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Biden wants to go big on the economy but go small on student-debt reform

President Joe Biden said at his first town hall that he will not cancel $US50,000 in student-loan debt. Congress should introduce legislation to cancel the debt, Biden has consistently said. Several leading Democrats believe Biden can act, using powers under the Higher Education Act. Visit the Business section of Insider […]
Biden wants to go big on the economy but go small on student-debt reform
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US retail sales climb the most since June as stimulus boost ends losing streak

US retail sales grew 5.3% in January, the Census Bureau announced Wednesday. The reading beats the 1% economist estimate and snaps a three-month losing streak. Sales are a popular gauge of consumer spending, a critical driver of overall growth. Visit the Business section of Insider for more stories. American spending […]
US retail sales climb the most since June as stimulus boost ends losing streak
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Saving for retirement before age 40 could make you miserable

Young adults don’t need to start saving for retirement until their 40s, a new NBER paper finds. That’s if you’re college-educated, expect steep income growth, and value other things over money. The paper based its findings on “total life satisfaction” rather than savings. Visit the Business section of Insider for […]
Saving for retirement before age 40 could make you miserable
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Big multinational firms are considering ‘no jab, no job’ contracts that make COVID-19 vaccines mandatory for staff, according to a report

Top UK firms may make the COVID-19 vaccine mandatory for staff, the Financial Times reported. Large companies are considering contracts that require employees to get a shot when they’re available, law firms said. These companies include multinational businesses, the law firms said. Visit the Business section of Insider for more […]
Big multinational firms are considering ‘no jab, no job’ contracts that make COVID-19 vaccines mandatory for staff, according to a report
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Biden’s $1.9 trillion stimulus plan is popular with voters, but it’s crashing into strong Republican resistance in Congress

Democrats are turning their attention to enacting Biden’s rescue package by mid-March. It’s garnered strong support from voters, but backing is virtually nonexistent from Republicans in Congress. Many Republicans argue the measure is too big and filled with liberal priorities like a cash payment program for parents. Visit the Business […]
Biden’s $1.9 trillion stimulus plan is popular with voters, but it’s crashing into strong Republican resistance in Congress
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275,000 more women left the labour force in January

January’s jobs report shows that women continue to be disproportionately impacted by unemployment. Black and Latina women both have a higher unemployment rate than the average. Women have lost 5.3 million jobs since the start of the pandemic. Visit the Business section of Insider for more stories. A new analysis […]
275,000 more women left the labour force in January
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Treasury Secretary Janet Yellen says workers earning up to $60,000 a year should receive stimulus checks under the White House’s proposed $1.9 trillion relief package

Treasury Secretary Janet Yellen said US workers earning up to $US60,000 should get direct payments. The question of who should receive payments under Biden’s relief package is a key debate in Congress. If Biden’s $US1.9 trillion package is passed, the US would return to full employment by 2022, Yellen said. […]
Treasury Secretary Janet Yellen says workers earning up to $60,000 a year should receive stimulus checks under the White House’s proposed $1.9 trillion relief package
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Treasury Secretary Janet Yellen says regulators ‘need to make sure’ investors are protected following Gamestop frenzy

Yellen said regulators are looking in detail at January’s Reddit-fuelled market frenzy. They will make policy decisions, including the possibility of new regulations, from those facts. Despite the volatility, the infrastructure of the markets “performed well,” she said. Visit the Business section of Insider for more stories. Treasury Secretary Janet […]
Treasury Secretary Janet Yellen says regulators ‘need to make sure’ investors are protected following Gamestop frenzy
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Romney proposes a plan to provide up to $350 in monthly child benefits

Sen. Mitt Romney of Utah released a proposal on Thursday to provide $US350 monthly child benefits. This plan contrasts with legislation Democrats have already drafted to provide $US300, fully refundable, monthly child tax credits. A former policy advisor to Congress’ Joint Economic Committee said that Romney’s plan is more financially […]
Romney proposes a plan to provide up to $350 in monthly child benefits
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Most voters want a big stimulus — and they want it fast

A new poll finds that most Americans support immediate and large emergency relief. Both the immediacy and size of a package have bipartisan support. A slim majority of Americans support congressional Democrats moving forward without GOP support. Visit the Business section of Insider for more stories. A new poll from […]
Most voters want a big stimulus — and they want it fast
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US private-sector employment grew more than expected in January, ADP says

