Robert Hesse was expecting an imminent promotion to manager of Sub Zero Ice Cream, a nitrogen ice cream shop in Ventura, Calif., when it shut down in March because of the pandemic. “I like to work,” said Mr. Hesse, a college graduate who turns 26 on Tuesday. “Otherwise I feel like I’m useless.” But he […]
Tag Archives: USA
“Most people are cheering, but at the same time, shaking their heads and going, when is the bust coming?” said Jane Leung, the chief investment officer at SVB Private Bank. One of those who bought into the frenzy was Matthew Schorr, 35, a lawyer in Cherry Hill, N.J. For years, he has been on the […]
WASHINGTON — A quarter-century ago, a Democratic president celebrated “the end of welfare as we know it,” challenging the poor to exercise “independence” and espousing balanced budgets and smaller government. The Democratic Party capped a march in the opposite direction this week. Its first major legislative act under President Biden was a deficit-financed, $1.9 trillion […]
That’s essentially what has happened in the last few decades as China has gone from being isolated to being deeply integrated in the world economy. When the country joined the World Trade Organization in 2001, its population of 1.28 billion was bigger than that of the combined 34 advanced countries that make up the Organization […]
WASHINGTON — A last-minute change in the $1.9 trillion economic relief package that President Biden signed into law this week includes a provision that could temporarily prevent states that receive government aid from turning around and cutting taxes. The restriction, which was added by Senate Democrats, is intended to ensure that states use federal funds […]
The second year of the coronavirus pandemic is starting with rising hopes for the economic outlook — and a long way to go. Positive signs are emerging as restrictions on businesses lift and the pace of vaccine distributions ramps up. But millions remain unemployed, and many economists are cautioning that a return to pre-pandemic conditions […]
New claims for unemployment dropped last week, the government reported on Thursday, fueling renewed optimism in the staying power of the economic rebound. A total of 709,000 workers filed first-time claims for state unemployment benefits in the week that ended March 6, 47,000 lower than the week before, the Labor Department said. In addition, there […]
March began with an ominous drumbeat. A packed cruise ship with a coronavirus outbreak was left floating for days off the coast of California. South by Southwest was canceled. The N.B.A. suspended its season. And then, on March 12, Broadway shut down, and with it every large gathering in New York City. By the time […]
During the presidential campaign, Mr. Biden spoke about “rebuilding the backbone of the nation,” a phrase that sometimes appeared to include a promise to provide significant help for people at the bottom of the economic ladder. “Ending poverty won’t be just an aspiration, but a way to build a new economy,” he said in 2019, […]
While the Biden administration’s ambitious effort to salve the pandemic’s deep economic wounds made its way through Congress, proponents insisted that funneling $1.9 trillion to American households and businesses wouldn’t unshackle a long-vanquished monster: inflation. Officials at the Federal Reserve, responsible for balancing the job needs of Americans with price pressures that could erode their […]