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Column: The U.S. Has Two Economies — How Long Will It Continue?

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There are two American economies right now: a buoyant recovery resting atop a possible depression. There's the economy of higher-income, mostly college-educated, white-collar workers: people who still can work from home, who can order delivery for nearly every need or desire, and whose finances barely have been dented by the recession, if at all.

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Democrats and Republicans are as uninterested in balancing the budget as they are committed to growing the deficit. In an October 6 op-ed for the Wall Street Journal, Steve Moore, a member of President Trump's economic recovery task force, proposes a 100 percent suspension of all federal personal and corporate income taxes for 2021.. This plan would leave more…

Pamela Rush was a good mother and a caring neighbor. As part of the Poor People's Campaign, Pamela gave heartbreaking testimony before Congress in 2018 on behalf of roughly 140 million poor and low-income Americans. Just weeks before the presidential election, President Donald Trump and Republicans in Congress continue to deny additional relief to these…

A Kaiser Family Foundation tracking poll found nine in 10 Democrats (89%) and two-thirds of independents (66%) also said they do not want to see the Supreme Court overturn the Affordable Care Act while three-fourths of Republicans (76%) said they would like to see the entire law overturned.

—The Senate Judiciary Committee is poised to take the first steps toward approving Supreme Court nominee Amy Coney Barrett following two long days of Senate testimony in which she stressed that she would be her own judge and sought to create distance between herself and past positions.

—The U.S. Postal Service agreed Wednesday to reverse changes that slowed mail service nationwide, settling a lawsuit filed by Montana Gov. The lawsuit filed against Postmaster General Louis DeJoy and the U.S. Postal Service on Sept. 9 argued changes implemented in June harmed access to mail services in Montana, resulting in delayed delivery of medical…

—Two Americans and the remains of a third held captive by Iranian-backed militants in Yemen were released on Wednesday in exchange for the return of about 250 of the Houthi rebels from Oman, according to the White House and sources in the region. “The United States welcomes the release today of U.S. citizens Sandra Loli and Mikael Gidada from Houthi custody in…

Whether it’ s President Trump or Joe Biden, the White House— and Federal Reserve— face another tough year in 2021. The stimulus has mostly run its course, household incomes temporarily boosted by those transfer payments are now contracting, and the pace of recovery in consumer spending and employment is slowing.

Like other Democrats on the GOP- led panel, Klobuchar framed her opposition to Barrett in terms of her belief that the conservative judge would be a threat to women’ s rights and the Obama-era Affordable Care Act, including its protections for people with pre-existing conditions. While calling the hearing a“ sham,” Klobuchar acknowledged that Democrats can do…

Supreme Court nominee Amy Coney Barrett vows to be a justice “fearless of criticism” as the split Senate charges ahead with confirmation hearings on President Donald Trump’s pick to cement a conservative court majority before Election Day.

WASHINGTON— The White House’ s ever-shifting economic relief agenda lurched in a new direction Wednesday as Treasury Secretary Steven Mnuchin tried to make a deal with House Speaker Nancy Pelosi to rescue the airline industry, just a day after President Donald Trump abruptly cut off talks on a broader stimulus bill. Pelosi, D- Calif., responded to Mnuchin’ s…

In a matter of hours Tuesday, President Donald Trump publicly announced an end to negotiations with House and Senate leaders on direct payments to help Americans hit by the economic impact of COVID-19 before publicly reopening negotiations with Democratic leaders again.

The high court will hear 10 hours of oral argument in 12 cases between today and Oct. 14 with just eight justices — and a 5-3 conservative majority — presiding over the cases following the death of Justice Ruth Bader Ginsburg last month.

President Donald Trump signed a stopgap spending bill on Thursday to keep the government running until the middle of December, sidestepping at the last minute what had been a looming federal shutdown. The Senate approved the continuing resolution by a vote of 84-10 earlier Wednesday, after the House overwhelmingly passed it last week. The Democratic House…

Democrats are confronting the limits of their power as they fight against the nomination and some have said they won’t meet with Barrett, who is expected to be swiftly confirmed for the seat held by the late Justice Ruth Bader Ginsburg by the end of October.

