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NWSOFA Indivisible Fiscal and Economic Issue Team June Meeting

June 16, 2020 @ 7:00 pm - 9:00 pm

NWSOFA Indivisible June Fiscal and Economic Issues Meeting

RSVP: https://act.indivisible.org/event/attend-local-actions/153404

 

Chicago, IL 60640
When: Tuesday, June 16, 7:00 PM

While our physical meetings were held in the northwest suburbs of Chicago from 2013 through February, we are now meeting virtually. This will be our 4th virtual meeting. Shorter commuting time for all, but missing the Oreo’s and other snacks at the meetings and the pizzas and beers after the meetings.

We continue to live in interesting times as over 100,000 Americans have died from Covid-19 and millions are filing new unemployment claims each week–over 40 million in ten weeks. The Bureau of Labor Statistics (BLS) May employment report to be released June 5th will probably reflect a further decline than the 21 million jobs lost in the prior two months. We will be discussing the information from the BLS at this virtual meeting. First quarter real GDP growth has been revised down to an annual rate of negative 5.0%. We anticipate a bigger drop in the 2nd quarter when it is reported at the end of July. If things go well we should should see some growth in the 3rd quarter.

To offset those job losses, federal, state, and local governments have enacted assistance programs–over $2 trillion at the federal level alone. These are designed to assist both people that have lost jobs and companies that have lost customers. We will update what assistance has been enacted and the forecast effect on the economy and the projected fiscal year (FY) 2020 and 2021 budget deficits.

We will also be discussing other economic releases and forecasts. We note that all forecasts are educated guesses and are dependent on the actions being taken by the various levels of government to reduce the harm of the virus and how the virus behaves. It looks like the number of new infections and deaths have started to level out. Hopefully the lifting of restrictions won’t lead to another increase in infections and deaths as this would likely lead to a reinstatement of restrictions.

A draft of last month’s PowerPoint presentation can be found at https://drive.google.com/open?id=1Xhr17If3yWfMWYkXFzyEOeGXcGFUss2g

Come join us online and contribute to these discussions.

NWSOFA posts copies of past meetings on YouTube at https://www.youtube.com/results?search_query=nwsofa

Videos of the May meeting are now available at this site.

Link to event information: https://meetingsamer10.webex.com/join/ofa.nws Event Issue Focus: Other

Details

Date:
June 16, 2020
Time:
7:00 pm - 9:00 pm

Venue

Your Home

Organizer

NWSOFA
Website:
nwsofa.org