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
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Here are the headlines you Need2Know for Tuesday, November 25, 2020:
A federal appeals court in Philadelphia has rejected President Donald Trump’s latest effort to challenge the election results in a case that could reach the U.S. Supreme Court if Trump appeals.
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.
President-elect Joe Biden's choice of Janet Yellen for treasury secretary isn't rattling many cages on Wall Street where analysts expect her to hew closely to outgoing Secretary Mnuchin's policies.
President Donald Trump has pardoned former national security adviser Michael Flynn, taking direct aim in the final days of his administration at a Russia investigation that he has long insisted was motivated by political bias.
Gripped by the accelerating viral outbreak, the U.S. economy is under pressure from persistent layoffs, diminished income, and nervous consumers, whose spending is needed to drive a recovery from the pandemic.
