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Monday, July 20, 2020

The Economic Recovery is Faltering, Say C.E.O.s [feedly]

The Economic Recovery is Faltering, Say C.E.O.s

Hong Kong, considered an exemplar of coronavirus containment, is seeing a surge in infections — a warning for the rest of the world. And a new study in South Korea suggests that children older than 10 can spread the virus as readily as adults, which could complicate school reopenings. More on that below. (Want this delievered to your inbox each day? Sign up here.)

C.E.O.s are worried

America's corporate chiefs are steeling themselves for prolonged economic disruption and the prospect of a slow, halting recovery, The Times's David Gelles writes. Several C.E.O.s he spoke with were in a gloomy mood about the road ahead.

Fear of illness, arguments over masks and an uncertain future is taking its toll. "It's a grind on the organization's psyche," Brian Niccol of Chipotle told David. He and other leaders also bemoaned a lack of consistent communication from the government. Julia Hartz of Eventbrite said, "The uncertainty and the wildly varying mandates are not helping anybody."

C.E.O.s are losing confidence in the recovery. "I'm less optimistic today than I was 30 days ago," Arne Sorenson of Marriott International said. "I have a more cautious view than I did four weeks ago," Ed Bastian of Delta Air Lines noted.

Now what? "Getting this wrong — overreacting or acting irresponsibly — could be far more devastating to the global economy and the health of Americans," Jamie Dimon of JPMorgan said. "Open intelligently. Treat your fellow Americans respectfully. Start slow."

• Rich Lesser of Boston Consulting Group has perhaps the most eye-catching proposal: The federal government should distribute masks, increase testing and distribute food to vulnerable populations at a cost of up to $100 billion a month. That's a lot of money, but it could reduce hospitalizations by as much as 70 percent, he said, while costing less than the $1 trillion a month that the government spent on relief efforts from March through May.

 -- via my feedly newsfeed

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