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

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As Lumber Prices Fall, the Threat of Inflation Loses Its Bite

Costs soared partly because of do-it-yourselfers’ spending stimulus checks, but a month of declines show that consumers aren’t about to trigger runaway increases.

#consumer-price-index, #federal-reserve-system, #inflation-economics, #labor-and-jobs, #prices-fares-fees-and-rates, #stimulus-economic, #united-states-economy, #wood-and-wood-products

0

A Millennial Economist Helps Power a Tax Evasion ‘Brain Trust’

Natasha Sarin, a protégé of Larry Summers, is taking a leading role developing tax policy at the Treasury Department — to some progressive Democrats’ chagrin.

#american-jobs-plan-2021, #biden-joseph-r-jr, #content-type-personal-profile, #federal-taxes-us, #high-net-worth-individuals, #sarin-natasha, #stimulus-economic, #summers-lawrence-h, #tax-evasion, #treasury-department, #united-states, #united-states-economy, #united-states-politics-and-government

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The Economic Gauges Are Going Nuts. Jerome Powell Is Taking a Longer View.

Despite the current confusion, his outlook, based on hard lessons from the 2010s, is essentially optimistic.

#coronavirus-2019-ncov, #federal-reserve-system, #inflation-economics, #powell-jerome-h, #quantitative-easing, #stimulus-economic, #united-states-economy

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Retail Sales Fell in May, in Latest Sign of a Bumpy Recovery

As more of the country is vaccinated, Americans are venturing out and spending more on lodging and entertainment, but less on goods.

#consumer-behavior, #coronavirus-2019-ncov, #coronavirus-reopenings, #shopping-and-retail, #stimulus-economic

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Judges Halt Race and Gender Priority for Restaurant Relief Grants

Approvals for thousands of Restaurant Revitalization Fund applicants were rescinded after court orders struck down a policy that favored historically underserved groups.

#coronavirus-2019-ncov, #minorities, #oconnor-reed, #race-and-ethnicity, #restaurants, #small-business, #small-business-administration, #stimulus-economic, #suits-and-litigation-civil, #tennessee, #texas

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What the Rich Don’t Want to Admit About the Poor

Why do we leave millions of people in poverty? The answer should make us uncomfortable.

#hamilton-darrick, #income-inequality, #labor-and-jobs, #poverty, #shortages, #stimulus-economic, #unemployment-insurance, #united-states, #united-states-economy, #wages-and-salaries

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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

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Biden, Facing July 4 Deadline, Rallies Nation With Vaccination Incentives

President Biden announced a get-out-the-vote-style plan to meet his goal of partly vaccinating at least 70 percent of Americans by July 4, including offers of free child care, free sports tickets and free beer.

#anheuser-busch-inbev-nv, #biden-joseph-r-jr, #coronavirus-2019-ncov, #harris-kamala-d, #independence-day-us-july-4, #stimulus-economic, #united-states, #united-states-economy, #united-states-politics-and-government, #vaccination-and-immunization

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Some Venue Owners Get a Federal Lifeline. Others Are Told They’re Dead.

The first applications for the Shuttered Venue Operators Grant program, offering $16 billion in federal aid, were approved.

#bars-and-nightclubs, #bend-ore, #bowery-ballroom, #bridgeport-conn, #broadway-league, #carnegie-hall, #coronavirus-2019-ncov, #federal-aid-us, #mercury-lounge, #music, #new-york-city, #new-york-city-ballet, #senate, #shuttered-venue-operators-grants, #small-business-administration, #social-security-administration, #stimulus-economic, #theater

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Stimulus Checks Substantially Reduced Hardship, Study Shows

Researchers found that sharp declines in food shortages, financial instability and anxiety coincided with the two most recent rounds of payments.

#anxiety-and-stress, #census-bureau, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #food-insecurity, #poverty, #rationing-and-allocation-of-resources, #research, #stimulus-economic, #united-states-economy, #united-states-politics-and-government

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Republicans Present $928 Billion Counteroffer to Biden on Infrastructure

The plan’s total price tag came close to what the president has said he would consider, but it included only a fraction of the new spending he has requested. A compromise faces long odds.

