Unemployment still plagues restaurants during Latino restaurant week
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Unless you live in California, which is currently in the midst of offering statewide stimulus checks to those in need, it's very unlikely you'll be receiving any additional Federal assistance any time...
- Yahoo Finance
Yahoo Finance Live chats at length with Goldman Sachs chief economist Jan Hatzius on where he sees the economy headed.
(Bloomberg) -- Chinese President Xi Jinping took a big gamble shaking up key industries ahead of a political gathering that could decide whether he rules the country indefinitely. Now he’s starting to hit the brakes. Most Read from BloombergGoogle’s Biggest Moonshot Is Its Search for a Carbon-Free FutureA $30 Billion Fortune Is Hiding in China’s Silicon ValleyThe Biggest Public Graveyard in the U.S. Is Becoming a ParkGoogle’s CEO: ‘We’re Losing Time’ in the Climate FightHate-Speech Case Forces J
WASHINGTON (Reuters) -International Monetary Fund chief economist Gita Gopinath will return to Harvard University in January as planned when her public service leave of absence from the university ends, the IMF said on Tuesday. Gopinath, the IMF's first female chief economist, joined the fund in October 2018 and led new IMF analytical research on the COVID-19 pandemic and vaccination targets as well as on climate change mitigation. IMF Managing Director Kristalina Georgieva cited Gopinath's "tremendous" impact on the IMF's work.
WASHINGTON (Reuters) -Senior Democrats in Congress have agreed to raise their proposed tax reporting threshold for bank account inflows and outflows to $10,000 a year, with exemptions for wage income, from an earlier proposal of $600 that drew criticism for being too intrusive. U.S. Senate Finance Committee Chairman Ron Wyden on Tuesday said the new $10,000 Internal Revenue Service reporting threshold, to be included in Democrats' sweeping "reconciliation" social spending and tax hike legislation, was chosen after consultations with the U.S. Treasury because it is a level frequently used in other bank reporting requirements.
(Bloomberg) -- New York City is getting more than $15 billion in federal pandemic relief aid to keep schools, hospitals and other essential parts of the city running. The problem is that there’s no real accounting of where all that money went, says Democratic nominee for Comptroller Brad Lander. Most Read from BloombergGoogle’s Biggest Moonshot Is Its Search for a Carbon-Free FutureA $30 Billion Fortune Is Hiding in China’s Silicon ValleyThe Biggest Public Graveyard in the U.S. Is Becoming a Par
China Evergrande and a growing group of Chinese housing developers are inching toward defaulting on their debt. Why it matters: While that's unlikely to cause a crisis of Lehman proportions, as Axios’ Felix Salmon has reported, just how much China's real estate sector cools could impact the nation's role as a growth driver for companies around the world. Get market news worthy of your time with Axios Markets. Subscribe for free.China’s real estate sector makes up about 25% of its GDP. So a pullb
- The Conversation
Does raising the minimum wage kill jobs? The centurylong search for the elusive answer shows why economics is so difficult – but data sure helps
The fight over the minimum wage continues. AP Photo/John RaouxFor decades it was conventional wisdom in the field of economics that a higher minimum wage results in fewer jobs. In part, that’s because it’s based on the law of supply and demand, one of the most well-known ideas in economics. Despite it being called a “law,” it’s actually two theories that suggest if the price of something goes up – wages, for example – demand will fall – in this case, for workers. Meanwhile, their supply will ris
China's long-mooted - and long-resisted - property tax is set to gain new momentum as President Xi Jinping throws his support behind what experts say would be one of the most profound changes to the country's real estate policies in a generation. The idea of a levy on home owners first surfaced in 2003 but has failed to take off due to concerns that it would damage property demand and tank prices, hurting household wealth and future real estate projects, and triggering a fiscal crisis for local governments addicted to land sales for income. But the push by China's most powerful leader since Mao Zedong to narrow disparities between ultra-rich urbanites and the rural poor under the banner of "common prosperity" may provide the needed political will to push through a nationwide property tax, currently on the legislative agenda for 2021-2025.
(Bloomberg) -- Belgium is trying to water down European Union sanctions on Belarus’s potash industry, in a bid to ease difficulties companies within the bloc face in implementing the measures.Most Read from BloombergGoogle’s Biggest Moonshot Is Its Search for a Carbon-Free FutureA $30 Billion Fortune Is Hiding in China’s Silicon ValleyThe Biggest Public Graveyard in the U.S. Is Becoming a ParkGoogle’s CEO: ‘We’re Losing Time’ in the Climate FightHate-Speech Case Forces Japan to Confront Workplac
Investors are convinced that the COVID pandemic is temporary and a return to normality is inevitable. As is increasingly evident, the costs of COVID and the U.S. response have profound implications for the upbeat outlook supporting elevated financial asset prices. The pandemic hit a weakened U.S. economy that has never fully recovered from 2008.
The Biden administration has pandemic relief for the taking, and you might qualify.
- The Fiscal Times
What will it take for Democrats to enact their plan to invest trillions of dollars over 10 years in a wide variety of social programs, ranging from universal preschool and free community college to expanded Medicare services and tax cuts for electric vehicles? In a note to clients Monday, Goldman Sachs economist Alec Phillips says the Democratic effort hinges on five key issues, all of which need to be resolved before their proposals can become law. Here’s a summary of Phillips’s analysis: 1) Ho
- Washington Examiner
Gov. Kim Reynolds and Senate Majority Leader Jack Whitver, R-Ankeny, called for income tax cuts Friday in response to the Iowa Revenue Estimating Conference’s estimates that net receipts will increase 1.5% in 2022 and 2023.
While a fourth federal stimulus check is not in the works, it doesn’t mean stimulus payouts are consigned to the history books.
Americans say they’ve lost confidence in the economy, but they’re spending like they won the lottery
Americans say they are more anxious about the economy, but they are spending record amounts of money as if they have no worries at all. The speed of the recovery depends on whether they do as they say or do as they do.
Prime Minister Justin Trudeau's new government is set to impose higher taxes on Canadians, which will help fund some campaign promises but are not broad enough to also start paying down the country's record levels of debt, leaving Canada vulnerable to the next economic crisis, analysts say. The high level of indebtedness could limit Canada's ability to manage long-term challenges that require massive government funding, like transitioning from a fossil fuel-reliant economy to a green one. A far higher debt-to-GDP ratio post-pandemic means Canada has far less wiggle room to respond to the next crisis, be it economic, trade, climate or health-related, analysts say.
When Nigel Upson checks the plucked chicken carcasses dangling from a rotating line at his poultry plant in England, he sees cash haemorrhaging out of his business from a collision of events that has distressed every part of the farm-to-fork supply chain. Like food manufacturers across Britain, Upson was hit this year by an exodus of eastern European workers who, deterred by Brexit paperwork, left en masse when COVID restrictions lifted, compounding his already soaring cost of feed and fuel. Such is the scale of the hit, he cut output by 10% and hiked wages by 11%, a rise that was immediately matched or bettered by neighbouring employers in the northeast of England.
- Washington Examiner
Sen. Joe Manchin, the West Virginia centrist and one of two holdouts on a massive Democratic spending bill, emerged from the U.S. Capitol Monday by the side of Senate Budget Committee Chairman and socialist Bernie Sanders, who has slammed Manchin for refusing to support a $3.5 trillion measure.
- Raleigh News and Observer
Republican lawmakers dispute that a judge has the constitutional authority to make them increase funding for public schools.