How Biden’s dream of fighting income inequality runs through Georgia

6th January 2021

Biden, who made economic justice a centerpiece of his presidential campaign, will face a wage and wealth gap made significantly worse by the Covid-19 pandemic. The coronavirus lockdowns hit lower-income workers, including communities of color and women, much harder than wealthier Americans. Employment among high-wage workers actually rose slightly during the pandemic, while it dropped […]

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Trump backs down, signs stimulus package

28th December 2020

“I will sign the omnibus and Covid package with a strong message that makes clear to Congress that wasteful items need to be removed. I will send back to Congress a redlined version, item by item, accompanied by the formal rescission request to Congress insisting that those funds be removed from the bill,” Trump said […]

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Congress sends Covid package and spending measure to Trump

25th December 2020

Trump vetoing the spending bill, which passed both chambers by overwhelming margins, could mean a potential government shutdown. Without a presidential signature, government funding will run out on Monday night. The House is already preparing a potential short-term continuing resolution in case Trump actually rejects the package, though Trump would also need to sign that […]

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Fed enters Biden era with clipped wings and a warning from Republicans

23rd December 2020

Fed officials might no longer have to fear presidential tweets calling them “boneheads,” as President Donald Trump did last year in one of many missives mocking Chair Jerome Powell. But with millions out of work and the economic recovery beginning to falter, the stakes are much higher for the central bank to help the economy […]

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Biden adds former Obama budget official, onetime Warren aide to economic team

22nd December 2020

He added that the appointees have “broad viewpoints on how to build a stronger and more inclusive middle class.” Ramamurti is managing director of the corporate power program at the progressive Roosevelt Institute, which focuses on shifting power away from large companies, and he will be joined at the White House by a former CEO […]

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Fed sees less severe recession this year but warns of tough winter

17th December 2020

Central bank officials bumped up their projected growth rates for 2021 and 2022, in the wake of encouraging news about a coronavirus vaccine as well as renewed hopes for another round of economic relief. They also offered a rosier outlook for unemployment, expecting the rate to drop to 5 percent next year, down from an […]

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Biden faces a massive boom ahead — or maybe another recession first

16th December 2020

Wall Street traders and analysts now worry that the stock market, which has erased all its Covid-era losses to hit new records, is now priced for perfection both on stimulus and vaccine rollouts. If either fails, especially the vaccines, there is the potential for a major market decline. In his latest survey of market participants, […]

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Biden unveils diverse economic team as challenges to economy grow

4th December 2020

And as director of the Office of Management and Budget, Biden plans to nominate Neera Tanden, president of the liberal think tank Center for American Progress and a former senior policy adviser to both Barack Obama and Hillary Clinton’s presidential campaigns. Tanden is Indian American. Biden also plans to name longtime economic aides Heather Boushey […]

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Biden top economic adviser facing accusations of mismanagement, verbal abuse

3rd December 2020

The Biden transition team declined to comment or make Boushey available. But Dinetta Parrott, who reported directly to Boushey as Equitable Growth’s director of development from 2017 to 2020 before leaving for the Brookings Institution, said the criticisms of Boushey don’t match her experience. “I just don’t think it’s an accurate depiction,” she told POLITICO. […]

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Biden backs up Tanden as Republicans attack her tweets

2nd December 2020

You can’t please everyone … especially when you’re putting together a team to run the federal government. POLITICO’s Megan Cassella looks at why Biden’s promise to have a cabinet that “looks like America” hasn’t turned out the way advocates had hoped. Sen. John Cornyn (R-Texas), one of Tanden’s more outspoken Republican opponents, described her this […]

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