#american-jobs-plan-2021, #american-rescue-plan-2021, #barrasso-john, #biden-joseph-r-jr, #capito-shelley-moore, #environment-and-public-works-committee, #federal-budget-us, #infrastructure-public-works, #law-and-legislation, #manchin-joe-iii, #sanders-bernard, #senate, #stimulus-economic, #transit-systems, #transportation, #united-states-politics-and-government, #wicker-roger

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Republicans Promise Counteroffer as Infrastructure Talks Falter

President Biden and Democrats are facing difficult decisions about how to move their infrastructure plan through Congress as bipartisan momentum flags.

#american-families-plan-2021, #american-jobs-plan-2021, #american-rescue-plan-2021, #biden-joseph-r-jr, #capito-shelley-moore, #collins-susan-m, #electric-and-hybrid-vehicles, #federal-budget-us, #gasoline-tax-us, #infrastructure-public-works, #law-and-legislation, #manchin-joe-iii, #romney-mitt, #sinema-kyrsten, #stimulus-economic, #taxation, #united-states-politics-and-government

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The Small Business Administration’s Gaffes Are Now Her Job to Fix

Traditionally a federal backwater, the agency has stumbled while shepherding $1 trillion in emergency aid. Its leader vows “a more customer-first approach.”

#appointments-and-executive-changes, #content-type-personal-profile, #contreras-sweet-maria, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-aid-us, #guzman-isabella-casillas, #small-business, #small-business-administration, #stimulus-economic, #united-states-politics-and-government

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Small Businesses Have Surged in Black Communities. Was It the Stimulus?

New research finds a big rise in new businesses despite the pandemic, particularly in predominantly Black neighborhoods.

#coronavirus-aid-relief-and-economic-security-act-2020, #entrepreneurship, #labor-and-jobs, #small-business, #stimulus-economic

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As Paycheck Protection Program Runs Dry, Desperation Grows

Overwhelmed lenders and panicking borrowers are in a frenzy to grab the remaining money in the small business relief program.

#banking-and-financial-institutions, #coronavirus-2019-ncov, #small-business, #small-business-administration, #stimulus-economic, #united-states-economy, #united-states-politics-and-government

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Fed Minutes April 2021: Officials Hint They Might Soon Talk About Slowing Bond-Buying

Minutes from the Federal Reserve’s April meeting showed some officials wanted to soon talk about a plan to pull back some central bank support for the economy if “rapid progress” persisted.

#banking-and-financial-institutions, #federal-reserve-system, #inflation-economics, #interest-rates, #labor-and-jobs, #quantitative-easing, #quarles-randal-k, #stimulus-economic, #united-states-economy

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America Is on a Road to a Better Economy. But Better for Whom?

The federal government is undertaking the largest stimulus program in American history. The payoff could be more widely shared than usual.

#coronavirus-2019-ncov, #income-inequality, #labor-and-jobs, #recession-and-depression, #stimulus-economic, #united-states-economy

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Fed Bets Inflation Expectations Will Stay Controlled

Federal Reserve officials believe low and stable price expectations give them room to heal the job market. But what if outlooks change?

#federal-reserve-system, #inflation-economics, #interest-rates, #prices-fares-fees-and-rates, #quantitative-easing, #recession-and-depression, #stimulus-economic, #united-states-economy, #united-states-politics-and-government

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Amid Economic Turmoil, Biden Stays Focused on Longer Term

The president’s advisers are pushing their most detailed argument yet for the long-term benefits of a $4 trillion agenda to remake the American economy.

#american-jobs-plan-2021, #american-rescue-plan-2021, #biden-joseph-r-jr, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #infrastructure-public-works, #labor-and-jobs, #public-private-sector-cooperation, #recession-and-depression, #republican-party, #rouse-cecilia-e, #stimulus-economic, #taxation, #united-states-economy, #united-states-politics-and-government, #white-house-council-of-economic-advisers

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As Economy Wobbles, Biden Stays Focused on Longer Term

The president’s advisers are pushing their most detailed argument yet for the long-term benefits of a $4 trillion agenda to remake the American economy and improve lives.