—The solid growth that the United States enjoyed before the viral pandemic paralyzed the economy this spring failed to reduce racial disparities in Americans' income and wealth from 2016 through 2019, according to a Federal Reserve report Monday. The survey found that income for the typical U.S. family rose 5%, adjusted for inflation, from 2016 to 2019 to…

The“ very stable genius” in the White House wants you to believe he pays lots of taxes and is very wealthy. Reeling from a bombshell report on his taxes, President Trump claimed Monday that he pays“ many millions” every year to Uncle Sam and that his debts are insignificant compared to the value of his sprawling real estate empire. Trump derided the report as# FAKENEWS…

President Donald Trump issued an executive order in August suspending collection of the 6.2% Social Security tax from Sept. 1 through Dec. 31 for employees who earn less than $4,000 in a biweekly pay period. “From the point of view of workers… they have to understand, whatever they save now, they will have to make it up,” said Iordanis Petsas, Ph.D., a professor and…

A majority of likely voters believe the late Ruth Bader Ginsburg’ s seat on the U.S. Supreme Court should be filled by a nominee coming after the election between President Donald Trump and former Vice President Joe Biden, according to a new poll. Fifty-six percent say the winner on Nov. 3 should fill the vacancy.

—President Donald Trump has chosen Judge Amy Coney Barrett to replace the late Ruth Bader Ginsburg, sending the nomination to the Senate with hopes of a quick confirmation fewer than 40 days before the presidential election. Republicans are eyeing a vote in late October, though Senate Majority Leader Mitch McConnell hasn’ t yet said for certain whether a final…

With the prospects for any new federal aid package appearing dim, members of the Senate Banking Committee pressed both officials to list improvements that could be quickly made in the nearly $3 trillion in support that Congress has passed to fight the pandemic-induced recession that has nearly 11 million people still jobless. Democrats on the panel urged…

—The Justice Department is expected to bring an antitrust action against Google in coming weeks, focusing on its dominance in online search and whether it was used to stifle competition and hurt consumers, a person familiar with the matter told The Associated Press Thursday. Antitrust officials at the department briefed state attorneys general Thursday on…

At a news conference, Trump outlined what he called his America First Health Care Plan. Instead of proposed legislation, Trump’s plan relies on a number of executive orders that he said would deliver “better care and more choice at a lower cost.”

Before Ruth Bader Ginsburg's death left a vacancy on the the U.S. Supreme Court, the greatest share of Americans said the ideological makeup of the court was “about right,” a Gallup survey showed Thursday. The polling was done between Aug. 31 and Sept. 13, meaning the survey wrapped five days before Ginsburg died and created an opening on the high court bench– which…

A little more than six months ago, Congress united in a rare act of strong bipartisanship to pass, nearly unanimously, the Coronavirus Aid, Relief and Economic Security Act. The $2.2 trillion in federal aid kept the economy afloat while, for the good of us all, businesses shut their doors. According to data from the Bureau of Labor Statistics, nearly 22 million U.S….

The Senate Minority Leader accused the GOP of hypocritically trashing precedent to quickly transform the top court into a right-wing bulwark against the liberal values she fought for. The Supreme Court will hear on Nov. 10th the GOP lawsuit that would strike down the historic act that provides health insurance to millions and bars insurance companies from…

—A front-runner to fill the Supreme Court seat vacated by the death of Justice Ruth Bader Ginsburg is a federal appellate judge who has established herself as a reliable conservative on hot-button legal issues from abortion to gun control. Amy Coney Barrett, a devout Catholic, is hailed by religious conservatives and others on the right as an ideological heir…

Sep. 22– BOSTON– The death of Justice Ruth Bader Ginsburg, who led the liberal wing of the U.S. Supreme Court, has given President Donald Trump a rare opportunity to shape the nation's highest court for decades. “The Supreme Court is too important to rush and must be removed from partisan political infighting,” Baker wrote. “Mitch McConnell and his henchmen believe that…

Several European countries and Japan have negative interest rates— which means borrowers receive interest rather than pay interest on their loans. Federal Chairman Jerome Powell of the Federal Reserve said again this past week that the Fed will keep interest rates near zero for some extended period, while at the same time seek to create inflation of more than…

Democratic presidential nominee Joe Biden hammered President Donald Trump and leading Senate Republicans for trying to rush a replacement for the late Justice Ruth Bader Ginsburg, as pressure mounted on senators to support or oppose a quick vote to fill the seat. As the Senate returned to Washington on Monday, all eyes were on Republicans.

