The U.S. economy is on the verge of potentially the greatest boom time of all time, according to Peter “Pete the Planner” Dunn. It will be fueled at least in part by the enhanced child tax credit, which is part of the American Rescue Plan stimulus package.
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Economists are struggling to understand how bad the fallout might get and how long it might take to recover.
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“It’s your job to survive and to make sure that when these social controls are lifted and everybody starts to come back out that you’re ready for business,” IU’s Phil Powell, an economist at the Kelley School of Business, tells host Mason King.
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The persistence of inflation, now running at an annual rate of 7%, has provided ammunition to conservative critics of the central bank known as “monetarists” for their adherence to the writings of economist Milton Friedman.
Over nearly two years, Congress has committed nearly $6 trillion toward combating the virus and boosting the economy, but some of the most significant programs to keep businesses afloat and help households pay bills have expired or run out of funds.
A conservative legal outfit claims the prioritization of restaurants and bars owned by women and certain minorities is pushing white men “to the back of the line” for aid for their eateries.
The funding could provide a jolt of growth after the unemployment rate ticked up slightly to 6.1% in April, a sign of how difficult it can be to restart an economy despite an unprecedented degree of federal assistance.
In helping borrowers secure vital funding that helped them weather the pandemic, banks say the PPP program has helped them build relationships that could lead to a lot of new business.
IBJ is exploring how the state should spend $3 billion it will receive from the federal government as part of a pandemic-related stimulus bill. We asked three community leaders—Indiana Economic Development Corp. board member John Thompson, entrepreneur Bill Oesterle and state Rep. Greg Porter, D-Indianapolis, what they think the state should prioritize.
The massive bill includes $1.4 trillion to fund government agencies through September and contains other end-of-session priorities such as money for cash-starved transit systems and an increase in food stamp benefits.
The federal government could shut down on Tuesday absent Trump’s signature on the attached, $1.4 trillion spending bill to fund operations through Sept. 30, the end of the fiscal year.
The rare Christmas Eve session of the House lasted just minutes, with help for millions of Americans awaiting Trump’s signature on a stimulus bill Congress passed earlier this week.
If Trump does not sign the $900 billion stimulus package, 12 million Americans will lose unemployment aid after Christmas.
In a video posted to Twitter, the president called the $600 checks authorized by the bill “ridiculously low” and complained about a list of provisions that he described as “wasteful spending and much more.”
The bill, approved late Monday by the U.S. House and Senate, will deliver long-sought cash to businesses and individuals and resources to vaccinate a nation confronting a frightening surge in COVID-19 cases and deaths.
The tax break for corporate meal expenses has been denounced by congressional Democrats, but they agreed to the provision in exchange for expanded tax credits for low-income families and the working poor.
The deal includes stimulus checks and would extend unemployment benefits of up to $300 per week, which could start as early as Dec. 27.
The breakthrough came after two days of scrambling that sent tremors across Capitol Hill, as lawmakers realized that a deal badly desired by both sides could fall through at the last minute.
President Donald Trump said Tuesday that the White House would approve a big stimulus package after the election and predicted that Republicans would retake control of the House of Representatives.
The solid economic recovery under way could falter without continued financial support from the government, Fed Chair Jerome Powell said Tuesday.
Enhanced unemployment benefits are expiring at the end of this week for millions of Americans.
Indiana Legal Services, Prosperity Indiana, Neighborhood Christian Legal Clinic and Indiana Institute for Working Families petitioned the court to protect the payments issued as part of the federal Coronavirus Aid, Relief and Economic Security Act.
Investors have been clamoring for strong action from the U.S. government to combat the economic impact of the virus outbreak.