#american-jobs-plan-2021, #american-rescue-plan-2021, #coronavirus-aid-relief-and-economic-security-act-2020, #labor-and-jobs, #stimulus-economic, #taxation, #united-states-economy, #united-states-politics-and-government

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Janet Yellen Was Right About Inflation

If you don’t think Janet Yellen was right, ask yourself why. 

#american-rescue-plan-2021, #biden-joseph-r-jr, #federal-reserve-bank-of-new-york, #inflation-economics, #stimulus-economic, #yellen-janet-l

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You Really Shouldn’t Care About a President’s First 100 Days

Acting as if it mattered is actually a problem. 

#biden-joseph-r-jr, #bonaparte-napoleon, #constitution-us, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #democratic-party, #stimulus-economic, #trump-donald-j, #united-states-politics-and-government

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Restaurants and Bars Rush to Apply for New Federal Aid Program

The industry’s return will serve as a major test of President Biden’s goal of bringing the country back to some version of normal by this summer.

#american-rescue-plan-2021, #biden-joseph-r-jr, #coronavirus-2019-ncov, #restaurants, #stimulus-economic, #united-states-politics-and-government

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Why a $10,000 Tax Deduction Could Hold Up Trillions in Stimulus Funds

The fight over SALT is a case study in the age-old conflict between constituent politics and national policy.

#american-jobs-plan-2021, #biden-joseph-r-jr, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #infrastructure-public-works, #institute-on-taxation-and-economic-policy, #ocasio-cortez-alexandria, #property-taxes, #stimulus-economic, #suozzi-thomas-r, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #united-states-politics-and-government

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Pandemic Inspector General Warns of Oversight Breakdown

An internal dispute at the Treasury Department shows the challenge of tracking trillions of dollars of economic relief money.

#coronavirus-aid-relief-and-economic-security-act-2020, #inspectors-general, #miller-brian-d, #office-of-legal-counsel-us, #stimulus-economic, #treasury-department, #united-states-politics-and-government

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Europe’s Recession Contrasts Economic Fortunes of U.S. Expansion

The diverging recoveries underway in the United States and Europe underscore the value of effective vaccination and public spending in the pandemic.

#coronavirus-2019-ncov, #economic-conditions-and-trends, #european-central-bank, #european-union, #eurozone, #recession-and-depression, #stimulus-economic, #united-states-economy

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Biden, in Georgia to Promote Economic Agenda, Visits Carter

A day after his first address to Congress, President Biden met with former President Jimmy Carter and held a drive-in rally for his 100th day in office.

#american-rescue-plan-2021, #biden-joseph-r-jr, #carter-jimmy, #georgia, #stimulus-economic, #united-states-economy, #united-states-politics-and-government

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G.D.P. Growth Accelerated in the First Quarter

The U.S. economy expanded as the pandemic’s effects eased.

#american-rescue-plan-2021, #commerce-department, #consumer-behavior, #coronavirus-2019-ncov, #coronavirus-reopenings, #gross-domestic-product, #labor-and-jobs, #stimulus-economic, #unemployment, #united-states-economy

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Chuck Schumer Looks to Bring Biden’s Vision to Life

The Senate majority leader, observing his own 100 days in charge, is responsible for turning sweeping Democratic plans into law.

#american-jobs-plan-2021, #american-rescue-plan-2021, #democratic-party, #infrastructure-public-works, #law-and-legislation, #manchin-joe-iii, #mcconnell-mitch, #pelosi-nancy, #schumer-charles-e, #senate, #stimulus-economic, #taxation, #united-states-politics-and-government

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Here’s How to Claim Your Stimulus Payments: File Your Tax Return

Thursday: In addition to three federal stimulus payments, some Californians also qualify for the Golden State Stimulus.

#american-rescue-plan-2021, #california, #coronavirus-aid-relief-and-economic-security-act-2020, #internal-revenue-service, #stimulus-economic

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Biden, Calling for Big Government, Bets on a Nation Tested by Crisis

The president’s speech laying out trillions of dollars in new economic proposals plays to voters’ warm feelings toward federal aid in the coronavirus pandemic.

