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
Investors are dumping stocks again as fears spread that the growing coronavirus outbreak will weigh down the global economy.
These are the headlines you Need 2 Know for Thursday, February 27, 2020.
President Donald Trump declared Wednesday that the U.S. is “very, very ready” for whatever the coronavirus threat brings, and he put his vice president in charge of overseeing the nation's response.
U.S. Rep. Jim Clyburn, the highest-ranking black member of Congress and the kingmaker of South Carolina's Democratic political orbit, on Wednesday endorsed Joe Biden's presidential campaign.
These are the headlines you Need 2 Know for Wednesday, February 26, 2020.
Bernie Sanders is facing a torrent of attacks from his Democratic rivals in a high-stakes debate that could be their final prime-time opportunity to change the direction of the 2020 nomination fight.
Self-described "far-left," 26-year-old truck driver Joshua Collins is hoping to utilize the user base to support his run for Congress.
Investors plowed money into bonds, sending the yield on the 10-year Treasury to a record low. Mastercard joined a growing list of companies warning that the outbreak would hurt its finances.
Binance, a global cryptocurrency exchange and cloud services provider, is optimistic the shift toward digital currency in China will only bolster the adoption and acceptance of encrypted currencies.
U.S. stocks fell in midday trading Tuesday, a day after the market's biggest drop in two years, as traders worry that the spreading coronavirus will threaten global economic growth.
