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Covid-19 Bankruptcies Bleeding Out Jobs, Economic Capacity

Even though quite a few American are confessing to having Covid-19 fatigue, there’s no escaping the ongoing damage to the economy, like bleeding out of a major artery. Commercial tenants, particularly of retail space and office space, are either not paying or are pushing their landlords to give a major rent reduction. Upscale business hotels remain closed in major cities. I am told there are lots of moving vans in New York City, and they aren’t for move ins. Restaurants are trying to figure out how to get by. Operators that depended on corporate activity, be it shops and food vendors catering to office cube dwellers commuting or retailers in airports, are thinning out their locations and their staffing.

And mind you, that was the state of play as states were partly or significantly though reopening, when there was hope the economy would haltingly get back to something approaching the old normal. But now, thirty-two states reported an increase of 10% or more Covid-19 cases in the last week. Even though the death rates so far aren’t correspondingly high, experts warn that with the lag between infection and mortality, that it’s too early to rule out a follow-on death spike.

What […]

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