July 21, 2020 • 20 mins
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Speaker 1 (00:00):
It's Tuesday. Je I'm Oscar Ramirez in Los Angeles, and
this is the daily dive. Good news on the vaccine front.
In early stage trials, a vaccine candidate from Oxford University
in Astra Zeneca caused no serious side effects and produced
an immune response for both anybody's and T cells. The
(00:23):
US has also paid one point two billion dollars to
secure at least three hundred million doses when it becomes available.
Dave Lawler, World editor at Axios joins US for the
latest on the Oxford vaccine. Next, when looking at the
economic toll the pandemic has inflicted on the country, many
people are focused on job losses and unemployment benefits, but
another thing to look out for is wage cut. Many
(00:45):
Americans who kept their jobs have seen temporary hour and
take cuts that could become permanent or paved the way
for more layoffs. Megan Casella, economics reporter at Politico, joins
US for these widespread wage cuts. Finally, as we looked
at some schools reopening in the fall, summer camps may
be able to offer a preview, and unfortunately not all
(01:06):
good news. Summer camps and parts of the US are
closing as children and counselors are testing positive for COVID
nineteen despite layers of prevention such as requiring masks and
asking families to shelter in place ahead of showing up
the camp. Rachel Adams, heard reporter at Bloomberg News, joins
us for more. It's news without the noise. Let's dive in.
(01:29):
I think it is. It is good news. I mean, effectively,
we have twenty three COVID nineteen candidate vaccines and clinical development,
and as of today we add one candidate vaccine for
which phase one clinical data is available, so we have
three which is available in peer review journals. Joining us
now is Dave Lawlor, World editor at Axios. Thanks for
(01:51):
joining us, Dave, great with you. I got some more
good news on the vaccine front in the fight against coronavirus.
A vaccine by Oxford University in Astra Zeneca. They're saying
it could be the most promising candidate currently in development
right now, is producing an immune response and appears to
be safe. We've been hearing a lot about Maderna as
(02:11):
a front runner in this vaccine thing, but right now
the new vaccine by Astra Zeneca is actually doing really well.
Tell us a little bit about it, Dave Sure. So
this was the first vaccine, along with one in China
to move into phase three, which is the last phase
of trials before a potential approval. So Madernas also we've
(02:33):
seen good preliminary results from them too. I would say
that these three y are kind of the front runners.
The the Oxford one, the Maderna one, and then one
that's being produced in China. But Oxford's is just a
little bit ahead of the Maderna one in where it
is in the process at the moment. Basically, the results
that were published today said that there were only minor
(02:54):
side effects things like soreness, headaches, some people felt feverish,
per apps, but no major concerns in terms of side effects.
And it did produce an immune response in everybody who
got two shots of the vaccine. There's two rounds of
immunization with this vaccine. So promising early results. Now we
(03:16):
have to see the results from phase three, which is
much broader testing and it's happening now. And how does
this vaccine work. The immune response that it's producing is
antibodies and then also T cells as well, right, right,
So this works on two fronts. I was actually just
speaking with an epidemiologist who was very impressed by the
level of immunity that was generated by this vaccine. That's
(03:40):
one of the good indications here is that it's possible
to produce the vaccine that does have a strong immune response.
The what we don't know is is this actually going
to prevent everybody who gets it from getting coronavirus. This
could be they get the virus and then they have
have an immune response and in the meantime they might
(04:02):
be able to spread it or won't be entirely full proof.
We won't know that until there's a longer term testing,
and like I said, phase three trials are happening now,
so we should get clearer results. So we know that,
you know, if you get two shots of this vaccine,
you will produce antibodies, you will have a level of immunity,
But we don't know whether it's going to be a
(04:25):
hundred percent effective, and we don't know whether you could
still get the virus and then fight it off more
quickly than you otherwise would have. One of the big
questions to watch out for after this is who gets
all of the vaccines first, And obviously the whole world
wants this. The US government does have a stake and
a lot of different vaccine candidates, including this one by
(04:47):
Oxford and Nastra Zeneca. They paid one point two billion
dollars to secure at least three million doses. But that's
the big question who starts getting it first, because as
I said, I think the UK also bought up a
bunch of doses as well. Yeah, we do have the
point now where richer governments are pre ordering doses of
these vaccines right the promising ones, even some that are
(05:07):
earlier in the process. You know, governments are buying up
doses of them in case they work. That's a good
thing because it allows them, it gives them resources to
fund this production. But it's a bad thing because if
you were a middle income country or you know, a
developing country, are you going to be last in line
to get this vaccine? And is there going to be enough,
you know, even in the first year or so a
(05:28):
production for you to get the vaccine. There are people
working on this question. This is something that some governments
have spoken out on. There may be systems in place
by the time these vaccines are rolling off the line
and ready to go, but it's a huge question mark,
and I think that's just one of the reasons why
we have good news today. But there's a lot more
hurdles to jump over exactly. Astra Zeneca has committed to
(05:51):
making two billion doses and they say maybe one billion
of those could be available by the end of the year.
