TIME BOMB: 32% Of Households Missed July Payments

Transcript

00:00
another terrifying economic
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fact for everybody about the kovid
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depression here
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this is in cnbc as the economic fallout
00:10
from the coronavirus pandemic continues
00:12
almost one-third of u.s households
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32 percent have not made their full
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housing payments
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for july yet according to a survey by
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apartment list
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and online rental platform about 19
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percent of americans
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made no housing payment at all during
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the first week of the month
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and 13 only paid a portion of their rent
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or mortgage
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that’s the fourth month in a row that a
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quote
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historically high number of households
00:40
were unable to pay their housing bill
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on time and in full up from 30 percent
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in june and 31 in may
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renters low income and younger
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households were most
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likely to miss their payments apartment
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list found
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so listen to this many households
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have already spent their one-time
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stimulus check
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the one-time 1200 check and the extra
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600
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per week in unemployment insurance
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used by many to cover essentials like
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housing
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runs out at the end of july
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that means even more households could
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potentially miss
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their rent or mortgage payments in the
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coming months
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we’re already at 32 percent
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we’re already at 32 percent
what’s that going to go up to when you
get rid of the 600
per week unemployment insurance increase
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and again it goes away at the end of
01:46
this month
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what’s that going to get up to over 50
01:51
percent
over 50 percent of people unable to pay
their rent or their mortgage
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over half the country is that what’s
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gonna happen over half the country
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can’t pay their rent and can’t pay their
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mortgage
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i’m at a loss for words we’ve never seen
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anything like this before
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i don’t know how many times i could tell
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you that
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when you look at the subprime mortgage
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crisis in the great recession
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in 2009 guys
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even before covid we were kicking two
million people
out of their house i believe per month
which is higher
than the height of the great recession
that was pre-coveted
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pre-covet what’s gonna happen
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when we’re totally done with covid no
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more cases which it’ll be a while by the
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way before we get there
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what’s gonna happen to all these people
who can’t make their payments what’s
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going to happen
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over 50 percent of the country perhaps
is not going to be able to make their
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payments
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you think we’re seeing social unrest
with this george floyd situation
just wait just wait
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there will be social unrest the likes of
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which we maybe haven’t seen in this
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country before
when you have real unemployment over 20
percent when you have a situation where
maybe half the country or
more can’t pay the bills
i mean that’s a recipe for revolution i
don’t want to sound hyperbolic about it
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but like all the distractions in the
world
cannot save us from the inevitable
i get it you know we live in the modern
era we got computers
we got netflix we’re like plugged in in
a way that can distract us from
all the problems of everyday life but if
over half the country can’t
keep a roof over their head what do you
think is going to happen
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and just so everybody understands i’m an
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idiot loudmouth youtuber and i’m talking
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about this
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do you think that mitch mcconnell do you
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think that nancy pelosi or chuck schumer
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do you think that trump or his merry
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band of idiot advisors like larry kudlow
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you think that they know that this is on
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the way and that
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this is the dire situation that we’re in
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you think they know they have literally
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no idea
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trump goes out there every day now and
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brags about the v-shaped recovery
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it’s unbelievable the stock market is
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bouncing back
the stock market 92 of the stock market
is owned by the top
10 of income earners
so you’re bragging about the stock
market you’re bragging about how the
rich you’re doing you’re bragging about
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how the corporations are doing
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guys we had a full corporate bailout we
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had full
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corporate socialism at the beginning of
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this crisis it was naomi klein shock
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doctrine 101.
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they looked at kovid they looked at the
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impact
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the federal reserve the central bank
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stepped in and said we will do anything
