Among the more ambitious parts of Joe Biden's policy agenda, announced to little fanfare just before the pandemic hit back in February, is a relatively straightforward idea: make the federal housing voucher program — known as Section 8 — universal, available to every low-income family who qualifies.
That policy alone, the focal point of Biden's $640 billion housing plan, would go a long way toward solving this country's affordable housing crisis, according to Julian Castro, the former HUD secretary under President Obama.
The crisis has been exacerbated by COVID-19; an estimated 20 million people are at risk of eviction over the next several months, as state and local moratoriums enacted in March begin to expire along with the federal enhanced unemployment benefits. But even in the absence of an event like coronavirus, expanding Section 8 might be the single best — and most realistic — policy that a Biden administration could pass that would close the delta between families who need access to affordable housing, and families who actually get it, according to Castro. (Right now, an estimated 11 million people are left out).
While homelessness had been on the decline, it has ticked back up in recent years, partially, Castro said, because the Trump administration has not prioritized action on affordable housing
Education is clearly important, Castro said, but it gives a pass to the federal government's responsibility to invest in housing.
"There's no commitment in this administration to actually make those investments," he said, noting that there has been no action in the Republican-controlled Senate on the HEROES Act, which would provide $100 billion in emergency rental assistance for those affected by the pandemic.
But the root problem — spiking rents, not enough inventory, a general decline in the welfare state — long preceded coronavirus.
"The scale of the problem we have...requires significant federal government investment in more affordable housing," Castro said.
Anu Gaggar, global investment strategist for Commonwealth Financial Network, joined Cheddar News to discuss how global supply chains could be disrupted even further by an armed conflict in Ukraine.
Solid-state battery maker Factorial Energy recently raised $200 million in a Series D round led by Mercedes-Benz and Stellantis. Factorial says the funding will be used to accelerate commercial production and deployment of its solid-state battery technology, which the company says is safer, and offers up to 50% more driving range than current lithium-ion technology. Factorial also has joint development agreements (announced in late 2021) with Mercedes-Benz, Stellantis, and Hyundai, three of the top 10 global automotive manufacturers, to commercialize its batteries. Factorial CEO Siyu Huang joined Cheddar News' Closing Bell to discuss.
A new report by the Foreign Correspondents Club of China warns that press freedom in the most populous country in the world is declining at an alarming speed. Cheddar News speaks with Steven Butler, Asia Program Coordinator at the Committee to Protect Journalists, about the hardships journalists face in China.
Rep. Nancy Mace (R-S.C. 1st District) joined Cheddar to discuss her cannabis legalization bill, the States Reform Act, and the prospects for gaining bipartisan support for a bill that has garnered the endorsement of e-commerce giant Amazon. This legislation is supported by businesses large and small, Amazon obviously being the most recent and largest business to support it," Mace said. "They don't want to sell pot. But what it does do is it affects their working employment pool." She stated that 10 percent of eligible new hires for Amazon are affected by restrictive marijuana laws. The representative also explained that the bill leaves equity provisions up to the states rather than mandating them on a federal level.
After a number of tragic subway incidents, the MTA is facing increased pressure to install subway platform screens to help prevent injury or death. However, according to an earlier report from the MTA, installing these prevented measures isn't feasible. New York City Council Member Keith Powers, joined Cheddar to discuss more.
Across the country, states are working to redraw their congressional lines in what is often known as gerrymandering. These news lines are expected to determine the balance of power between Democrats and Republicans within the next decade. Senior Counsel for the Brennan Center's Democracy Program, Michael Li, joined Cheddar to discuss more.
The state of California is officially planning to close its death row in the next two years. That state's governor Democrat Gavin Newsom says the plan is now to move all condemned inmates to other prisons and turn it into, as he calls it, a positive healing environment. Former U. S. Assistant Attorney and Legal Analyst, David Katz, joined Cheddar to discuss more.
Anthony Saccaro, Founder and President of Providence Financial, joins Cheddar News' Closing Bell, where he elaborates on why he is excited that the market is beginning to rebound and believes February has the potential to be a good month after a turbulent January.
Cryptocurrency is expected to become a part of our daily lives — but what sort of environmental impact does it have? As the U.S. becomes the crypto mining capital of the world, climate advocates are worried about mining companies reopening old coal plants, using massive amounts of energy, wasteful hardware, and more. Congressional Democrats led by Senator Elizabeth Warren are demanding answers from mining firms about their electricity use and waste levels. John Belizaire, CEO of Soluna Computing, joins Cheddar Climate to discuss the congressional letters, how crypto mining can become a green industry, and more.
