The African American community is dealing with two crises: the disproportionate impact of the coronavirus pandemic, and systemic racism that has been, once again, laid bare in the aftermath of the George Floyd killing.
But exacerbating both of those crises is a third, more insidious problem, according to Marc Morial, president and CEO of the National Urban League: persistent income inequality that means "when people even get back to work, that paycheck doesn't go far enough to help them make ends meet."
Morial spoke to Cheddar on Monday and called for the Senate to immediately take up the HEROES Act, the stimulus bill passed by the House last month that would extend enhanced unemployment benefits for those who lost their jobs amid the pandemic. Those enhanced benefits are currently scheduled to lapse on July 1.
"It's a fantasy to believe that without continued fiscal intervention by the Congress, and continued monetary intervention by the Fed, that we can get back on our feet economically," he said.
Even if the Senate were to move on the HEROES Act (and it's a big if — the GOP-controlled upper chamber has not been in a rush to take up the bill, with some members calling it "dead on arrival"), lawmakers still need to take action to address the underlying issues that made income inequality a problem long before the coronavirus reached our shores, Morial said.
He called on Congress to raise the federal minimum wage from $7.25 to a "living wage" of $15, and expand the child tax credit. Those two actions would go a long way toward helping to get us out of the "40-year ditch" we've dug ourselves, he said.
"It's going to take a commitment by the public and private sectors to move us beyond it."
If you have a flexible spending account, here's some short information for you so you don't leave money on the table.
With high healthcare costs, bills can quickly add up. In some cases, it is possible to negotiate your medical bills. Barak Richman, law professor at George Washington University, joined Cheddar News to discuss the easiest way to talk to medical debt companies about what's owed.
Millions of people have selected insurance plans for 2024 but sometimes navigating them can be tricky time consuming and expensive. Paula Pant, host of 'Afford Anything' podcast, joined Cheddar News to break down what's needed to know about their insurance plans.
The European Union is investigating Elon Musk's X over alleged illicit content and disinformation on its platform. Cheddar News breaks it all down and discusses what it could mean for users.
Adobe and Figma called off their $20 million merger, Southwest Airlines gets fined, Nippon Steel is buying U.S. Steel and oil and gas prices surge after a pause in shipments.
With more employees being called back to the office, many workers are suddenly protesting by being in the office for as little time as possible. As the term suggests, coffee-badging means coming in for just enough time to have a cup of coffee, show your face, and swipe your badge.
Japan's Nippon steel is buying U.S. Steel for $14.9 billion.
Southwest Airlines will pay a $35 million fine as part of a settlement over a 2022 holiday season disaster that saw the airline cancel thousands of flights and leave millions of people stranded.
Cheddar News' Need2Know is brought to you by Securitize, which helps unlock broader access to alternative investments in private businesses, funds, and other alternative assets. The private credit boom is here and the Hamilton Lane Senior Credit Opportunities Fund has tripled in assets under management in just six months from November 2022 through April this year. Visit Securitize.io to learn more.
Stocks opened slightly higher after Monday's opening bell after several weeks of gains as the year closes out.
