Criminals may have stolen as much as half of the unemployment benefits the U.S. has been pumping out over the past year, some experts say. Why it matters: Unemployment fraud during the pandemic could easily reach $400 billion, according to some estimates, and the bulk of the money likely ended in the hands of foreign crime syndicates — making this not just theft, but a matter of national security. Catch up quick: When the pandemic hit, states weren't prepared for the unprecedented wave of unemployment claims they were about to face. They all knew fraud was inevitable, but decided getting...…Criminals may have stolen as much as half of the unemployment benefits the U.S. has been pumping out over the past year, some experts say. Why it matters: Unemployment fraud during the pandemic could easily reach $400 billion, according to some estimates, and the bulk of the money likely ended in the hands of foreign crime syndicates — making this not just theft, but a matter of national security. Catch up quick: When the pandemic hit, states weren't prepared for the unprecedented wave of unemployment claims they were about to face. They all knew fraud was inevitable, but decided getting...WW…

Illustration: Sarah Grillo/Axios The wealth tax that wasn't a wealth tax isn't even a tax, now. The Democrats had a meticulously constructed to pay for a large chunk of their spending plans with a tax on billionaires, but it ignobly on Wednesday, the same day it was unveiled.Why it matters: The dream of a wealth tax will never die as it so neatly generates revenue by reducing inequality. But there are three main reasons why that dream is likely to remain just a dream for the foreseeable future.1. The Constitution:2. The billionaires:3. Americans:The bottom line: A wealth tax, or even...…Illustration: Sarah Grillo/Axios The wealth tax that wasn't a wealth tax isn't even a tax, now. The Democrats had a meticulously constructed to pay for a large chunk of their spending plans with a tax on billionaires, but it ignobly on Wednesday, the same day it was unveiled.Why it matters: The dream of a wealth tax will never die as it so neatly generates revenue by reducing inequality. But there are three main reasons why that dream is likely to remain just a dream for the foreseeable future.1. The Constitution:2. The billionaires:3. Americans:The bottom line: A wealth tax, or even...WW…

President Biden at his first Cabinet meeting yesterday. Photo: Drew Angerer/Getty ImagesThe U.S. economy added a whopping 916,000 jobs last month, while the unemployment rate fell to 6% from 6.2%, on Friday.Why it matters: The blowout job gains show how vaccines and the economic reopening are juicing the battered labor market. Economists had been expecting an increase of 675,000.The big picture: March's jobs report marked the biggest hiring spree since last summer.Plus: Job gains in both January and February were even higher (+156,000) than previously reported.Details: The leisure and...…President Biden at his first Cabinet meeting yesterday. Photo: Drew Angerer/Getty ImagesThe U.S. economy added a whopping 916,000 jobs last month, while the unemployment rate fell to 6% from 6.2%, on Friday.Why it matters: The blowout job gains show how vaccines and the economic reopening are juicing the battered labor market. Economists had been expecting an increase of 675,000.The big picture: March's jobs report marked the biggest hiring spree since last summer.Plus: Job gains in both January and February were even higher (+156,000) than previously reported.Details: The leisure and...WW…

Trust in traditional media has declined to an all-time low, and many news professionals are determined to do something about it. Why it matters: Faith in society's central institutions, especially in government and the media, is the glue that holds society together. That glue was visibly dissolving a decade ago, and has now, for many millions of Americans, disappeared entirely. By the numbers: For the first time ever, fewer than half of all Americans have trust in traditional media, according to data from Edelman's annual trust barometer shared exclusively with Axios. Trust in social...…Trust in traditional media has declined to an all-time low, and many news professionals are determined to do something about it. Why it matters: Faith in society's central institutions, especially in government and the media, is the glue that holds society together. That glue was visibly dissolving a decade ago, and has now, for many millions of Americans, disappeared entirely. By the numbers: For the first time ever, fewer than half of all Americans have trust in traditional media, according to data from Edelman's annual trust barometer shared exclusively with Axios. Trust in social...WW…

Photo illustration: Sarah Grillo/Axios. Photo: Star Tribune via Getty ImagesTrust in traditional media has declined to an all-time low, and many news professionals are determined to do something about it. Why it matters: Faith in society's central institutions, especially in government and the media, is the glue that holds society together. That glue was a decade ago, and has now, for many millions of Americans, disappeared entirely. By the numbers: For the first time ever, fewer than half of all Americans have trust in traditional media, according to data from Edelman's annual shared...…Photo illustration: Sarah Grillo/Axios. Photo: Star Tribune via Getty ImagesTrust in traditional media has declined to an all-time low, and many news professionals are determined to do something about it. Why it matters: Faith in society's central institutions, especially in government and the media, is the glue that holds society together. That glue was a decade ago, and has now, for many millions of Americans, disappeared entirely. By the numbers: For the first time ever, fewer than half of all Americans have trust in traditional media, according to data from Edelman's annual shared...WW…

