Today’s Top Stories: May 14, 2020

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The Lede

Editorial: Jobless claims rise to 36.5 million. The term “Greater Depression” will become the way we refer to this stark economic period.

As businesses re-open, there is a strong possibility we will get that “second wave” scientists and medical professionals have been warning us about. We’re already seeing second waves occurring in China and South Korea.

Then what? What are the millions without jobs going to do when their unemployment runs out?

There will be severe cascading effects: The housing market will tank, we will dip our toes in the the negative interest rate waters, and it may take a decade or more to recover.

And none of this mentions what may happen if we don’t get an effective virus and/or treatment.

Very tough times lie ahead.

Coronavirus update:

4,383,360 confirmed infections
298,295 confirmed deaths.

Russia is now in second place for total number of infections, still FAR BEHIND the US in the virus race.

US stats:

  • 1,393,890 confirmed infections.
  • 84,239 confirmed deaths.
May 14, 2020 COVID-19 pandemic map
Source

Relevant COVID-19 stories:

Politics:

McConnell puts blame for 2020 coronavirus failure on Barack Obama, in office 2009-2017

The Senate majority leader criticized the former president on a Trump campaign live stream despite the presence of a “Playbook for Early Response to High-Consequence Emerging Infectious Disease Threats and Biological Incidents.”

WATCH: Ousted Scientist Says ‘Window Of Opportunity’ To Fight Coronavirus Is Closing

Richard Bright, the government scientist-turned-whistleblower, testifies Thursday before a House panel. Watch live at 10 a.m. ET.

Relevant Politics stories:

Economy Update:

Weekly jobless claims total 2.981 million, bringing coronavirus tally to 36.5 million

BRACE YOURSELF: Unemployment rate will hit 25 percent when the next report comes out.

The Dow is flat, in the low 23k range.

Source

Upcoming economic reports this week:

  • Tuesday – Consumer Price Index (CPI) down 0.8 percent (deflation), Federal budget figures coming out.
  • Wednesday – PPI – down 1.3 percent, Powell talks.
  • Thursday – Jobless claims – up 3 million, to a total of 36.5 million since the pandemic hit the US.
  • Friday – Retail sales, Consumer Sentiment Index, Business Inventories.

Source: https://www.marketwatch.com/tools/calendars/economic

Relevant Economy stories:

Learn how to turn your hobbies into hustles – check out Gig Economics.

Offbeat Story of the Day:

Police: Woman Arrested For Battering Husband With Mother’s Day Bouquet | The Smoking Gun

A Florida Woman battered her husband with a bouquet of Mother’s Day flowers during a confrontation early yesterday in the couple’s home, according to police.

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