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Sen. Mitt Romney seems to be channeling former Democratic presidential candidate Andrew Yang in his proposal to give every U.S. adult $1,000 to help them deal with the economic impact of the coronavirus outbreak.
“Every American adult should immediately receive $1,000 to help ensure families and workers can meet their short-term obligations and increase spending in the economy. Congress took similar action during the 2001 and 2008 recessions,” he said. “While expansions of paid leave, unemployment insurance, and SNAP benefits are crucial, the check will help fill the gaps for Americans that may not quickly navigate different government options.”
The Republican senator proposed the measure amid efforts in Washington D.C. to push a second relief package through the Senate offering free testing and limited paid sick leave.
Critics of the bill say it falls short of addressing the massive economic fallout of the outbreak.
"We also urgently need to build on this legislation with additional action to help families and small businesses meet their short-term financial obligations, ease the financial burden on students entering the workforce, and protect health workers on the front lines and their patients by improving telehealth services," Romney said in a statement.
Romney has also called for giving “bridge grants” to small businesses that apply but don’t receive Economic Injury Disaster Loans under the Small Business Administration. Qualified businesses would need to show a 50 percent decline in monthly revenue from the prior year.
The grants will help businesses afford short-term costs such as payroll and rent that could help them avoid bankruptcy down the line, Romney said.
The same statement includes proposals to defer student loan payments and adjust federal Pell Grants to cover additional costs related to the coronavirus.
In addition, Romney has proposed requiring all private insurance companies to cover telehealth services, with the caveat that the federal government would reimburse all costs.
Following the surprising big beat on estimates for the January jobs report, William M. Rodgers III, vice president and director of the Institute for Economic Equity at the Federal Reserve Bank of St. Louis, joined Cheddar News to break down the data. “We ended 2021 with a strong crescendo to a recovery that had taken hold, and we started 2022 in good fashion." He also discussed the dueling pressures of wage growth and inflation.
Jessica Mason Pieklo, senior vice president and executive editor of the Rewired News Group and co-host of the podcast. "Boom! Lawyered," joins Cheddar Politics to discuss Justice Stephen Breyer's retirement, legacy and potential replacement on the Supreme Court.
The Biden administration delivered a temporary win for student loan borrowers this year by extending the moratorium on federal payments for a few more months. That moratorium is coming to an end on May 1st and borrowers will again have their monthly loan payment plopped in their lap.
Stephanie Vanderslice, a creative writing professor paying off debt through the Parent Plus program, and Mike Pierce, executive director of the Student Borrower Protection Center, join Cheddar Politics to discuss.
2022 was already going to be a big year for the Supreme Court. We have decisions on major issues like abortion and gun rights on the way. Then, Justice Stephen Breyer announced his retirement and that set up a major confirmation fight for later this year. Amy Howe, co-founder of SCOTUSblog, joins Cheddar Politics to discuss.
The Labor Department released a better-than-expected report of 467,000 jobs added in January. Heather Boushey, Council of Economic Advisers Member for President Biden, joined Cheddar to tout the administration's handling of the economy amid the pandemic and the upward revisions for the previous month. "It also shows that, because of the revisions, the economy was stronger over the past couple of months," she said. "I don't think that this can be said enough, but economic forecasting during an historic pandemic is extremely difficult." Boushey also addressed issues involving wage growth versus the rapid rise of inflation.
The Labor Department's January jobs report showed 467,000 jobs were added, compared to the 150,000 that were projected, a sign that employment is continuign to return to pre-pandemic levels. Lindsey Piegza, chief economist at investment bank Stifel, joined Cheddar to break down the report, noting the big gains but adding a note of caution. "Remember, even with this morning's stellar report, we're still millions below that level that we had reached prior to the onset of COVID-19," she said." Yes, we are recapturing jobs. We still have further ground that needs to be made before we can talk about reaching that previous peak." Piegza also discussed the role of the Federal Reserve going forward as the employment figures turn more positive.
As President Biden's poll numbers fall with Black voters, Rep. Ayanna Pressley (D-Mass. 7th District) joined Cheddar to discuss what she feels could help the embattled administration: deliver on policies. Pressley pointed to stalled legislation such as new voting rights laws and Build Back Betters and canceling student loan debt, which would go a long way to improving his standing with Black constituents. "President Biden has the authority and the power to alleviate this burden, which would also help in closing the racial wealth gap, and he can do it by executive action with the stroke of a pen," she said. "And it doesn't require one vote from Congress. So, the Biden administration just needs to deliver to Black America in a tangible and impactful way."