#american-families-plan-2021, #american-rescue-plan-2021, #biden-joseph-r-jr, #coronavirus-2019-ncov, #corporate-taxes, #federal-taxes-us, #income-inequality, #infrastructure-public-works, #obama-barack, #polls-and-public-opinion, #recession-and-depression, #stimulus-economic, #tax-credits-deductions-and-exemptions, #trump-donald-j, #united-states-economy, #united-states-politics-and-government

0

Fed Leaves Interest Rates Unchanged as Economy Begins to Heal

The Federal Reserve said the economy had “strengthened” but opted to continue providing support while playing down a rise in inflation.

#coronavirus-2019-ncov, #federal-open-market-committee, #federal-reserve-system, #government-bonds, #inflation-economics, #interest-rates, #labor-and-jobs, #powell-jerome-h, #quantitative-easing, #stimulus-economic, #unemployment, #united-states-economy

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California Is Awash in Cash, Thanks to a Booming Market

In a single year, the state’s financial outlook has gone from surplus to deficit to surplus as capital gains tax collections have risen amid a soaring stock market and I.P.O. boom.

#apple-inc, #brown-edmund-g-jr, #budgets-and-budgeting, #california, #capital-gains-tax, #coronavirus-2019-ncov, #cupertino-calif, #economic-conditions-and-trends, #executive-compensation, #income-tax, #initial-public-offerings, #newsom-gavin, #standardpoors-500-stock-index, #stimulus-economic, #stock-options-and-purchase-plans, #taxation

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The Daily: Biden’s First 100 Days

A collection of our reporting on the early days of Joe Biden’s administration.

#american-jobs-plan-2021, #american-rescue-plan-2021, #coronavirus-aid-relief-and-economic-security-act-2020, #executive-orders-and-memorandums, #garland-merrick-b, #inaugurations, #infrastructure-public-works, #nuclear-weapons, #stimulus-economic, #storming-of-the-us-capitol-jan-2021, #united-states, #united-states-economy, #united-states-politics-and-government, #yellen-janet-l

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Biden’s Spending Plans Could Start to Tackle Inequality

The Biden administration is relying on Congress instead of just the Fed to fix the economy. That mix could lead to a less wealth-unequal future.

#american-rescue-plan-2021, #biden-joseph-r-jr, #economics-theory-and-philosophy, #federal-aid-us, #federal-reserve-system, #income-inequality, #recession-and-depression, #stimulus-economic, #united-states-politics-and-government

0

The Biden Administration Is Quietly Obsessing Over Inflation

A monthslong effort to monitor and model economic trends inside the White House and the Treasury Department found little risk of prices spiraling upward faster than the Fed can manage.

#american-rescue-plan-2021, #biden-joseph-r-jr, #federal-reserve-system, #inflation-economics, #recession-and-depression, #stimulus-economic, #treasury-department, #united-states-economy, #united-states-politics-and-government

0

Fed Chief Says U.S. Economy Is at an ‘Inflection Point’ as Risks Remain

“It’s going to be smart if people can continue to socially distance and wear masks,” Jerome Powell said on “60 Minutes.”

#60-minutes-tv-program, #federal-reserve-system, #inflation-economics, #labor-and-jobs, #powell-jerome-h, #stimulus-economic, #united-states-economy

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With Warning to Democrats, Manchin Points the Way for Biden’s Agenda

The West Virginia Democrat’s latest plea for bipartisanship suggested that, to win over a critical swing vote in his own party, President Biden will first have to reach out to Republicans.

#american-jobs-plan-2021, #american-rescue-plan-2021, #biden-joseph-r-jr, #corporate-taxes, #democratic-party, #federal-budget-us, #infrastructure-public-works, #law-and-legislation, #manchin-joe-iii, #republican-party, #senate, #stimulus-economic, #united-states-economy, #united-states-politics-and-government

0

Cultural Venues’ Quest for Billions in Federal Aid Is Halted by Glitch

On the first day nightclubs, movie theaters and other arts organizations hurt by the pandemic could apply for $16 billion in federal aid, the system malfunctioned. No applications got through.

#coronavirus-2019-ncov, #coronavirus-reopenings, #culture-arts, #federal-aid-us, #music, #quarantine-life-and-culture, #shutdowns-institutional, #shuttered-venue-operators-grant, #small-business, #small-business-administration, #stimulus-economic

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As U.S. Prospects Brighten, Fed’s Powell Sees Risk in Global Vaccination Pace

Some countries are lagging behind in vaccinations, and policymakers warned that no economy is secure until the world is safe from coronavirus variants.

