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HEADLINES & GLOBAL NEWS By Feb 08, 2021 03:59 AM EST Treasury Secretary Janet Yellen stated on Sunday that she thought income levels identified by conservative Democratic senators to limit which Americans receive direct payments courtesy of the Biden administration s COVID-19 aid package were too low. Yellen remarked she believes individual Americans earning $60,000 annually ought to be qualified for the direct payments. She proposes a higher figure than the one identified by senators, including Joe Manchin (D-W.Va.), who has called for the payments to phase out at the $50,000-per-year income level. $60,000 Threshold for Biden s COVID-19 Aid Package According to Yellen, If you think about an elementary school teacher or a policeman making $60,000 a year and faced with children who are out of school and people who may have had to withdraw from the labor force in order to take care of them and many extra burdens, [President Biden] thinks, and I would ....
HEADLINES & GLOBAL NEWS By Feb 08, 2021 12:40 PM EST The U.S. will return to full employment in the next year if President Joe Biden s relief package is implemented, according to Treasury Secretary Janet Yellen on Sunday. Full Employment Full employment refers to an economy wherein the unemployment rate is equivalent to the non-accelerating inflation rate of employment. Republicans dismissed the $1.9 trillion stimulus package as wasteful. According to Yellen on CNN s State of the Union, If we don t provide additional support, the unemployment rate is going to stay elevated for years to come. It would take until 2025 in order to get the unemployment rate down to 4% again. We would have a long, slow recovery like we did after the financial crisis, reported HuffPost. ....
HEADLINES & GLOBAL NEWS By Feb 03, 2021 07:42 PM EST President Joe Biden stated in a call with House Democrats that he was open to transferring $1,400 payments to a smaller cluster of Americans in the next series of COVID-19 relief legislation and changing his overall price tag of $1.9 trillion. Biden on Monday addressed House Democrats he would not alter the amount of the $1,400 payments proposal. He remarked that people had been vowed with that amount. $1400 Direct Payments for Smaller Groups The president stated he would consider limiting the direct payments to lower-income individuals as Republicans previously proposed. According to Biden, We can t walk away from an additional $1,400 in direct checks, because people need it. I m not going to start my administration by breaking a promise to people. We can better target the number I m OK with that, reported The New York Times. ....
HEADLINES & GLOBAL NEWS By Jan 28, 2021 10:30 PM EST Numerous House Democrats sent a letter to President Joe Biden appealing for the White House to push for recurring cash payments to Americans in upcoming COVID-19 relief proposals, pressing the administration to go further in its plans to mitigate the economic decline due to the pandemic. The president s current relief proposal involves a one-time direct payment of $1,400 to United States citizens with earnings under a specific threshold. House Members Push for $2000 Stimulus Checks According to a signed letter sent to President Biden and Vice President Kamala Harris, Rep. Ilhan Omar, a Minnesotan Democrat, and over 50 other House members are prompting the Biden administration to support such policy. ....