How Failures of the Obama-Era Stimulus Could Guide a Biden Administration

One crucial lesson: aim big, because there may be only one chance, and an overheating economy is easier to fix than a halting recovery.

#american-recovery-and-reinvestment-act-2009, #biden-joseph-r-jr, #federal-budget-us, #obama-barack, #recession-and-depression, #stimulus-economic, #united-states-economy, #united-states-politics-and-government

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Trump Administration Rejects California’s Request for Wildfire Relief

The state had asked last month for federal aid to help recover from six of this year’s fires, including the Creek Fire, which is among the most destructive in state history.

#cal-fire, #california, #disasters-and-emergencies, #federal-emergency-management-agency, #fresno-calif, #los-angeles-calif, #mendocino-calif, #newsom-gavin, #recession-and-depression, #san-bernardino-calif, #san-diego-calif, #trump-donald-j, #wildfires

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Europe’s Economic Recovery Is a Summer Memory

As the coronavirus resumes spreading rapidly across the continent, hopes for an economic revival have given way to diminished expectations.

#coronavirus-2019-ncov, #credit-and-debt, #euro-currency, #europe, #eurozone, #france, #great-britain, #great-britain-withdrawal-from-eu-brexit, #italy, #labor-and-jobs, #layoffs-and-job-reductions, #politics-and-government, #recession-and-depression, #stimulus-economic, #wages-and-salaries

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Finding the Right Path in an Up-and-Down Market

Does the latest twist herald the end of a bull run or the beginning of a shift toward long-neglected niches?

#american-express-company, #banking-and-financial-institutions, #blackrock-inc, #chegg-inc, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #federal-reserve-system, #goldman-sachs-group-inc, #inflation-economics, #intercontinental-exchange-inc, #interest-rates, #lazard-llc, #leuthold-group, #medtronic-inc, #nasdaq-composite-index, #netflix-inc, #recession-and-depression, #roku, #standardpoors-500-stock-index, #stimulus-economic, #stocks-and-bonds, #trump-donald-j, #unemployment-insurance, #united-states-economy, #united-states-politics-and-government, #vanguard-group-inc

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New Stimulus Hopes Fade While Economic Risks Grow

President Trump cut off negotiations over a new aid package on Tuesday. Economists of all stripes agree that could be a costly mistake.

#coronavirus-aid-relief-and-economic-security-act-2020, #democratic-party, #federal-aid-us, #federal-taxes-us, #labor-and-jobs, #layoffs-and-job-reductions, #recession-and-depression, #republican-party, #small-business, #stimulus-economic, #trump-donald-j, #unemployment, #unemployment-insurance, #united-states-economy, #united-states-politics-and-government

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Workers Face Permanent Job Losses as the Virus Persists

Soon, a wave of people will have been out of work for more than six months, the threshold for long-term unemployment.

#coronavirus-2019-ncov, #labor-and-jobs, #layoffs-and-job-reductions, #recession-and-depression, #unemployment

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The Pandemic Depression Is Over. The Pandemic Recession Has Just Begun.

Signs of a slower, grinding recovery sure look familiar.

#coronavirus-2019-ncov, #labor-and-jobs, #layoffs-and-job-reductions, #recession-and-depression, #unemployment

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New Layoffs Add to Worries Over U.S. Economic Slowdown

A standoff over further federal aid and concern over the pandemic’s duration are pushing companies to eliminate jobs.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #labor-and-jobs, #law-and-legislation, #layoffs-and-job-reductions, #recession-and-depression, #stimulus-economic, #unemployment, #unemployment-insurance, #united-states-economy, #united-states-politics-and-government

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Hit First by the Coronavirus Pandemic, Arline Workers Seek New Paths

Pilots, flight attendants and other staff are retiring early or taking buyouts and leaves of absence in anticipation of a slow recovery.