And that's the thing that I guess. They said that
it could be cleared for emergency used as early as
October possibly, but it's still going to take a little
time to roll it all out, so that would be
for really high risk people. It would almost be another
phase of testing, right, they would roll it out wider
(06:13):
to people who are at particular risk, maybe frontline workers
and things would get it early, but it just won't
be ready on a massive scale until at some point
next year. Probably early next year is the timeline that
Anthony Fauci has put out there. So we're hoping that
that the case, but we we won't know exactly because
you know, as we've talked about, this Phase three is
just getting underway. I mean, it's a scientific marvel that
(06:36):
we have three vaccines now heading into phase three trials
only seven months after this outbreak was discovered, so it's
by far the fastest that anything like this has ever moved.
Dave Lawlor, World editor at Axios, thank you very much
for joining us. Thanks so much. Know that employees obviously
(07:04):
hate wage cut. It's bad for morale, it can be
got for productivity. But now that these shutdowns are really
lasting longer than many of us antificated in March and April,
that they might either become permanent or at least last
for you know, another several months, perhaps through the end
of the year. When now was Megan Casella, economics reporter
at Politico. Thanks for joining us, Megan, thanks for having me.
(07:27):
We continue to monitor the economy as we go through
the coronavirus pandemic. One of the things that a lot
of people are focused on is job losses and people
getting unemployment benefits. But another thing we should be keeping
an eye on also are wage cuts. A lot of
people have taken cuts to their pay throughout this thing, thinking,
(07:47):
you know, it might be a short term solution. But
the pandemic continues on and on and on, and there's
a worry that a lot of these pay cuts could
be permanent. Megan, tell us about this. Please, there's no
federal data on this, really federal data actually shows that
wages are rising, but that's only because low wage workers
are just unfortunately losing their jobs. And so what we're
starting to see now is economists putting out different studies
(08:09):
and estimates, and likely at least four million, maybe up
to seven million workers have taken cuts to their pay
over the past several weeks a couple of months now,
likely because their employer, you know, looked at their balance
sheets and said, maybe, as a way to preserve jobs,
we're just going to have everybody take a ten percent
cut or twenty cut, whatever it might have been. The issue, though,
(08:30):
is that now either that trend is growing. For one,
it tends to be a really rare move in the
US because employers know that employees obviously hate wage cut.
It's bad for morale, it can be bad for productivity.
But now that these shutdowns are really lasting longer than
many of us anticipated in March and April, that they
might either become permanent or at least last for you know,
(08:50):
another several months, perhaps through the end of the year,
or that they might lead to layoffs. Because if if
an employer in April said that I need to cut
income and now you know they're in really dire traits
and need another move, another way to save money. The
only step left really is to probably lay off some markers.
And you look at it from the perspective of both sides.
The employee, their business tells them, hey, we need to
(09:12):
cut your pay just to make it through. You say, okay,
I have no other option. I probably am not going
to be able to find another job that will pay
me the same and this is going to be short terms,
so you agree to it. And then, as you mentioned
just right now, for the employer, they're gonna go with
this option, hopefully before they start firing people, furlowing, laying
people off. So they both kind of feel like they
have no other option but to do this. And you
(09:34):
look at what the effect is going to be, smaller paychecks,
less spending, the recession that's going on would be extended.
