We Are Not Powerless Against a Recession

Rushing in to confront a crisis is always better than letting it simply unfold.

#coronavirus-aid-relief-and-economic-security-act-2020, #corporate-taxes, #federal-reserve-system, #labor-and-jobs, #recession-and-depression, #stimulus-economic, #unemployment, #unemployment-insurance, #united-states-economy

What if We Had Spent the Money on Climate?

Along with everything else, the pandemic was a huge missed opportunity.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #global-warming, #greenhouse-gas-emissions, #internal-sub-only-nl, #politics-and-government, #stimulus-economic

The Courage Required to Confront Inflation

Inflation is the nation’s primary economic problem. The Federal Reserve still needs to move cautiously as it begins to raise interest rates.

#banking-and-financial-institutions, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-reserve-system, #history-academic-subject, #inflation-economics, #interest-rates, #powell-jerome-h, #prices-fares-fees-and-rates, #recession-and-depression, #stimulus-economic, #united-states-economy, #volcker-paul-a

Trump Officials Gave Pandemic Loan to Trucking Company Despite Objections

A congressional report raises new questions about a pandemic relief loan to a troubled trucking company with close ties to the Trump administration.

#clyburn-james-e, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #defense-department, #esper-mark-t, #ethics-and-official-misconduct, #house-of-representatives, #lobbying-and-lobbyists, #mnuchin-steven-t, #treasury-department, #trucks-and-trucking, #trump-donald-j, #united-states-economy, #united-states-politics-and-government, #yrc-worldwide-inc

Trump Officials Awarded $700 Million Pandemic Loan Despite Objections

A congressional report raises new questions about a pandemic relief loan to a troubled trucking company with close ties to the Trump administration.

#clyburn-james-e, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #defense-department, #esper-mark-t, #ethics-and-official-misconduct, #house-of-representatives, #lobbying-and-lobbyists, #mnuchin-steven-t, #treasury-department, #trucks-and-trucking, #trump-donald-j, #united-states-economy, #united-states-politics-and-government, #yrc-worldwide-inc

Rapid Inflation, Lower Employment: How the U.S. Pandemic Response Measures Up

The United States spent more on its policy response than other advanced economies. Now economists are revisiting how that worked.

#american-rescue-plan-2021, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #economic-conditions-and-trends, #eurozone, #federal-reserve-system, #inflation-economics, #labor-and-jobs, #unemployment, #unemployment-insurance, #united-states-economy

If Biden’s Plan Is Like a ‘New Deal,’ Why Don’t Voters Care?

The $1.9 trillion pandemic-relief law unleashed a massive wave of spending on local construction projects and programs. Democratic candidates aren’t getting much credit.

#american-rescue-plan-2021, #biden-joseph-r-iii, #boston-mass, #coronavirus-aid-relief-and-economic-security-act-2020, #democratic-party, #midterm-elections-2022, #richmond-va, #toledo-ohio, #united-states-economy, #wu-michelle-1985

Federal Covid Cash Kept New York State Afloat. That Could End Soon.

An influx of federal funds may have saved the M.T.A. and staved off painful budget cuts in Albany and New York City. There’s a fight over what comes next.

#budgets-and-budgeting, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-aid-us, #new-york-city, #new-york-state, #politics-and-government, #schumer-charles-e

Covid Stimulus Money Brings Clashes Within Cities and Counties

As communities across the United States receive pandemic relief money, fierce debates have erupted over priorities, and who has the power to set them.

#american-rescue-plan-2021, #coeur-dalene-idaho, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #dutchess-county-ny, #federal-state-relations-us, #infrastructure-public-works, #onondaga-county-ny, #stimulus-economic

Justice Dept. Names Prosecutor to Pursue Covid-19 Relief Fraud

President Biden had pledged to name a chief prosecutor to go after “criminals who stole billions in relief money.”

