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Economic Effects of Covid-19

We have ALL your misinformation, plus some TRUE FACTS and SCIENCE.
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Economic Effects of Covid-19

#1

Post by Volkonski »

Alamo Drafthouse theater chain files for bankruptcy
The Austin-based Alamo Drafthouse movie theater chain is filing for bankruptcy and closing the iconic location on Austin's Sixth Street.


https://preview.houstonchronicle.com/mo ... m=referral
Last week came word that Houston's River Oaks Theatre, operated by the Landmark chain, could close if a deal on its expiring lease isn't reached with Weingarten Realty. Now, the Austin-based Alamo Drafthouse chain, a pioneer in the concept of dining and drinking while movie-watching, is filing for chapter 11 bankruptcy and closing two Texas locations, including the beloved Ritz theater on Austin's 6th Street.

In addition to the Austin venue, others to be closed include locations in New Braunfels and Kansas City while plans for a new Alamo in Orlando have been scrapped, according to USA Today. The Alamo operates 18 multiplexes directly while another 23 are franchises. For now, the bankruptcy appears to have no impact on the Houston area's Alamo Drafthouse in Katy.

"It sends shock waves through the industry," says Jeff Bock, senior box office analyst for Exhibitor Relations Co., an entertainment-industry research and data firm in Los Angeles. "Considering Alamo is at the forefront of (the theatrical experience) in terms of people loving what Alamo does. (This is) a company that does it right, does it the best way possible, in my estimation...If Alamo can't survive...we're still in for some rough waters."

Alamo is being restructured with assets being sold to affiliates of Altamont Capital and Fortress Investment Group. Alamo founder and executive chairman Tim League is one of the buyers. This will allow Alamo to tap into more financing that the company hopes will see it through to the end of the pandemic. The deal has to still be approved by a bankruptcy judge.
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Re: Economic Effects of Covid-19

#2

Post by raison de arizona »

“Remember, democracy never lasts long. It soon wastes, exhausts, and murders itself. There never was a democracy yet that did not commit suicide.” —John Adams
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Re: Economic Effects of Covid-19

#3

Post by Volkonski »

The Met Opera’s Musicians, Unpaid Since April, Are Struggling

https://www.nytimes.com/2021/03/15/arts ... d=tw-share
The Metropolitan Opera House has been dark for a year, and its musicians have gone unpaid for almost as long. The players in one of the finest orchestras in the world suddenly found themselves relying on unemployment benefits, scrambling for virtual teaching gigs, selling the tools of their trade and looking for cheaper housing. About 40 percent left the New York area. More than a tenth retired.

After the musicians had been furloughed for months, the Met offered them reduced pay in the short term if they agreed to long-term cuts that the company, which estimates that it has lost $150 million in earned revenues, says it will need to survive. When the musicians resisted, the Met offered to begin temporarily paying them up to $1,534 a week — less than half their old pay, but something — if they simply returned to the bargaining table, a proposal the musicians are weighing.

Now the Met’s increasingly rancorous labor battles — it has locked out its stagehands, and outsourced some set construction to Wales — are adding more uncertainty to the question of when the opera house can reopen after its long pandemic shutdown.

:snippity:

Over the past year, 10 of the orchestra’s 97 members have retired, a stark increase from the two to three who retire in an average year, said Brad Gemeinhardt, the chairman of the orchestra committee, which negotiates labor issues on behalf of the musicians. Prominent figures in the music world are sounding warnings about the peril the orchestra faces: Riccardo Muti, the revered conductor, said in a statement earlier this year that the “artistic world is in disbelief that the very existence of a great orchestra like the Met’s could be in danger and even at risk of disappearing.”
“If everyone fought for their own convictions there would be no war.” ― Leo Tolstoy, War and Peace
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Lani
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Re: Economic Effects of Covid-19

#4

Post by Lani »

Good news, bad news
Travel to and between the Hawaiian islands has skyrocketed in recent weeks, nearing 30,000 on Saturday, March 20, which is almost pre-pandemic level, and all of them needed to squeeze through a post-arrival pinch-point: the Safe Travels screening that makes sure only COVID-negative people are checked off for quarantine exemptions.

Not too bad when it was 5,000, 10,000 and even 15,000 thousand visitors a day — but 28,000?