#airlines-and-airplanes, #american-airlines, #coronavirus-2019-ncov, #delta-air-lines-inc, #flight-attendants, #labor-and-jobs, #layoffs-and-job-reductions, #pilots, #recession-and-depression, #seniority-systems, #travel-and-vacations, #united-states, #us-airways-group-inc

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U.S. Household Wealth Rose Before the Pandemic, but Inequality Persisted

A Federal Reserve survey of family finances shows that inequality was high last year. It’s likely to worsen because of the pandemic.

#black-people, #coronavirus-2019-ncov, #families-and-family-life, #federal-reserve-system, #hispanic-americans, #income, #income-inequality, #labor-and-jobs, #recession-and-depression, #stocks-and-bonds, #unemployment, #united-states-economy, #wages-and-salaries

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U.S. Risks Repeating 2009 Mistakes as Economic Recovery Slows

In the wake of the last recession, government spending dried up, dragging out the recovery. Policymakers warn against letting it happen again.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-aid-us, #house-of-representatives, #law-and-legislation, #layoffs-and-job-reductions, #recession-and-depression, #senate, #stimulus-economic, #unemployment, #unemployment-insurance, #united-states-economy, #united-states-politics-and-government

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A Manila Barbershop’s Mirrors Reflect the Pain of the Pandemic

Seven months since the Philippines enacted its first lockdown, Jolog’s Barbershop exemplifies the toll the coronavirus has exacted on the country in lost lives, income and sense of community.

#barbers-and-barbering, #coronavirus-2019-ncov, #deaths-fatalities, #duterte-rodrigo, #manila-philippines, #philippines, #recession-and-depression

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Europe’s Economic Revival Is Imperiled, Raising the Specter of a Grinding Downturn

As the coronavirus regains force, economists fear that Europe’s tentative recovery is at risk from traditional political concerns.

#coronavirus-2019-ncov, #europe, #european-central-bank, #european-union, #france, #germany, #great-britain, #international-trade-and-world-market, #johnson-boris, #lagarde-christine, #politics-and-government, #recession-and-depression, #stimulus-economic

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Strike. This Could Be Our Last Stand.

If we can’t get our government to help us now, when will we ever?

#coronavirus-aid-relief-and-economic-security-act-2020, #federal-aid-us, #income-inequality, #labor-and-jobs, #recession-and-depression, #strikes, #unemployment, #united-states-economy, #wages-and-salaries

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Manhattan’s Office Buildings Are Empty. But for How Long?

As they grow accustomed to working from home, many businesses are delaying signing new leases until rents drop and the pandemic passes.

#co-working, #coronavirus-2019-ncov, #economic-conditions-and-trends, #empire-state-realty-trust-inc, #landlords, #manhattan-nyc, #new-york-city, #real-estate-commercial, #recession-and-depression, #renting-and-leasing-real-estate, #wework-companies-inc

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Job Growth Slackens, Signaling Vulnerability of Recovery

Unemployment fell to 8.4% in August, but the gain of 1.4 million jobs was the weakest in months. The end of federal aid programs is casting a shadow.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-aid-us, #labor-and-jobs, #labor-department-us, #layoffs-and-job-reductions, #recession-and-depression, #unemployment, #united-states-economy

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Stiffing Workers on Wages Grows Worse With Recession

New research shows that minimum-wage violations spike as low-paid workers become more vulnerable and less inclined to complain.

#economics-theory-and-philosophy, #labor-and-jobs, #minimum-wage, #recession-and-depression, #regulation-and-deregulation-of-industry, #wages-and-salaries, #washington-center-for-equitable-growth, #workplace-hazards-and-violations

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You Want Progressive Policies? You Need Progressive Taxes

Foolish federal dithering means states have to step in. Yes, even in the midst of a pandemic.

