WTF Just Happened Today

Wednesday, July 1, 2020

Subscribe: Get the Daily Update in your inbox for free

• ???? Dept. of “We Have It Totally Under Control.”

• Global: Total confirmed cases: ~10,578,000; deaths: ~513,000

• U.S.: Total confirmed cases: ~2,659,000; deaths: ~128,000

• Source: Johns Hopkins University

1/ The number of confirmed U.S. coronavirus deaths is “a substantial undercount” of the true tally, according to researchers at Yale University. Researchers found that the 781,000 total deaths in the U.S. from March 1 through May 30 were about 19% higher than what would normally be expected. And, the number of excess deaths from any cause were 28% higher than the official tally of U.S. COVID-19 deaths during those months. In 45 states, seven-day averages of new infections are higher than they were a week ago and more than 800,000 new cases were reported in the U.S. in June — led by Florida, Arizona, Texas and California. The World Health Organization, meanwhile, warned that some countries might have to reimplement lockdowns to curb the spread of the coronavirus. (CNBC / CNBC / Washington Post / New York Times)

• The Federal Reserve raised concerns in June about a surge in coronavirus infections and how a second wave could disrupt the economic recovery, trigger a spike in unemployment, and prolong the recession. When this Fed meeting concluded on June 10, there were 20,456 new coronavirus cases in the United States. On Tuesday, the U.S. reported 44,474 new cases. (Washington Post)

• U.S. companies added fewer jobs than expected in June. Businesses’ payrolls increased by 2.37 million in June, while economists predicted a 2.9 million rise. (Bloomberg)

• The Treasury Department lent $700 million in coronavirus stimulus funds to a trucking company that warned in May it was in danger of going out of business. The Treasury – aka U.S. taxpayers – will take a 29.6% equity stake in the company, YRC Worldwide, whose stock had fell 27% this year and was worth $70 million. In 2018, the Justice Department sued YRC for allegedly overcharging the Pentagon millions of dollars for shipping. (CNN / Wall Street Journal / Washington Post)

2/ Trump said he’s “all for masks” and would have “no problem” wearing one in public but thinks coronavirus will “disappear” someday. He then added: “At some point.” While coronavirus cases surge to all-time highs and states reverse reopening plans, Trump told Fox Business that “we are going to be very good with the coronavirus” because “it’s going to sort of just disappear, I hope.” Trump also said he thought he “looked OK” the one time he was seen wearing a face mask and that he thought he resembled the “Lone Ranger.” (