Senators Ron Wyden (D-Ore.) and Michael Bennet (D-Colo.) have announced legislation that would set minimum federal standards for unemployment benefits nationwide. The legislation also includes a stipulation that unemployment benefits will receive an extra boost when unemployment is high.
The House of Representatives is moving toward final approval of the Covid-19 stimulus package in what would mark President Joe Biden‘s first legislative victory since taking office. The House had a two-hour morning debate earlier today ahead of a final vote on the bill.
President Joe Biden continues to get high marks overall, according to a special online edition of the CNBC All-America Economic Survey, which found he has a 62% percent approval rating, a rating higher than those of the last four presidents.
Democrats are pushing President Joe Biden to support $2,000 monthly stimulus payments, what they say would amount to a vital lifeline to Americans who have been adversely impacted by the economic fallout in the wake of the Covid-19 pandemic.
President Joe Biden will sign two executive orders on Covid-19 relief that aim to provide vital economic relief to Americans weathering the economic freefall caused by the coronavirus pandemic.
The orders will expand food stamps and also ensure that anyone working for the federal government makes at least $15 an hour. These orders will provide a “critical lifeline” to Americans in need, said National Economic Council Director Brian Deese, though he stressed that these orders would not be a “substitute” for a trillion-dollar stimulus package many Americans are depending on.
Unemployment claims have spiked again.
The Department of Labor (DOL) reports that unemployment claims in the first full week of January spiked to a seasonally adjusted 965,000, Additionally, non-adjusted claims rose to 1.2 million and the number receiving Pandemic Unemployment Assistance (PUA) rose to 284,500.
The Department of Labor (DOL) says unemployment benefits won’t lapse despite President Donald Trump’s delay in signing a new Covid-19 relief package.
“As states are implementing these new provisions as quickly as possible, the Department does not anticipate that eligible claimants will miss a week of benefits due to the timing of the law’s enactment,” a department spokesman told The Hill.
United States Treasury Secretary Steven Mnuchin has confirmed that Americans could see $600 stimulus checks as soon as next week. The funds are part of a $900 million virus relief package that lawmakers agreed on last night; final votes will be tallied today ahead of a midnight deadline.
The Bureau of Labor Statistics reported this morning that the United States economy added just 245,000 jobs in November on a seasonally adjusted basis, 224,000 fewer jobs than had been projected.
Although November’s unemployment rate (6.7%) is lower than October’s unemployment rate (6.9%) this is because more workers left the workforce in November. Of those not counted among the workforce, 3.9 million people have been unable to look for work because of the Covid-19 pandemic’s disastrous effects on the job market.
A group of 76 United States mayors has endorsed Joe Biden and Kamala Harris in an open letter that also calls out President Donald Trump and members of Congress for delaying vital Covid-19 relief for small businesses as the pandemic continues to wreak a harsh economic toll on the lives of average Americans.
A Columbia University study found that eight million more Americans are in poverty after coronavirus relief stimulus talks collapsed, a sign that “The COVID-19 crisis has induced both the largest declines and subsequent increases in monthly employment ever witnessed in the U.S., and has made clear the importance of high-frequency data on family well-being to inform policymaking.”
Negotiations over more coronavirus relief legislation have largely faltered, and President Donald Trump says he’s considering a larger relief package, one larger than the $1.8 trillion offered by the White House.
Senator Ted Cruz (R-Texas) warned that the upcoming election could be “a bloodbath of Watergate proportions” for the GOP if people are in dire financial straits as a result of the economic impacts of the coronavirus pandemic.
President Donald Trump says coronavirus aid talks have restarted, just days after he shocked financial markets by announcing he’d ordered Republicans to end negotiations altogether.
“Now they are starting to work out,” he told Fox Business Network.
President Donald Trump, who yesterday announced he had instructed Republicans not to negotiate a coronavirus financial stimulus package until after November’s general election, appeared to reverse course this morning, telling House Speaker Nancy Pelosi (D-Calif.) that he is “Waiting To Sign” a bill authorizing stimulus checks as soon as it lands on his desk.
Massachusetts Governor Charlie Baker (R) rebuked the Senate’s attempts to confirm a nominee to replace the late Justice Ruth Bader Ginsburg on the Supreme Court in remarks earlier today. Baker says the Senate should “allow the American people to cast their ballots” first, joining a chorus of voices who say a confirmation should be decided by the winner of November’s general election.
A group of 13 Nobel Prize-winning economists has announced their endorsement of Democrat Joe Biden in November’s general election.
The economists announced their endorsement in a letter released by the Biden campaign. The signatories are the economists George Akerlof, Peter Diamond, Oliver Hart, Eric Maskin, Daniel McFadden, Roger Myerson, William Nordhaus, Edmund Phelps, Paul Romer, Robert Solow, Michael Spence, Joseph Stiglitz, and Richard Thaler.
Wall Street analysts say the chances of Congress approving a federal stimulus package are “effectively zero” now that the conversation has shifted to filling the late Justice Ruth Bader Ginsburg’s Supreme Court seat.
President Donald Trump called Democrats “heartless” and accused them of blocking vital coronavirus relief as the pandemic continues to wreak havoc on the economy and people’s livelihoods. The Senate did not approve new relief legislation last week.
The novel coronavirus caused President Donald Trump’s net worth to drop $600 million in the last year, Forbes reported, placing him at No. 339 (a drop of 64 points) on The Forbes 400, which profiles and ranks the country’s richest billionaires.