(The Conversation is an independent and nonprofit source of news, analysis and commentary from academic experts.) By Steven Pressman, Colorado State University; Melanie G. Long, The College of Wooster, and Veronika Dolar, SUNY Old Westbury Editor’s note: The Biden administration has made it clear it wants to inject more money into the U.S. economy and...
Biden’s Aid Plan Could Revamp Economy, Prompt GOP Resistance
BALTIMORE — The $1.9 trillion rescue plan unveiled by President-elect Joe Biden offers the chance to sculpt the U.S. economy toward the Democrats’ liking: a $15 minimum wage, aid to poor families and federal dollars going to public schools. It’s an ambitious effort that would arrive after roughly $4 trillion...
Stocks Reach Record Highs as Investors Hope for Stimulus
Stocks rose on Wall Street, reaching more record highs, as investors remain optimistic that Washington will deliver another round of financial support for the economy and as vaccines continue to roll out to the public. The S&P 500 rose 0.6% Thursday. Wall Street has been hopeful that Congress will strike...
Stocks Rise as Trump Tweets on Stimulus Keep Market Spinning
NEW YORK — Stocks are recovering on Wall Street Wednesday after President Donald Trump appeared to backtrack on his decision to halt talks on another rescue effort for the economy. The S&P 500 was 1.3% higher in morning trading after Trump sent a series of tweets late Tuesday saying he’s...
Trump Calls Off Talks on New Stimulus Bill. Stocks Drop.
NEW YORK — Stocks dropped suddenly on Wall Street Tuesday afternoon after President Donald Trump ordered a stop to negotiations with Democrats over another round of stimulus for the economy, which has been punched into a recession by shutdowns related to the coronavirus pandemic. The Dow Jones Industrial Average swung...
Walters: California’s Job Numbers Aren’t Good
At first glance, California’s monthly employment numbers, released last Friday, appear to indicate steady recovery from the very severe pandemic-spawned recession. California’s unemployment rate declined from 13.5% in July to 11.4% in August, reflecting a nearly 300,000 gain in employment. A closer look at the data tells another story. Much of...
Fed Sees Rates Near Zero Through 2023, Perhaps Longer
WASHINGTON — With the economy still struggling to recover from the pandemic recession, Federal Reserve policymakers signaled Wednesday that their benchmark short-term interest rate will likely remain at zero at least through 2023 and probably even longer. Fed chair Jerome Powell said at a press conference that while the economy has rebounded...
Tulare’s Kraft Cheese Plant Among Those Sold Off to French Dairy Company
Kraft Heinz said Tuesday that it is selling its natural cheese business — including its Cracker Barrel and Breakstone’s brands — to French dairy company Lactalis Group as part of a larger restructuring. The $3.2 billion sale includes the Kraft Heinz production facility adjacent to Highway 99 in Tulare, as...
Tech Slump Sends Stock Market To Its Biggest Loss Since June
NEW YORK — Wall Street’s euphoria took a break Thursday, as steep losses in technology stocks dragged the rest of the market down with them. The S&P 500 fell 3.5%, the biggest decline for stocks since early June, when investors were dealing with a surge of coronavirus infections in places...
Budget Deficit To Hit Record $3.3T Due To Virus, Recession
WASHINGTON — The federal budget deficit is projected to hit a record $3.3 trillion as huge government expeditures to fight the coronavirus and to prop up the economy have added more than $2 trillion to the federal ledger, the Congressional Budget Office said Wednesday. That’s more than triple the 2019...