$1.9 trillion COVID relief is badly needed, but more needs to be done
San José, CA – This past week, on March 11, Democrats in the U.S. House of Representatives, U.S. Senate, and White House passed a $1.9 trillion COVID-19 rescue law without the support of a single Republican in the House or the Senate. The law provides much-needed relief for millions of people whose finances have been wounded by the pandemic. Yet much more needs to be done, especially in the fight against the growing economic inequality.
San José, CA – The number of people receiving unemployment aid from federal and state governments remained very high in February. Most newspapers and media hailed the decline in the number of new applications for the regular state unemployment insurance and the federal Pandemic Unemployment Assistance, or PUA, for self-employed and gig workers for last week. However, the latest week reporting the number of people receiving aid for all programs – including UI, PUA, the federal Pandemic Emergency Unemployment Compensation or PEUC, and the state Extended Benefits – showed an increase of 700,000. The national total is nine times what it was before the start of the recession a year ago.
A Texas weather emergency spiraled out of control on February 14. This emergency has resulted in over 60 deaths, power outages affecting millions, and more than 13 million currently without access to water. What led to the emergency can be blamed mostly on natural gas and coal companies like Comstock Resources Inc, who sought only to make profits during the crisis. These companies never properly maintained these plants and, when the temperatures in Texas dipped, the plants froze and became inoperable.
San José, CA – Even as the COVID-19 pandemic continued to subside during mid-February, layoffs were on the rise, showing that we are nowhere near the end of the tunnel for workers in this country. For the week ending February 13, the U.S. Department of Labor reported that there were 861,000 new applications for regular state unemployment insurance, an increase of 13,000 over the previous week. Applications for the federal Pandemic Unemployment Assistance program for gig workers and the self-employed rose by a much larger 174,427 the same week, to 516,299 new claims. Together, this meant that almost 190,000 working people had to file for government aid because of layoffs and business closures.
Restore the $600 per week unemployment supplement!
San José, CA – On February 13, the Northern California Unemployed Committee (NCUC) held its first protest in San José. The protest was called for the day after the IRS began accepting 2020 tax returns, to demand that the federal government stop taxing benefits for the unemployed. The protest also called for the restoration of the $600 weekly unemployment supplement.
Total number collecting unemployment on the rise again
San José, CA – During the week ending February 6, almost 800,000 (793,000) people filed for new claims for regular state unemployment insurance. More than 330,000 others applied for the federal Pandemic Unemployment Assistance or PUA that covers the self-employed and gig workers. This comes to a total of more than 1.1 million people who have lost their jobs in the past week.
San José, CA – On Friday, February 5 the U.S. Department of Labor released their monthly jobs report showing a very small gain of 49,000 net new jobs. This was only half of what economists had predicted, and the job loss in December was revised up by 87,000, so there were still 178,000 fewer jobs in January than in November.
San José, CA – The broadest measure of unemployment insurance, which includes the regular state unemployment insurance or UI, the federal Pandemic Unemployment Assistance or PUA, the federal Pandemic Emergency Unemployment Compensation or PEUC, as well as the state Extended Benefits or EB rose in the first week of January by 2.3 million people to a total of 18.3 million people. While down from its peak in April, it is still nine times as high as it was a year ago before the recession began, according to the weekly report by the U.S. Department of Labor released on Thursday, January 28.
Chicago, IL – The past few days have seen GameStop and Reddit become the meme-of-the-week and take significant headlines. Some media outlets are saying the recent turn of events “isn’t funny; it’s stupid” while celebrity billionaires like Elon Musk crack jokes on Twitter. Redditors are claiming that they are crashing Wall Street, and yet the market is bullish as ever. What should we be taking from all of this? In short, we must seize this moment to educate about how the stock market works, who it works for, and how we can institute true changes that benefit everyday people.
San José, CA – The U.S. economy showed more signs of weakness as the COVID-19 pandemic rages and Trump’s “Operation Warp Speed” vaccine rollout crashes and burns amid finger-pointing, lies and incompetence. New claims for regular state unemployment rose by more than 20% in the week ending January 9, the biggest gain since the dark days of March when the economy hit a brick wall.
