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."
As the standoff between the U.S. and its allies continues with Russia over its possible designs to invade Ukraine, President Biden held a video conference call with European leadership and had 8,500 American troops put on high alert. Jamil Jaffer, a former associate White House counsel for the Bush Administration, joined Cheddar to discuss his views on the escalating crisis in Eastern Europe.
As controversy dogs the run-up to the 2022 Beijing Winter Olympics, China is hiring TikTokers and other social media influencers to promote the nation's history, culture, diplomatic efforts, and current trends.
The Supreme Court has rejected another request to block Texas' strict abortion law. This marks the third time the high court has declined to intervene in challenges to the law that bans abortions after six weeks, well before many women even know they're pregnant. Aziza Ahmed, professor of law at the University of California, Irvine, joined Cheddar News to discuss the impact of the law so far on women seeking abortion services in Texas.
Mayors in cities like Miami and New York City are considering introducing cryptocurrencies as a way to reduce economic inequality. Miami Mayor Francis X. Suarez has even pushed for distributing Bitcoin dividends to the city's inhabitants.
The U.S. will be implementing a vaccine mandate for all people entering through its land borders, removing exemptions for "essential" travelers such as truckers, students, and business people. While the Canadian Trucking Alliance argues that the new, stricter rule might exacerbate ongoing auto supply chain issues, some health experts see the potential for helping curb the ongoing pandemic. Anthony Santella, a professor of health administration at the University of New Haven, joined Cheddar to give his take on the updated border crossing restriction. "We can't just focus on one type of travel. We need to ensure that it's clear and consistent across all types of travel," Santella said.
Will Rhind, CEO of GraniteShares, joins Cheddar News' Closing Bell, where he says he believes the Fed's plans of increasing rates is taking its toll on some of the more speculative stocks and the technology market.
Mona Zhang, states cannabis policy reporter at POLITICO Pro joins Cheddar News to discuss major factors that caused Canada's retail marijuana sales to drop last year.
The January 6 committee has asked Ivanka Trump to give voluntary testimony, saying there's evidence she was in "direct contact" with her father on the day of the capitol insurrection. I's unclear whether she will comply with the invitation, but it marks the first time the House committee has sought testimony from a member of the former president's family. Bradley Moss, national security attorney, joined Cheddar News to discuss what the committee hopes to learn from Ivanka and what the Supreme Court's decision on Trump's Jan. 6 materials means for the investigation.
