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When experts look at the economy and its rebound, they go through an alphabet soup of letters, with a “V” shape recovery being the best-case scenario. It’s a fast decline with a fast recovery. Letters like “W” or “L” mean a much slower and painful path forward.A resurgence of more COVID-19 cases is shifting the likely shape of our economic recovery, and having economists evaluate the likelihood of a recovery in the shape of the more dreaded letters.“The fact that the virus has increased in a number of states shows that it is still very much a threat not only to one’s health but the economy,” said Michelle Meyer, who heads U.S. Economics at Bank of America. “The initial stage of the recovery was quite robust. It felt quite ‘V’ like, the economy was digging its way out of what was a very deep hole.”According to Bank of America, about a third of the jobs lost during the pandemic have been recovered. However, the recovery has slowed down into more of a “U” shape, and now data is showing a stall with concern of a higher chance of a “W” or “L” shape recovery.“The ‘W’ trajectory would be the worst-case scenario. That would show real fragility on the economy if we dipped back into a recession,” added Meyer.Experts say it would lead even higher unemployment, and more permanent job loss and business closures. In addition, to come out of a “W” or “L” shape recovery, we would need even more stimulus money from the federal government, which may not even improve the economic downturn as much as it did the first time.“Stimulus in Washington provides a really nice band-aid and I think it helped tremendously in the first stage of this recovery but at the end of the day, we need the economy to fundamentally improve,” said Meyer.The good news is unless there is a significant or full shutdown again, a “W” shape recovery is still less likely to occur than a “U” shape.“Our analysis projects that a 'U' shape recovery with rather steep losses and growth this year and rather flat next year and then recovering subsequently is the most likely outcome,” said David Turkington, the Senior Vice President at State Street Associates.A recent State Street study based on 100 years of historical data shows that the U.S. still has 30.1% chance of a “U” recovery, and a combined 24.4% chance of a “W” or “L” shape recovery which include stagflation and depression outcomes.“The real economy I think is what determines the recovery and how that plays forward,” said Turkington.The real economy is jobs, businesses and consumer spending. Providing stability there could determine which way the economy goes. 2615

While traveling with his parents on route to Virginia from New Jersey, James Murray made an attempt to get on I-95 and make a smooth sailing trip to his destination.But, Maryland's weather and high winds had other plans."The rain was okay, and getting out of New Jersey was fine, but then we got into and crossed over Maryland and they closed I-95 down, it was crazy," said Murray.In a Facebook Live, Murray goes into detail about his tense situation.Murray says he recalls the traffic being stand still and officials forcing all the vehicles off of the interstate into a little town called Port Deposit.It was starting to hit the late hours of midnight and Murray's parents, who were also in the vehicle, began to feel worried that they wouldn't be able to find their way. With no hotels and no opened restaurants in the area, they all started to feel concerned while driving through the unknown town for hours.That's when Murray saw an opened restaurant called Jumbo Jimmy's and immediately pulled into the parking lot to enter the restaurant. He was then greeted by a woman behind the counter who told him that the restaurant's kitchen was closed. After the woman took a second glimpse at Murray and recognized who he was, she immediately told him that they'll be more than happy to open the kitchen to serve him."The people were so lovely, so lovely in this place, not just the people that worked there, but the patrons were so nice and friendly, and they treated my parents like a million bucks." Murray also goes on to share that many people in the restaurant extended their generosity and were willing to open their homes to him and his parents. Murray says him and his parents stayed overnight with a local nurse named Ruthie who accommodated them.During his Facebook Live video, Murray got emotional while expressing his gratitude towards the people, town, and restaurant who turned his uncomfortable situation into a very memorable and comforting one."I guess what I am trying to say is, there's good out there in the world," said Murray, "If ever you think that the world is [bad] don't worry there's lots of good people." 2181

