We may be repeating ourselves here, but the cure for Covid-19 has been far, far worse than the disease. From Bill Bonner at rogueeconomics.com:
SAN MARTIN, ARGENTINA – We begin today with a new study by the RAND Corporation.
It tallies a little more of the hidden cost of House Arrest.
ABC News reports:
Now, new data shows that during the COVID-19 crisis, American adults have sharply increased their consumption of alcohol, drinking on more days per month, and to greater excess. Heavy drinking among women especially has soared. […]
“The magnitude of these increases is striking,” Michael Pollard, lead author of the study and a sociologist at RAND, told ABC. “People’s depression increases, anxiety increases, [and] alcohol use is often a way to cope with these feelings. But depression and anxiety are also the outcome of drinking; it’s this feedback loop where it just exacerbates the problem that it’s trying to address.”
The bills will continue to trickle in for years. Jobs lost. Companies bankrupted. Careers and families stifled and stunted.
Job Cuts
Yesterday came more news of job cuts. Here’s Bloomberg:
American Airlines Group Inc. and United Airlines Holdings Inc. will start laying off thousands of employees as scheduled, spurning Treasury Secretary Steven Mnuchin’s appeal for a delay as he negotiates with Congress over an economic relief plan that includes payroll support for U.S. carriers.
American is furloughing 19,000, while United is laying off about 13,000.
STRAIGHT LINE LOGIC 