Illustration: Sarah Grillo/AxiosSpanish banking giant BBVA has decided to exit the U.S. market. It remains the owner of BBVA Bancomer, the largest bank in Mexico.Why it matters: In the 2000s, BBVA went on something of a spending spree in Texas and other border states, buying up a series of banks culminating in the $9.6 billion of Compass Bancshares in 2007. Among the casualties of BBVA's strategic retreat from the U.S.: Tuyyo, an innovative mobile app that allowed Mexicans in the U.S. to send money back to their families for free. The bottom line: The net flow of migrants from Mexico to the...…Illustration: Sarah Grillo/AxiosSpanish banking giant BBVA has decided to exit the U.S. market. It remains the owner of BBVA Bancomer, the largest bank in Mexico.Why it matters: In the 2000s, BBVA went on something of a spending spree in Texas and other border states, buying up a series of banks culminating in the $9.6 billion of Compass Bancshares in 2007. Among the casualties of BBVA's strategic retreat from the U.S.: Tuyyo, an innovative mobile app that allowed Mexicans in the U.S. to send money back to their families for free. The bottom line: The net flow of migrants from Mexico to the...WW…

Photo: Toni L. Sandys/Pool/Getty ImagesTreasury Secretary Steven Mnuchin was one of the of the coronavirus crisis, working hand-in-glove with Fed chair Jay Powell to give the central bank all the ammunition it needed to fight the virus and the associated economic recession. Now, he's trying to .Why it matters: If he's successful, Mnuchin will effectively disarm the Fed, creating a lot more economic downside once President-elect Biden takes office.How it works: Mnuchin's predecessor Hank Paulson once explained, "If you’ve got a bazooka, and people know you’ve got it, you may not have to take...…Photo: Toni L. Sandys/Pool/Getty ImagesTreasury Secretary Steven Mnuchin was one of the of the coronavirus crisis, working hand-in-glove with Fed chair Jay Powell to give the central bank all the ammunition it needed to fight the virus and the associated economic recession. Now, he's trying to .Why it matters: If he's successful, Mnuchin will effectively disarm the Fed, creating a lot more economic downside once President-elect Biden takes office.How it works: Mnuchin's predecessor Hank Paulson once explained, "If you’ve got a bazooka, and people know you’ve got it, you may not have to take...WW…

The largest free trade area in the world over the weekend — and the U.S. was not even invited. Why it matters: For the first time in living memory, the hegemon at the center of a major global free trade agreement is not the U.S. The big picture: President-elect to seek a broad multilateral alliance to pressure China on everything from trade to human rights once he becomes president. But China is making broad multilateral alliances of its own. Flashback: The that the U.S. should be the anchor of a Pacific Rim trade agreement, the TPP, that pointedly excluded China. The bottom line: Big new...…The largest free trade area in the world over the weekend — and the U.S. was not even invited. Why it matters: For the first time in living memory, the hegemon at the center of a major global free trade agreement is not the U.S. The big picture: President-elect to seek a broad multilateral alliance to pressure China on everything from trade to human rights once he becomes president. But China is making broad multilateral alliances of its own. Flashback: The that the U.S. should be the anchor of a Pacific Rim trade agreement, the TPP, that pointedly excluded China. The bottom line: Big new...WW…

Illustration: Sarah Grillo/AxiosNetflix has pledged to allocate about 2% of the $5 billion it holds in cash — some $100 million — to "financial institutions and organizations that directly support Black communities in the United States," the company announced today.Why it matters: U.S. corporations are sitting on trillions of dollars of cash, which is earning them effectively no interest. Aaron Mitchell, a recruiter at Netflix, had the idea that some of that cash could be deposited at Black-owned banks, where it would be reinvested into Black communities.The catch: As part of this pledge,...…Illustration: Sarah Grillo/AxiosNetflix has pledged to allocate about 2% of the $5 billion it holds in cash — some $100 million — to "financial institutions and organizations that directly support Black communities in the United States," the company announced today.Why it matters: U.S. corporations are sitting on trillions of dollars of cash, which is earning them effectively no interest. Aaron Mitchell, a recruiter at Netflix, had the idea that some of that cash could be deposited at Black-owned banks, where it would be reinvested into Black communities.The catch: As part of this pledge,...WW…

Uber has its food delivery business in India to rival Zomato in an all-stock deal that gives Uber a 9.99% stake in the combined business. Why it matters: Uber is under growing pressure from investors to figure out a path to profitability and cut loose anything that won't help it reach that goal. Cargo, a New York-based startup that sells snack boxes and other amenities to ride-hail passengers, has laid off around two dozen employees and will pivot to car-top advertising, the company confirms to Axios.Why it matters: A growing number of startups are under pressure to build sustainable...…Uber has its food delivery business in India to rival Zomato in an all-stock deal that gives Uber a 9.99% stake in the combined business. Why it matters: Uber is under growing pressure from investors to figure out a path to profitability and cut loose anything that won't help it reach that goal. Cargo, a New York-based startup that sells snack boxes and other amenities to ride-hail passengers, has laid off around two dozen employees and will pivot to car-top advertising, the company confirms to Axios.Why it matters: A growing number of startups are under pressure to build sustainable...WW…