So this is a really bad final around because you know,
for the reasons you just sent it. It shows that
employees feel that they have no better option, as you said,
and the New York Federal Reserve actually put out a
survey this past week. Americans now feel they have a
less than fifty percent chance of being able to find
(09:55):
a job within three months if they lost their job today,
and that's a more than six percentage print jobs to
a year ago. You know, these employees in many cases
probably feel lucky that they have a job and they say, Okay,
I'll take this pay cut because it means I can
keep working and hopefully it's temporary. But we just don't
know where things go from here, and it's a worrisome
trent for sure. And these pay cuts generally hit more
(10:17):
people in white collar industries. I know, the job losses
tend to be more low income workers, but these tend
to be on the other side of things. One of
those studies I mentioned was put up by some Federal
Deserve economists and economists at the University of Chicago, and
they found the three fourths of the cut in pay
fell within the top of a wage earner. So on
one hand, that's someone of a good thing, you could say.
(10:38):
You could say these are workers who are more able
to weather the cut to their income and might have
more wealth to hear them through, or might not be
as dependent on their full paycheck. On the other hand,
these workers are also the ones that tend to be
more shielded from an economic procession, and so if these
workers in the top four percent are already feeling something
like a pay cut, but also really, you know, so
(10:59):
something more about the depths of the recession and damage
to the labor market as well. What are some of
the companies that are going through this. I know my
company I Heart Media did something similar to this. A
lot of people took cuts in you know quarter two
and quarter three type of thing. What are some of
the other companies that are doing this? So I spoke
with one economist, Julia Coronado, who tracked US based companies
(11:21):
with market caps greater than one billion, so really, really
you know, major companies, and she found that of the
ones that were providing details on earnings calls for percent
were announcing that they were reducing pay between April and July.
So some of those on there are Lift the ride
sharing apps was announcing reductions for all salaried employees, and
other companies were focusing their reductions just on their top
(11:43):
executives or maybe their board best buying gaps. Both did
that to some major names. We're doing this, but also,
you know, we do that just anecdotally. We know that
sort of mom and pop shops and smaller companies and
restaurants and things were doing this as well. We're seeing
cases rise. This thing is not going to be over
or sometimes still. I note in the article there was
you know, a number of American households expecting to lose
(12:05):
income over the next month. That's according to recent survey.
That number is beginning to rise. So what can we
be expecting soon likely expecting the trend to just increase.
I know those University of Chicago economists, for example, are
in the process of updating their paper. They're seeing some
of those trends really continue and spread it the longer
that this goes on. And we also know that even
(12:26):
you know, regardless of what governments do and whether governors
decide to actually impose regulations, we know that consumers change
their spending habits just based on their own fear of
the virus. And so as cases rise, regardless of whether
there's actual shutdown restrictions in place, we know that as
long as the virus is raging the way that it
is now, consumers are going to stay inside. They're going
(12:47):
to be spending less money, which of course is good
from a public health perspective, that they're not going out
as much, but bad from an economic perspective that a
lot of these businesses and just can't get back on
their feet. And you know, the worrying thing is just
maybe companies were able to hang on for a few months,
especially smaller businesses, but larger ones as well, And so
the longer that this goes on, particularly with noil and
(13:07):
in sight, really it just becomes harder and harder to
really lean on your savings or maybe you got a
loan from the government, but it was short term. It
just becomes harder to really hang on without income coming
in that you're really depending on. Megan Casella, economics reporter
at Politico, Thank you very much for joining us. Thank
you so much for having me. Whether these campers came
(13:37):
to the camp with COVID and just didn't know it,
or if they contracted it from being in the food
hall or being in the arts and crass area. We're
sharing a cabin with other campers who might be infected.
Joining us now is Rachel Adams, herd reporter at Bloomberg News.