#appointments-and-executive-changes, #chambers-kevin, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #frauds-and-swindling, #justice-department, #stimulus-economic

Florida Woman Used Pandemic-Relief Loan to Pay a Hit Man, Police Say

The authorities say that Jasmine Martinez, 33, of Miami, received the loan two weeks before the shooting death of Le’Shonte Jones as she walked with her toddler.

#coronavirus-aid-relief-and-economic-security-act-2020, #federal-aid-us, #jasmine-martinez, #miami-fla, #murders-attempted-murders-and-homicides, #paycheck-protection-program, #romiel-robinson

Modern Monetary Theory Got a Pandemic Tryout. Inflation Is Now Testing It.

Modern Monetary Theory, the buzziest economic idea in decades, got a pandemic tryout of sorts. Now inflation is testing its limits.

#american-rescue-plan-2021, #biden-joseph-r-jr, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #economics-theory-and-philosophy, #federal-budget-us, #federal-reserve-system, #inflation-economics, #interest-rates, #kelton-stephanie, #stimulus-economic, #united-states-economy

Little of the Paycheck Protection Program’s $800 Billion Protected Paychecks

Only about a quarter of the funding went to jobs that would have been lost, new research found. A big chunk lined bosses’ pockets.

#autor-david, #bureau-of-labor-statistics, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #dalton-michael, #layoffs-and-job-reductions, #massachusetts-institute-of-technology, #national-bureau-of-economic-research, #small-business, #stimulus-economic, #wages-and-salaries

The View From the White House

Ron Klain, President Biden’s chief of staff, reflects on the first year of the administration.

#american-jobs-plan-2021, #american-rescue-plan-2021, #audio-neutral-informative, #biden-joseph-r-jr, #coronavirus-aid-relief-and-economic-security-act-2020, #coronavirus-risks-and-safety-concerns, #infrastructure-investment-and-jobs-act-2021, #klain-ronald-a, #supply-chain, #united-states, #united-states-economy, #united-states-politics-and-government, #vaccination-and-immunization, #voting-rights-registration-and-requirements

I.R.S. to Start Tax Season With Major Backlog

At least 10 million returns from last year remain unprocessed because of short-staffing at the tax collector, according to the national taxpayer advocate.

#child-tax-credits-and-stipends, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-taxes-us, #internal-revenue-service, #tax-preparers-and-preparation, #taxpayer-advocate-service, #united-states-economy

Chris Hayes on How Biden Can Have a Better 2022

The political journalist discusses the Biden administration’s successes and failures with the economy, pandemic response and climate change.

#audio-neutral-informative, #biden-joseph-r-jr, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #coronavirus-reopenings, #democratic-party, #hayes-chris-1979, #inflation-economics, #united-states, #united-states-politics-and-government

Democrats Blast Corporate Profits as Inflation Surges

Politicians are placing more blame on greedy companies as prices stay high. But booming consumer demand is enabling firms to charge more.

#american-rescue-plan-2021, #coronavirus-aid-relief-and-economic-security-act-2020, #corporations, #inflation-economics, #interest-rates, #price-gouging, #prices-fares-fees-and-rates, #stimulus-economic, #united-states-economy

Fed’s Moves in 2022 Could End the Stock Market’s Pandemic Run

Shares soared as interest rates stayed low and stimulus programs helped the economy. But expected changes could make investors wary.

#banking-and-financial-institutions, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #federal-reserve-system, #inflation-economics, #interest-rates, #nasdaq-stock-market, #new-york-stock-exchange, #sp-dow-jones-indices, #stocks-and-bonds, #supply-chain, #united-states-economy

Biden Administration Extends Pause on Student Loan Payments

The Biden administration, under pressure from Democratic lawmakers, announced a three-month extension, citing the ongoing pandemic.

#biden-joseph-r-jr, #coronavirus-aid-relief-and-economic-security-act-2020, #personal-finances, #student-loans

Justice Dept. Says Some Inmates Can Stay Confined at Home

The move reverses a Trump-era decision that would have sent nearly all of the thousands of inmates released to home confinement during the pandemic back to prison.

