Tag: United States Economy

Kurt Andersen Asks: What Is the Future of America?

EVIL GENIUSESThe Unmaking of America: A Recent HistoryBy Kurt Andersen It used to be called the New World. Now it’s run by a man who wants to make it great “again.” Sometime between then and now, the writer Kurt Andersen argues in his essential, absorbing, infuriating, full-of-facts-you-didn’t-know, saxophonely written new book, America lost one of […]

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Trump’s Payroll Tax Holiday Order Gives Employers a New Dilemma

The White House has pitched its payroll tax holiday as a boon to American workers that would fatten their paychecks and provide a jolt to the economy. But for companies large and small, the presidential intervention poses difficult legal and logistical questions that only add to the uncertainty that executives and workers are contending with […]

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Administration Officials Defend Executive Action on Pandemic Relief

WASHINGTON — Facing sharp criticism, administration officials on Sunday struggled to explain the executive actions President Trump used to circumvent Congress in the absence of an agreement on a coronavirus aid package, even as they defended him and insisted that Americans would receive the relief he promised. The president’s decision on Saturday to sign a […]

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The Coming Eviction Crisis: ‘It’s Hard to Pay the Bills on Nothing’

In Columbus, Ohio, judges have relocated eviction hearings to the cavernous halls of the city’s convention center, to ensure there’s plenty of space for the grim business of throwing families onto the street. In New Orleans, piles of personal belongings on sidewalks — “eviction cairns,” in the haunting phrase of Sue Mobley, a member of […]

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Trump’s Go-It-Alone Stimulus Won’t Do Much to Lift the Recovery

The executive actions President Trump took on Saturday were pitched as a unilateral jolt for an ailing economy. But there is only one group of workers that seems guaranteed to benefit from them, at least right away: lawyers. Mr. Trump’s measures include an eviction moratorium, a new benefit to supplement unemployment assistance for workers and […]

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The Coronavirus Could Be Controlled by October With the Right Steps

Six to eight weeks. That’s how long some of the nation’s leading public health experts say it would take to finally get the United States’ coronavirus epidemic under control. If the country were to take the right steps, many thousands of people could be spared from the ravages of Covid-19. The economy could finally begin […]

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Pelosi Is Playing Hardball on Coronavirus Relief. She Thinks She’ll Win.

WASHINGTON — As the clock ticked down Thursday on a self-imposed deadline for a breakthrough in coronavirus relief talks with no deal in sight, Jim Cramer, the brash CNBC host, had an on-air proposal for Speaker Nancy Pelosi of California. Why not try invoking the memory of the late civil rights icon John Lewis to […]

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Profits Rebound at Warren Buffett’s Berkshire Hathaway

The strong recovery in the stock market — and a surge in the value of Apple’s stock, in particular — drove a rebound in profits for Warren E. Buffett’s Berkshire Hathaway in the second quarter. Berkshire on Saturday said it earned $26.4 billion in the second quarter, a turnaround from a $49.7 billion loss in […]

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Without $600 Weekly Benefit, Unemployed Face Bleak Choices

When Latrish Oseko lost her job last spring, government aid helped prevent a crisis from becoming a catastrophe. A $1,700 federal stimulus payment meant that when her 26-year-old car broke down, she could replace it. The $600 a week in extra unemployment benefits from the federal government allowed her to pay rent and buy food. […]

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Trump Wants U.S. to Get Cut of Any TikTok Deal. No One Knows How That’d Work.

WASHINGTON — If he were still running casinos in rough-and-tumble Atlantic City, N.J., President Trump’s demand about Microsoft’s possible purchase of TikTok might be translated this way: I want a piece of the action. In exchange for blessing Microsoft’s acquisition of the Chinese-owned social media platform, Mr. Trump has said the United States Treasury should […]

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Trump Threatens to Bypass Congress as Stimulus Talks Fail Again

WASHINGTON — Crisis negotiations between the White House and top Democrats teetered on the brink of collapse on Friday, as both sides said they remained deeply divided on an economic recovery package and President Trump threatened to bypass Congress and act on his own to provide relief if no deal could be reached. In a […]

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Job Growth Slowed in July, Signaling a Loss of Economic Momentum

The American economy slowed in July as the pace of hiring eased from the robust rate of the previous two months, a victim of waning momentum and the resurgence of the coronavirus in many parts of the country. Employers added 1.8 million jobs, well below the 4.8 million jump in payrolls in June, the Labor […]

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Millions of Evictions Are a Sharper Threat as Government Support Ends

For the 108 million people who live in a rental home or apartment, Aug. 1 was a grim milestone. It marked the first time rent was due after much of the nation’s economic response to the coronavirus had expired. The lapse of expanded unemployment benefits and federal, state and local eviction moratoriums is forcing lawmakers […]

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The Real Reason the American Economy Boomed After World War II

The United States long reserved its most lucrative occupations for an elite class of white men. Those men held power by selling everyone else a myth: The biggest threat to workers like you are workers who do not look like you. Again and again, they told working-class white men that they were losing out on […]

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Here’s How to Crush the Virus Until Vaccines Arrive

