This article was published more than 2 years agoCommentGift ShareIn August, Paige McConnell became the first in her family to go to college — and the first to drop out.McConnell, 18, could not make online classes work. She doesn’t have WiFi at her rural home in Crossville, Tenn. The local library turned her away, not wanting anyone sitting around during the pandemic. She spent hours in a McDonald’s parking lot using the fast-food chain’s Internet, but she kept getting kicked off her college’s virtual classes because the network wasn’t “safe.” Two weeks after starting at Roane State...…This article was published more than 2 years agoCommentGift ShareIn August, Paige McConnell became the first in her family to go to college — and the first to drop out.McConnell, 18, could not make online classes work. She doesn’t have WiFi at her rural home in Crossville, Tenn. The local library turned her away, not wanting anyone sitting around during the pandemic. She spent hours in a McDonald’s parking lot using the fast-food chain’s Internet, but she kept getting kicked off her college’s virtual classes because the network wasn’t “safe.” Two weeks after starting at Roane State...WW…

This article was published more than 2 years agoCommentGift ShareCongressional Democrats introduced on Wednesday that would make reducing racial inequality in the U.S. economy an official part of the Federal Reserve’s mission.The Federal Reserve Racial and Economic Equity Act requires the central bank to take action “to minimize and eliminate racial disparities in employment, wages, wealth, and access to affordable credit.”It would be the first major change to the Fed’s mandate since 1977 and would significantly alter the central bank’s focus. The Fed’s current mandate from Congress is...…This article was published more than 2 years agoCommentGift ShareCongressional Democrats introduced on Wednesday that would make reducing racial inequality in the U.S. economy an official part of the Federal Reserve’s mission.The Federal Reserve Racial and Economic Equity Act requires the central bank to take action “to minimize and eliminate racial disparities in employment, wages, wealth, and access to affordable credit.”It would be the first major change to the Fed’s mandate since 1977 and would significantly alter the central bank’s focus. The Fed’s current mandate from Congress is...WW…

This article was published more than 2 years agoCommentGift ShareFederal Reserve Chair Jerome H. Powell gave a dire warning Wednesday that the U.S. economy could become stuck in a painful multiyear recession if Congress and the White House do not authorize more aid to address the coronavirus pandemic’s economic fallout.“Additional fiscal support could be costly but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery,” Powell said in a with the Peterson Institute for International Economics.Powell’s statement was a sharp departure from the...…This article was published more than 2 years agoCommentGift ShareFederal Reserve Chair Jerome H. Powell gave a dire warning Wednesday that the U.S. economy could become stuck in a painful multiyear recession if Congress and the White House do not authorize more aid to address the coronavirus pandemic’s economic fallout.“Additional fiscal support could be costly but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery,” Powell said in a with the Peterson Institute for International Economics.Powell’s statement was a sharp departure from the...WW…

This article was published more than 2 years agoCommentGift ShareThe coronavirus pandemic is emerging as an existential threat to the nation’s small businesses — despite Congress approving a historic $700 billion to support them — with the potential to further diminish the place of small companies in the American economy.The White House and Congress have made saving small businesses a linchpin of the financial rescue, even passing a second stimulus for them late last month. But already, economists project that more than 100,000 small businesses have shut permanently since the pandemic...…This article was published more than 2 years agoCommentGift ShareThe coronavirus pandemic is emerging as an existential threat to the nation’s small businesses — despite Congress approving a historic $700 billion to support them — with the potential to further diminish the place of small companies in the American economy.The White House and Congress have made saving small businesses a linchpin of the financial rescue, even passing a second stimulus for them late last month. But already, economists project that more than 100,000 small businesses have shut permanently since the pandemic...WW…

This article was published more than 2 years agoCommentGift ShareThe national effort to get coronavirus relief money to Americans is at risk of being overwhelmed by the worst economic downturn in 80 years, as understaffed and underfunded agencies struggle to deliver funds.Three weeks after Congress passed a $2 trillion package to lessen the economic impact of the coronavirus pandemic, millions of households and small businesses are still waiting to receive all the help promised under the legislation, according to government data and firsthand accounts.The bulk of the challenges have...…This article was published more than 2 years agoCommentGift ShareThe national effort to get coronavirus relief money to Americans is at risk of being overwhelmed by the worst economic downturn in 80 years, as understaffed and underfunded agencies struggle to deliver funds.Three weeks after Congress passed a $2 trillion package to lessen the economic impact of the coronavirus pandemic, millions of households and small businesses are still waiting to receive all the help promised under the legislation, according to government data and firsthand accounts.The bulk of the challenges have...WW…

