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
More than 6.6 million people applied for unemployment benefits last week, according to new data from the Department of Labor.
Stocks are rising in early trading on Wall Street after the Federal Reserve launched its latest unprecedented effort to support the economy through the coronavirus outbreak.
The Centers for Disease Control and Prevention has new guidance for essential workers as it takes a small step toward reopening the country.
By Wednesday, day four of the program, some $80 billion of the $350 billion promised to small businesses in relief loans had been processed. But few lenders, if any, have begun funding any loans, meaning it could still be weeks before businesses receive the relief they desperately need right now.
Stocks are up 3% on Wall Street as investors focus on the optimistic side of data about the coronavirus outbreak’s trajectory.
New Jersey Governor Phil Murphy Wednesday announced an executive order expanding the scope of the state's coronavirus restrictions.
New York Governor Andrew Cuomo announced Wednesday that 779 people in the state have died in a single day, marking another solemn milestone as the state fights to slow down the devastation of COVID-19.
Entrepreneur, NBA owner, and Shark Tank investor Mark Cuban told Cheddar on Wednesday that the coronavirus pandemic could signal a shift in the U.S. economy toward workers.
Bernie Sanders, who saw his once strong lead in the Democratic primary evaporate as the party’s establishment lined swiftly up behind rival Joe Biden, has ended his presidential bid.
California Governor Gavin Newsom said the Golden State had managed to secure a monthly supply of 200 million N95 respiratory and surgical masks, opening up the possibility of helping other states struggling to secure protective supplies.
