Trump’s dream of a V-shape rebound slowly slips away

30th July 2020

Pending home sales rebounded strongly in May and June amid declining mortgage rates. Existing home sales also rose sharply in June. Soaring jobless claims began declining in March as states started to reopen and the unemployment rate declined from a high of 14.7 percent in April. But the increase last week suggested the fresh wave […]

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‘Oil on the inequality fire’: How slashing jobless aid could widen the wealth gap

26th July 2020

Already, the wealth divide is dramatic: The top 20 percent of the country held more than three-fourths of all household wealth in 2016, according to a Brookings Institution analysis of consumer finance data. The bottom 20 percent held just 2 percent. The coronavirus crisis is almost certain to worsen that. A May report led by […]

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40 million Americans face student loan cliff

25th July 2020

Alexander pitched the plan to reporters this week as “an extension of the deferment of monthly student loan payments until students have an income.” But his plan does not extend the CARES Act student loan relief itself. Alexander said his goal was to “change the system for paying back student loans so that you never […]

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How the Child Care Crisis Will Distort the Economy for a Generation

24th July 2020

“The work of recovering from it will not end just because we have a vaccine,” says Stevenson, a labor economist at the University of Michigan and former member of President Barack Obama’s Council of Economic Advisers. “We are making choices right now about where we will be as an economy in 20 years, in 30 […]

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Housing market defies expectations amid economic turmoil

23rd July 2020

Despite widespread uncertainty in the wake of the most severe economic shock in generations, Americans still want to buy homes, one of the biggest financial decisions they will make in their lifetimes. Consider: Home construction jumped 17 percent in June, according to Census Bureau data, while permit applications to build single-family homes rose almost 12 […]

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Trump shifts messaging: Coronavirus ‘will get worse before it gets better’

22nd July 2020

Trump’s shift in tone, along with the return of the coronavirus briefing, comes as the latest surge in cases has become impossible to ignore. Close to 4 million Americans have contracted the virus, though data from the CDC indicates the true number of infections could be 10 times greater. His comments also come as the […]

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America’s hidden economic crisis: Widespread wage cuts

19th July 2020

Other estimates put it higher: Roughly 7 million workers have likely received a dock in pay, according to Mark Zandi, the chief economist at Moody’s Analytics. Combined with those who have been forced to log fewer hours, the number climbs to 20 million people — or 1 in 8 workers — who have seen their […]

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Schumer proposes $350B in aid to communities of color ahead of coronavirus talks

16th July 2020

Senate Minority Leader Chuck Schumer talks to reporters on March 10, 2020. | Samuel Corum/Getty Images Senate Democrats released a new $350 billion proposal Thursday to invest in communities of color suffering amid the pandemic, their latest marker as Congress gets ready to negotiate the next and potentially final coronavirus package. The proposal, led by […]

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Opinion | If You Want to Save the Economy, Stop the Pandemic

10th July 2020

By our calculations, less than 8 percent of the trillions in funding that Congress has allocated so far in response to the virus has been for solutions that would shorten or mitigate the virus itself: measures like increasing the supply of PPE, expanding testing, developing treatments, standing up contact tracing, or developing a vaccine. A […]

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Treasury decides to stick with July 15 tax deadline

30th June 2020

An extension would give taxpayers until Oct. 15 to file their returns, though they would still have to pay what they owe by July 15 in order to avoid interest and penalties. The decision is sure to please many and disappoint others, all of whom had been anxiously awaiting the agency’s decision after Mnuchin said […]

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