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to prop the market up a trillion dollars
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in liquidity per day
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fine then you had the cares act
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the coveted bailout it was crumbs to the
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people but really the point of that was
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the five trillion dollars to corporate
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america
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to let them know hey we got your back
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so we fully socialized corporate america
propped them up and then now
regular people are the ones who are
getting screwed why didn’t we just not
bail them out and bail
just do a bailout from the bottom up
instead of the top down this is the same
thing we didn’t know eight we did a
top-down
bailout not a bottom-up same thing now
we did a top-down bailout not a
bottom-up
well when you don’t bail out from the
bottom up this is what happens
you’re gonna have 50 of the country who
can’t live who can’t put a roof over
their head
we’ve never seen anything like this and
to think about the fact
that in the midst of this crisis with a
pandemic
they’re like no we will not do medicare
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for all you’re not going to get health
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care
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there’s a pandemic bro people can’t pay
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the bills they can’t even put a roof
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over there do you think they can afford
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medical bills if they get sick
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are you kidding me even the idea even
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the concept
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of medical bills makes me sick just
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hearing it
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somehow other countries have figured out
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how to make sure everything’s covered
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when it comes to your health
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this country nope you might have to go
bankrupt you have to go bankrupt because
you got sick
that’s the way it works we’ve covered
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stories what was it forty thousand
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dollar bill because somebody had coveted
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and they needed a lot of care
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they’re denying you universal health
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care in a pandemic
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they’re denying you universal basic
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income
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when you can’t work because of the
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pandemic
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they give you a one-time 1 200 payment
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that you went through in probably a week
if they don’t make real concessions i
shudder thinking about what happens
in the future if they don’t do real
concessions if they don’t do medicare
for all
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if they don’t do universal basic income
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i
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shudder at what’s going to happen this
country is coming apart at the seams it
could come
apart a lot worse than it already has
because there’s no way you can keep the
facade going
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when probably over half the people will
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not be able to put a roof over their
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head
what do you want to do you want to you
want to evict all of them or foreclose
on all of them you want to keep them all
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out of their
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their place where they live is that what
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you want to do
you want millions and millions and
millions and millions of
new homeless people is that what you
want to do
you know i knew our government was
totally corrupt and terrible
but i think i was naive in the sense
that
on some level i thought well they won’t
let it get
beyond a certain point like it won’t
get so bad that it threatens the fabric
of the system
period no it will and they’re totally
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unaware
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it absolutely will they’ll let it get as
bad as possible because these guys are
not there to represent you
they’re not they’re given money to get
elected
by corporations and billionaires so when
they get in there they represent
corporations and billionaires they don’t
care about you
and this is the result this is the
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result
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we have the solutions that’s the thing
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that’s probably the most frustrating
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is that we know what would work we know
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how to fix these problems
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we know how to make our country better
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and they just they’re not doing any of
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those ideas they’re not doing medicare
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for all
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they’re not doing free college they’re
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not doing a great new deal they’re not
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doing a living wage
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they’re not ending right to work laws
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and having stronger
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union laws they’re not doing universal
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basic income
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there are really clear ways they’re not
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getting money out of politics
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they’re really clear ways to fix all
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this stuff they don’t want to do it
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they want to do it and we’re about to
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see unrest
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that again will make the george floyd
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protest look like cakewalk because
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this may surpass the great depression if
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these numbers
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come to fruition
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think about how the history books are
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going to look at this point in time
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think about how they’re going to look
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back on this
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kind things are not going to be said
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about this era about this generation
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and i haven’t even touched climate
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change yet which is ecological disaster
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which is
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civilization threatening haven’t even
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touched that yet
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oh that is a nihilistic laugh i just had
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if i’ve ever heard of one