Sep. 18– ANDERSON– Although the number of people filing initial claims for jobless aid appears to be trending down both nationally and locally, unemployment in both categories remains historically high. “The labor market continues to heal from the viral recession, but unemployment remains extremely elevated and will remain a problem for at least a couple of…

Federal Reserve sees rates near zero at least through 2023. WASHINGTON— The Federal Reserve expects to keep its benchmark interest rate pegged near zero at least through 2023 as it strives to accelerate economic growth and drive down the unemployment rate. TOKYO— Japan’ s Parliament elected Yoshihide Suga as prime minister Wednesday, replacing long-serving…

Our nation faces the worst pandemic in a century, the deepest economic crisis in 90 years and stunning rates of hardship. Congress has returned with only a few weeks before a long recess, yet lawmakers appear to feel little urgency to address the crises. Given the enormous needs, a package should be as large as can be agreed to, and preferably more than $2 trillion to…

Democratic presidential candidate Joe Biden’s tax plan could significantly change taxes– higher income tax rates, higher capital gains rates, fewer deductions, and an aggressive estate tax. However, to get his tax plan passed if he is elected in November, Biden would also need Democratic control of the House and Senate.

Republicans and Democratic House members are far apart on an agreement. House Speaker Nancy Pelosi has continued to push for a more expansive bill but has agreed to scale down the size of the package to about $2.2 trillion, while Republicans have supported a measure worth a little more than half that amount.

Senate Democrats scuttled a scaled-back GOP coronavirus rescue package on Thursday as the parties argued to a standstill over the size and scope of the aid, likely ending hopes for coronavirus relief before the November election. Democrats said the measure shortchanged too many pressing needs.

The latest figures released by the Labor Department Thursday coincide with other recent evidence that the job market’ s improvement may be weakening after solid gains through spring and most of summer. The weakening signs are emerging just as Congress remains unable to agree on further economic relief.

Will you or won't you see an extra $50 or more in your paycheck each week as employers temporarily give workers a break on payroll taxes? President Donald Trump in August signed an executive order that allowed employers to temporarily defer payroll taxes from Sept. 1 through Dec. 31 in light of the ongoing COVID-19 disaster. Trump was attempting a workaround for…

—Hoping to replicate a strategy long seen as key to his appeal among conservative voters, President Donald Trump on Wednesday announced he is adding 20 names to a list of Supreme Court candidates he's pledged to choose from if he has future vacancies to fill. The list includes a trio of conservative Republican senators: Ted Cruz of Texas, Tom Cotton of Arkansas and…

President Donald Trump has authorized a temporary break on some federal taxes deducted from paychecks, but the plan to boost workers’ pay during the pandemic is gaining little traction in Maryland and elsewhere. Others still are evaluating whether to temporarily stop withholding the 6.2% Social Security tax on payroll.

Sep. 8– If John Alexander could have a few minutes alone with Senate Majority Leader Mitch McConnell, Alexander first would thank the statesman for his part in the CARES Act, which helped nonprofits weather the early months of COVID-19. “It would have been difficult to survive the first few months of COVID without the Paycheck Protection Program,” said Alexander,…

Joe Biden: “If Trump gets his way, Social Security benefits will run out in just three years from now.” Here's why: A new Joe Biden ad paints a bleak picture for Social Security under President Donald Trump. “The chief actuary of the Social Security Administration just released an analysis of Trump's planned cuts to Social Security.

—The United States keeps regaining more of the jobs that vanished when the viral pandemic flattened the economy early this spring. The Labor Department will issue the August jobs report at 8:30 a.m. Eastern time Friday. Friday’ s jobs data will be the second-to-last employment report— for most voters, the most visible barometer of the economy— before Election…

The latest Federal Reserve survey of U.S. economic activity found generally modest gains in August but also pessimism about the future given the threats posed by the coronavirus. The Fed report made public Wednesday said that a theme echoed across the country is the lingering uncertainty stemming from the pandemic and its negative effect.

