Money and Computing
FactCheck.org's Weekly Update, August 29, 2020
In a hyped press briefing the eve before the Republican National Convention, President Donald Trump falsely said that convalescent plasma had been “proven to reduce mortality by 35%,” even though the therapy has not yet been shown to be effective for COVID-19. On 6 separate occasions, President Trump has claimed that Europe’s excess mortality during the COVID-19 pandemic is 33% to 40% higher than America’s. But that’s only possible when cherry-picking numbers or ignoring Europe’s larger population. Facebook posts falsely claim that under Joe Biden, the “tax rate on a family making 75000 dollars would go from 12% to 25%.” Biden’s proposal does not call for a tax increase on those making less than $400,000, though analysts say an increased corporate tax rate could effectively result in a small tax increase for middle-income earners. Social media repeats an error reported by Lou Dobbs on Fox Business in July, claiming that major corporations were donating large sums of money to Black Lives Matter. The companies have pledged support for racial equality initiatives, but haven’t specified Black Lives Matter as a beneficiary. more »
New Economic Challenges and the Fed's Monetary Policy Review by Chair of the Federal Reserve Jerome H. Powell
"The persistent undershoot of inflation from our 2 percent longer-run objective is a cause for concern. Many find it counterintuitive that the Fed would want to push up inflation. After all, low and stable inflation is essential for a well-functioning economy. And we are certainly mindful that higher prices for essential items, such as food, gasoline, and shelter, add to the burdens faced by many families, especially those struggling with lost jobs and incomes. However, inflation that is persistently too low can pose serious risks to the economy. Inflation that runs below its desired level can lead to an unwelcome fall in longer-term inflation expectations, which, in turn, can pull actual inflation even lower, resulting in an adverse cycle of ever-lower inflation and inflation expectations." more »
What England Did to Help Their Economy: Half-Price Food For The Month of August
From 3 to 31 August, the English received a 50% discount when they ate in at restaurants that are registered with the Eat Out to Help Out Scheme. They did not need a voucher to use this scheme and they could use it at the same time as other offers and discounts. There was no minimum spend. The Eat Out to Help Out scheme aimed to help protect the jobs of the hospitality industry's 1.8 million employees by encouraging people to safely return to their local restaurants, cafes and pubs where social-distancing rules allow. more »
Jo Freeman Writes: The Political Parentage of Kamala Harris
Jo Freeman writes about Kamala Harris’ political parentage: She has said that she is a child of the civil rights movement because her parents participated in demonstrations while they were grad students at Berkeley in the early 1960s. In fact, her political parents were Burton Machine and the Women's Liberation Movement. If Joe Biden is inaugurated as President in January, the people first and second in line for succession will both be progeny of the Burton machine and both be women. more »