“We haven’t had that surge in over a year,” said Sheri Kajiwara, Safe Travels Hawaii special projects administrator.
Hawaii DOH detects more coronavirus variant cases

That surge is exposing everything from inefficiencies and process gaps to traveler and staff confusion, even outbursts by workers struggling to keep up the aloha.
https://www.khon2.com/always-investigat ... screening/
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Re: Economic Effects of Covid-19

#5

Post by AndyinPA »

https://www.washingtonpost.com/health/i ... table-main
Indoor dining remains risky, as the pandemic rages on, propelled by highly transmissible new coronavirus variants that threaten gains from widespread vaccination. The virus has been brutal for the restaurant industry. The National Restaurant Association estimates a loss of $240 billion in bar and restaurant sales and 2.5 million jobs during 2020. President Biden’s covid-19 stimulus package provides $25 billion in grants for restaurants and bars that lost revenue, but thousands of restaurants already have shut down permanently.

Those struggling to hold on are considering a broad range of air ventilation and filtration techniques to keep customers and staff safe. Sierra Mar’s new air-quality experiment, partly funded by a regional foundation, cost about $30,000. That’s a hefty expenditure that might be out of reach for many restaurants running on thin profit margins.

Mike Freed considers it a worthy investment. He’s the managing partner of the Post Ranch Inn, the exclusive resort that contains Sierra Mar and caters to an affluent eco-conscious traveler. Since the setup, if successful, could potentially be utilized in other restaurants and indoor spaces, the Washington Post asked several experts on indoor air to review the restaurant layout and strategy. They agreed it should work to make the dining experience considerably safer, while noting 100 percent safety is unattainable.
We ate out yesterday, but we stayed outside. Summer is coming, so we will be eating out again, but as much as possible we will eat outside. I'm hoping that works out well for us on our trip in June-July. Since it's the desert Southwest, I'm not sure how many restaurants will make dining outside easy to do in that heat.
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Re: Economic Effects of Covid-19

#6

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https://www.washingtonpost.com/sports/o ... story.html
TOKYO — The Olympic Games scheduled to be held in Tokyo this summer may have to be canceled depending on the coronavirus situation, a senior member of Japan's ruling party said Thursday.

The remarks were the first public admission by the ruling party that cancellation or postponement were under serious consideration, though the challenges of holding the Games have become increasingly evident because of a worsening virus outbreak in Japan.

“I want the Games to succeed, but to do so there are a lot of issues that need to be resolved,” Liberal Democratic Party Secretary General Toshihiro Nikai said during a television interview. “If it seems impossible, it needs to be stopped.”
"Choose your leaders with wisdom and forethought. To be led by a coward is to be controlled by all that the coward fears… To be led by a liar is to ask to be told lies." -Octavia E. Butler
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Re: Economic Effects of Covid-19

#7

Post by Volkonski »

A Major Chlorine Shortage Is Set to Spoil Summertime Fun in the Swimming Pool

https://www.nbcdfw.com/news/business/mo ... t_DFWBrand
As homeowners start to prep swimming pools for the season, they will face a widespread chlorine shortage.

In some parts of the country, pool supply stores have imposed quantity restrictions. In other areas, prices for chlorine tablets have already doubled from last year.

A pandemic swimming pool boom created higher demand for chlorine, then a major chemical plant fire in Louisiana knocked some production offline, resulting in a shortage.
“If everyone fought for their own convictions there would be no war.” ― Leo Tolstoy, War and Peace
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sugar magnolia
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Re: Economic Effects of Covid-19

#8

Post by sugar magnolia »

Not to mention all that bleach people were injecting and hoarding.
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Lani
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Re: Economic Effects of Covid-19

#9

Post by Lani »

From my morning NYT email:
With the U.S. economy growing rapidly, millions of people have returned to work. Yet there is still one large group of Americans whose employment rates remain far below their prepandemic levels — mothers of young children.

Consider this data, which Moody’s Analytics compiled for The Morning....
%change.png
%change.png (79.05 KiB) Viewed 5867 times
The explanation is obvious enough. Many schools and day care centers have not returned to normal operations. They are open for only a few hours a day, a few days a week or on alternating weeks, making it difficult for parents to return to a full-time job. And parenting responsibilities still fall disproportionately on women.

This situation is unlikely to change over the final month or two of the current school year. But it raises a major question about the start of the next school year, in August and September: Will schools fully reopen — every day, Monday through Friday, and every week?

