New COVID infections in Germany, South Korea, Taiwan, Vietnam, Japan, and several other countries have almost disappeared. Their economies are gradually returning to normal. In comparison, U.S. infections are registering daily records, and states are pondering new lock-downs.
The governors of Florida and Texas were the poster children for leaders who denied COVID’s virulence to gain political favor with the President. Now their states face record spikes in infections.
The official unemployment rate is 14.7%, and the real unemployment rate is at least three percentage points higher. Despite this, the stock market performed as if it were on another planet over the last several weeks – that is, until now.
SBA must gather and report detailed PPP data. Congress needs it to exercise appropriate oversight and the public needs it to know where its tax dollars are going.