#budgets-and-budgeting, #coronavirus-2019-ncov, #e-learning, #federal-budget-us, #income-inequality, #income-tax, #layoffs-and-job-reductions, #recession-and-depression, #roosevelt-franklin-and-eleanor-institute, #states-us, #taxation, #trump-donald-j, #united-states-economy

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Australia Enters Its First Recession in Nearly 30 Years

The battle against Covid-19 has ended an impressive growth streak, but other challenges will make it hard for “The Lucky Country” to match its past success.

#australia, #coronavirus-2019-ncov, #economic-conditions-and-trends, #gross-domestic-product, #international-trade-and-world-market, #politics-and-government, #recession-and-depression

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Mnuchin Says Economy Is Recovering but ‘More Work’ Is Needed to Alleviate Pain

The Treasury secretary’s House testimony, combined with renewed stimulus discussions among Republicans, highlighted divisions over how big an economic package should be.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #house-of-representatives, #mnuchin-steven-t, #recession-and-depression, #senate, #small-business, #stimulus-economic, #treasury-department, #unemployment, #united-states-economy, #united-states-politics-and-government

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A Gen-X Adviser to Biden Argues Equality Is Good for Growth

Heather Boushey is at the forefront of a generation of economists rethinking their discipline — just as the government deploys trillions to address a once-in-a-century emergency.

#biden-joseph-r-jr, #boushey-heather, #coronavirus-aid-relief-and-economic-security-act-2020, #income-inequality, #labor-and-jobs, #pavement-music-group, #recession-and-depression, #united-states-economy, #united-states-politics-and-government, #washington-center-for-equitable-growth

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When Retirement Comes Too Early

Workplaces have grown steadily less friendly to older employees, and the pandemic has pushed more of these workers from the labor market.

#age-chronological, #coronavirus-2019-ncov, #labor-and-jobs, #layoffs-and-job-reductions, #part-time-employment, #recession-and-depression, #unemployment, #united-states-economy, #wages-and-salaries, #your-feed-health, #your-feed-science

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Fed Chair Sets Stage for Longer Periods of Lower Rates

Jerome H. Powell said the central bank would focus its efforts on fostering a strong labor market while tolerating higher inflation.

#federal-reserve-system, #inflation-economics, #interest-rates, #powell-jerome-h, #recession-and-depression, #unemployment

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Let the Culture Wars Begin. Again.

Long before Trump, there was Pat Buchanan. The 2020 Republican convention is looking strangely like the 1992 edition.

#black-lives-matter-movement, #buchanan-patrick-j, #bush-george, #presidential-election-of-2020, #recession-and-depression, #republican-national-convention, #republican-party, #trump-donald-j, #united-states-economy, #united-states-politics-and-government

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Stocks Are Soaring. So Is Misery.

Optimism about Apple’s future profits won’t pay this month’s rent.

#coronavirus-aid-relief-and-economic-security-act-2020, #recession-and-depression, #stimulus-economic, #stocks-and-bonds, #unemployment-insurance, #united-states-economy

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Saving Jobs by Sharing Them, With Government Help

Longstanding but little-used state programs, with a recent dose of federal aid, prevent layoffs by putting workers on part-time duty in a downturn.

#coronavirus-2019-ncov, #labor-and-jobs, #layoffs-and-job-reductions, #michigan, #recession-and-depression, #shutdowns-institutional, #unemployment, #unemployment-insurance, #united-states-economy, #wages-and-salaries, #washington-state

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Manhattan Vacancy Rate Climbs, and Rents Drop 10%

There were more than 67,300 units available in July across the city as it tries to rebound from the coronavirus outbreak.

#amazon-com-inc, #douglas-elliman-real-estate, #economic-conditions-and-trends, #facebook-inc, #landlords, #miller-samuel-inc, #miller-jonathan-j, #modern-spaces, #new-york-city, #real-estate-brokers, #recession-and-depression, #renting-and-leasing-real-estate, #streeteasy

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S&P 500 at Record as Stock Market Defies Economic Devastation

Investors have cast the nearly relentless drumbeat of bad news aside to focus on any signs that the worst of the coronavirus pandemic might be over.