If they do not and instead maintain a hybrid approach, it will exact a heavy cost on American women. The biggest issue of gender equality in 2021 may well be whether schools return to near-normal this fall.
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Re: Economic Effects of Covid-19

#10

Post by Lani »

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Re: Economic Effects of Covid-19

#11

Post by Lani »

Dollar General at center of labor unrest controversy after frustrated workers walk off job in Maine citing low wages and understaffed stores
https://www.businessinsider.com/dollar- ... out-2021-5
"The Dollar General walk-out in Eliot is yet another example of service sector realizing the true value of their labor after suffering with low wages, poor treatment and lousy working conditions," Maine's AFL-CIO union communications director Andy O'Brien said in a statement to Insider. "While business owners are constantly whining and complaining about how they can't find enough people to work for them, they still refuse to pay living wages to attract employees and the workers are fighting back."

O'Brien added that, in the case of Dollar General, workers say the company expects in-store salaried employees work 70 to 80 hours a week. O'Brien said that a bill in the Maine legislature could make most salaried employees earning up to $55,000 a year eligible for overtime pay, which would "prevent the kind of blatant exploitation of salaried employees that Dollar General continues to get away with."
McDonald's workers are planning strikes in 15 cities for higher wages ahead of the chain's annual investor meeting
https://www.businessinsider.com/mcdonal ... ing-2021-5

"General strike 2021" It's happening at low paying businesses, and not only in the US.
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Re: Economic Effects of Covid-19

#12

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https://www.bloomberg.com/news/articles ... f=nXmOg68r
A year ago, as the pandemic ravaged country after country and economies shuddered, consumers were the ones panic-buying. Today, on the rebound, it’s companies furiously trying to stock up.

Mattress producers to car manufacturers to aluminum foil makers are buying more material than they need to survive the breakneck speed at which demand for goods is recovering and assuage that primal fear of running out. The frenzy is pushing supply chains to the brink of seizing up. Shortages, transportation bottlenecks and price spikes are nearing the highest levels in recent memory, raising concern that a supercharged global economy will stoke inflation.

Copper, iron ore and steel. Corn, coffee, wheat and soybeans. Lumber, semiconductors, plastic and cardboard for packaging. The world is seemingly low on all of it. “You name it, and we have a shortage on it,” Tom Linebarger, chairman and chief executive of engine and generator manufacturer Cummins Inc., said on a call this month. Clients are “trying to get everything they can because they see high demand,” Jennifer Rumsey, the Columbus, Indiana-based company’s president, said. “They think it’s going to extend into next year.”

The difference between the big crunch of 2021 and past supply disruptions is the sheer magnitude of it, and the fact that there is — as far as anyone can tell — no clear end in sight. Big or small, few businesses are spared. Europe’s largest fleet of trucks, Girteka Logistics, says there’s been a struggle to find enough capacity. Monster Beverage Corp. of Corona, California, is dealing with an aluminum can scarcity. Hong Kong’s MOMAX Technology Ltd. is delaying production of a new product because of a dearth of semiconductors.
"Choose your leaders with wisdom and forethought. To be led by a coward is to be controlled by all that the coward fears… To be led by a liar is to ask to be told lies." -Octavia E. Butler
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Re: Economic Effects of Covid-19

#13

Post by Lani »

U.K. Restaurants Hit With Chef Shortage as Indoor Dining Resumes
Low pay, long hours and Brexit pushed many hospitality workers into new careers.
https://www.bloomberg.com/news/articles ... =economics

It looks like an international major event - people realize some jobs suck and are refusing to return to them.
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Lani
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Re: Economic Effects of Covid-19

#14

Post by Lani »

From my NYT morning email.

Good morning. Is the U.S. suffering from a labor shortage? If so, capitalism has an answer.

When a company is struggling to find enough labor, it can solve the problem by offering to pay a higher price for that labor — also known as higher wages. More workers will then enter the labor market. Suddenly, the labor shortage will be no more.

:snippity:
If anything, wages today are historically low. They have been growing slowly for decades for every income group other than the affluent. As a share of gross domestic product, worker compensation is lower than at any point in the second half of the 20th century. Two main causes are corporate consolidation and shrinking labor unions, which together have given employers more workplace power and employees less of it.

:snippity:
Corporate profits, on the other hand, have been rising rapidly and now make up a larger share of G.D.P. than in previous decades. As a result, most companies can afford to respond to a growing economy by raising wages and continuing to make profits, albeit perhaps not the unusually generous profits they have been enjoying.

