Coronavirus Relief Often Pays Workers More Than Work | Wall Street Journal

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When combined with state benefits, weekly government payouts create incentives that employers say complicate efforts to reopen businesses

Roughly half of all U.S. workers stand to earn more in unemployment benefits than they did at their jobs before the coronavirus pandemic shut down wide swaths of the U.S. economy, and employers say the government relief is complicating plans to reopen businesses.

The package of coronavirus stimulus laws Congress passed and President Trump signed in March included a $600 boost to weekly unemployment benefits through July 31. As that support is added to state benefits over the coming weeks, the average weekly payment to a laid-off worker should rise to about $978 from the $377.97 the Labor Department said was paid on average late last year.

Qualified workers will receive the government payout every week through July, and in most cases, the combined $978 weekly payout amounts to better pay than what many workers received before the crisis hit. Labor Department statistics show half of full-time workers earned $957 or less a week in the first quarter of 2020.

Read more: https://www.wsj.com/articles/coronavirus-relief-often-pays-workers-more-than-work-11588066200

Additional information:

  1. https://www.usa.gov/unemployment#item-214601
  2. https://www.wsj.com/articles/the-secret-group-of-scientists-and-billionaires-pushing-trump-on-a-covid-19-plan-11587998993?mod=trending_now_1

3 tips to avoid locking in losses | Mass Mutual

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By Allen Wastler
Allen Wastler is a former financial journalist with over 30-years of experience, including time at CNBC, CNN, and Knight-Ridder Newspapers.
Posted on Apr 13, 2020

After a huge market downturn and a major loss of value in your investment portfolio, the temptation to do something — anything — may be hard to resist.

But in many ways, the best action may be to take no action. Why? An investment plan is a long-term project and making changes to it based on short-term considerations is often ill-advised. That’s why financial professionals encourage people to stay calm during market sell-offs and think about long-term objectives.

“It is a tough and scary time, and not locking in losses by panic selling is critical,” said J. Todd Gentry, a financial professional with Synergy Wealth Solutions in Chesterfield, Missouri.

But even if you did resist the initial impulse to flee during a market retreat, you still need to keep some discipline about your portfolio as you wait for a market recovery. Here are some traps to avoid….Read more: Avoid Locking in Losses

Markets, as a whole, have historically bounced back from downturns with time, as the following chart illustrates.

Source: Bloomberg. The S&P 500 is an equity index that consists of the stocks of 500 large U.S. companies measured by market capitalization. The results here include the effect of reinvested dividends. You cannot invest directly in an index.

Dr. David Katz | Real Time with Bill Maher (HBO)

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Dr. Katz believes the fight against coronavirus is worse than the disease

Preventive medicine and public health specialist Dr. David Katz joins Bill Maher to discuss whether the fight against coronavirus is worse than the disease.

Dr. Katz wrote a New York Times op-ed on March 20 titled “Is Our Fight Against Coronavirus Worse Than the Disease?”

In the op-ed, Katz argues against the self-isolation policies put in place by most of the U.S. He advises that instead locking down the country; we should isolate the elderly and most at risk, which would thus “allow most of society to return to life as usual and perhaps prevent vast segments of the economy from collapsing”.

Finger Pulse Oximeters by Patients with COVID-19

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In a recent New York Times opinion piece, New York City’s Richard Levitan, MD, after working at Manhattan’s Bellevue Hospital Center in early April at the height of the COVID-19 surge, stated that everyone needs a pulse oximeter in their pandemic supply kit.

Levitan says that use of home finger pulse oximeters by patients with COVID-19 could preempt the precipitous oxygen desaturation that leads to a crisis that needs intensive care.

In a NY Times’ Opinion piece, Dr. Levitan said, “If we could detect it earlier, we could initiate treatment earlier. We need to change messaging to the public, to physicians, to get earlier recognition of the disease.”

There is a way the medical community could identify more patients who have Covid pneumonia sooner and treat them more effectively by detecting silent hypoxia early through a common medical device called a pulse oximeter.

Pulse oximetry is no more complicated than using a thermometer. These small devices turn on with one button and are placed on a fingertip. In a few seconds, two numbers are displayed: oxygen saturation and pulse rate. Pulse oximeters are extremely reliable in detecting oxygenation problems and elevated heart rates.

Pulse oximeters can help save the lives by alerting individuals early to the need for treatment. When people notice their oxygen levels declining, they can go to the hospital earlier and have a higher chance to recover. Detection of hypoxia, early treatment and close monitoring apparently also worked for Boris Johnson, the British Prime Minister.

Widespread pulse oximetry screening for Covid pneumonia — whether people check themselves on home devices or go to clinics or doctors’ offices — could provide an early warning system for the kinds of breathing problems associated with Covid pneumonia.

