The U.S. lost a stunning 22 million jobs in March and April at the beginning of the coronavirus pandemic, with only about half of those numbers returning in the following seven months. With weekly jobless claims remaining high, voters might want to know more about what former Vice President Joe Biden and President Donald Trump intend to do on the issue of labor.
Biden has pledged to do whatever it takes to help jobs recover through direct stimulus payments. His plan includes funding for state and local governments to keep essential workers on their payrolls and federal payouts to supplement state unemployment checks.
Meanwhile, Trump favors tax cuts and deregulation to stimulate the economy but concedes that another infusion of cash stimulus is likely needed. The president also extended federal unemployment benefits for six weeks after they were set to expire in July but at a lower rate of $300 a week, half the amount of the earlier benefit.
Both candidates support tax incentives for manufacturers to keep jobs at home. Biden even proposes tax penalties for those businesses that ship manufacturing jobs overseas with the intention of selling finished products back into the U.S.
Whoever wins the election in November faces a daunting task, with millions still out of work, consumer spending slowing down, and a resurgence in coronavirus cases adding to the economic woes.
The COP26 summit in Scotland is in its final days, and the U.N. has just released a draft of an agreement for more than 200 world leaders to sign on Friday. The draft urges nations to set more aggressive goals in cutting emissions, while also calling for coal to be phased out. Chloe Demrovsky, President and CEO of Disaster Recovery Institute International, joins Cheddar News to discuss this agreement.
The Department of Justice has filed a lawsuit against Uber, alleging the ride-hailing company discriminates against customers with disabilities. The DOJ is arguing that its two-minute wait period before a cancellation fee is applied violates the Americans With Disabilities Act.
Stocks fell into the red on Wednesday after new data heightened fears over inflation. Vince Lorusso, Co-Founder and portfolio manager at Changebridge Capital, joins Cheddar News' Closing Bell where he says recent history suggests investors to buy the dips.
Iran is continuing to crack down on illicit bitcoin mining in the Islamic Republic after 227 mining rigs were seized. Businesses looking to run legal bitcoin mining operations have had to seek approval since 2019.
Tatenda Musapatike, Founder of the Voter Formation Project and former Political Ad Specialist at Facebook, joined Cheddar to discuss the outsized role social media plays in politics.
Amazon founder Jeffrey Bezos took to the stage at the U.N.'s COP26 Climate Summit to unveil a new plan to combat climate change, but some say it might do more harm than good. Justine Calma, Science Reporter at The Verge, joined Cheddar to discuss.
Rep. Ritchie Torres of New York talks about the importance of the historical Build Back Better Act and how these bills could help millions of Americans across the country.