#biden-joseph-r-jr, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #criminal-justice, #federal-bureau-of-prisons, #garland-merrick-b, #justice-department, #office-of-legal-counsel-us, #prisons-and-prisoners, #trump-donald-j, #united-states-politics-and-government

Billions in Amtrak Funding Could Modernize Aging Rail System

The $1 trillion infrastructure bill that President Biden signed into law includes money that Amtrak hopes can fix crumbling bridges and tunnels along the Northeast Corridor.

#amtrak, #bridges-and-tunnels, #coronavirus-aid-relief-and-economic-security-act-2020, #infrastructure-public-works, #infrastructure-investment-and-jobs-act-2021, #railroads

Biden Agenda Sinks Under its Own Ambitions

A key Democrat’s decision to pull support from the president’s sprawling climate and social agenda is rooted in the scope of the bill.

#coronavirus-aid-relief-and-economic-security-act-2020, #federal-budget-us, #infrastructure-investment-and-jobs-act-2021, #law-and-legislation, #united-states-politics-and-government, #us-dollar-currency

Joshua Bellamy, Ex-Jet, Is Sentenced to 3 Years in Covid-19 Aid Scheme

Mr. Bellamy obtained a Paycheck Protection Program loan for $1.2 million for his company, Drip Entertainment L.L.C., by using false information, federal prosecutors said.

#bellamy-joshua-j-1989, #chicago-bears, #coronavirus-aid-relief-and-economic-security-act-2020, #football, #new-york-jets

How the $4 Trillion Flood of Covid Relief Is Funding the Future

From broadband to transportation to high-tech medical manufacturing, benefits from America’s pandemic money infusion will linger.

#2021-tech-and-design, #american-rescue-plan-2021, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #factories-and-manufacturing, #federal-aid-us, #stimulus-economic, #united-states-economy, #united-states-politics-and-government

Build Back Better May Not Have Passed a Decade Ago

President Barack Obama barely muscled his health law through the House. But income inequality, economic stagnation and a pandemic propelled an even more ambitious bill.

#american-families-plan-2021, #american-jobs-plan-2021, #biden-joseph-r-jr, #coronavirus-aid-relief-and-economic-security-act-2020, #democratic-party, #house-of-representatives, #income-inequality, #law-and-legislation, #patient-protection-and-affordable-care-act-2010, #united-states-economy, #united-states-politics-and-government

Stocks Hit a Record as Investors See Progress Toward a Spending Deal

After weeks of fluctuations driven in part by Washington gridlock, share prices hit another high and put a dismal September in the rearview mirror.

#banking-and-financial-institutions, #biden-joseph-r-jr, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-budget-us, #house-of-representatives, #mcconnell-mitch, #national-debt-us, #senate, #standardpoors-500-stock-index, #stocks-and-bonds, #united-states, #united-states-economy, #united-states-politics-and-government

Joe Manchin Doesn’t Like What Joe Biden Is Doing

Why is that?

#american-jobs-plan-2021, #american-rescue-plan-2021, #biden-joseph-r-jr, #child-tax-credits-and-stipends, #coronavirus-aid-relief-and-economic-security-act-2020, #democratic-party, #infrastructure-public-works, #labor-and-jobs, #manchin-joe-iii, #roosevelt-franklin-delano, #stimulus-economic, #united-states-politics-and-government, #wages-and-salaries

Where Biden Is Most Vulnerable

He said he knew how to get things moving. But we’re stalled.

#american-rescue-plan-2021, #biden-joseph-r-jr, #coronavirus-aid-relief-and-economic-security-act-2020, #democratic-party, #internal-sub-only, #polls-and-public-opinion, #states-us, #stimulus-economic, #united-states, #united-states-politics-and-government

Racial Bias Skewed Small-Business Relief Lending, Study Says

Black business owners were more likely to get Paycheck Protection Program loans from online lenders than from banks, according to new research.

