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 U.S. and Canada have agreed to temporarily close their shared border to nonessential travel. President Donald Trump made that announcement Wednesday on Twitter as the two nations work to stem the spread of the coronavirus pandemic.
Despite the impact of the COVID-19 outbreak on the airline industry, even as momentum for an enormous bailout package builds in the White House and on Capitol Hill, ia growing backlash has been sparked among Democratic lawmakers, consumer advocates, and antitrust experts.
Senator Cory Gardner (R-Colo.) told Cheddar’s J.D. Durkin on Tuesday,“[An airline bailout] is going to have to be a part of this immediate package
Stocks are closing solidly higher after President Donald Trump promised he's “going big” with plans to blunt the economic pain caused by the coronavirus outbreak.
New York City Mayor Bill de Blasio said Tuesday that New Yorkers should prepare for the possibility of a “shelter-in-place” order within the next 48 hours.
Stocks are adding sharply to their gains on Wall Street after President Donald Trump and his team announced more measures to combat the coronavirus outbreak.
Stacey Cunningham, president of the New York Stock Exchange, told Cheddar on Tuesday that the markets remaining open is important during the COVID-19 pandemic.
The White House announced major moves in coordination with the Federal Reserve to mitigate economic damage from the coronavirus pandemic which has brought some industries to a near halt.
Andrew Cuomo said this morning that the expected peak of infection is 45 days out, based on a hospitalization rate of between 15 to 19 percent.
These are the headlines you Need 2 Know for Tuesday, March 17, 2020.
