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.
As President Biden travels to Europe this week amid Russia's ongoing invasion of its neighbor Ukraine, former Obama campaign foreign policy advisor and former Bush administration State Department official David Tafuri, joined Cheddar News to discuss the president's stop in Brussels, Belgium, to coordinate with NATO leaders efforts to dissuade Russian President Putin's war. "The maintenance of sanctions and increasingly ratcheting up the sanctions is what he thinks will cause a country like Russia to back off," Tafuri said of Biden. "And so he's committed to that strategy."
John Logan, Director of Labor and Employment Studies at San Francisco State University, joined Cheddar News to discuss the growing unionization push by employees at Starbucks and Amazon, and the wider implications of employee organization at these big companies.
Cheddar's Arielle Hixson sat down with five Black women making history as part of the Biden administration's communications team. Karine Jean-Pierre, the principal deputy press secretary; Khanya Brann, the chief of staff to Kate Bedingfield; Amanda Finney, the chief of staff to Jen Psaki; Erica Loewe, the director of African American media; and Rykia Dorsey, the senior regional communications director, shared their stories.
President Biden has embarked on a crucial trip to meet with allies in Belgium and Poland to discuss new sanctions on Russia as it continues to wage war on Ukraine. The president will seek to address the growing humanitarian crisis out of Ukraine, demonstrate a united Western front against Russia, and reassure Ukraine that it has support from the U.S. Joel Rubin, Former Deputy Assistant Secretary of State & President of the Washington Strategy Group, breaks down what to expect from the President's crucial visit to Europe.
Catching you up on what you need to know Mar 24, 2022, with NATO meeting updates, Ukraine retaking suburbs around Kyiv, the spread of omicron subvariant BA.2 in China, Google Pay launching a third-party billing option, and a 16-year-old is suspected of being the Lapsus$ mastermind behind hacks of Microsoft and others.
The number of Americans applying for unemployment benefits last week fell to its lowest level in 52 years as the U.S. job market continues to show strength in the midst of rising costs and an ongoing virus pandemic.
Alicia Garza joined Cheddar News to talk about the Black Futures Lab where serves as founder and principal. The non-profit organization seeks to develop grassroots power in the Black community with projects like the Black Census, which takes into account the granular experiences of the demographic. "What we know about Black folks and the reason that we decided to focus on black communities again, it's because we're being left out and left behind their stories being told about us without our input and without our shaping," she said. "If we want a robust democracy in this country, we have to change that equation." Garza also touched on issues around voter suppression and the midterm elections.
Sean O'Hara, President of Pacer ETF's, explains why investors who were down after Jerome Powell's remarks on inflation Monday were more optimistic on Tuesday as the major indexes ended the day near session highs.