For now, some combination of these forces — together with a rebounding economy — has created the impression of labor shortages. But companies have an easy way to solve the problem: Pay more.

That so many are complaining about the situation is not a sign that something is wrong with the American economy. It is a sign that corporate executives have grown so accustomed to a low-wage economy that many believe anything else is unnatural.
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Re: Economic Effects of Covid-19

#15

Post by sugar magnolia »

Saw a sign at the Burger King yesterday. Now hiring managers and supervisors. $9.50 - $11.00 /hr.

Just days ago our fuckwitted guv refused the federal unemployment supplement, beginning June 12. He says we're open for business and there are help wanted signs everywhere so people must just be lazy and want to stay home and collect welfare.
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Re: Economic Effects of Covid-19

#16

Post by Resume18 »

sugar magnolia wrote: Thu May 20, 2021 11:21 am Saw a sign at the Burger King yesterday. Now hiring managers and supervisors. $9.50 - $11.00 /hr.
That can't be real.*

In 1981 I worked at UPS to help pay for college. I loaded trucks and it was hard work, but I was paid for it: $11.00/ hr. I suck at math, but that's 40 effen years ago.

That can't be real.*


* not questioning the poster, just dumbfounded.
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Re: Economic Effects of Covid-19

#17

Post by Foggy »

My boys are (theoretically, I know it's early) beginning internships - both at the same company - for $14/hr. on Monday.

There's a tradition in Mexico, I heard, that you give your first paycheck at your first job to your father, in recognition of the contribution he made in preparation for your success.

I don't think that's going to be a thing here in Rawly. :blackeye:
Out from under. :thumbsup:
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Re: Economic Effects of Covid-19

#18

Post by AndyinPA »

https://www.washingtonpost.com/travel/2 ... ess-covid/
Three Carnival-owned cruise lines on Thursday said they are planning to resume sailing in Alaska this summer with fully vaccinated passengers, a prospect that would have seemed like an incredible long shot just months ago.

The announcement from Carnival Corp. comes as the cruise industry attempts a restart in the United States after shutting down in the early days of the coronavirus pandemic in March 2020.

The Alaska plans still need approval from the Centers for Disease Control and Prevention, but the company is betting that will happen. Carnival is also working to lock in plans to sail ships from Miami and Galveston, Tex., in July.

:snippity:

Crucially for Alaska visits, the House voted Thursday to allow a temporary waiver for the federal law requiring ships to visit a foreign port. The Senate approved the bill, called the Alaska Tourism Restoration Act, last week. Next it goes to President Biden for a signature.

“After missing the 2020 season due to COVID-19 travel restrictions, Alaskans across the state have been feeling fear, anxiety, and uncertainty over whether or not their jobs — their livelihoods — could survive another cancelled cruise ship season,” Sen. Lisa Murkowski (R-Alaska) said in a statement. “For many, the advice was just to ‘get through to 2022,’ but for the delegation, that was simply not acceptable.”
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Re: Economic Effects of Covid-19

#19

Post by Lani »

Worker shortages affecting many retailers and restaurants aren’t being felt at Target, Mr. Cornell said, because of wage investments and other worker benefits. Target raised pay for hourly workers to at least $15 an hour last year.
https://www.wsj.com/articles/targets-bo ... 1621420501

Good for Target!

Hawaii has joined the other states in stopping the extra $300 per week in unemployment benefits and requiring a job search. The newspapers are writing about the sad fast food companies that can't get employees, kinda ignoring that no one can survive here on $10.10/hour. Decent paying jobs are rare as some many companies and local government have hiring freezes.
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Lani
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Re: Economic Effects of Covid-19

#20

Post by Lani »

Here's another surprise - Bank of America.
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Lani
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Re: Economic Effects of Covid-19

#21

Post by Lani »

Lani wrote: Sat May 22, 2021 1:47 am
Hawaii has joined the other states in stopping the extra $300 per week in unemployment benefits and requiring a job search. The newspapers are writing about the sad fast food companies that can't get employees, kinda ignoring that no one can survive here on $10.10/hour. Decent paying jobs are rare as some many companies and local government have hiring freezes.
Governor changed his mind. The weekly $300 federal government supplement will continue. :thumbsup:
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Re: Economic Effects of Covid-19

#22

Post by RTH10260 »

Subscriber newsletter, no link
NYT newsletter wrote:The inequality of the GoFundMe economy

Timo Lenzen
By Shira Ovide

Turning to the internet for financial help didn’t work very well in a pandemic.