In just weeks we could almost stop the viral fire that has swept across this country over the past six months and continues to rage out of control. It will require sacrifice but save many thousands of lives. We believe the choice is clear. We can continue to allow the coronavirus to spread rapidly throughout […]

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Oversight Member Blasts the Fed’s Efforts to Rescue Main Street

WASHINGTON — The Federal Reserve’s first-ever attempt to lend money to midsize businesses was destined to be a challenge. The push has proved to be an outright flop, according to a member of the oversight commission charged with monitoring it. “By any measure, the Main Street program has been a failure,” Bharat Ramamurti, a member […]

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Amid Dire Jobless Numbers, Small-Business Relief Program Nears End

In early April, three weeks after Connecticut issued shutdown orders, Ken Bodenstein borrowed $148,000 from the federal government to help cover payroll expenses at the Westport day care center he runs with his wife, Kristen. The small-business loan, along with the Bodensteins’ own cash reserves, allowed the couple to continue to pay their 21 workers […]

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Coming Next: The Greater Recession

One pretty good forecasting rule for the coronavirus era has been to take whatever Trump administration officials are saying and assume that the opposite will happen. When President Trump declared in February that the number of cases would soon go close to zero, you knew that a huge pandemic was coming. When Vice President Mike […]

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How the US Has Uniquely Failed to Control the Coronavirus

Nearly every country has struggled to contain the coronavirus and made mistakes along the way. China committed the first major failure, silencing doctors who tried to raise alarms about the virus and allowing it to escape from Wuhan. Much of Europe went next, failing to avoid enormous outbreaks. Today, many countries — Japan, Canada, France, […]

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New Unemployment Claims Decline, but Remain ‘Alarmingly High’

The government reported on Thursday that nearly 1.2 million workers filed new claims for state unemployment benefits last week. It was the lowest weekly total since March, but signaled the continuing damage that the pandemic is inflicting on the labor market. An additional 656,000 claims were filed by freelancers, part-time workers and others who do […]

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Where Will the New Good Jobs Come From? Look Here

The United States long reserved its most lucrative occupations for an elite class of white men. Those men held power by selling everyone else a myth: The biggest threat to workers like you are workers who do not look like you. Again and again, they told working-class white men that they were losing out on […]

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In Stimulus Talks, McConnell Is Outside the Room and in a Tight Spot

WASHINGTON — Senator Mitch McConnell has put himself in one of the toughest spots of a political life that has seen plenty of them. Up for re-election in the middle of an unforgiving pandemic, the Kentucky Republican and majority leader is caught in a family feud between a group of endangered incumbents in his party […]

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Republican Leaders Couldn’t Care Less About the Unemployed

In case you haven’t noticed, the coronavirus is still very much with us. Around a thousand Americans are dying from Covid-19 each day, 10 times the rate in the European Union. Thanks to our failure to control the pandemic, we’re still suffering from Great Depression levels of unemployment; a brief recovery driven by premature attempts […]

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With Jobless Aid Expired, Trump Sidelines Himself in Stimulus Talks

On the first day of the first full week when tens of millions of Americans went without the federal jobless aid that has cushioned them during the pandemic, President Trump was not cajoling undecided lawmakers to embrace a critical stimulus bill to stabilize the foundering economy. He was at the White House, hurling insults at […]

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Rescue of Troubled Trucking Company With White House Ties Draws Scrutiny

WASHINGTON — At a virtual congressional hearing in May, Senator Jerry Moran, Republican of Kansas, asked Treasury Secretary Steven Mnuchin for help. A struggling trucking company in his state was on the brink of collapse and needed government support. Eager to assist, Mr. Mnuchin assured the senator that “we will look at that specific company […]

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Relief Package Deal Remains Elusive as Impasse Over Jobless Benefits Persists

WASHINGTON — Top Trump administration officials and lawmakers cautioned on Sunday that a deal over a new relief package to help people and businesses weather the coronavirus crisis remained elusive even as the debate over the details of the aid was set to take center stage in the coming week. A meeting on Saturday in […]

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U.S. Small Business Bailout Money Flowed to Chinese-Owned Companies

WASHINGTON — President Trump has blamed China for the coronavirus pandemic and the ensuing economic crisis, but as the White House looks to stabilize small businesses in the United States, the rescue effort has had an unintended beneficiary: Chinese companies. Millions of dollars of American taxpayer money have flowed to China from the $660 billion […]

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Despite Historic Plunge, Europe’s Economy Flashes Signs of Recovery

LONDON — Before the pandemic, a traditional state of play prevailed in the enormous economies on the opposite sides of the Atlantic. Europe — full of older people, and rife with bickering over policy — appeared stagnant. The United States, ruled by innovation and risk-taking, seemed set to grow faster. But that alignment has been […]

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Why the Working Class Votes Against Its Economic Interests

THE SYSTEMWho Rigged It, How We Fix ItBy Robert B. ReichBREAK ’EM UPRecovering Our Freedom From Big Ag, Big Tech, and Big MoneyBy Zephyr Teachout One of the mysteries in politics for decades now has been why white working-class Americans began to vote Republican in large numbers in the 1960s and 1970s. After all, it […]

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