Dd the 2020 economy end up being K-shaped?

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The pandemic left the strong economy that Trump boasted about in tatters. Turns out it wasn’t that good, anyway. Confronted with an economic collapse induced by the coronavirus pandemic, the U.S. government took several measures—including direct stimulus checks, boosting the amount of unemployment insurance, and giving funds to businesses to keep people on payroll—to alleviate the challenges caused by business shutterings and job losses. Fast Company talked to Josh Bivens, director of research at the Economic Policy Institute, a nonpartisan think tank, about the government’s overall response: how it got off to a decent start before petering off into inaction— and leaving gaping inequities that need to be fixed in 2021. Read Full Story

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Second stimulus checks won’t be coming anytime soon. Here’s the latest update

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Even if Congress can pass a second economic stimulus package relatively soon, it could be months before Americans receive any funds. Back in March, the U.S. government passed an unprecedented stimulus package to help Americans weather the economic bomb the COVID-19 pandemic dropped on the economy. Everything from loans to small businesses to direct economic impact payments to individuals was included in the package. Read Full Story

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COVID-19 disproportionately impacted women. This loss could have a big ripple effect on our economy

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Cate Luzio, founder of women’s collaboration space Luminary, talks to female business owners about the impact of COVID-19 and the coming shecession. COVID-19 is disproportionately impacting women and people of color. The National Bureau of Economic Research estimates that the pandemic has already eliminated 25% of women-owned businesses. As revenues and profits dwindle on average for these businesses, the pandemic will further increase gender inequality in ownership and broaden economic disparities and create what some are calling a “ shecession. ” Read Full Story

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Ford reads the culture right with new coronavirus response advertising

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The carmaker replaces its scheduled March Madness ads with two new spots about its car payment relief program. Beyond the obvious health concerns that surround the current coronavirus outbreak, there are also significant economic consequences to the new realities of working from home, paid (or unpaid) sick leave, and social distancing. People aren’t buying as much stuff. People are getting laid off. Despite government reassurances, the anxiety of closed businesses and lost employment and wages weighs heavy on millions of people. Read Full Story

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Spain creates a universal minimum income targeted at 2.3 million people

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As the pandemic continues to destroy the economy, the government guarantees no one will earn less than about $500 a month. With the coronavirus pandemic exacerbating the most vulnerable people’s financial struggles, the Spanish government has decided to implement what it’s calling a national minimum income, ensuring that people in the nation’s 850,000 lowest-income households receive at least roughly $500 a month in income. The plan aims to reach 2.3 million people and is expected to cost the government about €3 billion a year. Read Full Story

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‘ESG’ isn’t just about feel-good investing. It can be a framework for global accountability

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A focus on a single set of standards for environmental, social, and governance metrics could unlock more international investing. Sustainable investing has taken off in recent years, drawing dollars from more than just Patagonia-loving millennials. But there is a trouble in this apparent ethical asset paradise. With over 600 ESG frameworks in common use , the growing number of socially conscious investors still lack a single reliable source of information on where to put their hard-earned money. (Earlier today more than 50 business leaders said they signed on to ESG reporting standards established last year by the World Economic Forum.) Read Full Story

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What the Federal Budget means for the marketing industry

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The Federal Budget’s investment into digitisation, younger job seeker support, hefty tax write-offs and income tax cuts are being generally welcomed as big business boosters for recovering from the COVID-inspired economic crisis. Yet views on whether the Government’s skills and hiring emphasis will directly benefit the marketing and advertising industry diverge.

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Women are disproportionately impacted by COVID-19

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The economic crisis is hitting women hard as they are not only paid less than men but women make up 75% of healthcare workers and a greater percentage of service workers. We’re all facing very real fears right now, fears about our health and fears about the economy. People are afraid of getting ill and losing loved ones to the coronavirus pandemic. They are also afraid of losing their livelihoods. Read Full Story

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