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Time for U.S. to share more COVID vaccines? - Marketplace

Oxford University and AstraZeneca announced Monday that their COVID-19 vaccine is 79% effective overall and 100% effective at preventing severe disease, according to preliminary results from U.S. clinical trials. 

The Biden administration said last week that it will send about 4 million doses of the vaccine to Canada and Mexico, but it’s holding on to several million more, even though the AstraZeneca vaccine is not yet authorized in the U.S. and the administration has already secured more than enough doses of COVID vaccine for everyone in the country. 

“Supply is going to exceed demand sometime in the midsummer, late summer,” said Dr. Ezekiel Emanuel, vice provost of global initiatives at the University of Pennsylvania, who advised President Joe Biden during the transition of power. “We should be pretty aggressive about sending the vaccine overseas to help other countries that are in need.”

China, which has largely controlled the disease, is sending more than half of its doses to other countries, and Russia is also exporting vaccine. 

“We could do the same,” Emanuel said. “It would make a big ‘soft power’ difference in terms of foreign affairs to these countries, rather than making us look like Scrooge. And I think that’s very important from an ethical standpoint, very important from an international diplomatic standpoint.”

Because most countries don’t have the capacity to produce a vaccine on their own, it’s also the only way to get the pandemic under control globally. 

“In a world where COVID is running rampant across the world and not in the United States, unless we’re going to be a fortress nation that’s not going to let anybody travel here ever, you’re going to have variants emerge elsewhere in the world, in such a way that they pose a danger to the United States,” said Glenn Cohen, a professor of health law and bioethics at Harvard Law School. 

Both healthwise and economically. 

“If we’re living in a world where large parts of the world don’t get fully vaccinated until 2022 or 2023, those are people who can’t travel to our shores. There are people who will not be able to consume our goods. There are people who will be in situations of political instability and suffering, and there’s going to be major economic loss,” Cohen said. 

And the U.S. is now in a position to do something about that — by both sharing what it has and pushing drug companies to ramp up production even more.

Are more direct payments for COVID relief finally here?

Those “stimulus checks,” as they’re commonly referred to, are hitting bank accounts now. The IRS says a “vast majority” of people will get their payments through direct deposit. But it’s going to take a while to get to everyone who is eligible. Additional batches of payments go out in the coming weeks, either via direct deposit, by mailed check or debit card. And over that time, brands will be competing to capture consumer spending. Deals and other offers are likely to appear online, where people have already been shopping during the pandemic.

I’m hearing a lot about interest rates. Is it getting more expensive to borrow money?

Expectations of higher inflation as the economy rebounds have investors demanding higher yields to compensate. In turn, the recent surge in bond yields is pushing up the interest rates consumers pay on mortgages and other loans. Economist Scott Hoyt with Moody’s Analytics said rising rates could dampen demand for housing a little and refinancing a little more. Other kinds of consumer spending are less likely to be affected. Interest on auto loans and credit cards are pegged to shorter-term rates, which haven’t been rising as much.

How will the latest round of pandemic relief from the federal government help women?

More than 2 million women have left the workforce since 2020. Many of them did so initially to care for children. The American Rescue Plan, poised to be passed this week, is offering an expanded child tax credit that could give up to $300 a month per child under the age of 6. It also includes nearly $15 billion to help support child care facilities. Even so, experts say child care is still the primary stumbling block for many women who want and need to get back to work.

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Time for U.S. to share more COVID vaccines? - Marketplace
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