7 Major Coronavirus Developments — RI Will Cross Over 500 Deaths Today — May 18, 2020

Fed Chairman Warns Economic Recovery Will Last Year Plus, and Unemployment May Hit 25%

Chairman of the Federal Reserve Jerome Powell warns that the recovery will last into 2021 and the U.S. economy will shrink by 30%.

In an interview on 60 Minutes aired Sunday night, Powell said this period is "causing great suffering."

He warned, "it may take as long as through 2021" for the economy to fully recover.

He warned that sports, concerts, and the airlines will have a difficult recovery.

He said a second wave would hurt American’s confidence.

People who are getting hurt the most are the most recently hired, low income and women

He said 40% of those making $40,000 or less are now out of work.

Massachusetts Reopening

Governor Charlie Baker will announce the details of the Commonwealth's reopening on Monday, but a memo gives some insights.

According to a letter sent from the Massachusetts Municipal Association to the state’s mayors, businesses that are expected to get the green lights Monday include manufacturing facilities, construction sites, and places of worship.

New Bankruptcy Law Seen As Positive

"The new rules became law in August last year following bipartisan legislation from congressional lawmakers who relied on recommendations from two legal advisory groups, the National Bankruptcy Conference and the American Bankruptcy Institute," reports the Wall Street Journal.

"The measure’s changes took effect Feb. 19, and so far about 350 small businesses are using the new process, according to the U.S. Department of Justice. As part of the rules change, companies must file debt repayment plans more quickly, which is aimed at preventing bankruptcy attorneys from dragging out the process to boost their fees," writes WSJ.

"Small businesses no longer need to pay Justice Department fees or file a formal disclosure statement, a legal document that lawyers charge thousands of dollars to write up. It also gives small-business owners access to a court-appointed financial expert to help fix their problems," WSJ reports.

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World Health Organization Warns of Mental Health Crisis 

The impact of the coronavirus crisis is highlighting the need to urgently increase investment in services for mental health or risk a massive increase in mental health conditions in the coming months, according to WHO.

“The impact of the pandemic on people’s mental health is already extremely concerning,” said Dr. Tedros Adhanom Ghebreyesus, Director-General of the World Health Organization. “Social isolation, fear of contagion, and loss of family members is compounded by the distress caused by loss of income and often employment.”

WHO warns that depression and anxiety are increasing:

Reports already indicate an increase in symptoms of depression and anxiety in a number of countries. A study in Ethiopia, in April 2020, reported a 3-fold increase in the prevalence of symptoms of depression compared to estimates from Ethiopia before the epidemic. 

Specific population groups are at particular risk of COVID-related psychological distress. Frontline health-care workers, faced with heavy workloads, life-or-death decisions, and risk of infection, are particularly affected. During the pandemic, in China, health-care workers have reported high rates of depression (50%), anxiety (45%), and insomnia (34%) and in Canada, 47% of health-care workers have reported a need for psychological support. 

Children and adolescents are also at risk. Parents in Italy and Spain have reported that their children have had difficulties concentrating, as well as irritability, restlessness and nervousness. Stay-at-home measures have come with a heightened risk of children witnessing or suffering violence and abuse. Children with disabilities, children in crowded settings and those who live and work on the streets are particularly vulnerable. 

Numbers

12,674 Cases in Rhode Island

86,010 Cases in Massachusetts

499 Deaths in RI

5,797 Deaths in Massachusetts

1,527,935 Cases in the United States

90,978 Deaths in the United States

4,818,676Global Cases

316,953 Global Deaths

1,864,118 Global Recoveries

Commerce RI Hosts Facebook Discussion with Hair Salons, Barbershops, and Stylists

JOIN HERE

The event will be held today, Monday May 18 at 2:30 PM – 3:30 PM

This sector of the economy has yet to get approval to reopen.

GoLocal LIVE -- Monday, May 18, 2020

12:00 PM - Dr. Michael Fine, Former RI Director of Health

1:00 PM - Governor Gina Raimondo Briefing

EDITOR'S NOTE: Gov. Raimondo has reversed her policy and is now allowing reporters to attend press conferences and directly ask questions.  For more than 6 weeks she had blocked reporters from directly asking questions for the public to hear.