Thanks for joining us, Rachel, Thanks for having me. There's
a lot of discussion about what's going to happen when
(14:00):
kids returned to school or you know, a lot of
school districts are opting not to do that just yet
and do uh online learning hybrid learning. But we can
look to summer camps as being kind of a test
run basically for some schools. There were still summer camps,
day camps, things like that that we're going on just
as little as you know, earlier this month, and there
(14:22):
wasn't a lot of good news coming out of them. Unfortunately,
there was a bunch of different places where kids were
getting sick with COVID nineteen. Counselors and other staff were
also getting infected there Rachel tell us a little bit
about it. So we have been a number of camps
that have had to close either because they had positive
cases that I'm counselors are cases and campers and a
(14:44):
lot of cases both. And what we don't know yet
is whether those cases are indicative of this fights that
we're seeing in a lot of places in the US,
or if it's transmission actually taking place in camp. So
whether these campers came to the camp with COVID and
just didn't know it, or if they contracted it from
being in the food hall or being in the arts
(15:06):
and crafts area. We're sharing a cabin with other campers
who might be infected. So I think that's going to
be really interesting as we continue to watch this, because
that's really going to say a lot about whether we
can expect these cases to be transmitted to other students
if school resumes and person at the fall. Yeah, I mean,
it's gonna be really interesting to see if we can
actually find it out. But I have to imagine it's
(15:27):
probably a little bit of both some people getting sick
and bringing it in and then a little bit of
spread happening there among the campers and and obviously the
staff there. Give us some some examples of summer camps
that had some problems with this already. I think it's
interesting that you're seeing this happen across a variety of
different types of camps. So if there are some of
(15:48):
these southern institutions that are are overnight camps where people
go for weeks at a time, Cannon Cuck in Missouri
is one of them, um and they had eighty two
cases I believe, among campers and other staff, and they
had to close one of their camp sites because of
those cases. And we've also seen o y m C
a camp in Georgia, another overnight camp where there were cases,
(16:11):
but then there were also incidents of positive cases. Uh.
Day camps places where parents just go to drop off
their kids during the day while they try to get
some work done, and that's obviously a very different environment
than when you're talking about kids coming in from weeks
at a time. What was interesting is that I was
talking to the fee of the American Camp Association, which
is kind of a trade group for all these camps.
(16:33):
In a lot of ways, the overnight camps are maybe
easier to control and to police because once the kids
are on the property, they're yours. You can set the
guidelines that you want them to all apply to versus
day camps are more like schools. They come for the day,
but then they go home to their parents afterwards, so
you're actually exposing the kids over a period of time
too a lot more people. They had a bunch of
(16:53):
guidelines that they set out at the beginning of the
summer that they thought camp should be following, and he
said that actually the ones who are following all of them.
It's the list of about ten procedures that they're having
a lot of success it's the ones who maybe say, Okay,
well we're going to require shelter and place, but no
masks or no social distancing where you're starting to see
(17:15):
some of these cases crop up. Going back to the
Kennic Cook that you were talking about in Missouri, they
had a thirty one program of pandemic precautions and they
still got eighty two people that came down with it.
To address poor ventilation, their cabins were outfitted with filtration systems.
On their website, it says NASA developed units to provide
multiple layers of active defense against airborne viruses bacteria through
(17:39):
active filtration ionization. I mean, they were going overboard with
a lot of this stuff and the virus still was
able to spread. So these are where all of the
concerns are coming through, right, And I mean, the key
problem here is the fact that kids are so much
more likely to be asymptomatic. So you could come into
camp and not know that you're sick and go about
(18:00):
your daily life, you know, maybe taking those precautions in mind,
and counselors are trying to police their campers as much
as they possibly can to avoid that type of spread.
But at the end of the day where you are
in tight quarters. As we've heard from epidemiologists for months now,
you are at an increased risks of contracting COVID nineteen.
And so I think we're hearing from a lot of
parents and a lot of camp organizers who are saying,
(18:22):
you know, we did everything right, and somehow we still
hide cases crop up at our facilities. Rachel, you're based
in Houston right now, and you had a note in
your article too about how hospitals are ramping up there
preparing for more young people possibly to get into the hospitals.
And as you mentioned, you know, young kids don't get
(18:43):
it as much, the symptoms aren't as severe, but they're
still prepping just in case. It's the percentage of young
children who do develop severe cases of COVID nineteen, but
that's so low. But of course when you see an
increase in the absolute numbers, you're going to see an
increase in the number of children on an absolute term
that that end up having those severe cases. And of
(19:06):
course some of those cases do require going to the
i c U and and even sometimes having to go
on event a latter. So in talking to doctors here,
I could get the sense that they were definitely preparing
for that, and that they've already actually seen that in
the last few weeks. Rachel Adams heard, reporter at Bloomberg News.
(19:26):
Thank you very much for joining us. Thanks John. That's
it for today. Join us on social media at Daily
Dive Pod on both Twitter and Instagram. Believe us a comment,
give us a rating, and tell us the stories that
you're interested in. Follow us on I Heard Radio, or
(19:47):
subscribe wherever you get your podcast. This episode of The
Daily Dives produced by Victor Wright and engineered by Tony Sarrantino.