That was among the discouraging conclusions of a new academic research paper that examined efforts on the fund-raising website GoFundMe to collect money for health care bills, groceries, funeral costs and other needs that resulted from the coronavirus crisis.

Out of nearly 165,000 pandemic-related campaigns in the United States from March to August last year, more than four in 10 received no donations at all, the researchers found. The typical charity drive collected just $65. And the most successful GoFundMe campaigns for coronavirus assistance seemed to be for people in wealthier communities who most likely needed the least help.

Overall, charitable giving in the United States increased during the pandemic, and GoFundMe campaigns raised more than $416 million for pandemic assistance, the researchers found. Still, it was stark to see the gap between the prevalence of GoFundMe requests for help and the numbers of people who didn’t get very much.

The research found that in a country with high wealth inequality, digital fund-raising tools reflect and, in some cases, may worsen the real-world gulf between winners and losers. In short, online charity drives don’t equitably or consistently fill the gaps in the social safety net.

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Re: Economic Effects of Covid-19

#23

Post by Lani »

Corporations are choosing to allow teleworkers to continue working from home. Microsoft, other IT companies, banks, insurance companies and other corporations are offering the choice of continuing to work from home. Check out a hiring website to see that there is now a very busy category for work from home positions. Organizations are reducing their real estate footprint and associated costs.

I attended an EEOC briefing about return to (office) work. Work from home can be a reasonable accommodation for a person with a disability, but it was a struggle to prove it. Now work from home is commonplace, making it easier to show that's it's reasonable. EEOC stated that if a telework person requests to continue at home, whether or not the person claims a disability, the employer needs to have a meeting about it. I know from my job that a not insignificant number of employees have health problems, but have pushed themselves to maintain their jobs. For those with ME/​CFS/Fibro, back pain, arthritis, etc., this is a major change. I've done workarounds for them with - for example - changing their hours so they don't spend time sitting in rush hour. But now, work from home is not a big deal. The landscape has changed. That's a good thing.
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Re: Economic Effects of Covid-19

#24

Post by Lani »

Hawaii's economy crashed due to covid. Conversely, residents really enjoyed living here more. And now tourists are arriving in droves. Beaches & roads are crowded. Maui has a big problem with the road to Hana - a narrow, 2 lane road. People park in the road and wander around taking photos with no regard for residents who need to go to work, stores, appointments, etc.
Hana.jpg
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Amid a post-pandemic tourism surge, Hawaii’s counties are rethinking their reliance on the visitor industry with new laws meant to stem the flood of visitors.

Kauai is considering a new visitor parking fee at overcrowded beaches. The Hawaii County Council recently weighed the pros and cons of defunding Big Island tourism promotion since, regardless of marketing efforts, visitors seem to keep coming anyway.

Last week the Maui County Council introduced its toughest measure yet when it adopted a ban on new hotels in south and west Maui. No building permits will be given out for visitor accommodations in these areas, which includes Lahaina and Kihei, for up to two years.
:snippity:
The changes come at a time when the Hawaii Tourism Authority, facing a shrinking budget, is shifting to take on a bigger role in managing tourism instead of mainly focusing on marketing Hawaii to the world.
https://www.civilbeat.org/2021/07/how-n ... in-hawaii/

Maui is considering limiting the number of visitors at any given time to not exceed a third of the resident population. Population 157,000 means not more than about 52,000 visitors at a time. Compare with 2019 when the average number of visitors was about 43% of Maui’s population.
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Re: Economic Effects of Covid-19

#25

Post by Lani »

Another economic effect - although tourism has sudden bloomed again, hotels have changed. Many no longer provide daily room cleaning/bed making/etc. So hotels at or near pre-covid numbers are not returning all of the staff.

I went to Poʻipū today to take pictures and measurements where a resident was injured. I hadn't been there for more than year. OMG THERE ARE A LOT OF PEOPLE! It's like the old days. People wandering in the VERY NARROW road, people suddenly stopping their car in the road to take pictures, people chatting in the middle of the road, etc. Apparently, we only exist to support their fantasies.

Mixed feelings. Need the dollars, but need respect as well. Interesting times!
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