Rep. Tim Ryan (D-Ohio 13th District) said on Friday that the $1 trillion stimulus package currently being negotiated by lawmakers won't be nearly enough to make Americans whole again.
"Quite frankly I think the package that we're seeing coming out of Washington, DC is not even close to meeting the big need that we have," Ryan told Cheddar. "I think we need to be talking more like $2 trillion than $1 trillion, and at least a trillion for the workers."
The former Democratic primary candidate also advocated for bolstering unemployment insurance to ensure that people are making the same amount they did before their jobs.
"These are really essential things to keep the workforce safe, so when we go to kickstart things back up again, they're ready to slide back into the jobs that they lost," he said. "We need to be thinking much, much bigger and in much more innovative ways."
One important thing to keep in mind about this economic crisis, Ryan added, is that federal investment, in this case, won't grow the economy but merely keep it solvent, which may be difficult to swallow for those seeking a return on their investment for any kind of stimulus.
"This isn't like the Great Depression where you put money in people's pockets and then they go out and buy stuff," he said. "Now you're giving people money and basically saying pay your rent, pay your mortgage, pay your auto loan, and then buy food because you can't go anywhere."
The representative also believes the current package is skewed toward companies rather than workers and doesn't want to bail out companies without specific conditions banning stock buybacks or corporate bonuses.
"This is revealing the kind of corruption and rotting of the supply-side economic theory," he said. "The same people that just got the huge tax cuts are coming to the taxpayer to ask us to bail them out. So they get all the profits, and then they socialize the losses."
A new poll finds most U.S. adults are worried about health care becoming more expensive.
The White House budget office says mass firings of federal workers have started in an attempt to exert more pressure on Democratic lawmakers as the government shutdown continues.
President Donald Trump says “there seems to be no reason” to meet with Chinese leader Xi Jinping as part of an upcoming trip to South Korea after China restricted exports of rare earths needed for American industry. The Republican president suggested Friday he was looking at a “massive increase” of import taxes on Chinese products in response to Xi’s moves. Trump says one of the policies the U.S. is calculating is "a massive increase of Tariffs on Chinese products coming into the United States." A monthslong calm on Wall Street was shattered, with U.S. stocks falling on the news. The Chinese Embassy in Washington hasn't responded to an Associated Press request for comment.
Most members of the Federal Reserve’s interest-rate setting committee supported further reductions to its key interest rate this year, minutes from last month’s meeting showed.
From Wall Street trading floors to the Federal Reserve to economists sipping coffee in their home offices, the first Friday morning of the month typically brings a quiet hush around 8:30 a.m. eastern, as everyone awaits the Labor Department’s monthly jobs report.
The Supreme Court is allowing Lisa Cook to remain as a Federal Reserve governor for now.
Rep. John Moolenaar has requested an urgent briefing from the White House after Trump supported a deal giving Americans a majority stake in TikTok.
A new report finds the Department of Government Efficiency’s remaking of the federal workforce has battered the Washington job market and put more households in the metropolitan area in financial distress.
A new poll finds U.S. adults are more likely than they were a year ago to think immigrants in the country legally benefit the economy. That comes as President Donald Trump's administration imposes new restrictions targeting legal pathways into the country. The Associated Press-NORC Center for Public Affairs Research survey finds Americans are more likely than they were in March 2024 to say it’s a “major benefit” that people who come to the U.S. legally contribute to the economy and help American companies get the expertise of skilled workers. At the same time, perceptions of illegal immigration haven’t shifted meaningfully. Americans still see fewer benefits from people who come to the U.S. illegally.
Shares of Tylenol maker Kenvue are bouncing back sharply before the opening bell a day after President Donald Trump promoted unproven and in some cases discredited ties between Tylenol, vaccines and autism. Trump told pregnant women not to use the painkiller around a dozen times during the White House news conference Monday. The drugmaker tumbled 7.5%. Shares have regained most of those losses early Tuesday in premarket trading.
