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According to a study published by UCLA's Anderson School of Management, the COVID-19 pandemic has put the U.S. economy into a "depression" and projects that the country's GDP won't return to pre-pandemic levels until early 2023.The study was published by David Shulman of UCLA's Anderson Forecast — a research firm at the school that publishes a quarterly outlook on the U.S. economy."Make no mistake, the public health crisis of the pandemic morphed into a depression-like crisis in the economy," Schulman wrote. "To call this crisis a recession is a misnomer."The report says that despite a drastic response from both the Trump Administration and the Federal Resevre, it will take years for both employment levels and GDP to return to were it was before COVID-19 reached America."Simply put, despite the Paycheck Protection Program too many small businesses will fail and millions of jobs in restaurants and personal service firms will disappear in the short-run," the report reads. "We believe that even with the availability of a vaccine it will take time for consumers to return to normal. (It took more than two years after 9/11 for air travel to return to its prior peak.) With businesses taking on a huge amount of debt, repayment of that debt will take a priority over new capital spending. And do not forget that state and local budgets suffered a revenue collapse that even with federal assistance it will take years to recover from."The U.S. lost 22 million non-farming jobs in the early months of the pandemic, the report says. The report does offer at least one bright spot: the housing market. The report mentions that despite high unemployment rates, "consumer demand remains strong" and that markets will return to pre-pandemic levels fairly soon.Finally, the report projects that the pandemic will accelerate some trends that were already in motion, particularly the growth of online retail, telecommuting and rising tensions between the U.S. and China. 1980

A woman who was caught on camera calling 911 dispatchers on a Black bird watcher in New York City’s Central Park will face charges.The Manhattan District Attorney announced Monday his office has initiated a prosecution of Amy Cooper for falsely reporting an incident.Cooper was walking her dog in the park in May and was seen on camera having a confrontation with a Black man, who was birdwatching at the time. The man, Christian Cooper (no relation to Amy Cooper) told Amy Cooper that by not putting her dog on a leash in that section of the park, she was in violation of park rules.In the cell phone video taken by Christian Cooper, Amy Cooper is heard talking to 911 dispatchers and telling them a Black man was threatening her life. Cooper was issued a Desk Appearance Ticket for an arraignment in October.In a statement posted online, the DA is asking others who have been “the target of false reporting to contact our Office. We are strongly committed to holding perpetrators of this conduct accountable.” 1019

After a dramatic lead-up, the House of Representatives failed to pass a massive farm bill as Republicans were unable to shore up support from some of their conservative members amid an ongoing party fight on immigration, despite Republican leaders' confident predictions it would pass just minutes before.The vote was 198-213.While Republican leaders said they were confident ahead of the vote, it was clear the bill was in jeopardy, and members of leadership could be seen on the floor holding last-minute negotiations.Complicating matters was a threat by conservatives in the House Freedom Caucus to withhold their support as they sought to get their desired outcome on an unrelated issue involving immigration. Close to 30 Republicans voted against the bill.Democrats, meanwhile, rejected the farm bill out of opposition to stricter work requirements in the food stamps program, formally known as the Supplemental Nutrition Assistance Program, or SNAP.The deadline to pass a farm bill is September 30.Republicans want to require more people to work in order to receive the benefits, extending the mandate to parents of school-age children and to those in their 50s.That's the main reason why Democrats are rejecting the bill. They worry the new requirements will prove too onerous for some of the very beneficiaries in need of the assistance. Those who fail to work or enroll in job training could be locked out for up to three years.President Donald Trump voiced support for the bill Thursday in a tweet."Tomorrow, the House will vote on a strong Farm Bill, which includes work requirements. We must support our Nation's great farmers!"The 641-page bill also addresses a range of issues related to agriculture, such as livestock disaster programs, conservation, feral swine, farm loan programs and broadband services in rural areas, just to name a few.Given that the Senate is working on its own version of a farm bill -- one that has a less stringent approach on SNAP -- it's a foregone conclusion that the House bill, should it pass, won't be the final say on the matter, with a possible House-Senate conference looming to hash out the significant differences."There could not be a better time to take action to help more people join our workforce," House Speaker Paul Ryan told reporters during a news conference Thursday. "That is why the farm bill that we are debating today is so critical. It sets up a system for SNAP recipients where if you are able to work, you should work to get the benefits. And if you can't work, we'll help you get the training you need."  2587

About 60 percent of restaurants that had to close during the pandemic are now permanently closed, according to review site Yelp.Across industries, Yelp reports that 132,580 businesses that were listed as “open” on March 1 are now marked “closed”, and roughly 55 percent of those closures are permanent. Those percentages translate to 72,842 businesses permanently closed as of July 10 that were open in March, and more than 15,700 of those are restaurants.Las Vegas is suffering from the highest rate of closed businesses, with 861 that are now permanently closed. Las Vegas has seen a huge decrease in tourism, and according to Yelp, this accounts for the spike in closures.The rate of permanent closures has increased since April as the coronavirus pandemic spreads and businesses of all kinds are forced to close or adjust how they interact with customers, sometimes resulting in fewer sales. Yelp reports that the number of total closures, though, has fluctuated as states reopen and close down again based on outbreaks.However, some businesses are seeing far fewer permanent closures. These include professional services like lawyers, accountants, web design and tutors or educators. Health services like physicians, mental health services, and health coaches are also seeing fewer permanent closures during the pandemic.“With nearly every state (and even county) taking a tailored approach to reopening local economies we expect these shifts in consumer interest and business closures to continue to move at an unpredictable pace,” the report stated.As businesses opened up in June, Yelp reports that people are searching for alcohol-related experiences, with an increase in searches for wineries (up 51 percent since May), cideries (up 39 percent) and breweries (up 24 percent). Searches for outdoors activities has also increased since May, like ziplining (up 44%) and ATV rentals (up 37%). 1906

According to multiple reports, Sarah Jessica Parker, Cynthia Nixon, and Kristin Davis may be reuniting for a limited series reboot of "Sex and the City" on HBO Max - sans Kim Cattrall.According to Vanity Fair and Vulture, all the original stars are reportedly slated to come back to join the reboot - except Cattrall, who played Samantha Jones. In a recent interview with the Los Angeles Times, Cattrall has said that she is not interested in returning to the series.The original series ran for six seasons on HBO and spawned two movies. A third movie was slated to happen, but in 2017, Parker confirmed the news to Extra that a third "Sex and the City" movie would not happen.Reps for HBO Max and Parker have not commented on the reports, Vanity Fair reported. 769