—After struggling for much of the year to settle on a clear and concise reelection message, President Donald Trump appears to have found his 2020 rallying cry. For much of the summer, the Republican president flirted with the bumper-sticker slogan championed by Richard Nixon and George Wallace in 1968. But Trump sharply increased his focus on law and order after…

Manhattan District Attorney Cyrus Vance Jr. has agreed not to enforce the subpoena until after the appeals court makes a ruling. Trump has blasted the long-running quest for his financial records as a“ continuation of the most disgusting witch hunt in the history of our country” and predicted the case would again end up before the Supreme Court.

—President Donald Trump has pulled most of his advertising from TV over the past week, ceding the airwaves to Democratic rival Joe Biden, who is currently outspending him by more than 10- to-1, advertising data shows. During the month of August, Biden doubled what Trump spent, dropping about $80 million in states that included key battlegrounds such as Wisconsin,…

Of two potentially momentous addresses Thursday, President Donald Trump’s acceptance speech to the Republican National Convention was bound to get more attention. But the calm, analytical lecture on central bank policy by Federal Reserve Chair Jerome Powell should not be neglected.

New construction can help save the economy, analysts say.

The central bank just revised the goals of its monetary policy. The laymen’s translation? If you didn’t think rates were going to be low for a long-time, you were not listening. Cheap money is not a fad, people. Mortgage-rate cuts, for example, gave house hunters 25% more buying power in less than two years. That’s not ending soon.

Chairman Jerome Powell may be on the verge of sending a wholly different message this week: That the Fed plans to leave its key rate pinned near zero even after inflation has surpassed the central bank’s target level – at least for a while.

—The second day of the Republican National Convention started with a decidedly different, more positive tone, with an emphasis on Americans who say have they benefited from President Donald Trump’ s policies. The theatrically lit Rose Garden. They will add to criticism that Trump is exploiting the White House for political purposes in ways none of his…

—Republicans are ready to formally nominate President Donald Trump for reelection at a scaled-down convention kickoff in Charlotte that begins a weeklong effort to convince the American people that the president deserves a second term. It's a sharp contrast to the approach of Democrats, who created a roll call via video montage from states across the…

The list says Mr. Trump wants to bring home 1 million manufacturing jobs from China and provide tax credits and “100% expensing deductions” for pharmaceutical companies and other firms that move from the communist nation to the U.S.. The bullet points say companies that outsource to China shouldn't get federal contracts and Mr. Trump wants to “hold China fully…

When Postmaster General Louis DeJoy began to implement changes in the U.S. Postal Service- ones that he said were cost-cutting moves but that Democrats say are attempts to sabotage the November vote- millions of Americans rose up, howling about delayed prescriptions and other missing mail. The House quickly scheduled hearings, and DeJoy backpedaled, at least…

If homeownership is the American dream, then being a renter has become the national nightmare. The extra $600 in weekly jobless benefits from the U.S. government is done. President Donald Trump's executive order for an ongoing $400 weekly stipend largely has been ignored.

Another 1.1 million unemployed U.S. workers filed for government jobless compensation last week, the government’s Labor Department reported Thursday, one week after the weekly total had fallen below a million claims. Unemployment benefit claims have fallen sharply since late March.

As Democrat Joe Biden formally accepts his party’ s presidential nomination, a new Morning Call/Muhlenberg College poll shows him with a narrow lead over Republican President Donald Trump in the key battleground state of Pennsylvania. Another factor working in Trump’ s favor: as with his own ratings from voters, more Pennsylvania voters view Biden…

Kamala Harris said that the nation is at an “inflection point” as she accepted the nomination to be the Democratic candidate for vice president at the Democratic National Convention on Wednesday night. Harris delivered a speech recognizing her mother's role in her political career while also stating that President Donald Trump's “failure of leadership” has…

The U.S. central bank has found in a recent study that the rising monopolistic market power of dominant American companies is leading to an array of economic ills, such as income and wealth inequality. The 41-page report, titled ” Market Power, Inequality, and Financial Instability,” spells out where companies are impacting the economy.

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