#amazon-com-inc, #apple-inc, #dow-jones-stock-average, #federal-reserve-system, #microsoft-corp, #recession-and-depression, #standardpoors-500-stock-index, #stocks-and-bonds, #united-states-economy

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The Recession Is About to Slam Cities. Not Just the Blue-State Ones.

Those with budgets that rely heavily on tourism, sales taxes or direct state assistance will face particular distress.

#budgets-and-budgeting, #coronavirus-2019-ncov, #federal-aid-us, #local-government, #recession-and-depression, #sales-and-excise-taxes, #states-us, #taxation

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A Rare Economic Bright Spot in the U.S. Health System: The Vet’s Office

Usually during an economic downturn, people tend to spend less on health care for pets. This time, the opposite is happening.

#cats, #coronavirus-2019-ncov, #dogs, #finances, #pets, #quarantine-life-and-culture, #recession-and-depression, #veterinary-medicine

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Without $600 Weekly Benefit, Unemployed Face Bleak Choices

A federal supplement to jobless pay was a lifeline for millions and for the economy. Its cutoff, even if temporary, may have lasting consequences.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #evictions, #labor-and-jobs, #law-and-legislation, #layoffs-and-job-reductions, #personal-finances, #recession-and-depression, #shutdowns-institutional, #unemployment, #unemployment-insurance, #united-states-economy

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Millions of Evictions Are a Sharper Threat as Government Support Ends

Without more federal aid for workers, experts are expecting the largest disruption to the housing market since the Depression.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #evictions, #labor-and-jobs, #landlords, #layoffs-and-job-reductions, #real-estate-and-housing-residential, #recession-and-depression, #renting-and-leasing-real-estate, #unemployment, #unemployment-insurance, #united-states-economy, #wages-and-salaries

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How to Navigate the Coronavirus Real Estate Market

Suburbs and fashionable exurbs are hot, but don’t forget that home prices have fallen before, a Nobel laureate warns.

#banking-and-financial-institutions, #community-reinvestment-act, #coronavirus-2019-ncov, #credit-and-debt, #immigration-and-emigration, #inflation-economics, #interest-rates, #mortgages, #presidential-election-of-2012, #presidential-election-of-2020, #prices-fares-fees-and-rates, #real-estate-and-housing-residential, #recession-and-depression, #subprime-mortgage-crisis, #suburbs, #united-states, #united-states-economy, #united-states-politics-and-government

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Record Low for U.S. G.D.P. as Coronavirus Takes Huge Toll

The second-quarter contraction set a grim record, and it would have been worse without government aid that is expiring.

#commerce-department, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #gross-domestic-product, #labor-and-jobs, #recession-and-depression, #shutdowns-institutional, #small-business, #unemployment, #unemployment-insurance, #united-states-economy, #united-states-politics-and-government

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Why Hunger Can Grow Even When Poverty Doesn’t

The two issues are linked, but during the coronavirus pandemic the relationship is not always simple.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-aid-us, #finances, #food, #food-banks-and-pantries, #food-insecurity, #food-stamps, #illegal-immigration, #immigration-and-emigration, #income, #poverty, #recession-and-depression, #stimulus-economic, #trump-donald-j, #united-states-economy, #united-states-politics-and-government, #wages-and-salaries

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That Extra $600 Weekly Unemployment Check Could Soon Become Less Generous

Supplemental checks for laid-off workers are set to expire at month’s end. Republicans and Democrats disagree on what to do next.

#coronavirus-aid-relief-and-economic-security-act-2020, #labor-and-jobs, #layoffs-and-job-reductions, #recession-and-depression, #unemployment, #unemployment-insurance, #united-states-economy, #wages-and-salaries

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How to Fix America: Spend. Spend. Spend.