The US gained 174,000 private payrolls in January, according to ADP’s monthly employment report. The data follows a revised 78,000-payroll contraction in January and lands above the 70,000 estimate. ADP’s report comes two days before the Bureau of Labour Statistics publishes nonfarm payrolls data. Visit the Business section of Insider […]
US private-sector employment grew more than expected in January, ADP says
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Without a stimulus, unemployment could stay high for a decade

The Congressional Budget Office projects that unemployment won’t drop to pre-pandemic levels for a decade. But an additional stimulus could have a major impact on unemployment. Economists say the projections show the need for more relief. Visit Business Insider’s homepage for more stories. The US unemployment rate may not reach […]
Without a stimulus, unemployment could stay high for a decade
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One map shows how much a $15 minimum wage would be worth in every state

Democrats introduced the Raise the Wage Act of 2021, where the minimum wage would gradually increase to $US15 per hour, starting with an increase from $US7.25 to $US9.50 this year. The Economic Policy Institute notes that this will raise wages for 32 million workers. The value of $US15 varies across […]
One map shows how much a $15 minimum wage would be worth in every state
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GameStop investors may have transformed day trading forever

Day traders organised on a Reddit thread led the GameStop mania, an unprecedented situation in financial markets. Day trading really took off with the 1990s tech boom, and continues to evolve along with trading technology. The combination of day trading with Reddit may prove transformative, with the GameStop saga the […]
GameStop investors may have transformed day trading forever
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US weekly jobless claims slide to 847,000 as stimulus debate continues

New US jobless claims for the week that ended Saturday totaled 847,000, down from the previous week’s revised total of 914,000. Economists surveyed by Bloomberg expected claims to dip to 875,000. Continuing claims, which track Americans receiving unemployment benefits, sank to 4.8 million for the week that ended January 16. […]
US weekly jobless claims slide to 847,000 as stimulus debate continues
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Sec. of Energy nominee says she is ‘obsessed’ with creating climate-focused jobs

Sec. of Energy nominee Jennifer Granholm expressed support for President Joe Biden’s plan to create jobs through fighting climate change during her confirmation hearing on Wednesday. Biden signed a series of executive orders on Wednesday to address climate change, with job creation as a central component. Granholm reassured Republican lawmakers […]
Sec. of Energy nominee says she is ‘obsessed’ with creating climate-focused jobs
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Biden’s plan for a $15 minimum wage could mean one in 5 Americans earns more. Nearly a third of Black workers would get a raise, research suggests.

About a fifth of US workers could see raises under a $US15 federal minimum wage, research finds. That includes nearly a third of Black American workers, the Economic Policy Institute says. The wage bump, facing pushback, is part of President Joe Biden’s $US1.9 trillion stimulus proposal. Visit Business Insider’s homepage […]
Biden’s plan for a $15 minimum wage could mean one in 5 Americans earns more. Nearly a third of Black workers would get a raise, research suggests.
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American billionaires added $1.1 trillion in wealth during the pandemic

American billionaires have added $US1.1 trillion to their collective wealth during the pandemic. That brings the collective net worth of America’s billionaires – including 46 new ones – to $US4.1 trillion. Meanwhile, millions of Americans remain unemployed and have fallen into poverty. Visit Business Insider’s homepage for more stories. American […]
American billionaires added $1.1 trillion in wealth during the pandemic
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Bernie Sanders says Democrats will use reconciliation to pass Biden’s $2 trillion stimulus package. Here is how that would work.

Sen. Bernie Sanders of Vermont said in an interview on Sunday that Democrats can use budget reconciliation to pass President Joe Biden’s stimulus package. Although Sanders had previously criticised Republicans’ usage of reconciliation, he said it is necessary now to provide urgent relief quickly to American families. Both Republican and […]
Bernie Sanders says Democrats will use reconciliation to pass Biden’s $2 trillion stimulus package. Here is how that would work.
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The world’s 1,000 richest people have already bounced back from COVID-19 wealth losses, but it could take more than a decade for the poorest to recover, Oxfam warns

The 1,000 richest people on Earth have already recovered from coronavirus-related wealth losses, an Oxfam study revealed. Meanwhile, it could take more than a decade for those in poverty to recover, the charity said. The top 10 billionaires, including Jeff Bezos, have enough money combined to pay for a COVID-19 […]
The world’s 1,000 richest people have already bounced back from COVID-19 wealth losses, but it could take more than a decade for the poorest to recover, Oxfam warns
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Biden just signed an executive order to expand food stamps and send stimulus checks to people who haven’t already received one

Biden’s third wave of executive actions will provide aid to Americans struggling financially. Addressing the hunger crisis, increasing SNAP benefits, and ensuring quick delivery of stimulus payments are core components of Biden’s relief plan. Biden also plans on encouraging government agencies to raise the minimum hourly wage to $US15. Visit […]
Biden just signed an executive order to expand food stamps and send stimulus checks to people who haven’t already received one
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900,000 people filed for unemployment the week before Biden took office. Here is how the administration is planning to help jobless Americans.

