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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Top White House economist set to depart amid coronavirus recession

25th June 2020

The void left by Hassett, a regular TV presence who is well-liked by the president and top White House aides, along with Philipson will leave the president with fewer economic voices within the upper echelons of the White House, aside from National Economic Director Larry Kudlow and his top trade guru, Peter Navarro. Top administration […]

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‘It’s going to be a slow slog’: Economists knock down hopes of quick rebound

19th June 2020

The White House has focused on certain statistics to bolster its election-year narrative, but it rarely acknowledges that widespread recovery and a return to full employment will hinge largely on the country’s ability to contain a virus that has infected about 2.2 million Americans and continues to spread. Powell has been among the most sobering […]

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Powell’s warning on pandemic clashes with Trump’s upbeat tweets

17th June 2020

The Fed chief’s testimony came a week after the central bank projected the economy would ultimately contract by a staggering 6.5 percent this year, despite regaining some ground in the second half of the year, and conflicted with the narrative from Trump, who trumpeted positive economic data. “Wow! May retail sales show biggest one-month increase […]

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Kudlow says $600 additional unemployment checks will end in July

15th June 2020

Kudlow said that “almost all businesses” understand the $600 additional benefit is “a disincentive.” He said the Trump administration is instead “looking at a reform measure” that will provide an incentive for returning to work, but it will not be as substantial. “It will not be as large, and it will create an incentive to […]

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Fed’s Powell walks tightrope as economy faces new uncertainty

14th June 2020

“What Powell has been warning is … ‘Don’t keep looking at us, what we’re doing is making sure it doesn’t get worse,’” said William Spriggs, chief economist at the AFL-CIO. Central to the Fed’s messaging will be the release of its forecasts for how the economy will fare over the next few years, a quarterly […]

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Fed sees need for more small business aid, citing ‘acute risks’ to survival

13th June 2020

The Fed said three-fourths of small businesses with employees have applied for government assistance through the so-called Paycheck Protection Program, which Congress created in March to avert layoffs. The program allows businesses to apply for low-interest loans that can be converted into grants if they maintain payroll. The takeup rate suggests the program “is extremely […]

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Dow sinks 1,800 as virus cases rise, deflating optimism

12th June 2020

The selling comes as coronavirus cases rise in the U.S., with some of the increase likely tied to the reopening of businesses and the lifting of stay-at-home orders. Cases are rising in nearly half the states, according to an Associated Press analysis, a worrying trend that could intensify as people return to work and venture […]

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