#algorithms, #banking-and-financial-institutions, #coronavirus-aid-relief-and-economic-security-act-2020, #cross-river-bank, #discrimination, #howell-sabrina-t, #independent-community-bankers-of-america, #minorities, #race-and-ethnicity, #research, #small-business, #stimulus-economic, #united-states-economy

Economic and Earnings Concerns Begin to Weigh on Stocks

After having few cares about the markets all year, investors are getting nervous as the Fed signals that harsher policies are on the way.

#company-reports, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-reserve-system, #mutual-funds, #stimulus-economic, #stocks-and-bonds, #united-states-economy

S.B.A. Overpaid $4.5 Billion on ‘Illogical’ Small Business Grant Claims

A program gave money to 700,000 self-employed people who improperly claimed to have as many as a million employees, according to an inspector general’s report.

#cardin-benjamin-l, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-aid-us, #frauds-and-swindling, #small-business, #small-business-administration, #stimulus-economic, #united-states-economy, #united-states-politics-and-government, #ware-hannibal

Federal Reserve Signals It May Soon Slow Bond Purchases

The Federal Reserve said it could soon slow its large-scale purchases of government-backed debt and indicated it might raise interest rates in 2022.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #inflation-economics, #interest-rates, #quantitative-easing, #stimulus-economic, #united-states-economy

Parents of Students With Disabilities Try to Make Up for Lost Year

In New York City, hundreds of thousands of students with disabilities didn’t receive special education services during remote learning.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #coronavirus-reopenings, #education-k-12, #intellectual-disabilities, #new-york-city, #special-education

Rescue the System That Rescues Our Workers

The structure of unemployment insurance is broken and does little to help those who pay into it.

#american-rescue-plan-2021, #coronavirus-aid-relief-and-economic-security-act-2020, #taxation, #unemployment, #unemployment-insurance, #united-states, #united-states-economy, #wages-and-salaries, #welfare-us

Why $46 Billion Couldn’t Prevent an Eviction Crisis

As national eviction protections lapse, much of the rental assistance sits unspent. Aid was slowed by red tape, resistance from landlords and the difficulty of navigating an informal market. Does a lease on a napkin qualify?

#affordable-housing, #american-rescue-plan-2021, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #evictions, #house-financial-services-committee, #landlords, #local-government, #poverty, #renting-and-leasing-real-estate, #section-8-housing, #sperling-gene, #states-us

Vast Expansion in Aid Kept Food Insecurity From Growing Last Year

Despite the economic downturn, government figures for 2020 show no overall rise in hunger of the sort typical in past recessions. But some groups still suffered.

#agriculture-department, #american-enterprise-institute-for-public-policy-research, #american-rescue-plan-2021, #biden-joseph-r-jr, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #food-insecurity, #trump-donald-j, #urban-institute

800,000 New Yorkers Just Lost Federal Unemployment Benefits

Many pandemic-era federal programs expired on Sunday, leaving jobless New Yorkers with more modest state unemployment benefits, or no aid at all.

#american-rescue-plan-2021, #biden-joseph-r-jr, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-aid-us, #hochul-kathleen-c, #income-inequality, #labor-and-jobs, #new-york-city, #unemployment, #unemployment-insurance, #united-states-economy, #wages-and-salaries

Unemployment Benefits Expire for Millions Without Pushback From Biden

The president has encouraged some states to continue helping the long-term unemployed, but administration officials say it was time for enhanced federal aid to end.

#american-rescue-plan-2021, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-aid-us, #labor-and-jobs, #stimulus-economic, #unemployment-insurance, #united-states-economy

Can American Democracy Survive Another Pandemic?

Adam Tooze’s “Shutdown” warns that we are ill equipped to deal with another health crisis or other immense problems that may challenge us.

#books-and-literature, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #hubei-province-china, #politics-and-government, #shutdown-how-covid-shook-the-worlds-economy-book

Biden, Needing a Win, Enters a Sprint for his Economic Agenda

As his poll numbers slide, the president and his aides have mounted an aggressive pitch in Congress and around the country for his spending plans on infrastructure and more.

