Hi. Today, we take a look at the fallout from American children missing from the camp, how the pandemic has exacerbated the global wealth gap, and what a global minimum tax can accomplish.
Summer camp rush
Add american summer camps to list overheating industries.
Like other sectors of the reopening economy, old-fashioned institutions are experiencing disproportionate demand and labor shortages.
In a typical year, the $ 20 billion industry employs more than a million people and serves nearly 16 million overnight campers, according to the American Camp Association.
Behind part of this year’s search for spaces lies a desire to find babysitting while parents try to get into jobs. Mothers between the ages of 25 and 54 stay out of the workforce at higher rates than everyone else, according to the Federal Reserve Bank of San Francisco.
Camps can also have difficulty finding workers. Before the pandemic, they recruited around 25,000 foreign employees each year, many of them university students, as advisers.
With limited international travel, only about 13% of overnight camps had foreign staff in 2020, up from 73% in 2018, according to an American Camping Association. investigation. Visa programs were reinstated in March, but processing was delayed by limited U.S. Embassy and Consulate services due to the pandemic.
Such forces make the camp season the most stressful ever, especially as parents will be removing their locked offspring from screens.
“This summer more than ever, the kids really need a camp,” said Danny Kerr, director of Camp Pemigewassett in New Hampshire, the oldest boys’ camp in the country still held by the original family.
The economic scene
The Covid-19 has not affected everyone in the same way. The virus has been the deadliest for the elderly, but the economic downturn caused by the pandemic turned the professional life of many young people upside down. In the United States, stock market gains have helped boost the wealth of seniors and retirees while youth unemployment has skyrocketed. The personal financial prospects of young people have been the slowest to recover.
The essential readings of the day
- Was expensive. Europeans are in a A costly summer that will test central bankers’ stimulus resolve as the region’s delayed economic recovery triggers increased demand.
- Summit of Russia. President Vladimir Putin will host the flagship showcase of Russian investors as he seeks to demonstrate that his stammered economy is back to the status quo despite Covid-19 and new waves of Western sanctions.
- Tired sailors. Ports in the United States are expanding vaccines for seafarers, a lifeline for thousands of mostly foreign workers.
- Talk again. The United States and China have taken another step towards a gradual re-engagement, with Treasury Secretary Janet Yellen and Deputy Prime Minister Liu He holding what they described as frank discussions.
- Boost in the first trimester. The Australian economy has grown faster than expected, driven by increased investment and household spending. Canada’s recovery in the quarter was fueled by booming housebuilding, while Italy government spending unexpectedly turned a first-time reported contraction into an expansion.
- Turkey problem. President Recep Tayyip Erdogan renewed his calls for falling interest rates, pushing the lira to a new low against the dollar and build up pressure on its central bank governor to ease its policy despite high inflation.
Need to know research
A minimum overall tax rate of 15% could generate the equivalent of 41 billion euros per year for the US government and 48 billion euros per year for the countries of the European Union, according to a new study.
This research, published by the new EU Tax Observatory and co-authored by economist Gabriel Zucman, examines how much income could be collected by imposing a minimum tax on the profits of multinational companies.
The subject is hot right now as Group of Seven finance ministers prepare for talks in London this week amid a debate over setting a global minimum.
The United States should escape the pandemic without economic scars.
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