I'm Oscar Ramirez and this is your Daily Dive. D
It's Tuesday. Je I'm Oscar Ramirez in Los Angeles, and
this is the daily dive. Good news on the vaccine front.
In early stage trials, a vaccine candidate from Oxford University
in Astra Zeneca caused no serious side effects and produced
an immune response for both anybody's and T cells. The
(00:23):
US has also paid one point two billion dollars to
secure at least three hundred million doses when it becomes available.
Dave Lawler, World editor at Axios joins US for the
latest on the Oxford vaccine. Next, when looking at the
economic toll the pandemic has inflicted on the country, many
people are focused on job losses and unemployment benefits, but
another thing to look out for is wage cut. Many
(00:45):
Americans who kept their jobs have seen temporary hour and
take cuts that could become permanent or paved the way
for more layoffs. Megan Casella, economics reporter at Politico, joins
US for these widespread wage cuts. Finally, as we looked
at some schools reopening in the fall, summer camps may
be able to offer a preview, and unfortunately not all
(01:06):
good news. Summer camps and parts of the US are
closing as children and counselors are testing positive for COVID
nineteen despite layers of prevention such as requiring masks and
asking families to shelter in place ahead of showing up
the camp. Rachel Adams, heard reporter at Bloomberg News, joins
us for more. It's news without the noise. Let's dive in.
(01:29):
I think it is. It is good news. I mean, effectively,
we have twenty three COVID nineteen candidate vaccines and clinical development,
and as of today we add one candidate vaccine for
which phase one clinical data is available, so we have
three which is available in peer review journals. Joining us
now is Dave Lawlor, World editor at Axios. Thanks for
(01:51):
joining us, Dave, great with you. I got some more
good news on the vaccine front in the fight against coronavirus.
A vaccine by Oxford University in Astra Zeneca. They're saying
it could be the most promising candidate currently in development
right now, is producing an immune response and appears to
be safe. We've been hearing a lot about Maderna as
(02:11):
a front runner in this vaccine thing, but right now
the new vaccine by Astra Zeneca is actually doing really well.
Tell us a little bit about it, Dave Sure. So
this was the first vaccine, along with one in China
to move into phase three, which is the last phase
of trials before a potential approval. So Madernas also we've
(02:33):
seen good preliminary results from them too. I would say
that these three y are kind of the front runners.
The the Oxford one, the Maderna one, and then one
that's being produced in China. But Oxford's is just a
little bit ahead of the Maderna one in where it
is in the process at the moment. Basically, the results
that were published today said that there were only minor
(02:54):
side effects things like soreness, headaches, some people felt feverish,
per apps, but no major concerns in terms of side effects.
And it did produce an immune response in everybody who
got two shots of the vaccine. There's two rounds of
immunization with this vaccine. So promising early results. Now we
(03:16):
have to see the results from phase three, which is
much broader testing and it's happening now. And how does
this vaccine work. The immune response that it's producing is
antibodies and then also T cells as well, right, right,
So this works on two fronts. I was actually just
speaking with an epidemiologist who was very impressed by the
level of immunity that was generated by this vaccine. That's
(03:40):
one of the good indications here is that it's possible
to produce the vaccine that does have a strong immune response.
The what we don't know is is this actually going
to prevent everybody who gets it from getting coronavirus. This
could be they get the virus and then they have
have an immune response and in the meantime they might
(04:02):
be able to spread it or won't be entirely full proof.
We won't know that until there's a longer term testing,
and like I said, phase three trials are happening now,
so we should get clearer results. So we know that,
you know, if you get two shots of this vaccine,
you will produce antibodies, you will have a level of immunity,
But we don't know whether it's going to be a
(04:25):
hundred percent effective, and we don't know whether you could
still get the virus and then fight it off more
quickly than you otherwise would have. One of the big
questions to watch out for after this is who gets
all of the vaccines first, And obviously the whole world
wants this. The US government does have a stake and
a lot of different vaccine candidates, including this one by
(04:47):
Oxford and Nastra Zeneca. They paid one point two billion
dollars to secure at least three million doses. But that's
the big question who starts getting it first, because as
I said, I think the UK also bought up a
bunch of doses as well. Yeah, we do have the
point now where richer governments are pre ordering doses of
these vaccines right the promising ones, even some that are
(05:07):
earlier in the process. You know, governments are buying up
doses of them in case they work. That's a good
thing because it allows them, it gives them resources to
fund this production. But it's a bad thing because if
you were a middle income country or you know, a
developing country, are you going to be last in line
to get this vaccine? And is there going to be enough,
you know, even in the first year or so a
(05:28):
production for you to get the vaccine. There are people
working on this question. This is something that some governments
have spoken out on. There may be systems in place
by the time these vaccines are rolling off the line
and ready to go, but it's a huge question mark,
and I think that's just one of the reasons why
we have good news today. But there's a lot more
hurdles to jump over exactly. Astra Zeneca has committed to
(05:51):
making two billion doses and they say maybe one billion
of those could be available by the end of the year.
