LISTEN: PAINE in the Morning — News Scoops & Analysis for Wednesday 5.6.20


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Elvis Was King, Ike Was President, & 116,000 Americans Died In A Pandemic – The year was 1957.

Elvis’s new movie “Jailhouse Rock” was packing the theaters. The last episode of “I Love Lucy” aired on television. The show “West Side Story” held tryouts in Washington, D.C., and opened on Broadway in September. Ford’s new car the Edsel rolled off the assembly line. The Cold War with Russia was on and “In God We Trust” appeared on U.S. currency. The first Toys R Us store opened. – READ MORE

Meat Shortages Leave Wendy’s Diners Asking, ‘Where’s the Beef?’ – With meat shortages roiling the U.S., some Wendy’s Co. restaurants have taken burgers — their hallmark item — off the menu.

Customers have taken to Twitter to complain they couldn’t order burgers from the restaurant, which touts its beef as fresh and never frozen in its marketing. – READ MORE

Tyson expects to keep slowing meat production as coronavirus sickens workers and tanks income – Major meat provider Tyson Foods reported a steep decline in income Monday, raising more fears about America’s food supply chain during the world’s fight against the coronavirus.

Net income fell by 15 percent for the second quarter, ending March 28, compared to the same period the previous fiscal year, Tyson reported. – READ MORE

The meat shortages are here: Costco and Kroger warn of limited supply – The meat shortages have come sooner than expected — likely thanks to the hoarders.

Costco on Monday said it will be limiting customers to just three packages of meat per shopper, while Kroger supermarkets posted an alert on the meat section of its website warning that it may have limited inventory “due to high demand.” – READ MORE

Dozens Dead After Lockdown Measures Delayed Their Heart Surgeries; Health Official: ‘Certainly Was Not Intended’ – Tens of thousands of medical procedures have been postponed in Ontario, Canada, anticipating a novel coronavirus patient surge that has yet to come, a report from the independent Financial Accountability Office (FAO) found late last month.

Delayed heart surgeries, for example, have already resulted in around 35 deaths, a University Health Network (UHN) report states. – READ MORE

Data show Americans are returning to normal life whether state and local officials like it or not – As the coronavirus pandemic wanes, new mobility data shows that Americans are no longer sheltering in place to the extent they did several weeks ago, despite continued state and local guidelines.

According to Apple’s mobility trends report — which tracks people’s searches for directions on Apple Maps — traffic in America has more than doubled in the last three weeks since its low point at -60% from the baseline. As of Saturday, that number had risen to only -16% from the baseline. – READ MORE

Billionaire Sam Zell Sees Economy Permanently Scarred by Pandemic – Sam Zell, the billionaire known for buying up troubled real estate, said the coronavirus pandemic will leave the same kind of impact on the economy and society as the Great Depression 80 years ago, with long-lasting changes in human behavior that imperil many business models.

“Too many people are anticipating a kind of V-like recovery,” Zell said in an interview with Bloomberg Television. “We’re all going to be permanently scarred by having lived through this.” – READ MORE

SHOCK: ‘More Than 40%’ Of Small Businesses May Close In The Next Six Months – In addition to record unemployment numbers, experts now predict that a “wave” of small business bankruptcies is on the horizon — and it could leave the United States with 40% fewer small businesses.

The New York Times reports that the United States Chamber of Commerce estimates “more than 40 percent of the nation’s 30 million small businesses could close permanently in the next six months” — a statistic entirely attributable to the coronavirus pandemic and ensuing lockdowns. – READ MORE

Chicago Fed economists see ‘U-Cov’ jobless rate as high as 34% – The official U.S. unemployment rate for April, due out this Friday, will likely vastly understate job destruction from the coronavirus pandemic, so a pair of economists at the Federal Reserve Bank of Chicago set out to create a measure that captures the true extent of labor market losses.

Their estimate: a ‘U-Cov’ rate in April of somewhere between 25.1% and 34.6%. That’s compared to the 16% rate forecast by economists polled by Reuters, who also estimate American employers shed more than 20 million jobs last month. – READ MORE

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