Current Event Analysis

GMA: “Yale student leads 2,700 volunteers in helping New Yorkers”

Audrieanna Burgin
24 April 2020

Liam Elkind is the founder of Invisible Hands, a group of thousands of volunteers that are bringing groceries to people at high risk of contracting coronavirus. This organization is connecting “young, able-body people with those most in need during this time of crisis.” People who are 65 and older or have pre-existing conditions have a higher risk for contracting coronavirus. The founders stated that they felt inspired by our healthcare professionals who are on the front lines fighting COVID-19. Through the Invisible Hand initiative, those at a higher risk can request a delivery of groceries, medicine, and/or supplies online. The Invisible Hand volunteer will then pick up the items and deliver them for free.

With Students Staying Home, Empty College Towns Hit Hard by Coronavirus Crisis

Audrieanna Burgin
23 April 2020

College campuses all over the world have closed and have sent students home for the rest of the school year. As people practice social distancing and quarantining methods, economic activity is declining. Similarly, as students vacate campuses and head home, economic activity in college towns significantly decreases. Stephen Gavazzi, writing for Forbes, notes that when students leave campus, “gone with them is the purchasing power they had poured into the local economy.” College towns are regions whose revenues rely heavily on demand from the student population, and “until recently, college towns were thought to have a distinct economic advantage over municipalities that did not host an institution of higher learning.”

CNN Business: “Why oil prices are crashing and what it means”

Veronica Horton
21 April 2020

This video explores the standoff between Saudi Arabia and Russia over oil production. The clash between the two countries reached new levels at a recent meeting in Vienna where OPEC+ countries attempted to hammer out a solution to the current glut of oil on the market that is driving prices to long time lows. While it is clear that global demand for oil is at one of its lowest points ever thanks to the closures of most economies in respond to the COVID-19 pandemic, and that production of oil must be slowed, Russia is unwilling to do so, and Saudi Arabia has refused to reduce its production unless Russia does as well. While further negotiations have produced some acknowledgement that all oil producers will need to cut production at least until the global economy is reopened, just what those reductions will look like is still unknown, suggesting that uncertainty will continue to roil oil markets and for now prices are likely to remain low.

PBS News Hour: “Why COVID-19 could be the ‘last straw’ for Lebanon’s fragile economy”

Veronica Horton
20 April 2020

This video explores the bleak situation facing the county of Lebanon. Decades of corruption and fiscal mismanagement have put the country in a precarious position as it now faces both a foreign debt crisis and a banking crisis. Both of these crises are likely to be exacerbated by a health crisis related to the novel coronavirus pandemic that is quickly moving around the world. While Lebanon’s number of COVID-19 infections is still relatively low, the country’s lack of a real public health system together with its high levels of debt and a lack of confidence in its banking system have left the country in a vulnerable state. Lebanon has long imported more than it exports, raising questions as to whether it can be self-sufficient and if not, how it will pay for the goods and services its citizens need, especially as the country, following the example of much of the rest of the world, closes its businesses in an attempt to slow the spread of the novel coronavirus.

Amazon to hire 75,000 Workers to Meet Surging Demand

Audrieanna Burgin
16 April 2020

According to the US Department of Labor, over 16.8 million American workers have lost their jobs and filed initial claims for unemployment benefits. This current calculation does not include those workers who have yet to file for unemployment benefits and does not include undocumented workers. Layoffs, furloughs, and pay cuts have swept our nation. Amid such a crisis, Amazon is seeing surges in demand. Amazon has solidified itself as an e-commerce giant and its current business model easily aligned with the COVID-19 social distancing orders. Amazon has already filled the 100,000 positions they posted last month and now they are hiring another 75,000.

Apple and Google Team Up to Track COVID-19

Audrieanna Burgin
15 April 2020

Apple and Google are among the top technology companies in the United States, alongside Microsoft, Amazon, and Facebook. Google and Apple have released an announcement that they will work together to assist government and healthcare agencies in reducing the spread of COVID-19. Through usage of Bluetooth technologies, “the companies will work together to notify users if they have come in contact with someone who has tested positive for COVID-19.” Patients who have tested positive for COVID-19 are expected to be removed from the database once they test negative. Security and privacy are of high priority to both companies, they have stated “personal information and location data” will not be collected. Both companies are committed to full transparency.

Farmers Dump Milk and Eggs as Restaurant Demand Falls

NickelsMcHughMcHugh
10 April 2020

Over the last few weeks, shoppers at supermarkets across the country have stocked up on versatile staples like milk, bread, and eggs that are well-suited for hunkering at home. But as many meat and dairy producers ramp up production to satisfy this increasing demand, food companies that serve clients like restaurants and schools are drastically scaling back. With many eating establishments now closed or take-out only due to coronavirus containment, food suppliers have seen demand for their services plummet. As a result, a number of food companies have either significantly cut production or even thrown out excess stock in order to prevent a catastrophic market-wide price drop.

Marker: “What Everyone’s Getting Wrong About the Toilet Paper Shortage”

David Switzer
8 April 2020

Why is it so difficult to find toilet paper amidst the COVID-19 crisis? Conventional wisdom is that people have been irrationally hoarding, but a more likely explanation involves the ways in which supply chains between retail and institutional consumers have been disrupted and are unable to quickly adjust.

Small Businesses Have Trouble Securing Vital Loans

NickelsMcHughMcHugh
7 April 2020

The ongoing coronavirus pandemic has caused countless restaurants and stores across the country to alter their services or close entirely, some for as long as a month so far. This stretch of downtime has been devastating for many small businesses that usually get by on week-to-week sales. At Old Town Pizza & Brewing in Portland, Oregon, owner Adam Milne had to lay off two-thirds of his staff as the brewpub transitioned into carry-out only service. In the process he racked up nearly $25,000 in credit card debt to pay for rent, utilities, and other mounting expenses. Although Milne has tried to secure a small business loan to stay afloat, he’s had no success so far.

Chicken Little is an Increasingly Rare Bird

EVs: Driving Change at Convenience Stores

Who’s In The Driver’s Seat: The Changing Dynamics of Auto Production

China’s Population is Declining – Too hot, too cold, or just nice for its Economic Development?

The Externalities Effect of Child Firearm Fatalities in the States

Why is Everything Getting So Expensive?

Understanding the U.S. Labor Market – A January 2023 Snapshot

The New Economics of Car Production

Looming Water Crisis – What can YOU do to Conserve Water?

U.K. Economy Three Years after Brexit