What will happen when Cuba unifies its currency? Economists say it won't be good
With Cuba suffering through its worst economic crisis in decades, the government is getting ready for a risky currency unification to put its finances in order.The unification of the peso and the convertible peso. known as CUC, will take place alongside a devaluation of the peso against the U.S. dollar and a steep increase in prices and salaries, Cuban ruler Miguel Diaz-Canel and Prime Minister Manuel Marrero have said.The changes, at least in the short run, will mean more poverty for Cubans who do not have access to hard currency, as well as higher inflation because prices will soar and purch...
The Week Ahead: Looking at the share of long-term unemployment
The penultimate jobs report of the Trump Administration will be released on Friday. Any drop in the headline unemployment rate for November will be heralded by the president as proof that the economy is healing. He will take credit where very little is due. Don’t be shocked if he uses it as an anvil to hammer imaginary threats of economic ruin with the incoming administration.Instead of focusing on the change of the monthly unemployment rate, millions of American workers are counting their time going without work by the month. The share of long-term unemployment has quadrupled since July. A th...
Haiti's currency is suddenly strong against the dollar. For many, that's disastrous
A sudden and spectacular appreciation in Haiti’s national currency, the gourde, is creating havoc across the country as economists try to figure out what’s fueling it and skeptical Haitian consumers wonder how long it will last.Over the past four weeks, the gourde has risen in value from 118 gourdes to the U.S. dollar at the end of August to 65 gourdes for every greenback on Wednesday, an appreciation of 81.5 percent.The gourde’s rise is a windfall for importers, big dollar-denominated borrowers and those doing business or getting paid in gourdes, who have seen their earnings plummet due to th...
Pandemic makes economic and racial gaps worse, Fed's Bostic says
ATLANTA — The pandemic has intensified inequality in America and, without decisive action by the federal government, many minorities and poor people could be left out of any economic recovery, said the president of the Federal Reserve Bank of Atlanta on Friday.Nationally, the unemployment rate for white people is 7.5%, compared to 13.1% for Black people and 10.5% for Latinos.Without going into specifics, Raphael Bostic said Congress and the Federal Reserve need to provide relief for jobless Americans and beleaguered businesses.Otherwise, even when the pandemic is over, “we’ll have some communi...
The Atlanta Journal-Constitution
Ann McFeatters: Trump has indeed handled economy much as he ran his businesses
It turns out that Trumpers were right. Donald Trump has handled the economy much as he ran his businesses.Spend. Spend. Spend. Borrow. Borrow Borrow. It’s all about perception, branding and publicity. And the boss is always right.Because of Trump and complicit Republicans in Congress, our national debt now is greater than our gross domestic product. The debt exceeds $26 trillion, greater than the annual economic output of the entire country. In other words, we owe more than we produce each year.Is it any surprise that Trump’s reelection campaign has received $1.1 billion from wealthy donors an...
Tribune News Service