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
The S&P 500 climbed 0.4% after wavering between small gains and losses in the early going.
An autopsy commissioned for George Floyd’s family found that Floyd died of asphyxiation due to neck and back compression when a Minneapolis police officer kneeled on his neck for several minutes and ignored his cries of distress, the Floyd family’s attorneys said Monday.
Facebook employees are using Twitter to register their frustration over CEO Mark Zuckerberg’s decision to leave up posts by President Donald Trump that suggested protesters in Minneapolis could be shot.
Federal health authorities have received reports of nearly 26,000 nursing home residents dying from COVID-19, according to materials prepared for the nation's governors. That number is partial and likely to go higher.
Leslie Ricard Chambers, deputy executive counsel for Louisiana Governor John Bel Edwards, talked to Cheddar Monday morning, as cities across the country woke up after another night of unrest.
President Donald Trump is deriding the nation’s governors as “weak” and demanding tougher crackdowns on protesters in the aftermath of more violent protests in dozens of American cities.
President Donald Trump spent time in a White House bunker during Friday night's protests outside the executive mansion. Secret Service agents rushed him there as some of the demonstrators were throwing rocks and tugging at police barricades.
America’s cities boarded up windows, swept up glass and covered graffiti Sunday as the country's most significant night of protests in a half-century spilled into another day of unrest fueled by killings of black people at the hands of police.
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.
Minnesota authorities say the police officer who knelt on George Floyd has been arrested
