CCTV Transcripts

CCTV Script 17/08/20

— This is the script of CNBC's news report for China's CCTV on August 17, 2020, Monday.

With the outbreak, food safety concerns in the United States have been raised and more Americans are facing food shortages. According to the US census' survey, which included food shortage questions.

12.1 percent of adults said yes, when asked if they faced food shortage problems in the past one week, that figure was just 9.8 percent in early May.

In addition, when families with children were asked if they were able to provide enough food for their children,20 percent of respondents said no, up from 17 percent in early June.

According to the analysis, the reasons for the problem may be various. For one thing, there is a gap before the unemployed can claim benefits, during this period, part of Americans may be underfed, but that just causes a short-term effect. Second, some schools and nurseries that provide free food have closed under covid-19, for working parents, it's expensive to buy those food. Third, DISRUPTIONS to supplies during an outbreak can also push up food prices.

Since outbreak, as large Numbers of Americans face job losses and reduced incomes, Americans' demand for food aid has soared.

The number of food stamp recipients rose 16% between March and April, far surpassing the previous record of 7.3% in September 2008. Since March, Feeding America has delivered 1.9 billion meals, a 50% increase from the usual number. The group estimates that 14 billion portions of food may be needed by June of next year, more than double what it can provide

The U.S. government and various agencies are also doing a lot to deal with food shortages.  One study showed that expanded unemployment benefits reduced the likelihood that families earning less than $75,000 would eat less because of financial hardship by 42 percent.  And Pandemic EBT program saved 2.7 to 3.9 million children from starvation. But that program expired this summer.

The weekly unemployment aid of $600 is also going to expire. All this has many people worried that America's food shortage could get worse. With the two parties still deadlocked over unemployment aid, economists worry that a delay could push the U.S. economy backward.

Victoria Fernandez

Crossmark Global Investments, Chief Market Strategist 

Well, I think it does make it a little bit more vulnerable for the sheer fact that priced into the market at this point is another stimulus package. Now obviously the economy is reporting some pretty solid numbers. And we're seeing that. But if we don't get that stimulus package coming through and we don't have additional unemployment insurance for those families that have been relying on that, then I think we're gonna see demand come back. That consumption number is going to slow down. And that's where our concern lies.  

In the new week, negotiations on this issue will continue to be a priority for U.S. lawmakers from both parties. We will keep an eye on this issue.