For 40 years, both the left and the right have been unnecessarily obsessed with deficits, to the detriment of the well-being of citizens.

#carter-zachary-d-journalist, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #economics-theory-and-philosophy, #federal-budget-us, #kelton-stephanie, #recession-and-depression, #stimulus-economic, #the-deficit-myth-book, #the-price-of-peace-money-democracy-and-the-life-of-john-maynard-keynes-book, #united-states-economy, #united-states-politics-and-government

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12 Artists On: The Financial Crisis

As the pandemic continues to derail the global economy, artists share works that reflect on uncertainty, capitalism and racial injustice.

#art, #bolande-jennifer, #cao-fei-1978, #capitalism-theory-and-philosophy, #coronavirus-2019-ncov, #dyson-torkwase, #jackson-tomashi, #juliano-villani-jamian-1987, #julien-isaac, #kline-josh-1979, #mokgosi-meleko, #race-and-ethnicity, #recession-and-depression

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E.U. Adopts Groundbreaking Stimulus to Fight Coronavirus Recession

The $857 billion package includes unprecedented steps to help less wealthy countries, including selling collective debt and giving much of the money as grants, not loans.

#budgets-and-budgeting, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #europe, #european-union, #macron-emmanuel-1977, #merkel-angela, #politics-and-government, #recession-and-depression, #rutte-mark, #stimulus-economic

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Businesses Are Supposed to Cut Debt in a Downturn. Why Not Now?

The Federal Reserve’s efforts to stabilize markets have touched off an even bigger borrowing binge than corporate America was already on.

#abercrombiefitch-co, #banking-and-financial-institutions, #citigroup-inc, #credit-and-debt, #expedia-inc, #federal-reserve-system, #jpmorgan-chasecompany, #live-nation-entertainment-inc, #recession-and-depression, #stocks-and-bonds, #united-states-economy

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Amid a Deadly Virus and Crippled Economy, One Form of Aid Has Proved Reliable: Food Stamps

In the first three months of the coronavirus pandemic, more than six million people joined a program the Trump administration tried to cut.

#coronavirus-2019-ncov, #food, #food-insecurity, #food-stamps, #layoffs-and-job-reductions, #recession-and-depression, #unemployment, #united-states-economy, #united-states-politics-and-government

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How to Save a Half-Open Economy

It may take months or even years to recover its vigor. Here’s how economists say the government could help.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #coronavirus-reopenings, #economics-theory-and-philosophy, #federal-aid-us, #labor-and-jobs, #law-and-legislation, #recession-and-depression, #shutdowns-institutional, #unemployment, #unemployment-insurance, #united-states-economy

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For Owners of Century-Old Businesses, Shutting Down Brings a Special Pain

A department store, a barbecue restaurant, a hotel — all had survived some of the biggest trials in history. Their owners are mourning the loss of a legacy.

#coronavirus-2019-ncov, #coronavirus-reopenings, #family-business, #harrell-vernon, #harrells-department-store, #hyman-amy, #lake-steam-baths, #recession-and-depression, #shutdowns-institutional, #small-business, #small-business-administration

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The End of Expanded Unemployment Benefits Is the Next Disaster

Millions of unemployed Americans face imminent catastrophe.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #labor-and-jobs, #layoffs-and-job-reductions, #recession-and-depression, #republican-party, #trump-donald-j, #unemployment, #unemployment-insurance, #united-states-economy, #united-states-politics-and-government

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Facing the Coronavirus and Racial Injustice, America Still Has Hope

Yes, America is suffering needlessly. That may save us.

#biden-joseph-r-jr, #black-people, #coronavirus-2019-ncov, #coronavirus-risks-and-safety-concerns, #democratic-party, #polls-and-public-opinion, #presidents-and-presidency-us, #race-and-ethnicity, #recession-and-depression, #republican-party, #states-us, #trump-donald-j, #united-states, #united-states-politics-and-government

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