As China Ages, a Push to Add Elevators Offers a New Kind of Economic Relief

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GUANGZHOU, China — When China faced previous economic slowdowns, it favored pharaonic, multibillion-dollar construction projects to quickly pump money into the economy. A bullet train network that now connects 700 cities. Ultramodern expressways longer than America’s interstate highways. And 81 of the world’s 100 highest bridges.

Now, a top Chinese official has a new idea to rev up growth during the coronavirus pandemic: elevators.

China’s premier, Li Keqiang, and his allies in the government want to retrofit as many as three million older, walk-up apartment buildings, projects that usually cost less than $100,000.

The downsized ambitions reflect the evolution of China, from a youthful but impoverished country to a graying but increasingly middle-class one.

Although China still likes grandiose infrastructure projects, they no longer have the same economic effect. High-speed rail lines and superhighways already link every large city, so new ones connect smaller and smaller communities in China’s mountainous

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Wildfires intensify economic pain in the West

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(AP) — The fires consuming the forests of California and Oregon and darkening the skies over San Francisco and Portland are also damaging a regional economy already singed by the coronavirus outbreak.

Wildfires are destroying property, running up huge losses for property insurers and putting a strain on economic activity along the West Coast that could linger for a year or more.

The credit rating agency A.M. Best estimates that insured losses from the blazes in California could top the unprecedented $13 billion recorded in 2017 when the state was hit by three of the five costliest fires in U.S. history.

“We know that the damage is widespread, but we don’t really know how many homes, how many structures have been destroyed,” said Adam Kamins, an economist who tracks natural disasters for Moody’s Analytics. “I imagine the number is going to be an unbearably high one.’’

The fires are unlikely

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For home care workers, COVID-19 is a health crisis and economic one

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This story was published in partnership with The 19th, a nonprofit, nonpartisan newsroom reporting on gender, politics and policy. 

Here’s how the federal interest rate can help save the economy during a recession

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When COVID-19 came to New Orleans, Nicole Alston felt the impact immediately.

Alston, 45, is a home care worker who helps clients — often people who are older, or who have disabilities — do things like eat, bathe and get dressed. 

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As her family’s breadwinner, Alston earns $8.50 per hour. The money’s barely enough. She and her husband are both diabetic. Her 19-year-old daughter, also diabetic, and 16-year-old nephew live at home with her. On weekdays, she takes care of three of her grandchildren.

Before the pandemic, Alston, who works through a home care company, saw

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Bullock unveils report on economic impact of Medicaid expansion | News

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Gov. Steve Bullock framed Medicaid expansion as a program that benefits businesses and bolsters the economy during a visit to Bozeman on Tuesday where he released a report on the health care plan.

The report said about 59% of Montana businesses had workers enrolled in Medicaid in 2018 and 2019 and about 70% of those eligible for Medicaid expansion during those years were working.

The program also brings in roughly $600 million to Montana annually, has added about 5,900 to 7,500 jobs and has created about $350 million to $385 million in personal income. These figures show that the economic benefit of expansion has been greater than the cost to the state, according to the report, which was released by the Departments of Revenue, Labor and Industry and Health and Human Services.

“There’s no doubt that the value of Medicaid expansion is as much for our Montana businesses as it

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Politics creates economic illusion in Houdini’s hometown

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Scott Rice sits in his living room watching a Fox News Channel interview with President Donald Trump in Appleton, Wis., Aug. 20, 2020. Nothing can shake Rice’s faith that Trump will save the U.S. economy, not seeing businesses close or friends furloughed, not even his own hellish bout with the coronavirus. But in Appleton, a city of 75,000 people along the Fox River, the health of economy isn’t judged on jobs numbers, personal bank accounts or union contracts. Instead, it’s viewed through partisan lenses, filtered through the facts voters want to see and hear, and those they don’t.

AP

Nothing can shake Scott Rice’s faith that President Donald Trump will save the U.S. economy — not seeing businesses close or friends furloughed, not even his own hellish bout with the novel coronavirus.

