Tag Archives for " Congress "

A cash cliff spells trouble for U.S. unemployed, and everyone else – Reuters

A cash cliff spells trouble for U.S. unemployed, and everyone else - Reuters 1It’s a cash cliff millions of Americans face this summer as the emergency benefits — which lifted U.S. consumer incomes by a record 10.8% in April — expire. The loss of that safety net looms in the weeks ahead, well before a sustained recovery is likely to take hold from the sudden and deep recession brought on by the novel coronavirus. Personal income dropped 4.2% in May, data Friday showed.

The $600 supplement Congress added to weekly unemployment benefits is due to expire July 31.

Without new support, recipients face a substantial loss of income – particularly devastating for those like the Ramirez family who worked in hard-hit sectors like hospitality where new jobs are scarce. During high unemployment and a still-raging pandemic, the end of enhanced jobless benefits could drag on consumer spending, set off a wave of missed rent and mortgage payments and translate to a slower recovery, economists said.

Source: A cash cliff spells trouble for U.S. unemployed, and everyone else – Reuters

Today’s Top Stories: April 29, 2020

Today’s Top Stories is brought to you by My Daily Grind News.

Coronavirus update:

April 29, 2020 COVID-19 pandemic map
Source

3,139,415 confirmed infections, up from 3,061,521 yesterday.
218,456 confirmed deaths, up from 212,083 yesterday.

The U.S. Hits 1 Million Coronavirus Cases, One-Third Of All The World’s Cases

US could be in for ‘a bad fall and a bad winter’ if it’s unprepared for a second wave of coronavirus, Fauci warns

Relevant COVID-19 stories:


Politics:

Trump issues Executive Order forcing meat packing plants to stay open or re-open, citing DPA.

Trump to order meat plants to stay open in pandemic

Justin Amash forms exploratory committee for third-party presidential run

Relevant Politics stories:


Economy Update:

Editorial: US GDP fell 4.8 percent in the first quarter, which is really bad since we didn’t shut down businesses until March.

That figure could be 3x higher. Or worse. In July, when we’re still sheltered in place, let’s see what the Q2 figure is. I bet it’s FAR WORSE than 4.8 percent.

I hope I’m wrong.

April 29, 2020 DJIA stock chart
Source

The Dow is up about 400, hitting the mid-24k range.

Upcoming economic reports this week:

  • Last Friday – Consumer sentiment index – DOWN from 89 in March to 71.8 (down from 101 in February)
  • Tuesday – Case-Shiller home price index up to 4.2 percent (reporting period is for FEBRUARY) from 3.9 percent, Consumer confidence index down to 86.9 from 118.8 (April reporting period)
  • Wednesday – Gross domestic product – down 4.8 percent in Q1, Jerome Powell press conference @ 2:30pm
  • Thursday – Initial jobless claims, Consumer spending, Core inflation
  • Friday – Motor vehicle sales (annual rate)

Source: https://www.marketwatch.com/tools/calendars/economic

Relevant Economy stories:

Learn how to turn your hobbies into hustles – check out Gig Economics.


Offbeat Story of the Day:

Editorial: I’m leaving this one here because it got a ton of play last week and over the weekend. I even lost a few friends over it because they believe him. I don’t know which stance they believe (that he was spit-balling solutions, he was being serious, he was being sarcastic), but they believe him.

This is, of course, proof that Trumplodytes are members of a cult.

“Give me Biden or give me bleach!”

Don't inject disinfectants, Lysol warns as Trump raises idea 3

ANNAPOLIS, Md. — Maryland’s health department fielded hundreds of calls from residents asking about ingesting disinfectants after President Donald Trump wondered aloud if that could fight COVID-19, Gov Larry Hogan said Sunday.

The Republican governor spoke about the emergency hotline calls and Trump’s offhand comment during appearances on CBS’ “Face The Nation” and ABC’s “This Week” on Sunday morning. On Friday, the Maryland Emergency Management Agency tweeted a “reminder” that under no circumstances should any disinfectant be injected or ingested.

Hogan said “communicating very clearly on the facts” has been important to him since the COVID-19 pandemic began.

“I think when misinformation comes out or you just say something that pops in your head, it does send a wrong message. We had hundreds of calls come into our emergency hotline at our health department asking if it was right to ingest Clorox or alcohol cleaning products, whether that was going to help them fight the virus,” he said during his ABC appearance.

During a press briefing on Thursday, Trump said research was underway into the effect that disinfectants have on the virus and questioned if they could be injected into people.

