The Trump administration is showing optimism as the June jobs report, released Thursday, revealed the U.S. added a better-than-expected 4.8 million jobs last month. The boost in jobs followed another unexpected addition of 2.7 million in May.
"Combined, the two months, we surpassed expectations by more than 11 million jobs," Tyler Goodspeed, the acting chair of the White House Council of Economic Advisors, told Cheddar.
Since the coronavirus pandemic forced widespread shutdowns across the country in March, more than 50 million people have applied for unemployment benefits. Today's numbers signal that companies in some areas are getting back to business.
"I do think that this really is a testament to not only the resilience of the American economy but also to the unprecedented scale and speed of the response of the federal government," said Goodspeed.
While Goodspeed acknowledged that the number of Americans who are still out of work is concerning, he said there is a lot to consider before implementing a Phase 4 stimulus package.
"The president is definitely interested in exploring the possibility of a payroll tax cut and also protecting businesses against exorbitant liability for COVID-related, non-economic damages," the advisor said.
While Goodspeed said he could not comment on efforts to extend the small business loan program, he did say the White House is examining the pandemic unemployment assistance program, which provides an additional $300 to $600 to weekly unemployment benefits. It is set to expire at the end of July.
"I think the unprecedented measures to expand access to unemployment insurance and to expand those benefits was important for mitigating that loss [of incomes]," he said. Now the administration is "carefully reconsidering whether we're striking the right balance between income replacement and making sure that we don't have high implicit tax rates on work."
Liana Guzmán, CEO of FOLX Health, joins Cheddar News to discuss the company launching billboards across the country in response to anti-LGBTQ+ legislation.
President Biden has announced an additional $800 million in military assistance to Ukraine, including artillery, armored personnel carriers, and helicopters. It comes as Russian forces appear to be preparing for a new, aggressive offensive in the eastern part of Ukraine. Paul McLeary, defense reporter for Politico, joined Cheddar to discuss this new round of aid and what it means for the U.S. commitment to arming the embattled country.
Catching you up on what you need to know on April 18, 2022, with Russian missile attacks on the Ukrainian city of Lviv killing seven, mass shootings in South Carolina and Pittsburgh, Lucky Charms cereal under official investigation by the FDA, and more.
Activism is growing around the country in response to school boards banning books from shelves that focus on sexuality, gender, identity, or race. Jen Cousins, co-founder of The Florida Freedom to Read Project, joins Cheddar News to discuss.
As the Russian invasion of Ukraine intensifies, President Biden has announced a ban on importing Russian oil, gas, and energy. To discuss how this ban will impact the war and Americans, Amir Handjani, non-resident fellow at Quincy Institute, joins Cheddar News.
Thousands of protesters around the world are expressing their solidarity with Ukraine against Russia's invasion.
Jason Beardsley, national executive director of the Association of the U.S. Navy and national security expert, joins Cheddar News to discuss.
As gas prices surge amid the Russian invasion of Ukraine, other nations could potentially transition faster to using clean energy than previously expected. Philip K. Verleger, a senior fellow at the Niskanen Center, joined Cheddar News to explain how this could be a possibility in the near future. "Part of the reason I think we have this invasion and the tantrum that's being thrown by Russia, terrible tantrum, is because the Russians were trying to slow down the transition," he said. "Ironically they speeded it up."
Following the invasion of Ukraine, a multitude of Western companies have paused doing business with Russia. PepsiCo, Coca-Cola, McDonald's, and Starbucks are the most recent companies to temporarily cease operations in Russia. Dean of Miami Herbert Business School at the University of Miami, John Quelch, joined Cheddar News to discuss what message this sends to Russia and the Russian consumer. “I would not underestimate the collective strength of all of these multinational companies, essentially coming together to make their collective statement in support of the political statements that have come out of Washington," he said.
The war in Ukraine continues to reveal heartbreaking gut-wrenching stories. The war in itself is not only devastating but also expensive. Experts estimate that Russia is draining nearly $20 million dollars each day to continue occupying and invading Ukraine. All this could force the country to turn to cryptocurrencies. It's a major turn for the country that briefly considered outlined digital assets entirely, but it could also have serious implications for cryptos. Managing Director at Quantum Fintech Group, Harry Yeh, joined Cheddar to discuss more.