References:

  1. https://www.webmd.com/lung/news/20200424/covid-19-home-pulse-oximetry-could-be-game-changer-says-er-doc?src=RSS_PUBLIC#1
  2. https://www.nytimes.com/2020/04/20/opinion/coronavirus-testing-pneumonia.html?referringSource=articleShare

Nearly All NYC COVID-19 Patients Hospitalized had Chronic Health Issues

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Study finds Nearly All Patients Hospitalized With Covid-19 Had Chronic Health Issues

A new Journal of American Medical Assoication study of thousands of hospitalized coronavirus patients in the New York City area has found that nearly all of them had at least one major chronic health condition, and most — 88 percent — had at least two.

Though earlier research has shown chronic conditions like obesity, high blood pressure and diabetes are common risk factors for severe Covid-19, the ubiquity of serious medical conditions in these patients was striking: Only 6 percent of them had no underlying health conditions.

The researchers reported that when patients first came to the hospital and were triaged, 17 percent had an abnormal respiratory rate of more than 24 breaths per minute, and 28 percent received supplemental oxygen.

But fewer than one third of the patients had a fever, even though they were sick enough to be hospitalized, a similar observation to one noted by a large Chinese study.

This indicates that taking people’s temperatures in order to screen them for the coronavirus is likely to miss many people who are not only asymptomatic but also acutely ill.

Nearly 60 percent of those hospitalized at the Northwell facilities had high blood pressure, 40 percent were obese, and about one-third had diabetes. Smaller numbers of patients suffered from other chronic illnesses, such as heart disease, kidney disease and chronic respiratory illnesses.

The study included 5,700 patients hospitalized with COVID-19 in the New York City area, the most common comorbidities [simultaneous presence of two chronic diseases or conditions in a patient] were hypertension, obesity, and diabetes. Among patients who were discharged or died (sample size (n) = 2,634 patients), 14.2% were treated in the intensive care unit, 12.2% received invasive mechanical ventilation, 3.2% were treated with kidney replacement therapy, and 21% died.

References:

  1. https://www.nytimes.com/2020/04/23/health/coronavirus-patients-risk.html?referringSource=articleShare
  2. https://jamanetwork.com/journals/jama/fullarticle/2765184

Auto Insurance Companies are giving Refunds due to Coronavirus

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Some auto insurance companies start giving refunds and credits to commuters stuck at home during the coronavirus outbreak.

Atlanta traffic

USAA, the country’s fifth largest property-casualty insurer, will return $520 million to its members. This payment is a result of data showing members are driving less due to stay-at-home and shelter-in-place guidance across the country.

Car traffic has plummeted as states impose “shelter in place” orders and scores of companies have told employees to work from home. Personal travel has been declining for three straight weeks, according to Inrix, a traffic data analytics company. From late March to early April, personal travel traffic in the U.S. dropped 47% compared to traffic in late February, the data showed.

Consumers are driving much less. That makes the driver less risky to insure and justifies a lower premium.

The nation’s biggest car insurer, State Farm, is slashing $2 billion of premiums owed on 40 million vehicles, making it the latest carrier to offer a financial-relief program for consumers as auto claims have plunged under shelter-at-home restrictions.

References:

  1. https://www.marketwatch.com/story/some-auto-insurers-are-giving-refunds-because-of-the-coronavirus-outbeak-heres-how-you-can-get-a-break-too-2020-04-09?mod=mw_more_headlines
  2. https://communities.usaa.com/t5/Press-Releases/USAA-to-Return-520-Million-to-Members/ba-p/228150?_ga=2.74504658.1537537724.1587742333-1534249610.1587742333
  3. https://www.marketwatch.com/story/state-farm-to-slash-2-billion-in-car-insurance-premiums-amid-pandemic-2020-04-09?mod=article_inline

The Power of Compounding

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“Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.” Albert Einstein

When money is invested, it produces earnings that can then be reinvested, so that you receive earnings on your earnings in addition to the earnings on your original investment.

This added boost is the power of compounding, and the longer the money is invested, the more powerful are its effects. Over long periods of time—20, 30, or 40 years—the effects of compounding at different rates can be substantial. For instance, if you invested $10,000 today and it earned 8% annually, you would have $100,626 at the end of 30 years; if it earned 9% you would have $132,676 after 30 years. That’s a $32,000 difference with only a 1% difference in return annually.

In retirement planning, there are advantages of earning higher returns over long time periods. But, keep in mind that small differences in investment return assumptions can turn into large differences in accumulation.

Start early and reap the rewards

 “Letting your money work for you is a key component of saving for retirement. Compound interest, dollar cost averaging, tax-deferred savings, and diversification help lower your risk and boost your return on investment over time. Compound interest is the interest on your principal plus interest on the interest you earned previously.

For example, a single investment of $10,000 at 5% compounded annually earns $10,789 in interest over 15 years for a net amount of $20,789. Straight interest would accrue at the rate of $500 per year, $7,500 in total interest, for a net amount of $17,500. When interest is reinvested and compounds at 5%, it adds another $3,298 to the value. That is the magic of compound interest.” Taylor Larimore et al, The Bogleheads’ Guide to Retirement Planning

Compounding gives invested money the ability to grow over time.  The Rule of 72 is the number of years needed to double invested money at a given interest rate. Divide 72 by the interest rate…money invested at 10% will double in 7.2 years

Be conservative in your estimates.

