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
In a news conference, NY Gov. Andrew Cuomo said he has ordered the state's hospitals to increase their capacity for intake at least by half, if not doubling it., and also revealed that New York had procured more medical supplies in the fight against the coronavirus pandemic.
While the spread of the coronavirus has caused millions of layoffs across the country, select businesses are on a hiring spree to meet increased demand related to the outbreak.
Stocks are down nearly 5 percent in volatile trading on Wall Street as investors wait for Democrats and Republicans to settle their differences and pass a nearly $2 trillion rescue package for the economy.
Sen. Rand Paul of Kentucky has tested positive for the novel coronavirus, becoming the first case of COVID-19 in the Senate and raising fears about the further transmission of the virus among Republicans at the Capitol.
In its boldest effort to protect the U.S. economy from the coronavirus, the Federal Reserve says it will buy as much government debt as it deems necessary and will also begin lending to small and large businesses and local governments to help them weather the crisis.
Malls, movie theaters, and retailers across the U.S. have been forced to close down to stem the spread of coronavirus, but cannabis dispensaries and retailers will stay open for business after a number of local governments deemed them “essential.”
Rep. Tim Ryan (D-Ohio 13th District) said on Friday that the $1 trillion stimulus package currently being negotiated by lawmakers won't be nearly enough to make Americans whole again.
During the Friday Coronavirus Task Force briefing, President Donald Trump said that the U.S. borders will be closed to nonessential travel with Mexico and Canada, beginning at midnight on Saturday.
The move underscores the pain being inflicted on U.S. oil producers by the abrupt crash in oil prices earlier this month, sparked by the outbreak of a price war between Saudi Arabia and Russia and exacerbated by the global response to the coronavirus.
New York is joining California in seriously altering daily operations after Governor Andrew Cuomo announced he will sign an executive order mandating that 100 percent of the non-essential workforce stay home. The order will go into effect Sunday night.