WHAT HAPPENED:The U.S. Postal Service says it can’t meet a federal judge’s order to sweep processing centers for undelivered mail-in ballots. It is arguing that doing so would be disruptive to its Election Day operations and that it had “physical and operational limitations.”THE SIGNIFICANCE:Disputes about mail ballots, particularly those received after Election Day, could be the fuel for court fights over election results in some states.THE BACKGROUND:U.S. District Judge Emmet G. Sullivan’s order came after weeks of bruising court decisions for an agency that has become heavily politicized under its new leader, Postmaster General Louis DeJoy. DeJoy, a major GOP donor, made a series of controversial policy changes in the summer that delayed mail nationwide, fueling worry about the service’s ability to handle the unprecedented crush of mail-in ballots.At the same time, President Donald Trump has baselessly attacked mail voting as fraudulent throughout his campaign.Much of Sullivan’s order hinged on postal data showing roughly 300,000 mail-in ballots in several states had not received scans showing they had been delivered. The agency has disputed the accuracy of the figure, saying it has pushed to ensure same-day local delivery of ballots by circumventing certain processing steps entirely, leaving them without the final delivery scan.WHAT’S NEXT:Sullivan had given the agency until Tuesday afternoon to search 27 facilities in several battleground areas for outstanding ballots and send out those votes immediately.The Postal Service said it had already conducted rounds of morning checks at all its processing hubs. Further, the agency said has been performing daily reviews of all 220 facilities handling election mail and planned another sweep hours before polling places closed Tuesday.The judge accepted the agency’s response but set a Wednesday hearing “to discuss the apparent lack of compliance with the court’s order.” 1955

When you think of police officers, you may think of the badge or the local precinct may come to mind, but a lasso?“You got to have a lasso in a small town,” Sgt. Jace Peterson said with a laugh.Sgt. Peterson says it is an item he never leaves home without. Home is Nephi, Utah and it has been most of his life.“Oh, I was a good kid who got in very little trouble,” Peterson said.Nephi is a "blink and you miss it" stop along Interstate-15 between Salt Lake City and Las Vegas.Sgt. Peterson is just one of 10 full-time officers.“I just patrol all the corners of town, backstreets and the main thoroughfares,” he said.A disorderly conduct call sometimes comes in the form of a farm animal.“We’ve had cows and goats,” Peterson said. “I mean you name it and they run loose around here.”Sgt. Peterson knows he is just one call away from a surprise class reunion.“It makes it entertaining when you stop somebody you know or you’re on a call with somebody you went to high school with,” he said.Life moves at a slower pace in these parts. It is a stark contrast from what officers in major cities across the country are dealing with.“The rioting and the protest,” Sgt. Peterson said slowly shaking his head. “I mean, it starts to wear on you a little bit and know that other officers aren’t as lucky as we are.”The Nephi Chief of Police echoes those sentiments.“You know, the great thing is I had the big city policing experience when I was young,” said Chief Mike Morgan. “When I was young, I could get out and do the things that needed to get done and I was able to learn; that experience brought me here.”Like Peterson, Chief Morgan has come home.“There’s no place like home,” Chief Morgan said with a chuckle.The move from big city life means big changes.“There are no protests at all down here,” Chief Morgan said.The department is prepared for the day some of the bigger city issues may creep into town.“We’ve got all the equipment I could ever ask for and it’s such a great community,” Sgt. Peterson said.Even a worldwide pandemic is not affecting the small-town police force much.“I mean, we know it’s there and we know it’s just one bad day away, but until then, we’re just going to sort of enjoy it,” Sgt. Peterson said. 2231

WILMINGTON, Del. – In a prime-time speech after the Electoral College vote, President-elect Joe Biden is set to declare that “not even ... an abuse of power” can stop a peaceful transition of power in the U.S. after last month’s election.That’s an overt swipe at President Donald Trump’s refusal to accept defeat and the top Republicans who have continued to stand by him.Biden is set to speak in Wilmington at about 7:30 p.m. ET Monday after the Electoral College formally votes to declare him president.According to excerpts released ahead of time by his campaign, Biden plans to call for unity and again express his intentions to be a president for everyone, regardless of whether they voted for him.“As I said through this campaign, I will be a president for all Americans,” Biden will say. “I will work just as hard for those of you who didn’t vote for me, as I will for those who did.But he also will say that “In America, politicians don’t take power — the people grant it to them.”“The flame of democracy was lit in this nation a long time ago,” Biden is set to say. “And we now know that nothing — not even a pandemic —or an abuse of power — can extinguish that flame.”As electors gathered in all 50 states and the District of Columbia on Monday to formally vote for the next president, the U.S. reached two major milestones in the COVID-19 pandemic. The nation’s death toll from the coronavirus surpassed 300,000 people and the first doses of Pfizer’s COVID-19 vaccine were administered to health care workers in several states.During his remarks, Biden is also expected to touch on the state of the pandemic and what he’ll do to help get the country through it.“There is urgent work in front of all of us. Getting the pandemic under control to getting the nation vaccinated against this virus. Delivering immediate economic help so badly needed by so many Americans who are hurting today — and then building our economy back better than ever,” Biden is set to say. 1983