Politics Won’t Stop the Pandemic

A comprehensive shutdown may be required in much of the country.

When you mix science and politics, you get politics. With the coronavirus, the United States has proved politics hasn’t worked. If we are to fully reopen both the economy and schools safely — which can be done — we have to return to science.

To understand just how bad things are in the United States and, more important, what can be done about it requires comparison. At this writing,

  •  Italy, once the poster child of coronavirus devastation and with a population twice that of Texas, has recently averaged about 200 new cases a day when
  • Texas has had over 9,000.
  • Germany, with a population four times that of Florida, has had fewer than 400 new cases a day. On Sunday,
  • Florida reported over 15,300, the highest single-day total of any state.

The White House says the country has to learn to live with the virus. That’s one thing if new cases occurred at the rates in Italy or Germany, not to mention South Korea or Australia or Vietnam (which so far has zero deaths). It’s another thing when the United States has the highest growth rate of new cases in the world, ahead even of Brazil.

Italy, Germany and dozens of other countries have reopened almost entirely, and they had every reason to do so. They all took the virus seriously and acted decisively, and they continue to: Australia just issued fines totaling $18,000 because too many people attended a birthday party in someone’s home.

In the United States, public health experts were virtually unanimous that replicating European success required

  1. , first, maintaining the shutdown until we achieved a steep downward slope in cases;
  2. second, getting widespread compliance with public health advice; and
  3. third, creating a work force of at least 100,000 — some experts felt 300,000 were needed — to test, trace and isolate cases. Nationally we came nowhere near any of those goals, although some states did and are now reopening carefully and safely. Other states fell far short but reopened anyway. We now see the results.

While New York City just recorded its first day in months without a Covid-19 death, the pandemic is growing across 39 states. In Miami-Dade County in Florida, six hospitals have reached capacity. In Houston, where one of the country’s worst outbreaks rages, officials have called on the governor to issue a stay-at-home order.

As if explosive growth in too many states isn’t bad enough, we are also suffering the same shortages that haunted hospitals in March and April. In New Orleans, testing supplies are so limited that one site started testing at 8 a.m. but had only enough to handle the people lined up by 7:33 a.m.

And testing by itself does little without an infrastructure to not only trace and contact potentially infected people but also manage and support those who test positive and are isolated along with those urged to quarantine. Too often this has not been done; in Miami, only 17 percent of those testing positive for the coronavirus had completed questionnaires to help with contact tracing, critical to slowing spread. Many states now have so many cases that contact tracing has become impossible anyway.

What’s the answer?

Social distancing, masks, hand washing and self-quarantine remain crucial. Too little emphasis has been placed on ventilation, which also matters. Ultraviolet lights can be installed in public areas. These things will reduce spread, and President Trump finally wore a mask publicly, which may somewhat depoliticize the issue. But at this point all these things together, even with widespread compliance, can only blunt dangerous trends where they are occurring. The virus is already too widely disseminated for these actions to quickly bend the curve downward.

To reopen schools in the safest way, which may be impossible in some instances, and to get the economy fully back on track, we must get the case counts down to manageable levels — down to the levels of European countries. The Trump administration’s threat to withhold federal funds from schools that don’t reopen won’t accomplish that goal. To do that, only decisive action will work in places experiencing explosive growth — at the very least, limits even on private gatherings and selective shutdowns that must include not just such obvious places as bars but churchesalso a well-documented source of large-scale spread.

Depending on local circumstances, that may prove insufficient; a comprehensive April-like shutdown may be required. This could be on a county-by-county basis, but half-measures will do little more than prevent hospitals from being overrun. Half-measures will leave transmission at a level vastly exceeding those of the many countries that have contained the virus. Half-measures will leave too many Americans not living with the virus but dying from it.

During the 1918 influenza pandemic, almost every city closed down much of its activity. Fear and caring for sick family members did the rest; absenteeism even in war industries exceeded 50 percent and eviscerated the economy. Many cities reopened too soon and had to close a second time — sometimes a third time — and faced intense resistance. But lives were saved.

Had we done it right the first time, we’d be operating at near 100 percent now, schools would be preparing for a nearly normal school year, football teams would be preparing to practice — and tens of thousands of Americans would not have died.

This is our second chance. We won’t get a third. If we don’t get the growth of this pandemic under control now, in a few months, when the weather turns cold and forces people to spend more time indoors, we could face a disaster that dwarfs the situation today.

Statement of Rick Bright: A Warning: 2020 Could be the Darkest Winter in Modern History

Our window of opportunity is closing. If we fail to develop a national coordinated response, based in science, I fear the pandemic will get far worse and be prolonged, causing unprecedented illness and fatalities. While it is terrifying to acknowledge the extent of the challenge that we currently confront, the undeniable fact is there will be a resurgence of the COVID19 this fall, greatly compounding the challenges of seasonal influenza and putting an unprecedented strain on our health care system. Without clear planning and implementation of the steps that I and other experts have outlined, 2020 will be darkest winter in modern history.