“Is there a way we can do something like that, by injection inside or almost a cleaning?” Trump asked. “Because you see it gets in the lungs and it does a tremendous number on the lungs. So it would be interesting to check that.”

The White House accused the media of misrepresenting the president’s comments. Trump said he had been speaking sarcastically.

Hogan said Trump needs to “stick to a message and make sure that these press conferences are fact-based.”

“I think other people in the administration have been trying to make that clear to him, as well,” he added.

Source

Sponsored by the Drive Thru Jesus Show.


Don’t forget to subscribe to the MyDailyGrind.news YouTube channel.

Today’s Top Stories: April 27, 2020

Sorry, no video today. Too many things in the hopper and I have a sore throat anyway.

Do some reading. It’s good for you.

Today’s Top Stories is brought to you by My Daily Grind News.

Coronavirus update:

April 27, 2020 COVID-19 pandemic map
Source

2,992,970 confirmed infections, up from 2,735,117 Friday.
207,518 confirmed deaths, up from 192,019 Friday.

Relevant COVID-19 stories:


Politics:

Poll: 69 percent of voters support Medicare for All

Trump looks to Hope Hicks as coronavirus crisis spills over

Nancy Pelosi endorses Joe Biden for president

Freed of briefing duty, wounded Trump airs full collection of grievances on Twitter, retweeting claim of ‘coup attempts’


Economy Update:

Trump faces big decisions on energy industry rescue as U.S. runs out of places to store abundance of oil

Editorial: Remember in the ’70s and then the ’80s, ’90s, two thousands, and finally, like yesterday, oil reserves had all been found, were finite, and would “run out soon?”

Well, here we are: We have a glut of oil with nowhere to put it. Factories aren’t using as much and consumers aren’t driving much, if at all.

See? We had a solution to this problem all along? And the planet will thank us.

I’m being a bit sarcastic and dark here, but we always DID know the answer: Use less.

Ironic how Mother Nature forced our hand.

April 27, 2020 DJIA stock chart
Source

The Dow is up 200, breaking through the 24k barrier.

Upcoming economic reports this week:

  • Last Friday – Consumer sentiment index – DOWN from 89 in March to 71.8 (down from 101 in February)
  • Tuesday – Case-Shiller home price index, Consumer confidence index
  • Wednesday – Gross domestic product, Jerome Powell press conference
  • Thursday – Initial jobless claims, Consumer spending, Core inflation
  • Friday – Motor vehicle sales (annual rate)

Source: https://www.marketwatch.com/tools/calendars/economic

Relevant Economy stories:

Learn how to turn your hobbies into hustles – check out Gig Economics.


Offbeat Story of the Day:

Editorial: I’m leaving this one here because it got a ton of play last week and over the weekend. I even lost a few friends over it because they believe him. I don’t know which stance they believe (that he was spit-balling solutions, he was being serious, he was being sarcastic), but they believe him.

This is, of course, proof that Trumplodytes are members of a cult.

“Give me Biden or give me bleach!”

Don't inject disinfectants, Lysol warns as Trump raises idea 3

ANNAPOLIS, Md. — Maryland’s health department fielded hundreds of calls from residents asking about ingesting disinfectants after President Donald Trump wondered aloud if that could fight COVID-19, Gov Larry Hogan said Sunday.

The Republican governor spoke about the emergency hotline calls and Trump’s offhand comment during appearances on CBS’ “Face The Nation” and ABC’s “This Week” on Sunday morning. On Friday, the Maryland Emergency Management Agency tweeted a “reminder” that under no circumstances should any disinfectant be injected or ingested.

Hogan said “communicating very clearly on the facts” has been important to him since the COVID-19 pandemic began.

“I think when misinformation comes out or you just say something that pops in your head, it does send a wrong message. We had hundreds of calls come into our emergency hotline at our health department asking if it was right to ingest Clorox or alcohol cleaning products, whether that was going to help them fight the virus,” he said during his ABC appearance.

During a press briefing on Thursday, Trump said research was underway into the effect that disinfectants have on the virus and questioned if they could be injected into people.

“Is there a way we can do something like that, by injection inside or almost a cleaning?” Trump asked. “Because you see it gets in the lungs and it does a tremendous number on the lungs. So it would be interesting to check that.”

The White House accused the media of misrepresenting the president’s comments. Trump said he had been speaking sarcastically.

Hogan said Trump needs to “stick to a message and make sure that these press conferences are fact-based.”

“I think other people in the administration have been trying to make that clear to him, as well,” he added.

Source

Sponsored by the Drive Thru Jesus Show.


Don’t forget to subscribe to the MyDailyGrind.news YouTube channel.

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