How should the huge financial costs of the pandemic be paid for, as well as the other deferred needs of society after this annus horribilis?
Politicians rarely want to raise taxes on the rich. President-elect Joe Biden promised to do so, but a closely divided Congress is already balking.
That's because they've bought into one of the most dangerous of all economic ideas: that economic growth requires the rich to become even richer. Rubbish.
This may worth something:
Stimulus Deal Likely to Spur Faster Economic Growth Later Next Year - WSJ
The coronavirus-relief bill passed by Congress on Monday will likely spur a stronger economic recovery in the second half of 2021, though it may be arriving too late to stave off a further slowdown this winter, analysts say.
Economists nudged up their 2021 economic-growth forecasts to reflect the roughly $900 billion aid package, which includes aid to households, unemployed workers and small businesses battered by the pandemic.
Capital Economics now sees U.S. gross domestic product expanding 5.5% next year, up from a previous forecast of 5% growth. Oxford Economics, another research firm, estimates the additional federal spending should add about 1 percentage point to next year's GDP growth, which it forecasts at 4.5%.
Hoosier economists discuss latest federal relief package | Fox 59
INDIANAPOLIS — About $900 billion in COVID-19 relief is expected to deliver much needed help across the country and throughout Indiana.
But how will Hoosiers be impacted in particular? And what's the difference between this package and the last one?
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However, he said it's better than nothing. His colleague, Indianapolis IU Kelley School of Business Economist Kyle Anderson, agreed.
For the unemployed, the federal government is giving $300 weekly supplemental checks. The last package offered $600.
Bloomberg - Are you a robot?
In case you are keeping track:
The economics of child care in NJ: High stakes | NJ Spotlight News
If there has been one truism brought to the fore during the COVID-19 pandemic, it is that child care is critically important.
NJ Spotlight News last week hosted a virtual roundtable discussion on the critical role that child care will play in the restart of New Jersey's economy.
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Art Rolnick , Associate Economist, Economics Department, University of Minnesota; former Senior Vice President & Director of Research, Federal Reserve Bank of Minneapolis; Member, ReadyNation Advisory Board :
Stalling recovery raises stakes for Trump's new demands on economic relief bill - The Washington
Fresh signs emerged Wednesday of a stalling economic recovery, raising the stakes of President Trump's surprise refusal to sign the $900 billion stimulus package unless changes are made.
The Labor Department reported that jobless claims remained high last week, with 803,000 people seeking new benefits. And the Commerce Department said U.S. household spending slipped in November for the first time in seven months. People's incomes also fell 1.1 percent last month.
Year in review: the coronavirus - Lessons from the pandemic | International | The Economist
Remarkably, after that failure, in the autumn it happened all over again . Despite having had months to prepare, governments failed to see the crisis coming for a second time. After the spring outbreak, Belgium readied itself for the next wave by doubling its intensive-care capacity. When the virus struck in November cases were growing so fast that this bought it a breathing space of just ten days or so.
Populist politicians joined in. In Brazil Jair Bolsonaro called covid-19 "the sniffles". In America Donald Trump talked down the epidemic even as he talked up unproven cures, such as hydroxychloroquine. It became fashionable on the right to lionise Sweden as a place that kept covid-19 at bay even as it respected individual liberty by forswearing lockdowns . Cases have mounted alarmingly. The country's king used his Christmas address to declare that Sweden's strategy has "failed".
Trump blasts COVID-19 economic relief package and demands changes - CBS News
The economic package not only provides $600 in direct payments for adults making up to $75,000 per year and children – or $2,400 for a family of four – but also an additional $300 per week in unemployment insurance; aid for small businesses; and the extension of a moratorium on evictions.
Following the release of the video, House Democrats said they plan to offer a bill for $2,000 stimulus checks this coming Thursday, and will attempt to pass it via unanimous consent since no one will be on the floor to vote. House Speaker Nancy Pelosi swiftly tweeted "let's do it" regarding the $2,000 checks, saying Republicans had "repeatedly refused to say what amount the President wanted for direct checks" during the lengthy negotiations.
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