Money
Economic Research, Federal Reserve Bank of St. Louis: Shift in Confidence and Fear Could Prevent Consumers From Rebounding to Their Investment and Spending Habits
"The negative economic effects of the pandemic come from two sources: capital obsolescence and belief scarring. The pandemic and lockdowns forced consumers to work and consume differently, which can generate persistent changes in tastes and habits for years to come. Capital obsolescence reflects this long-lasting change in the economic value of installed capital. For example, in the post-pandemic world there might be more online shopping instead of in-store purchases. Hence, some installed capital, for example, commercial real estate such as shopping malls, could become obsolete." more »
Trump Administration Again Slashes Endangered Species Act Protections to Benefit Polluters Economic interests to Outweigh Science in Habitat Decisions
"The U.S. Fish and Wildlife Service (FWS) finalized a rule change that alters the process for designating critical habitat under the Endangered Species Act. This will weaken the ability to designate critical habitat for at-risk species and prioritize economics over science. The rule gives increased weight in decision making to developers to prioritize oil and gas development and other industries over safeguarding and restoring habitat for endangered species." more »
*KFF: Gaps in Cost Sharing Protections for COVID-19 Testing and Treatment Could Spark Public Concerns About COVID-19 Vaccine Costs
It will be important for the Trump administration and incoming Biden administration to develop plans to strictly enforce these requirements on insurers and providers to ensure that the public receives the vaccine for free as intended. The federal government should also put mechanisms in place so that any noncompliance that results in a bill to a patient can be resolved without cost or administrative burden for the patient. Laws and regulations ensure access to free COVID-19 vaccines for individuals regardless of their insurance status, although some of these protections are in effect only during the public health emergency or for the initial doses purchased through the COVID-19 Vaccination Program. more »
Fed Reserve Gov Brainard: Strengthening the Financial System to Meet the Challenge of Climate Change; opportunities for private-sector investments in low-carbon innovation, infrastructure, energy, and transportation
"There is growing evidence that extreme weather events related to climate change are on the rise — droughts, wildfires, hurricanes, and heatwaves are all becoming more common. Climate-related events are already adversely affecting the lives of many Americans. The economic and financial impacts are also increasingly evident: we are already seeing elevated financial losses associated with an increased frequency and intensity of extreme weather events. Some have described Pacific Gas and Electric's bankruptcy as the first climate-related bankruptcy of a major US corporation... more »