The Labor Department does not include all of the people who have finished collecting benefits, but did not find a new job. Small business owners, who had to close their companies down, have said that they haven’t been able to collect unemployment even though they aren’t earning any money.
European stocks rose and U.S. equity futures eked out gains, trimming declines at the end of a week dogged by concern about a second wave of coronavirus infections and simmering tension between America and China. Oil climbed and Treasuries drifted.
A revision to Germany’s fourth-quarter performance means Europe’s largest economy is already in a recession. With restrictions to contain the pandemic only slowly being lifted, the economy is set to suffer much more in the three months through June.
The euro and German bunds barely reacted to the data.
State governments are building armies of contact tracers in a new phase of the battle against the coronavirus pandemic, returning to a fundamental practice in public health that can at once wrestle the virus under control and put hundreds of thousands of newly jobless people back to work.
California is already conducting contact tracing in 22 counties, and it eventually plans to field a force of 10,000 state employees, who will be given basic training by University of California health experts.
Thousands of workers, unemployed, self-employed and small business owners took part in demonstrations throughout the country Saturday night, May 2, against the economic and social policy of the far-right government, while demanding support in the wake of the economic crisis brought on by the coronavirus pandemic.
Saturday night, rallies were held in Tel Aviv, Jerusalem, Haifa, Beersheba, Eilat, Kiryat Shmone and Kufr Qassim, with demonstrators condemning as woefully inadequate the government’s limited economic support by means of unemployment stipends and grants.
Krystal Ball discusses Mitch McConnell’s priority to confirm as many conservative judges as he can, as the Senator slows coronavirus relief funds to small businesses.
April 17, 2020
WASHINGTON— Rep. Ilhan Omar (D-MN) unveiled the Rent and Mortgage Cancellation Act, a bill to institute a nationwide cancellation of rents and home mortgage payments through the duration of the coronavirus pandemic. The bill would constitute a full payment forgiveness, with no accumulation of debt for renters or homeowners and no negative impact on their credit rating or rental history. The legislation will establish a relief fund for landlords and mortgage holders to cover losses from the cancelled payments and create an optional fund to fully finance the purchase of private rental properties by non-profits, public housing authorities, cooperatives, community land trusts, and states or local governments—in order to increase the availability of affordable housing during this downturn.
Revelatory, I know:
Reducing payroll taxes is an idea championed by conservatives with connections to the president. They argue that it could be a way to encourage people to work …
Nearly 4 million people, or just over 7% of mortgage holders, have sought relief on their home loans as of April 30, according to housing data provider Black Knight. That’s up sharply from the beginning of March, when fewer than 150,000 mortgages were in forbearance.
The number is only expected to grow, with May payments due soon and with the nation’s unemployment rate expected to reach 15% to 20%.
Collectively, the ten largest U.S. banks expanded by more than $1.2 trillion in the first quarter of 2020. JPMorgan alone grew by nearly 20 percent, becoming the United States’ first bank with $3 trillion in assets. The bank took in $273 billion in new deposits in just three months. That’s equivalent to JPMorgan acquiring PNC Bank — the country’s seventh largest depository institution.
Stephens then compared the current „strategy“ to combat the coronavirus to the U.S. involvement in the Vietnam War.
„We’re trying to destroy the village in order to save it,“ Stephens told Maher, „and I don’t remember that ending very well.“
In March, Stephens declared the coronavirus outbreak was President Trump’s „Chernobyl,“ referring to the 1986 nuclear disaster in the former Soviet Union.
Several recent polls bear out that view.
Another 3.8 million U.S. workers filed for unemployment insurance benefits last week, bringing the total number of Americans who have sought jobless aid since March to at least 30 million. All told, the layoffs amount to the fastest loss of jobs on record.
The four-and-a-half minute rant has received over 1,600,000 views on YouTube, 158,000 likes on Reddit,
„They told me, yes, you can skip three months‘ payments,“ Gullo says. „But then they told me there was a balloon payment at the end of it.“ He was told that after three months, they’d have to come up with all the money for those skipped payments. So they’d suddenly owe four months of mortgage payments all at once — $14,000.
The U.S. economy shrank by an annualized rate of 4.8 percent in the first quarter of 2020 as the coronavirus pandemic forced millions of Americans out of work and thousands of businesses across the country to shutter, according to data released Wednesday by the Commerce Department.
That brings the total of jobless claims in just five weeks to more than 26 million people. That’s more than all the jobs added in the past 10 years since the Great Recession.
European Union leaders are expected to clash over the size and scope of a coronavirus recovery fund as they stand on the precipice of an economic slump unparalleled since the 1930’s Great Depression.
Economic forecasts are becoming routine that predict unemployment will exceed its historic 25 percent peak during the Great Depression, and the number of jobs lost in a mere three weeks now exceeds the 15 million that it took 18 months for the Great Recession to bulldoze from 2007 to 2009.
On March 25th, The Senate voted to pass the 3rd coronavirus relief package based on the proposal from Mitch McConnell and Senate Republicans that features, among other provisions, a nearly $500 billion slush fund that would be controlled by Treasury Secretary Steve Mnuchin. Mnuchin, who is best known for making millions off running a notorious foreclosure mill, would be able to direct corporate bailouts with limited, after-the-fact oversight. This is absolutely unacceptable.
Fernandez also spoke about the current administration under President Alberto Fernandez and the four years ahead of them. “We will keep our promises to the Argentinian people without a doubt,” she mentioned.
How many times does this need to be restated? Germany desperately needs to change its economic model, now more so than ever as its own economy, that of the European Union, and the world as a whole, again teeter on the brink of recession.
Most of all, it needs to make itself more reliant on internal, domestic demand, and less on exports.
So, while the EU might well be the apogee of constrained democracy, constrained democracy has many facets. Moreover, the model of constrained democracy existed on a national level before the EU was created. Indeed, the EU can be seen as the grotesque extension of a flawed system that was first developed within nation states after the First World War. For instance, the model of independent central banking was pioneered in Germany before being transposed to the EU much later on.
Some Britons may feel a touch of schadenfreude from seeing that the German industrial juggernaut is spluttering but its woes are a troubling symptom of a slowing world economy.
Investors are on edge because the German economy shrank in the second quarter, and the US-China trade war still looms large over markets, despite the latest truce. Industrial production in China grew at the weakest rate in 17 years.
How’s that anti-Brexit saviour moment going then @davidschneider ?
Japan has endured a 26-year depression, and there is no end in sight.