Howard Fischer reports today, COVID-19 funds to prop up state unemployment fund: Gov. Doug Ducey plans to put federal cash given to the state for COVID-19 relief into the soon-to-be-insolvent unemployment trust fund to save companies from having to replenish the account on their own. But unemployed Arizonans will have to continue to live on … Read more
The New York Times reports that Republicans Clash on Stimulus as Trump Says ‘Go Big’ and McConnell Demurs: President Trump clashed with his own party on Thursday over a stimulus package to stabilize the economy, calling for a big-spending plan of the kind envisioned by Democrats even as the top Republican leader declared that such … Read more
“The Enemy of The People,” Senate Majority Leader “Moscow Mitch” McConnell, looks at the millions of Americans out of work and struggling financially, waiting in food lines and facing utility shutoffs and eviction from their home this winter, and does his best impression of the “Soup Nazi” from Seinfeld: “No stimulus for you!” It’s not … Read more
In case you missed it, the National Bureau of Economic Research, which determines recessions, said the U.S. economy peaked in February BEFORE the economic effects of the coronavirus pandemic began in March, bringing an end to the 128-month economic expansion, the longest in post-World War II history. “The worst U.S. downturn since the Great Depression … Read more
The “official” unemployment rate fell to 8.4% in August as businesses continued emerging from broad shutdowns imposed early in the coronavirus pandemic, the Bureau of Labor Statistics reported earlier this month. But CNBC explains Why the real unemployment rate is likely over 11%: That’s the lowest rate since unemployment exploded in April, to levels unseen … Read more