America’s economic recovery doesn’t roar for everyone (podcast)
After more than a year of pandemic, the US economy is rebounding and is now expected to grow 9.4% in the second quarter. This is fueling a mad rush in American industries that are in desperate need of workers. But despite all this momentum, pockets of poverty and stagnation remain behind the beautiful American facade. And no place represents that reality better than Youngstown, Ohio.
In this week’s podcast, US business journalist Shawn Donnan looks at the decades-long economic slide in the eastern Ohio city and the frantic attempts to revive it. Over 61,000 people worked in Youngstown’s booming manufacturing industry in 1990, but as of March, it employed just over 23,000 people. The last big blow came in 2019, when General Motors shut down in nearby Lordstown and took 4,500 jobs with it. A tough effort to make Youngstown a hub for 3D printing, launched under former President Barack Obama, shows how difficult it is for the Rust Belt to regain its former glory.
Bloomberg Chief Economist Tom Orlik discusses the International Monetary Fund’s proposal to end the pandemic, and Johannesburg business journalist Prinesha Naidoo reports growing Covid-19 calamity in Africa, where vaccination campaigns delayed could leave 39 million more Africans in extreme poverty this year. And host Stephanie Flanders sits down with Germany’s Olaf Scholz, the finance minister vying to replace Angela Merkel as chancellor, to inquire about her campaign and why Germany is moving forward with a controversial gas pipeline with Russia.