street Journal reported.

 

Click on the link for the rest

 

[China]

I imagine proof of vaccination will become a requirement for travel to many countries.

 

Vaccination 'passports' may open society, but inequity looms

 

Violet light bathed the club stage as 300 people, masked and socially distanced, erupted in gentle applause. For the first time since the pandemic began, Israeli musician Aviv Geffen stepped to his electric piano and began to play for an audience seated right in front of him.

 

“A miracle is happening here tonight,” Geffen told the crowd.

 

Still, the reanimating experience Monday night above a shopping mall north of Tel Aviv night was not accessible to everyone. Only people displaying a “green passport” that proved they had been vaccinated or had recovered from COVID-19 could get in.

 

The highly controlled concert offered a glimpse of a future that many are longing for after months of COVID-19 restrictions. Governments say getting vaccinated and having proper documentation will smooth the way to travel, entertainment and other social gatherings in a post-pandemic world.

 

But it also raises the prospect of further dividing the world along the lines of wealth and vaccine access, creating ethical and logistical issues that have alarmed decision-makers around the world.

 

Click on the link for the full article

[China]

A follow-on to the Minnesota story reported above:

 

Despite mass job losses, California revenues soar by billions as rich get richer during pandemic

 

At the end of 2020, California had lost a record 1.6 million jobs during the pandemic. Nearly a half-million people stopped even trying to look for work. Business properties saw their value plummet more than 30%.

 

But California’s bank account is overflowing. As of January, the state’s tax collections were $10.5 billion ahead of projections. By the end of the fiscal year on July 1, Gov. Gavin Newsom and the state Legislature could have a $19 billion surplus to spend.

 

It’s so much money that, for just the second time ever, the state is projected to trigger a state law requiring the government to send refunds to taxpayers.

 

Economic downturns usually put state governments in a bind, forcing them to cut services at a time when people need them most. That’s what happened a decade ago during the Great Recession when the housing market collapsed and the stock market tanked, creating a cascade of losses from the wealthy on down.

 

But this time, with the pandemic forcing the closure of bars, restaurants, theme parks, sporting events and small businesses, lower-wage workers bore the brunt of the losses while the wealthier worked from home. The economic losses started at the bottom of the income ladder and so far they haven’t made their way up to the top.

 

That’s put states like California, with a tax code that relies heavily on the rich, in a strange place. A year ago, state lawmakers thought this downturn would behave like other downturns. They cut spending, raised taxes on some businesses, borrowed money and pulled from the state’s savings account — all to prepare for having less money.

 

But the state’s revenues went up. And billions of dollars from the federal government, which paid for things like hotel rooms for the homeless and home-delivered meals for seniors, also softened the blow.

 

Click on the link for the full article

[Cooked Crack]

 

 

 

[TradeTheBeal!]

NoLa reopening slowly.  I’m damn ready for some grilled oysters and a hurricane!

 

 

[visionary]

 

[@DCGoldPants]

4 minutes ago, visionary said:

 

 

It's also Texas Distraction Day. Forget how badly the state leaders manage their power grid..... and for real.... don't pay attention the the massive plumbing and waste issues going on. We're going to Sizzler without a mask tonight.

 

Oh, please ignore any jump in infections and deaths coming this Spring even as a vaccine is rolled out. Nothing could have been done about it. 

[China]

It'll be interesting to see how many people in Texas still wear masks, and whether the number of COVID-19 cases spikes.

[JCB]

God, that is reckless.

[NoCalMike]

It seems incredibly stupid to lift the mask mandate when the light of the end of the tunnel is in clear sight.  Why even risk introducing new problems and issues at this point in the process? Makes zero sense.

[Dan T.]

 

[Cooked Crack]

 

 

[JCB]

^^^

 

Needless to say, NSFW:

 

 

[Cooked Crack]

 

 

[PleaseBlitz]

Surprised they didn’t just shoot them. 

[Larry]

BTW, just looking at the jobs numbers:  

 

Number of (nonfarm, seasonally adjusted) jobs added, per month, in thousands:

 

Biden:  379

Entire Trump administration:  -61

Trump, first 3 years:  184

3 years prior to Trump:  224

[China]

 

[visionary]

 

 

Quote

“You and local health authorities have until 6:00pm today to rescind any mask mandates or business-operating restrictions and come into full compliance with GA-34,” Paxton wrote on Twitter. “Otherwise, on behalf of the State of Texas, I will sue you.”

 

He followed the threat with a taunt, writing, “City/county leaders must not be thinking clearly. Maybe it’s oxygen deprivation from quintuple-masking.”

 

[China]

There's an echo in here.

[visionary]

 

[visionary]

 

[visionary]