#american-jobs-plan-2021, #american-rescue-plan-2021, #coronavirus-aid-relief-and-economic-security-act-2020, #law-and-legislation, #stimulus-economic, #tax-cuts-and-jobs-act-2017, #united-states-economy, #united-states-politics-and-government

Biden Enters a Sprint for his Economic Agenda

As his poll numbers slide, the president and his aides have mounted an aggressive pitch in Congress and around the country for his spending plans on infrastructure and more

#american-jobs-plan-2021, #american-rescue-plan-2021, #coronavirus-aid-relief-and-economic-security-act-2020, #law-and-legislation, #stimulus-economic, #tax-cuts-and-jobs-act-2017, #united-states-economy, #united-states-politics-and-government

15% of PPP Loans Could Be Fraudulent, Study Shows

Some $76 billion of the program’s $800 billion in loans may have been taken improperly, a new paper concludes.

#banking-and-financial-institutions, #blue-acorn-ppp-llc, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-aid-us, #frauds-and-swindling, #small-business, #small-business-administration, #university-of-texas-at-austin

Biden Legal Team Decides Inmates Must Return to Prison After Covid Emergency

When the pandemic ends, thousands in home confinement will be recalled unless Congress acts or Biden issues mass commutations.

#amnesties-commutations-and-pardons, #biden-joseph-r-jr, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #criminal-justice, #justice-department, #office-of-legal-counsel-us, #prisons-and-prisoners, #united-states-politics-and-government

Supreme Court Sides With Alaskan Natives in Dispute Over Coronavirus Aid

Tribal governments in the lower 48 states had sued to challenge the allocation of $450 million in federal virus aid to Alaska Native corporations.

#alaska-natives, #coronavirus-aid-relief-and-economic-security-act-2020, #decisions-and-verdicts, #native-americans, #sotomayor-sonia, #suits-and-litigation-civil, #supreme-court-us, #united-states-politics-and-government

Why Washington Can’t Quit Listening to Larry Summers

A longtime leading man of economics is no longer making America’s policies. He’s still driving a critical conversation around them.

#content-type-personal-profile, #coronavirus-aid-relief-and-economic-security-act-2020, #inflation-economics, #summers-lawrence-h, #united-states-economy, #united-states-politics-and-government

Man Awaiting Trial for Covid-19 Bank Fraud Does It Again, Authorities Say

A Pennsylvania man was facing bank fraud and money laundering charges over Paycheck Protection Program loan applications when he submitted another one, U.S. prosecutors said.

#coronavirus-aid-relief-and-economic-security-act-2020, #frasinelli-randy-a, #frauds-and-swindling, #money-laundering, #pennsylvania, #small-business, #small-business-administration

California Plans Rent Forgiveness Using Federal Stimulus Surplus

The state is poised to embark on an ambitious, complex effort to cover the unpaid rent of low-income renters who struggled during the pandemic.

#budgets-and-budgeting, #california, #coronavirus-aid-relief-and-economic-security-act-2020, #politics-and-government, #stimulus-economic

The Pandemic Stimulus Was Front-Loaded. That Could Mean a Bumpy Year.

There’s a risk that the affluent, who saved money by limiting things like traveling and dining out, will sit on their cash rather than spend it.

#american-rescue-plan-2021, #consumer-behavior, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #stimulus-economic, #treasury-department, #united-states-economy

Medicaid Enrollment Surpassed 80 Million, a Record, During the Pandemic

The increase points to the program’s growing role not just as a safety net, but also as a foundation of U.S. health coverage.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #medicaid, #patient-protection-and-affordable-care-act-2010, #state-childrens-health-insurance-program-s-chip

May 2021 Consumer Price Index Shows Fastest Inflation Since 2008

The Consumer Price Index showed the strongest year-over-year reading since 2008, and a core index popped the most since 1992.

#consumer-price-index, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-reserve-system, #inflation-economics, #labor-and-jobs, #powell-jerome-h, #prices-fares-fees-and-rates, #stimulus-economic, #united-states-economy, #united-states-politics-and-government