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.
As the Russia's invasion of Ukraine continues, medical experts are worried conditions in active warzones will exacerbate the current pandemic — or even give rise to other contagions. Dr. Daniel Fagbuyi, a war veteran and former Obama administration biodefense appointee, joined Cheddar News to discuss the ongoing danger of COVID-19 on top of the war, as well as the potential for new variants to emerge. "I mean just large volumes of people definitely is a breeding ground. That's the worst case," he said. "Two things don't mix: war-conflict and a virus, a potential pandemic virus."
Award-winning journalist, entrepreneur, and host Soledad O'Brien spoke to Cheddar about empowering women through her own podcast on financial literacy this Women's History Month.
Six House lawmakers are calling on Meta to stop paid ads from Chinese news companies that push Russian misinformation regarding the war in Ukraine. Matt Skibinski, General Manager, NewsGuard Technologies joins Cheddar to discuss the role of social media in this war.
Reva Shakkottai, Senior Vice President and financial advisor at RBC Wealth Management, joins Cheddar News' Closing Bell, where she elaborates on factors besides Wednesday's Fed decision that led to gains across the major indexes on Thursday, including new home construction and jobless claims data.
Art Hogan, Chief Market Strategist at National Securities, joins Cheddar News' Closing Bell, where he breaks down Fed Chair Jerome Powell's speech following the U.S. central bank's decision to raise rates and explains why Powell's comments move the markets more than the Fed decision itself.
Representative Adam Schiff (D-Calif. 29th District) joined Cheddar News at South By Southwest to discuss the variety of sanctions that the United States has placed on Russia since its invasion of Ukraine began last month and the impacts they are having both domestically and abroad. With rising gas prices, especially in states like California, Schiff noted that the American people are willing to make sacrifices in order to uphold their values and suggested that crisis may be a warning to shift away from fossil fuels. "At the end of the day though, this ought to be a wake up call that we need to stop our reliance on this oil economy and move to renewable sources of energy," he said. Schiff also explained his remarks about the January 6 commission investigating those closest to former President Trump and touched on a disturbing case in San Francisco where the police department used rape kit samples to ID a murder suspect.
Markets opened lower as the Federal Reserve announces plans to hike interest rates by a quarter point, while signaling six additional rate hikes later this year. Gary Schlossberg, Global Strategist, Wells Fargo Investment Institute, joined Cheddar's Opening Bell to discuss.
Apple's Racial Equity and Justice Initiative is a $100 million program aimed at combating systemic racism while working to advance racial equity across the country. Alisha Johnson, director of the initiative, joined Cheddar at SXSW to discuss the work being done. "We focused on three critical areas. The first is education. The second is criminal justice reform, and the third is economic empowerment, really looking first in our own supply chain, how can we really increase our spend with Latinx, Hispanic, and indigenous-owned businesses," she said. "And then how can we go further to empower entrepreneurs who have been cut out of access to funding and capital and really help them to get the funding."