And that's the thing that I guess. They said that
it could be cleared for emergency used as early as
October possibly, but it's still going to take a little
time to roll it all out, so that would be
for really high risk people. It would almost be another
phase of testing, right, they would roll it out wider
(06:13):
to people who are at particular risk, maybe frontline workers
and things would get it early, but it just won't
be ready on a massive scale until at some point
next year. Probably early next year is the timeline that
Anthony Fauci has put out there. So we're hoping that
that the case, but we we won't know exactly because
you know, as we've talked about, this Phase three is
just getting underway. I mean, it's a scientific marvel that
(06:36):
we have three vaccines now heading into phase three trials
only seven months after this outbreak was discovered, so it's
by far the fastest that anything like this has ever moved.
Dave Lawlor, World editor at Axios, thank you very much
for joining us. Thanks so much. Know that employees obviously
(07:04):
hate wage cut. It's bad for morale, it can be
got for productivity. But now that these shutdowns are really
lasting longer than many of us antificated in March and April,
that they might either become permanent or at least last
for you know, another several months, perhaps through the end
of the year. When now was Megan Casella, economics reporter
at Politico. Thanks for joining us, Megan, thanks for having me.
(07:27):
We continue to monitor the economy as we go through
the coronavirus pandemic. One of the things that a lot
of people are focused on is job losses and people
getting unemployment benefits. But another thing we should be keeping
an eye on also are wage cuts. A lot of
people have taken cuts to their pay throughout this thing, thinking,
(07:47):
you know, it might be a short term solution. But
the pandemic continues on and on and on, and there's
a worry that a lot of these pay cuts could
be permanent. Megan, tell us about this. Please, there's no
federal data on this, really federal data actually shows that
wages are rising, but that's only because low wage workers
are just unfortunately losing their jobs. And so what we're
starting to see now is economists putting out different studies
(08:09):
and estimates, and likely at least four million, maybe up
to seven million workers have taken cuts to their pay
over the past several weeks a couple of months now,
likely because their employer, you know, looked at their balance
sheets and said, maybe, as a way to preserve jobs,
we're just going to have everybody take a ten percent
cut or twenty cut, whatever it might have been. The issue, though,
(08:30):
is that now either that trend is growing. For one,
it tends to be a really rare move in the
US because employers know that employees obviously hate wage cut.
It's bad for morale, it can be bad for productivity.
But now that these shutdowns are really lasting longer than
many of us anticipated in March and April, that they
might either become permanent or at least last for you know,
(08:50):
another several months, perhaps through the end of the year,
or that they might lead to layoffs. Because if if
an employer in April said that I need to cut
income and now you know they're in really dire traits
and need another move, another way to save money. The
only step left really is to probably lay off some markers.
And you look at it from the perspective of both sides.
The employee, their business tells them, hey, we need to
(09:12):
cut your pay just to make it through. You say, okay,
I have no other option. I probably am not going
to be able to find another job that will pay
me the same and this is going to be short terms,
so you agree to it. And then, as you mentioned
just right now, for the employer, they're gonna go with
this option, hopefully before they start firing people, furlowing, laying
people off. So they both kind of feel like they
have no other option but to do this. And you
(09:34):
look at what the effect is going to be, smaller paychecks,
less spending, the recession that's going on would be extended.