#coronavirus-2019-ncov, #economic-conditions-and-trends, #federal-reserve-system, #georgieva-kristalina-ivanova, #income-inequality, #international-monetary-fund, #labor-and-jobs, #powell-jerome-h, #stimulus-economic, #united-states-economy, #united-states-politics-and-government, #vaccination-and-immunization

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Unemployment claims data will shed new light on the economy.

The increasing pace of vaccinations — combined with the easing of restrictions on business and consumer activity in many states, and the arrival of stimulus funds — has helped lift hiring in recent weeks.

#american-rescue-plan-2021, #coronavirus-2019-ncov, #labor-and-jobs, #labor-department-us, #stimulus-economic, #unemployment, #unemployment-insurance, #united-states-economy

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How Many Is a Trillion?

We hear about trillions all the time now, but the number is beyond human comprehension.

#amazon-com-inc, #american-rescue-plan-2021, #bezos-jeffrey-p, #high-net-worth-individuals, #stimulus-economic, #two-thousand-tens-decade

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Biden Effort to Combat Hunger Marks ‘a Profound Change’

As millions of Americans lack enough to eat, the administration is rapidly increasing aid — with an eye toward a permanent safety net expansion.

#agriculture-department, #american-rescue-plan-2021, #biden-joseph-r-jr, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #food, #food-insecurity, #stimulus-economic, #united-states-economy, #united-states-politics-and-government, #vilsack-tom, #welfare-us

0

Minority Entrepreneurs Struggled to Get Small-Business Relief Loans

A year after the Paycheck Protection Program started, studies show how its design hurt Black- and other minority-owned businesses.

#american-rescue-plan-2021, #banking-and-financial-institutions, #black-people, #coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #hispanic-americans, #income-inequality, #minorities, #paycheck-protection-program, #race-and-ethnicity, #small-business, #small-business-administration, #stimulus-economic

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Coronavirus Vaccine ‘Fiasco’ Damages Europe’s Credibility

The European Union’s failure to secure adequate vaccine supplies, followed by an export ban, has dented the reputation of the bloc’s leaders. It may also hurt their ability to act in other areas.

#astrazeneca-plc, #coronavirus-2019-ncov, #deaths-fatalities, #europe, #european-commission, #government-contracts-and-procurement, #international-trade-and-world-market, #politics-and-government, #stimulus-economic, #vaccination-and-immunization, #von-der-leyen-ursula

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How the Stimulus Could Power a Rebound in Other Countries

As Americans buy more, they are expected to spur trade and investment and invigorate demand for German cars, Australian wine, Mexican auto parts and French fashions.

#china, #clarida-richard-h-1957, #europe, #european-central-bank, #eurozone, #federal-reserve-system, #gross-domestic-product, #international-trade-and-world-market, #lane-philip-richard, #romer-christina-d, #stimulus-economic, #united-states, #united-states-economy

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Biden Wants to Spend Billions to Fight Climate Change. It’s Not Enough.

His plan is too big to pass, and too small to work.

#biden-joseph-r-jr, #global-warming, #infrastructure-public-works, #stimulus-economic, #transit-systems, #transportation, #united-states-politics-and-government

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Biden Tax Plan Charts New Path to Economic Growth

The president sees public spending, rather than relying on businesses to turn tax cuts into investment, as the key to competitiveness.

#biden-joseph-r-jr, #corporate-taxes, #corporations, #federal-taxes-us, #infrastructure-public-works, #stimulus-economic, #united-states-economy, #united-states-politics-and-government

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Despite Problems In the Past, Biden to Try Again with ‘Green’ Stimulus

As vice president, Joe Biden oversaw a “green jobs” stimulus package that produced notable failures. This time, with more money and more demand for clean technology, will be different, Democrats say.

#a123-systems-inc, #alternative-and-renewable-energy, #american-recovery-and-reinvestment-act-2009, #biden-joseph-r-jr, #electric-and-hybrid-vehicles, #fisker-automotive, #global-warming, #greenhouse-gas-emissions, #solar-energy, #stimulus-economic, #united-states-economy, #united-states-politics-and-government

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