The Chinese Economy on the Brink of Collapse?

Good morning and welcome to the News Diet where I’ll give you daily news bites in under 10 minutes. Today I’m gonna talk about the state of China’s economy, Dr. Fauci’s departure from the White House, as well as the teacher shortage. Let’s be informed so we can get on with our day.

If you’re looking to get the day’s news without commentary or sensationalism, then you’ve definitely come to the right place and I’m genuinely so grateful to have you tune in. Just be sure to hit that SUBSCRIBE button so you can catch all the new episodes and also as a new channel, it truly helps the show grow so hopefully more people can also discover this healthier alternative to staying informed. 

—

So this topic is definitely going to be ongoing for a while as it's just now starting to unfold. And that’s about China’s faltering economy. Starting a few decades ago, China has risen to become a major world power with a massive economy. This is thanks to the adoption of a free market mentality, opening global relations, as well as the high number of rural workers looking for work allowing for a robust manufacturing industry. What resulted was lower manufacturing costs for businesses around the world, which in turn raised about 800 million Chinese residents out of poverty.

But now, the Chinese economic rise could be coming to a slow down, or possibly even collapse. I’ve talked many times about how their Zero-Covid policies have hampered their growth, as obviously it’s hard to have economic progress when entire industries are shut down for unknown periods of time, but what's now coming to the surface is how the chaotic state of the economy is affecting their real estate industry. And this is because China has been experiencing a massive real estate bubble starting in 2001. From then to 2017, housing prices skyrocketed by 700%. Due to this demand, developers started selling units to buildings that weren’t even built yet, which wouldn’t necessarily be a huge issue if those buildings were built. But with the state of the economy, some developers have become nervous and have stalled, now leaving many buyers with mortgages for a home that doesn’t exist. In hopes of continuing to incentive buyers, the government is lowering interest rates and just pumped $60 billion into the economy - which could just be inflating the issue and adding on to the country’s already massive debt. Should the Chinese economy falter, then that would have big implications around the world. This is definitely a topic I’ll continue to talk about in the future.

–

Dr. Anthony Fauci, arguably the most prominent voice behind the covid pandemic over the last two and half years announced yesterday that he was leaving his role as the Director of the National Institute of Allergy and Infectious Diseases to pursue “the next phase of his career”. This also means no longer serving as the White House’s chief medical advisor.

Fauci has worked for the National Institute of Health for more than fifty years, and through his chief advisory role, has served under seven US presidents, starting with Ronald Reagan. He even received the Presidential Medal of Freedom in 2008 from then President George W. Bush. Fauci has served through many modern health crises like the HIV/AIDS epidemic, West Nile virus, the anthrax threats in the early 2000s, bird flus, Ebola, Zika, and now monkeypox.

His real prominence in the public eye grew with the global outbreak of Covid. He was the leading voice on all things pandemic - from learning about the virus to spearheading the safety guidelines that would change Americans lives for months or even years. In the early days of the spread, Fauci was revered by many as a hero and guide. But as time went on and lives were being lost, and the economy was chaotic, and huge parts of the country shut down, the tune on Fauci became more divided. Some continue to praise him and trust his medical advice, while others have called for actual investigations into his Covid response, claiming deceit and actual criminal activity. In fact, Fauci has became known for having tense exchanges with Senators during hearings, particularly Rand Paul, being accused of lying to the public about the realities of Covid early on, as well as the root of the virus.

Dr. Fauci has said that he doesn’t plan on retiring, but rather is looking to focus on mentoring the next generation of infectious disease scientists. He says that his time will end at the end of the year in December.

–

The country is currently experiencing a teacher shortage that has only been exacerbated by the pandemic. With the complications of remote teaching, unpredictable hybrid schedules, and pent up students and parents, educators are leaving the profession in big numbers. According to The National Education Association, the US is short 300,000 teachers and staff. To combat the issue, some states have even started changing the requirements to become an educator, like no longer requiring a bachelor's degree such as in Arizona, or offering temporary credentials to veterans like in Florida. Advocates of this approach argue that the current regulations and standards are creating a barrier to entry making it more difficult for people to enter the profession. But others, like Education Secretary Miguel Cardona, say that instead of lowering the bar, teachers should instead get higher pay and better working conditions. The conversation around teacher pay has been a long and ongoing one. Some say that you can’t expect high quality education without paying high salaries. Others say that pay should be based off performance, considering that the state of US education isn’t too great right now. They also say that the benefits that teachers receive such as long summer breaks and strong tenure systems should be considered as part of that package. 

Regardless, with classes starting for the year, schools are in need and looking for ways to attract more educators.

–

You’ve just been informed so now it’s time to get on with your day. I’m Michele Carroll. Thanks so much for listening.

–

If you enjoyed the episode and want to continue following a healthier alternative for staying informed, where I forgo partisan fighting and fear-driven narratives, then please be sure to hit that subscribe button - as of course you’ll get more of this show in your feed and also you’ll be helping this new channel grow and reject sensational media. Thank you so much for your support, and I can’t wait to see you in the next episode.

–

Listen to the podcast on the go:
Spotify: https://open.spotify.com/show/2V8LwOYl2KZhFOzTOA0tCt?si=a7a4a721528e48b1 
Apple Podcasts: https://podcasts.apple.com/us/podcast/the-news-diet/id1577890561 
Or anywhere you listen!

You can also follow The News Diet at:
Instagram: https://www.instagram.com/thenewsdiet/ 
Twitter: https://twitter.com/TheNewsDiet_ 
Facebook: https://www.facebook.com/thenewsdiet 
Website: https://www.thenewsdiet.com/ 

TODAY’S STORIES:

https://www.bbc.com/news/business-62629144

https://www.everycrsreport.com/reports/RL33534.html

https://www.nytimes.com/2022/08/22/business/china-power-shortage-drought.html

https://www.weforum.org/agenda/2015/07/brief-history-of-china-economic-growth/

https://www.tutor2u.net/geography/reference/factors-explaining-the-rapid-economic-growth-of-china-in-recent-decades

https://www.lowyinstitute.org/publications/revising-down-rise-china

https://www.youtube.com/watch?v=4JEdz1eA2vQ 

–

https://www.dailywire.com/news/breaking-fauci-reveals-he-will-retire-this-year-pursue-next-chapter

https://www.foxnews.com/media/conservatives-politicians-more-react-anthony-fauci-stepping-down-blueprint-what-not-do

https://www.cnbc.com/2022/08/22/white-house-chief-medical-advisor-anthony-fauci-to-step-down-in-december-after-more-than-50-years-of-public-service.html

https://en.wikipedia.org/wiki/Anthony_Fauci 

–

https://www.yahoo.com/news/education-secretary-lowering-standards-add-154151380.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAMsgR20tEInoILR3mFOt3_nrfRrdyHWL5AdAb8tF77n9CwPs5i92y76IlDuw1eFDt0EzLvEdUdxf1c4z7QE7eBvHmFFjjsSsyIpqAIKJMmojzkYGvBQ8giL1WBp7tW3xYtqYuSyrt7AYihX1PZd3ZIt022cLuSbP8nVRF2j5ZyQ1

https://www.cbsnews.com/news/miguel-cardona-covid-relief-funds-teacher-shortage-face-the-nation/

https://www.economist.com/united-states/2022/08/21/americas-new-national-teacher-shortage-is-neither-new-nor-national

https://video.foxnews.com/v/6311223820112#sp=show-clips 

–

#china
#fauci
#teachershortage

Welcome to The News Diet.
Hosted by Michele Carroll.