White House officials looking for way to 'open' economy without health catastrophe - CNN | Canada News Media
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White House officials looking for way to 'open' economy without health catastrophe – CNN

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Such a step would pose dramatic risks, health experts warn, since Americans who have contracted coronavirus could spread it even if they’re not showing symptoms. Returning to crowded gatherings or bustling offices would drastically increase the spread.
Business leaders and some conservatives have countered that a virtual showdown of the American economy is causing its own kind of dramatic damage as millions of Americans lose their jobs and livelihoods.
The competing positions have taken hold on Trump’s coronavirus task force after Trump — having heard from business leaders and Republican allies — began agitating for a loosening of his guidelines over the weekend.
“Our country wasn’t built to be shut down. This is not a country that was built for this. It was not built to be shut down,” Trump said Monday, adding that after the 15-day “slow the spread” period ends, the administration would evaluate how to move forward.
The discussions include a phased system based on age or geographic location, according to officials.
One option of a phased system that would see younger people — potentially under 40, according to one option — return to the workplace or business first, followed gradually by people slightly older until most of the country is back to normal.
Another option being considered is keeping in place restrictions only on vulnerable people and senior citizens, including on nursing homes, but allowing others to return as a group.
A third plan being considered would have Trump lift the federal guidelines but explicitly endorse individual governors acting however they see fit for their own states, including saying that some states should remain under stricter orders than others.
A fourth idea is to keep in place some federal guidelines but change others to allow states more leeway, so that places where the outbreak isn’t as severe can open.
One other idea is to target specific types of workers to return to work, including people who drive themselves and don’t work in large groups.
The roster of options hadn’t been presented to Trump as of Monday evening and officials were expected to keep developing options this week ahead of next Monday’s deadline.
The aim of whatever plan is chosen is to achieve Trump’s goal of getting the economy going while avoiding the health nightmare that practically every expert — inside and outside the White House — is warning of.
Trump’s political aides are aware some compromise will be needed to avoid Trump ripping off the guidelines entirely without any attempt the blunt the health effects.
To that end, aides are also mining the data to see if there is any evidence to present Trump that might show the current self-isolating measures are working in the US, even though the nature of the virus and the current situation make it hard to detect such a pattern this soon.
The thinking goes that once Trump sees his guidelines having an effect, he might be willing to give them more time.
Aides realized after a Sunday night meeting at the White House that Trump appeared intent on lifting the guidelines quickly, which led to a realization that alternate options would need developing. Discussions continued during the day on Monday as Trump’s economic advisers, including Steven Mnuchin and Larry Kudlow, channeled the views they were receiving from the business community that keeping the country shut down wasn’t worth the economic pain.
The doctors on Trump’s team — including Dr. Anthony Fauci — seem to disagree.
“If it were up to the doctors, they may say let’s keep it shut down — let’s shut down the entire world,” Trump said Monday.
Dr. Deborah Birx, White House coronavirus response coordinator, said Tuesday the task force has been looking into being “laser focused” in battling the pandemic.
“The question is really can we be laser focused rather than generic across the country?” Birx told NBC’s Savannah Guthrie on the “Today” show, suggesting a region-by-region approach.
“In other words, can we use our data in a laser-focused granular way to really look at what’s happening on the ground and adjust our public health messages based on what is actually needed by the number of cases and the work that we’re doing with the communities,” Birx said.

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How will the U.S. election impact the Canadian economy? – BNN Bloomberg

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How will the U.S. election impact the Canadian economy?  BNN Bloomberg



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Trump and Musk promise economic 'hardship' — and voters are noticing – MSNBC

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Trump and Musk promise economic ‘hardship’ — and voters are noticing  MSNBC



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Economy stalled in August, Q3 growth looks to fall short of Bank of Canada estimates

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OTTAWA – The Canadian economy was flat in August as high interest rates continued to weigh on consumers and businesses, while a preliminary estimate suggests it grew at an annualized rate of one per cent in the third quarter.

Statistics Canada’s gross domestic product report Thursday says growth in services-producing industries in August were offset by declines in goods-producing industries.

The manufacturing sector was the largest drag on the economy, followed by utilities, wholesale and trade and transportation and warehousing.

The report noted shutdowns at Canada’s two largest railways contributed to a decline in transportation and warehousing.

A preliminary estimate for September suggests real gross domestic product grew by 0.3 per cent.

Statistics Canada’s estimate for the third quarter is weaker than the Bank of Canada’s projection of 1.5 per cent annualized growth.

The latest economic figures suggest ongoing weakness in the Canadian economy, giving the central bank room to continue cutting interest rates.

But the size of that cut is still uncertain, with lots more data to come on inflation and the economy before the Bank of Canada’s next rate decision on Dec. 11.

“We don’t think this will ring any alarm bells for the (Bank of Canada) but it puts more emphasis on their fears around a weakening economy,” TD economist Marc Ercolao wrote.

The central bank has acknowledged repeatedly the economy is weak and that growth needs to pick back up.

Last week, the Bank of Canada delivered a half-percentage point interest rate cut in response to inflation returning to its two per cent target.

Governor Tiff Macklem wouldn’t say whether the central bank will follow up with another jumbo cut in December and instead said the central bank will take interest rate decisions one a time based on incoming economic data.

The central bank is expecting economic growth to rebound next year as rate cuts filter through the economy.

This report by The Canadian Press was first published Oct. 31, 2024

The Canadian Press. All rights reserved.

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