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.
Read More on Trump and Biden's Plans:
Trump vs. Biden on Raising the Federal Minimum Wage
Biden vs. Trump on Student Loans and Higher Education
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
It’s been Immigration Week on Capitol Hill but now it’s time to move on. So what will drive headlines in the week ahead? Here’s a look at the Washington Week Ahead.
The Secure and Fair Enforcement (SAFE) Banking Act is expected to pass the Democrat-controlled House, where it passed before in 2019 and 2020, but could face a tougher battle in the split Senate.
Rep. Mark Takano (D- Calif. 41st District) discusses the need to pass the COVID-19 Hate Crimes Act especially in the wake of the shooting deaths of eight people in Atlanta area spas, six of them being women of Asian descent.
U.S. health officials are relaxing social distancing recommendations for schools, now saying students can sit as close as 3 feet to each other in classrooms.
The Federal Reserve says it will restore capital requirements for large banks that were relaxed as part of the Fed’s efforts to shore up the financial system during the early days of the pandemic.
Rep. Marilyn Strickland (D-Wash. 10th District), one of four Korean Americans to be elected to Congress, talked about the need for urgency and accountability following the killing of eight people, including six Asian women.
The number of Americans seeking unemployment benefits rose last week to 770,000, a sign that layoffs remain high even as much of the U.S. economy is steadily recovering from the coronavirus recession.
Federal Reserve Chairman Jerome Powell once again doubled down on the easy money policies that have defined the central bank's response to the pandemic-fueled economic downturn.
Stop AAPI Hate co-founder Cynthia Choi joined Cheddar to discuss anti-Asian hate crime reporting and what Americans can do to combat incidents of racial discrimination against Asian and Pacific Islander Americans.