The first modern pandemic | by Bill Gates

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https://www.gatesnotes.com/

The scientific advances we need to stop COVID-19.

By Bill Gates | April 23, 2020

The coronavirus pandemic pits all of humanity against the virus. The damage to health, wealth, and well-being has already been enormous. This is like a world war, except in this case, we’re all on the same side. Everyone can work together to learn about the disease and develop tools to fight it. I see global innovation as the key to limiting the damage. This includes innovations in testing, treatments, vaccines, and policies to limit the spread while minimizing the damage to economies and well-being.

This memo shares my view of the situation and how we can accelerate these innovations. The situation changes every day, there is a lot of information available—much of it contradictory—and it can be hard to make sense of all the proposals and ideas you may hear about. It can also sound like we have all the scientific advances needed to re-open the economy, but in fact we do not. Although some of what’s below gets fairly technical, I hope it helps people make sense of what is happening, understand the innovations we still need, and make informed decisions about dealing with the pandemic.

Read more: https://www.gatesnotes.com/Health/Pandemic-Innovation?WT.mc_id=20200423060000_Pandemic-Innovation_BG-EM_&WT.tsrc=BGEM

The 6 Feet Office | Cushman & Wakefield

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Helping Adjust to a New COVID-19 Normal

Cushman & Wakefield has begun visualizing life after the COVID-19 lockdowns and ‘stay at home’ orders come to an end. From their prospective, it is important for employers to think about the new normal and how they plan to adjust once people return to the workplace.

“The 6 feet rule” isn’t going away any time soon and it is critical to normalize this guideline into everyday life. Eventually, Americans will return to the workplace, but they must not forget the ‘six foot’ physical distancing rule.

The core premise is to ensure that six feet, the recommended measurement for safe social distancing, stays between people at all times. This behavior is encouraged through properly spaced desks, but also visual signals, such as a circle embedded in the carpeting around each desk to ensure people don’t get too close.

Cushman & Wakefield Introduces the 6 Feet Office. 

The 6 Feet Office is Cushman & Wakefield’s conceptual idea to help their clients prepare for their employees to return to the office. 

Cushman & Wakefield: 6 FEET OFFICE CONCEPT CONSISTS OF SIX ELEMENTS:

  1. 6 Feet Quick Scan: A concise but thorough analysis of the current working environment in the field of virus safety and any other opportunities for improvement.
  2. 6 Feet Rules: A set of simple and clear workable agreements and rules of conduct that put the safety of everyone first.
  3. 6 Feet Routing: A visually displayed and unique routing for each office, making traffic flows completely safe.
  4. 6 Feet Workstation: An adapted and fully equipped workplace at which the user can work safely.
  5. 6 Feet Facility: A trained employee who advises on and operationally ensures an optimally functioning and safe facility environment.
  6. 6 Feet Certificate: A certificate stating that measures have been taken to implement a virus-safe working environment.

References:

  1. https://www.cushmanwakefield.com/en/netherlands/six-feet-office
  2. https://www.fastcompany.com/90488060/our-offices-will-never-be-the-same-after-covid-19-heres-what-they-could-look-like

U.S. Senate passes $500 bln coronavirus aid package

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The U.S. Senate on Tuesday unanimously approved $484 billion in fresh relief for the U.S. economy and hospitals hammered by the coronavirus pandemic, sending the measure to the House of Representatives for final passage later this week.

The bipartisan bill would replenish funds for emergency small business lending programs and shore up national coronavirus testing as a stopgap ahead of another round of major relief legislation.

  • The bill includes an additional $310 billion for the Paycheck Protection Program, with $60 billion of that money reserved for smaller businesses without existing banking relationships.
  • Another $60 billion ($50 billion in loans and $10 billion in grants) is also set aside for the Economic Injury Disaster Loan fund, which is administered directly by the Small Business Administration rather than banks. Farms and other agricultural programs are now eligible for those funds.
  • The bill will also provide another $75 billion for cash-strapped hospitals and healthcare providers to help them cover the massive costs associated with responding to the virus. 
  • The bill allocates $25 billion for coronavirus testing—a major sticking point for both Democrats and Republicans during late-night negotiations on Monday. $11 billion of that money is earmarked for states and local governments to expand their testing capacity.
  • Under the terms of the legislation, the federal government is required to develop a “strategic plan related to providing assistance to states for testing and increasing testing capacity.” State and local governments must also submit their testing plans for review.
  1. https://www.forbes.com/sites/sarahhansen/2020/04/21/senate-passes-484-billion-interim-relief-package-heres-whats-in-it-and-whats-missing/#5f1656cc3e34