{"id":4210,"date":"2020-05-11T07:28:03","date_gmt":"2020-05-11T14:28:03","guid":{"rendered":"http:\/\/springwaterwealth.com\/?p=4210"},"modified":"2020-05-11T07:28:03","modified_gmt":"2020-05-11T14:28:03","slug":"the-reopening-of-america","status":"publish","type":"post","link":"https:\/\/springwaterwealth.com\/the-reopening-of-america\/","title":{"rendered":"The Reopening of America"},"content":{"rendered":"

A crowded 14er peak in\u00a0Colorado\u00a0during the Coronavirus pandemic<\/em><\/h4>\n

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We\u2019re now entering an experiment.\u00a0 States are beginning to reopen, after shutting down all but essential functions for several weeks.<\/p>\n

It\u2019s not clear that some of the states which are opening have meet the criteria health experts maintain are essential to avoid a second wave of infections.<\/p>\n

This morning on National Public Radio<\/a>, Scott Gottlieb, former head of the Food and Drug Administration, and Andy Slavitt, who led the Centers for Medicare and Medicaid Services, spoke about the reopening process.\u00a0 They helped draft the guidance that was given to the federal government.\u00a0 That guidance suggested communities need to have a controllable number of cases, adequate testing, and contact tracing.\u00a0 They said that the Trump Administration and governors have not been following this guidance.\u00a0\u00a0 Also, we should be seeing a steady decline in new cases before reopening, and this is not happening.<\/p>\n

In places such as Germany and South Korea, we\u2019re observing that jumping the gun on this process leads to unfortunate flare-ups.\u00a0 So, governors would be wise to proceed with great caution.<\/p>\n

The Formal Name for Our Nemesis<\/strong>
\nWe\u2019ve used many terms to describe the virus that has wreaked havoc on the planet.\u00a0 The new, official term for this virus is SARS-CoV-2.\u00a0 We prefer the less formal descriptions.\u00a0 But now you know.<\/p>\n

COVID-19 Numbers<\/strong>
\nGlobally, across 187 countries, there are over 4.1 million confirmed cases and over 283,000 deaths.\u00a0 In the US, over 1.3 million have been infected and nearly 80,00 have perished.<\/p>\n

White House Coronavirus Task Force<\/strong>
\nPresident Trump reversed himself last week and indicated that the White House Coronavirus Task Force would remain in place.\u00a0 However, its efforts would be re-directed to guiding the re-opening of America after many weeks of hibernation.\u00a0 The President indicated he was surprised by the popularity of the task force.<\/p>\n

Administration Shelves CDC Guidelines<\/strong>
\nThe Trump administration decided to not release the CDC\u2019s guidelines on how various venues (including child care facilities, schools and camps, religious groups, employers with vulnerable workers, restaurants and bars, and mass transit operations) should resume operations to prevent the spread of the coronavirus.\u00a0 Apparently, the White House Task Force found the 17-page document \u201coverly prescriptive.\u201d<\/p>\n

The White House provided its own guidelines<\/a> for reopening.\u00a0 However, the President has deferred to governors to decide when and how they open.<\/p>\n

Health Experts in Quarantine<\/strong>
\nSeveral key figures in the fight against the novel coronavirus are in some state of quarantine, because they were exposed to individuals who have tested positive.\u00a0 Dr. Robert Redfield, Director of the Centers for Disease Control and Prevention (CDC) and Dr. Stephen Han, Commissioner of the Food and Drug Administration (FDA), are both in a 14-day self-quarantine.\u00a0 In addition, Dr. Anthony Fauci, Director of the National Institute of Allergy and Infectious Diseases, has entered a \u201cmodified\u201d quarantine, because he was exposed to a White House staffer who tested positive for the virus.<\/p>\n

The White House itself has had two infections among its staff.\u00a0 Katie Miller, press secretary for Vice President Pence, tested positive.\u00a0 So did a member of the US Navy who serves as one of the President\u2019s personal valets.<\/p>\n

Nonetheless, the President and Vice President continue to demonstrate poor leadership, as they fail to adhere to the health care guidance from the very agencies that advise the White House Task Force.<\/p>\n

Antibody Tests Unreliable<\/strong>
\nThere are 160 antibody tests in the market and most of them are unreliable.\u00a0 You may recall that an antibody test is designed to determine whether a person has been previously infected by the novel coronavirus.\u00a0 We need this information to determine who has been sick and recovered and who may have some level of immunity.<\/p>\n

Unfortunately, the market for these tests is not well-regulated.\u00a0 The US FDA has issued warnings to the public about using unproven tests.\u00a0 The FDA has only approved 12 antibody tests for emergency use, as of this writing.<\/p>\n

There does appear to be one highly reliable test, produced by Roche Holdings AG.\u00a0 It is 100% accurate at picking up COVD-19 antibodies and 99.8% accurate at ruling them out.\u00a0 \u00a0So, if you\u2019re going to get tested, use that one.<\/p>\n

It\u2019s not clear that those who have antibodies are immune from infection.\u00a0 If those with antibodies were proven to be immune, it\u2019s not known how long such immunity would last.<\/p>\n

Round Four on Hold<\/strong>
\nAnother round of economic relief for the country remains in limbo, because of partisan division.\u00a0 The House has indicated it would like another $750 billion for (among many things) state and local governments, more direct support for individuals and small business, increased testing and resources for front-line worker safety.<\/p>\n

The Senate, led by Majority Leader McConnell has a \u201cred line\u201d in place, insisting that any new package include liability protection for businesses that could be impacted (i.e. sued) by workers contracting the novel coronavirus in the workplace.\u00a0 The Majority Leader has also indicated that Republicans are not interested in \u201cbailing out\u201d states that have mismanaged their finances for years, long before the arrival of COVID-19.<\/p>\n

President Trump has expressed his preference for payroll tax relief and for a massive infrastructure spending package.<\/p>\n

The parties are at an impasse and we should not expect to see a deal, if there is one, until after Memorial Day.<\/p>\n

Unemployment Climbs<\/strong>
\nAn additional 3.2 million Americans filed state unemployment claims during the week ending May 1.\u00a0 The total for the previous 7 weeks is 33.5 million.\u00a0 Currently 22.7 million works are receiving unemployment benefits, 15.5% of the workforce.<\/p>\n

The actual level of unemployment may be much higher, because the Department of Labor misclassified some workers in previous reports.\u00a0\u00a0 The true number is believed to be 23.5%.\u00a0 For perspective, during the Great Depression 25% of the labor force was unemployed.<\/p>\n

The good news is that the numbers of people filing for unemployment benefits has been declining each week.\u00a0 It appears the damage to the workforce is beginning to ease.\u00a0 Also, many of the workers who filed for unemployment will be brought back to work once their employers are allowed to resume operations.<\/p>\n

The Markets<\/strong>
\nThe Dow Jones Industrial Average ended Friday up 456 points, or 1.92%.\u00a0 The S&P 500 Index rose 49 points, or 1.69%.\u00a0 \u00a0For the week, the Dow added 2.6% and the S&P 500 Index rose 3.5%.\u00a0 Both indices remain in negative territory year-to-date.\u00a0 However, the tech-heavy Nasdaq Index is actually positive for the year.<\/p>\n

Gratitude<\/strong>
\nSeveral of you responded to our suggestion about expressing gratitude in the face of these trying times.\u00a0 It is one of the best ways to boost your emotional health.<\/p>\n

We are grateful for many things, including:<\/p>\n