So this is a really bad final around because you know,
for the reasons you just sent it. It shows that
employees feel that they have no better option, as you said,
and the New York Federal Reserve actually put out a
survey this past week. Americans now feel they have a
less than fifty percent chance of being able to find
(09:55):
a job within three months if they lost their job today,
and that's a more than six percentage print jobs to
a year ago. You know, these employees in many cases
probably feel lucky that they have a job and they say, Okay,
I'll take this pay cut because it means I can
keep working and hopefully it's temporary. But we just don't
know where things go from here, and it's a worrisome
trent for sure. And these pay cuts generally hit more
(10:17):
people in white collar industries. I know, the job losses
tend to be more low income workers, but these tend
to be on the other side of things. One of
those studies I mentioned was put up by some Federal
Deserve economists and economists at the University of Chicago, and
they found the three fourths of the cut in pay
fell within the top of a wage earner. So on
one hand, that's someone of a good thing, you could say.
(10:38):
You could say these are workers who are more able
to weather the cut to their income and might have
more wealth to hear them through, or might not be
as dependent on their full paycheck. On the other hand,
these workers are also the ones that tend to be
more shielded from an economic procession, and so if these
workers in the top four percent are already feeling something
like a pay cut, but also really, you know, so
(10:59):
something more about the depths of the recession and damage
to the labor market as well. What are some of
the companies that are going through this. I know my
company I Heart Media did something similar to this. A
lot of people took cuts in you know quarter two
and quarter three type of thing. What are some of
the other companies that are doing this? So I spoke
with one economist, Julia Coronado, who tracked US based companies
(11:21):
with market caps greater than one billion, so really, really
you know, major companies, and she found that of the
ones that were providing details on earnings calls for percent
were announcing that they were reducing pay between April and July.
So some of those on there are Lift the ride
sharing apps was announcing reductions for all salaried employees, and
other companies were focusing their reductions just on their top
(11:43):
executives or maybe their board best buying gaps. Both did
that to some major names. We're doing this, but also,
you know, we do that just anecdotally. We know that
sort of mom and pop shops and smaller companies and
restaurants and things were doing this as well. We're seeing
cases rise. This thing is not going to be over
or sometimes still. I note in the article there was
you know, a number of American households expecting to lose
(12:05):
income over the next month. That's according to recent survey.
That number is beginning to rise. So what can we
be expecting soon likely expecting the trend to just increase.
I know those University of Chicago economists, for example, are
in the process of updating their paper. They're seeing some
of those trends really continue and spread it the longer
that this goes on. And we also know that even
(12:26):
you know, regardless of what governments do and whether governors
decide to actually impose regulations, we know that consumers change
their spending habits just based on their own fear of
the virus. And so as cases rise, regardless of whether
there's actual shutdown restrictions in place, we know that as
long as the virus is raging the way that it
is now, consumers are going to stay inside. They're going
(12:47):
to be spending less money, which of course is good
from a public health perspective, that they're not going out
as much, but bad from an economic perspective that a
lot of these businesses and just can't get back on
their feet. And you know, the worrying thing is just
maybe companies were able to hang on for a few months,
especially smaller businesses, but larger ones as well, And so
the longer that this goes on, particularly with noil and
(13:07):
in sight, really it just becomes harder and harder to
really lean on your savings or maybe you got a
loan from the government, but it was short term. It
just becomes harder to really hang on without income coming
in that you're really depending on. Megan Casella, economics reporter
at Politico, Thank you very much for joining us. Thank
you so much for having me. Whether these campers came
(13:37):
to the camp with COVID and just didn't know it,
or if they contracted it from being in the food
hall or being in the arts and crass area. We're
sharing a cabin with other campers who might be infected.
Joining us now is Rachel Adams, herd reporter at Bloomberg News.