This article was published more than 2 years agoCommentGift ShareThis article is free to access.Why?The Washington Post is providing this news free to all readers as a public service.Follow this story and more by More than 22 million Americans have filed for unemployment aid since President Trump , a staggering loss of jobs that has wiped out a decade of employment gains and pushed families to as they await government help.The United States has not seen this level of job loss since the Great Depression, and the government is struggling to respond fast enough to the deadly coronavirus...…This article was published more than 2 years agoCommentGift ShareThis article is free to access.Why?The Washington Post is providing this news free to all readers as a public service.Follow this story and more by More than 22 million Americans have filed for unemployment aid since President Trump , a staggering loss of jobs that has wiped out a decade of employment gains and pushed families to as they await government help.The United States has not seen this level of job loss since the Great Depression, and the government is struggling to respond fast enough to the deadly coronavirus...WW…

This article was published more than 2 years agoCommentGift ShareThe names of businesses that collectively will receive hundreds of billions of dollars in coronavirus relief from the federal government may not be disclosed publicly, and critics say that could make the massive spending program vulnerable to fraud and favoritism.The $2 trillion Cares Act approved by President Trump last month requires that the names of recipients of some forms of federal aid be published, but those requirements do not extend to significant portions of the relief.Chief among the omissions is the $349...…This article was published more than 2 years agoCommentGift ShareThe names of businesses that collectively will receive hundreds of billions of dollars in coronavirus relief from the federal government may not be disclosed publicly, and critics say that could make the massive spending program vulnerable to fraud and favoritism.The $2 trillion Cares Act approved by President Trump last month requires that the names of recipients of some forms of federal aid be published, but those requirements do not extend to significant portions of the relief.Chief among the omissions is the $349...WW…

This article was published more than 2 years agoCommentGift ShareThis article is free to access.Why?The Washington Post is providing this news free to all readers as a public service.Follow this story and more by The Federal Reserve announced on Sunday it would drop interest rates to zero and buy at least $700 billion in government and mortgage-related bonds as part of a wide-ranging emergency action to protect the economy from the impact of the coronavirus outbreak.The moves, the most dramatic by the U.S. central bank since the 2008 financial crisis, are aimed at keeping financial...…This article was published more than 2 years agoCommentGift ShareThis article is free to access.Why?The Washington Post is providing this news free to all readers as a public service.Follow this story and more by The Federal Reserve announced on Sunday it would drop interest rates to zero and buy at least $700 billion in government and mortgage-related bonds as part of a wide-ranging emergency action to protect the economy from the impact of the coronavirus outbreak.The moves, the most dramatic by the U.S. central bank since the 2008 financial crisis, are aimed at keeping financial...WW…

This article was published more than 2 years agoCommentGift SharePresident Biden promised to get more relief to Americans quickly to help people survive financially until the coronavirus pandemic is under control. A key part of his proposal is to get another round of payments directly to U.S. households.On Monday, House Democrats introduced that would send $1,400 payments to individuals earning $75,000 or less and $2,800 to married couples earning $150,000 or less.Some economists, Republicans and moderate Democrats have argued that this third round of “economic impact payments” — more...…This article was published more than 2 years agoCommentGift SharePresident Biden promised to get more relief to Americans quickly to help people survive financially until the coronavirus pandemic is under control. A key part of his proposal is to get another round of payments directly to U.S. households.On Monday, House Democrats introduced that would send $1,400 payments to individuals earning $75,000 or less and $2,800 to married couples earning $150,000 or less.Some economists, Republicans and moderate Democrats have argued that this third round of “economic impact payments” — more...WW…

This article was published more than 2 years agoCommentGift ShareThe federal unemployment rate dropped in May for the first time since the coronavirus sent the economy into a tailspin, the strongest sign yet that the economic damage is bottoming out — although 21 million people remain out of work.The economy gained 2.5 million jobs in May, the first time it has added jobs since February, as hundreds of thousands of workers flooded back to jobs in restaurants, health care and construction with the reopening of several states in mid-May.The May unemployment rate dropped to 13.3 percent...…This article was published more than 2 years agoCommentGift ShareThe federal unemployment rate dropped in May for the first time since the coronavirus sent the economy into a tailspin, the strongest sign yet that the economic damage is bottoming out — although 21 million people remain out of work.The economy gained 2.5 million jobs in May, the first time it has added jobs since February, as hundreds of thousands of workers flooded back to jobs in restaurants, health care and construction with the reopening of several states in mid-May.The May unemployment rate dropped to 13.3 percent...WW…