Business 61 – How To Start Rebuilding The Post-Coronavirus Economy Now

  • 投稿カテゴリー:Business

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Warm up

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  1. What industry do you work in and what is your role?
  2. What are your responses in your role / position?
  3. Can you describe to the function of your workplace / company?
  4. How many departments, how many offices. National or International?
  5. What are the minimum requirements for employment ie Education or Experience?
  6. How many opportunities are there to ‘move up the ladder’?
  7. What is the process for changing job roles ie Interview? Test?

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General discussion about your workweek:

  1. Current projects? Deadlines? Opportunities?
  2. Anything of interest happening?

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Script

1. When recent tornadoes hit Tennessee, signs were soon up declaring “Nashville Strong!” Similar declarations of strength show up all over our country with handmade posters and T-shirts whenever a natural disaster or tragedy hits. We need to bring that same optimism and can-do attitude and declare “America Strong” through our current challenge. 

2.  COVID-19 has not only infected thousands but has thrust us into an economic recession. How long, how deep and how many are impacted by the recession will be influenced not just by the virus, but by action taken by government leaders to recover from the economic impact.

3.  After years of record stock market growth, low unemployment and optimism, we are headed in the opposite direction. Estimates of job losses are in the millions. Tens of millions more will be impacted by reduced wages during their time off. Stock market reactions have stressed the financial sector and made families skittish about spending. Now is the time for decisive action to reboot our economy and our hope. 

4. Recently the Federal Reserve cut interest rates to near zero to help stabilize the market, using a tool applied during the financial crisis of ten years ago.  But back then the problem was a credit crisis. What we are facing now is plummeting demand as people are out of work or with a substantial loss of income.

5. Short term, there will be an immediate cash infusion for families, and financial support for sick leave. States can expedite unemployment insurance to prevent payment delays. Tax cuts and other funds are on the way to help businesses stay afloat. These financial boosts will help for several weeks, bills will get paid, but when that money is spent, we still have little to show for it. Much bigger action is needed as an antidote for economic pessimism. 

6. Congress has talked about major action in the past but it was usually mired in political differences. Right now the financial survival of families and jobs is the priority. The needs of the people are bigger than the political divide. Here are three major issues that could garner bipartisan support to create and stabilize millions of jobs and put hundreds of billions of dollars into paychecks.

7. Repatriate American manufacturing.

Over the past 20 years, US companies eager to find cheap labor rates turned to China. In China, massive governmental subsidies, weak environmental regulations, low wages, and currency manipulation are among the reasons why. A few years ago China replaced the USA as the world’s biggest manufacturer. Now we are dependent on China for a majority of our antibiotics, and high-tech products. We realize now the vulnerability of our supply chain with dependence on foreign manufacturing. Congress needs to pass laws encouraging vital industries to return to the USA.

8. Keep our energy sector.

We need to maintain our oil and natural gas in the US. Reductions in these would cost hundreds of billions of dollars to our economy and act like a boot on the throat of an economy already down on the mat. The oil and gas industry supports 9.8 million jobs in the US, and natural gas contributes $2.08 trillion to US manufacturing. Further, energy independence means neither the US or strategic allies have to buy energy from countries that finance terrorism. Let this sector grow, while also supporting growth in renewable energy. 

9. Rebuild our infrastructure.

This discussion has been going on for 20 years but it’s usually lots of talks and little funding. For example, a few years ago congress funded “shovel ready” projects as a stimulus, but it only helped a single construction season and led to price inflation. Each year, new appropriations are consumed just to repair dangerously deficient bridges and dams. In the meantime, things get much worse. Over $4.5 Trillion is needed to repair and update our crumbling infrastructure according to the American Society of Civil Engineers.

Discussion

1. How do you imagine societies to be after the corona pandemic? 

2. Do you think that the coronavirus has shown the negative side of a globalized world or has it brought humans more together?

3. During these days of staying at home, have you learnt anything new about yourself or others that you didn’t know before?