President Donald J. Trump and daughter and advisor Ivanka Trump arrive at the American Workforce Policy Advisory Board Meeting at the White House on June 26.
Photo: Chris Kleponis/Zuma PressIn the upside-down world of modern press coverage, politicians win praise for opportunity-crushing lockdowns while a new White House effort to encourage job seekers is attracting scorn across the media landscape.
As for the lockdowners, Gov. Gavin Newsom (D., Calif.) has recently pivoted from praising protesters who were gathering in public and shouting near each other to blaming young people who gather for a “selfish mindset” that he ties to a recent increase in Covid cases.
Of course young people have been sacrificing plenty lately due to the shutdowns which amount to a massive transfer of generational wealth. The cost is not just measured in the reduced employment and educational opportunities being imposed upon them—which will dent future earnings. There is also the massive debt they will be forced to carry as they attempt to build careers.
A Journal editorial notes that “federal spending for the first nine months of fiscal 2020 hit a record $5.005 trillion. Congratulations to everyone, and especially young Americans. You’ll be paying for it the rest of your lives. The Congressional Budget Office fiscal report for June says outlays rose 49% in the first nine months, or $1.649 trillion more than a year earlier.”
And there are more expenses ahead. The San Francisco Chronicle reports:
Gov. Gavin Newsom on Monday signaled a major retreat in the state’s two-month effort to recover from the economic collapse caused by the coronavirus, ordering the closure of bars, indoor restaurants, movie theaters and many other recently reopened businesses across California.
Mr. Newsom’s government currently reports 7,346 new Covid cases on Monday, down from last Tuesday’s peak of more than 11,694. Fortunately reported deaths on Monday were also down significantly as well.
Nationwide, the CDC recently reported on the weeks ending June 27 and July 4:
Based on death certificate data, the percentage of deaths attributed to pneumonia, influenza or COVID-19 (PIC) decreased from 6.9% during week 26 to 5.5% during week 27, representing the eleventh week of a declining percentage of deaths due to PIC. The percentage is currently below the epidemic threshold but will likely change as more death certificates are processed, particularly for recent weeks.
But while daily deaths are fortunately far below the spring peaks, the economic pain is far from over. Ben Eisen and David Benoit report:
The largest U.S. banks signaled that the worst of the coronavirus recession is yet to come, opting to stow away tens of billions of dollars to prepare for an expected wave of loan losses.
JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. said Tuesday they took large hits to their second-quarter profits to collectively stockpile $28 billion to cover losses as consumers and businesses start to default on their loans.
Many of those consumers are still looking for jobs, which brings us to the news from the White House. Darlene Superville of the Associated Press reports from Washington:
Presidential adviser Ivanka Trump on Tuesday unveiled a White House-backed national ad campaign highlighting alternative ways to start a career, an initiative targeting students, mid-career workers and the millions who are now unemployed because of the coronavirus.
Called “Find Something New,” the campaign is backed by Apple Inc. and IBM Corp. It was quickly bashed on social media as being tone deaf and inadequate for the times.
The Trump administration has long emphasized skills-based job and vocational training as an alternative to two- or four-year college degree programs for high school graduates, arguing that college isn’t for everyone and that a degree isn’t required for many jobs.
This column generally doesn’t think much of federal job-training programs. And it seems the White House doesn’t either. Last summer the White House Council of Economic Advisers reported:
According to the Office of Management and Budget, the Federal Government has 47 different employment and training programs spread across 15 different government agencies. Aggregate spending on these programs totaled $18.9 billion in 2019 alone...
Although the research on these programs is not conclusive, and many of the programs have not been rigorously studied, many studies find small employment and earnings effects... Job search assistance programs appear to be the most successful, while job training programs (with the exception of apprenticeships) appear to be largely ineffective. It is an open question whether the cumulative benefits of these various programs are sufficient to justify their costs.
The latest White House effort is not still another expensive government program, but an advertising campaign supported by private organizations and a website to assist in the search for new opportunities, including apprenticeships. Until places like California can find new governors, it’s possible job-seekers have found something helpful.
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In Other News
Raise Your Hand If You Have a Pension and a 401(k)
“Why Are U.S. Taxpayers Providing Public Pensions To Millionaire Members Of Congress?,” Forbes, June 30
Question and Answer
“Will Democrats Accept Another Trump Victory?,” The Wall Street Journal, July 10
“During a recent fundraiser, former Vice President Joe Biden announced that his campaign had recruited an army of 600 attorneys,” American Spectator, July 13
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Bottom Story of the Day
‘The Hardest Thing Here Right Now Is Not to Be Able to Shake Hands or Hug’
Christine Legere reports in the Cape Cod Times:
Laundry at Sandy Terraces in Marstons Mills is pretty much limited to socks and towels. This summer, add face masks to the list.
That certainly is not the only change to the 10-acre nudist campground’s 69th season. So far, it has been far quieter since its delayed opening two weeks ago...
Although typically several activities are offered, from potluck dinners to volleyball games, concerns tied to the spread of COVID-19, the disease caused by the coronavirus, have limited those so far to a single cornhole tournament.
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(Teresa Vozzo helps compile Best of the Web. Thanks to Steve Barney.)
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Mr. Freeman is the co-author of “Borrowed Time,” now available from HarperBusiness.
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