President Joe Biden inherited an ailing labour market, with 900,000 Americans filing unemployment claims in the week before he was sworn in. Biden plans to address unemployment in the country through a series of measures, including weekly unemployment benefits, benefit extensions, and short-time compensation programs. The cooperation of Congress remains […]
900,000 people filed for unemployment the week before Biden took office. Here is how the administration is planning to help jobless Americans.
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Biden freezes all federal regulatory proposals, including Mnuchin’s controversial crypto wallet legislation, until his new administration can review them

Joe Biden halted all last-minute rules from Trump’s administration, including those for cryptocurrency. Hours after Biden’s inauguration ceremony, the order was circulated in a memo to all federal agencies. Controversial crypto regulations proposed by Steve Mnuchin on December 18 were met with criticism. Sign up here our daily newsletter, 10 […]
Biden freezes all federal regulatory proposals, including Mnuchin’s controversial crypto wallet legislation, until his new administration can review them
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80% of adults want Biden to act fast on small business aid and stimulus checks, new survey finds

Morning Consult poll finds that four in five Americans want Biden to prioritise small business aid and stimulus checks. Respondents also indicated favorability of extending mortgage forbearance policies, increasing unemployment benefits, and raising taxes for the wealthy. Treasury Secretary nominee Janet Yellen affirmed Biden’s commitment to aiding small businesses in […]
80% of adults want Biden to act fast on small business aid and stimulus checks, new survey finds
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Biden will move to implement his $2 trillion climate plan on day 1 to bolster the economy and kick off the new administration’s fight against climate change

President-elect Joe Biden plans on putting his $US2 trillion climate plan into action on day one of his presidency. Treasury Secretary nominee Janet Yellen said in her confirmation hearing that addressing climate change will be a priority and will bring jobs back to the economy. Partisan sparring over climate action […]
Biden will move to implement his $2 trillion climate plan on day 1 to bolster the economy and kick off the new administration’s fight against climate change
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‘Dr. Doom’ economist Nouriel Roubini warns Biden’s presidency will suffer civil unrest and cyberattacks by Russia and China during his term

Economist Nouriel Roubini expects Joe Biden’s presidency to face civil unrest and cyberattacks. Russia and China will launch cyberattacks against the US and spread false information, he said. He’s worried Donald Trump could execute military action in Iran, making things difficult for Biden. Visit Business Insider’s homepage for more stories. […]
‘Dr. Doom’ economist Nouriel Roubini warns Biden’s presidency will suffer civil unrest and cyberattacks by Russia and China during his term
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Biden has promised to extend the pause on student-loan payments during his first day in office. Here are other steps the new administration could take for student-debt relief.

President-elect Joe Biden will extend the current pause on the student loan forbearance program on his first day in office, according to his transition official. Biden supports Congress forgiving $US10,000 in student loan debt for each person, but he has not provided a timeframe to do so. Lawmakers and Biden […]
Biden has promised to extend the pause on student-loan payments during his first day in office. Here are other steps the new administration could take for student-debt relief.
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The tools that rescued America’s economy are mostly helping wealthy Americans

The US central bank’s economic rescue efforts during the pandemic have supported America’s recovery, which is turning out to be K-shaped. To stimulate the economy after a dramatic slowdown and stock-market crash triggered by the coronavirus pandemic, the Federal Reserve bought Treasury bonds and mortgage-backed securities, a process known as […]
The tools that rescued America’s economy are mostly helping wealthy Americans
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The pandemic is deepening a wealth divide among young people: the ‘millennial rich’ and the ‘millennial poor’

The pandemic has widened millennial inequality that dates back to the Great Recession, with wealthier millennials faring well while their low-earning peers are struggling. The affordability crisis millennials were already facing prepandemic has left some with little wealth to fall back on as they experience unemployment and other hardships during […]
The pandemic is deepening a wealth divide among young people: the ‘millennial rich’ and the ‘millennial poor’
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