‘Crazy things happen’: Biden’s next spending spree fuels a fight over risks

25th March 2021

Among them is the long-held fear that massive spending — coupled with persistent easy-money policies from the Federal Reserve — in an already firming economy could spark a wave of inflation, a disorienting spike in interest rates and a painful pullback in a broad range of currently high-flying assets, from home prices to tech stocks […]

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Black workers, hammered by pandemic, now being left behind in recovery

23rd March 2021

The data has fueled fears that the nascent recovery will not be evenly shared, a dynamic that would exacerbate income and wealth inequality while prolonging the return to full employment. The trend is reminiscent of the Great Recession, when Black workers saw a worse downturn and slower rate of return to normal. And this time, […]

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Fed sees U.S. economic growth surging to 6.5 percent this year

18th March 2021

“The economic fallout has been real and widespread, but with the benefit of perspective, we can say that some of the very worst economic outcomes have been avoided by swift and forceful action — from Congress, from across the government, and in cities and towns across the country,” Fed Chair Jerome Powell said at a […]

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Treasury secretary minimizes risk of inflation caused by Covid relief package

14th March 2021

Yellen said the greater risk was in not bolstering the economy — saying the federal government needed to assist people who are out of work, who are facing eviction or foreclosure, or who simply don’t have enough food to eat. “The most significant risk we face is a workforce that is scarred by a long […]

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Former Stockton Mayor Tubbs joins Newsom as economic adviser

12th March 2021

“The governor and I are in agreement that economic gains and opportunity have to be broadly shared,” Michael Tubbs said. | Rich Pedroncelli/AP Photo OAKLAND, Calif. — Gov. Gavin Newsom has tapped former Stockton Mayor Michael Tubbs, nationally known for his work on universal basic income, to become an adviser on income inequality, child poverty […]

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Biden’s ‘Morning in America’ moment sparks a furious debate

10th March 2021

It could be a Morning in America moment that further turbocharges an economy already primed to pop, reduces economic inequality and lofts Biden to the kind of economic hero status enjoyed by the likes of Franklin Delano Roosevelt after the Depression and Ronald Reagan in the boom-time 1980s. Or it could be a fiery accelerant […]

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U.S. adds a strong 379,000 jobs in hopeful sign for economy

7th March 2021

A year into the pandemic that triggered a violent recession, economists are increasingly optimistic that hiring will pick up in the coming months as Americans seize the opportunity to once again travel, shop, attend sporting events and visit movie theaters and restaurants. Households as a whole have accumulated a huge pile of savings after having […]

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Biden’s bubble risk: A reckoning in markets as the economy recovers

2nd March 2021

After weeks of silence on the biggest union fight in the country, President Joe Biden released a video last night urging workers at an Amazon warehouse in Alabama to vote on organizing. In the meme-stock frenzy, partly driven by devotees in internet chat rooms such as Reddit’s r/wallstreetbets, shares in troubled game retailer GameStop are […]

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Biden targets smallest businesses with exclusive aid window

23rd February 2021

Less than half of the PPP’s more than $284 billion in current funding has been used since it relaunched Jan. 11, with little concern that it would be exhausted. But the program has been dogged by worries since its creation last year that it was failing to reach the hardest-hit employers, particularly minority-owned businesses that […]

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Biden’s economic point man draws praise — and pushback

14th February 2021

Few doubt Deese’s intelligence, and his close relationship with Biden is a potent source of his authority on both ends of Pennsylvania Avenue. But while supporters have praised his efforts to win support for a $1.9 trillion relief package, Deese also has drawn criticism from Democrats and Republicans alike, some of whom have bristled at […]

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