Rice reveres the president the way Wisconsin loves the Green Bay Packers. He has

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Broadcasting Joe Biden’s Economic Program

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A few days ago, Bernie Sanders warned Joe Biden’s campaign that it needed to broaden its focus from attacking Donald Trump. “You got to give people an alternative or reason to vote for you other than saying, ‘I’m not Donald Trump,’ ” Sanders, who is supporting Biden, told PBS. “And that means talking about an economics program, which Biden has. It’s not as strong as I would like it—it’s not the Bernie Sanders program, despite what Trump will tell you. But it is a strong program that will improve the lives of many millions of people.”

Given the lead that Biden holds in the opinion polls, it can be argued that he must be doing something right. Still, Sanders’s point is a legitimate one. Even if focussing on the incumbent—a strategy that was on full display at the Democratic National Convention—is the best way to challenge a rogue President like

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Japan’s Worst Postwar Economic Downturn Could Force New Leader to Boost Stimulus | Investing News

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By Leika Kihara and Daniel Leussink

TOKYO (Reuters) – Japan’s economy sank deeper into its worst postwar contraction in the second quarter as the coronavirus jolted businesses more than initially thought, underscoring the daunting task the new prime minister faces in averting a steeper recession.

Other data put that challenge in perspective, with household spending and wages falling in July as the impact of the pandemic kept consumption frail even after lockdown measures were lifted in May.

The world’s third-largest economy shrank an annualised 28.1% in April-June, more than a preliminary reading of a 27.8% contraction, revised gross domestic product (GDP) data showed on Tuesday, suffering its worst postwar contraction.

The data will put the new prime minister, to be elected in a ruling party leadership race on Sept. 14, under pressure to take bolder economic support measures.

Chief Cabinet Secretary Yoshihide Suga, the frontrunner to become next premier, has

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Rally in Canadian Consumer Confidence Fades on Economic Concern

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(Bloomberg) — The swift recovery in Canadian consumer confidence over the summer has petered out, weighed down by concern around the economic consequences of a second wave of Covid-19 as cooler weather approaches.

The Bloomberg Nanos Canadian Confidence Index, a composite measure of financial health and economic expectations, was unchanged at 52.7 last week. The stall reflects waning optimism about the economic outlook.

“After a period of improving consumer confidence, the trajectory of the positive trendline is beginning to flatten,” Nik Nanos, chief data scientist at Nanos Research, said in the report. “There could be a slow down in the Covid-19 economic recovery.”



Canadian consumer confidence stalled again last week


© Bloomberg
Canadian consumer confidence stalled again last week

The stall in consumer confidence has been largely predicted by economists who say the fall and winter months will bring a slower recuperation because some social-distancing restrictions will remain amid concern over a second Covid-19 wave.

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Bank of America Directs $300 Million of Its $1 Billion, Four-Year Commitment to Advance Racial Equality and Economic Opportunity

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$25 Million in Support of Jobs Initiative;

$25 Million in Support of Community Outreach and Initiatives;

$50 Million to Minority Depository Institutions;

$200 Million to Minority Entrepreneurs, Businesses and Funds

On June 2, Bank of America made a $1 billion, four-year commitment to advance racial equality and economic opportunity. Today, the company is announcing its initial progress by directing one-third, or $300 million, of its $1 billion commitment to four key areas across 91 U.S. markets and globally: $25 million in support of jobs initiatives in Black and Hispanic/Latino communities, $25 million in support of community outreach and initiatives, $50 million in direct equity investments to Minority Depository Institutions (MDIs), and $200 million of proprietary equity investments in minority entrepreneurs, businesses and funds. The $1 billion, four-year commitment is being overseen by Anne Finucane, vice chairman of Bank of America and head of Environmental, Social and Governance (ESG), Capital

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Entrepreneurship and innovation will surge during the economic downturn

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I had a college professor who loved to use the saying “may you live in interesting times.”

It’s a phrase that’s been top of mind a lot lately, for while there is an incredible amount of uncertainty in the world, it’s not lost on me that these “interesting times” are currently presenting a number of interesting problems.

This isn’t the first time Northeast Ohio has found itself in economically uncertain times. Some would argue that since the manufacturing heyday of the late 19th and early 20th centuries, it’s been one hit after another for the region. People point to innovation happening in other areas of the country, with companies like Apple, Airbnb and Uber redefining technology and regionalized growth. While there is something to be said for pockets of specialized innovation, it marginalizes the reality that problems exist everywhere, and there is no unique regional claim to people being able

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