Thanks for joining us, Rachel, Thanks for having me. There's
a lot of discussion about what's going to happen when
(14:00):
kids returned to school or you know, a lot of
school districts are opting not to do that just yet
and do uh online learning hybrid learning. But we can
look to summer camps as being kind of a test
run basically for some schools. There were still summer camps,
day camps, things like that that we're going on just
as little as you know, earlier this month, and there
(14:22):
wasn't a lot of good news coming out of them. Unfortunately,
there was a bunch of different places where kids were
getting sick with COVID nineteen. Counselors and other staff were
also getting infected there Rachel tell us a little bit
about it. So we have been a number of camps
that have had to close either because they had positive
cases that I'm counselors are cases and campers and a
(14:44):
lot of cases both. And what we don't know yet
is whether those cases are indicative of this fights that
we're seeing in a lot of places in the US,
or if it's transmission actually taking place in camp. So
whether these campers came to the camp with COVID and
just didn't know it, or if they contracted it from
being in the food hall or being in the arts
(15:06):
and crafts area. We're sharing a cabin with other campers
who might be infected. So I think that's going to
be really interesting as we continue to watch this, because
that's really going to say a lot about whether we
can expect these cases to be transmitted to other students
if school resumes and person at the fall. Yeah, I mean,
it's gonna be really interesting to see if we can
actually find it out. But I have to imagine it's
(15:27):
probably a little bit of both some people getting sick
and bringing it in and then a little bit of
spread happening there among the campers and and obviously the
staff there. Give us some some examples of summer camps
that had some problems with this already. I think it's
interesting that you're seeing this happen across a variety of
different types of camps. So if there are some of
(15:48):
these southern institutions that are are overnight camps where people
go for weeks at a time, Cannon Cuck in Missouri
is one of them, um and they had eighty two
cases I believe, among campers and other staff, and they
had to close one of their camp sites because of
those cases. And we've also seen o y m C
a camp in Georgia, another overnight camp where there were cases,
(16:11):
but then there were also incidents of positive cases. Uh.
Day camps places where parents just go to drop off
their kids during the day while they try to get
some work done, and that's obviously a very different environment
than when you're talking about kids coming in from weeks
at a time. What was interesting is that I was
talking to the fee of the American Camp Association, which
is kind of a trade group for all these camps.
(16:33):
In a lot of ways, the overnight camps are maybe
easier to control and to police because once the kids
are on the property, they're yours. You can set the
guidelines that you want them to all apply to versus
day camps are more like schools. They come for the day,
but then they go home to their parents afterwards, so
you're actually exposing the kids over a period of time
too a lot more people. They had a bunch of
(16:53):
guidelines that they set out at the beginning of the
summer that they thought camp should be following, and he
said that actually the ones who are following all of them.
It's the list of about ten procedures that they're having
a lot of success it's the ones who maybe say, Okay,
well we're going to require shelter and place, but no
masks or no social distancing where you're starting to see
(17:15):
some of these cases crop up. Going back to the
Kennic Cook that you were talking about in Missouri, they
had a thirty one program of pandemic precautions and they
still got eighty two people that came down with it.
To address poor ventilation, their cabins were outfitted with filtration systems.
On their website, it says NASA developed units to provide
multiple layers of active defense against airborne viruses bacteria through
(17:39):
active filtration ionization. I mean, they were going overboard with
a lot of this stuff and the virus still was
able to spread. So these are where all of the
concerns are coming through, right, And I mean, the key
problem here is the fact that kids are so much
more likely to be asymptomatic. So you could come into
camp and not know that you're sick and go about
(18:00):
your daily life, you know, maybe taking those precautions in mind,
and counselors are trying to police their campers as much
as they possibly can to avoid that type of spread.
But at the end of the day where you are
in tight quarters. As we've heard from epidemiologists for months now,
you are at an increased risks of contracting COVID nineteen.
And so I think we're hearing from a lot of
parents and a lot of camp organizers who are saying,
(18:22):
you know, we did everything right, and somehow we still
hide cases crop up at our facilities. Rachel, you're based
in Houston right now, and you had a note in
your article too about how hospitals are ramping up there
preparing for more young people possibly to get into the hospitals.
And as you mentioned, you know, young kids don't get
(18:43):
it as much, the symptoms aren't as severe, but they're
still prepping just in case. It's the percentage of young
children who do develop severe cases of COVID nineteen, but
that's so low. But of course when you see an
increase in the absolute numbers, you're going to see an
increase in the number of children on an absolute term
that that end up having those severe cases. And of
(19:06):
course some of those cases do require going to the
i c U and and even sometimes having to go
on event a latter. So in talking to doctors here,
I could get the sense that they were definitely preparing
for that, and that they've already actually seen that in
the last few weeks. Rachel Adams heard, reporter at Bloomberg News.
(19:26):
Thank you very much for joining us. Thanks John. That's
it for today. Join us on social media at Daily
Dive Pod on both Twitter and Instagram. Believe us a comment,
give us a rating, and tell us the stories that
you're interested in. Follow us on I Heard Radio, or
(19:47):
subscribe wherever you get your podcast. This episode of The
Daily Dives produced by Victor Wright and engineered by Tony Sarrantino.
I'm Oscar Ramirez and this is your Daily Dive. D
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