Money
Federal Reserve: Optimism in the Time of COVID; Businesses Seem Much Better Adapted to Remaining Open
Turning now to the labor market, unemployment was still at 8.4 percent in August and the labor force participation rate still down significantly from February. The extraordinary package of fiscal support in the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) helped to support household incomes and to offset the effect of the huge job losses in March and April. But the act's unemployment provisions have expired, and most of the businesses that received Paycheck Protection Program (PPP) loans report that they have exhausted those funds.4 In addition, one area where increased understanding of the disease has, in many places, not led to general changes in practice is in the widespread school closures this fall. Many parents with children will be forced to work less, or not at all, which is going to be a hardship for them and weigh on the economy. So, I agree with Chair Powell that it will take continued support to sustain a robust recovery. more »
Where We Stand: Partial Draft of Democratic Party Platform Already Voted Upon By Delegates; Covid-19 Pandemic Is a Prime Focus
"In a public health crisis, we all have to rely on each other. That’s why Democrats support making 9 COVID-19 testing, treatment, and any eventual vaccines free to everyone, regardless of their wealth, insurance coverage, or immigration status. We are all only as safe from this disease as are the most vulnerable among us. It has always been a crisis that tens of millions of Americans have no or inadequate health insurance — but in a pandemic, it’s catastrophic for public health." Democrats believe the federal government should pick up 23 percent of the tab for COBRA insurance, which keeps people on their employer-sponsored plans." The Republican Party Platform issued their statement: WHEREAS, The RNC has unanimously voted to forego the Convention Committee on Platform, in appreciation of the fact that it did not want a small contingent of delegates formulating a new platform without the breadth of perspectives within the ever-growing Republican movement...RESOLVED, That any motion to amend the 2016 Platform or to adopt a new platform, including any motion to suspend the procedures that will allow doing so, will be ruled out of order ..." more »
GAO* Report on Retirement Security: Older Women Report Facing a Financially Uncertain Future
GAO* was asked to report on the financial security of older women. This report examines women retirees' perspectives on their financial security, and (2) what is known about the financial security of older women in retirement. Women also cited a range of experiences that hindered their retirement security, such as divorce or leaving the workforce before they planned to. Women in all 14 focus groups said their lack of personal finance education negatively affected their ability to plan for retirement. Many shared ideas about personal finance education including the view that it should be incorporated into school curriculum starting in kindergarten and continuing through college, and should be available through all phases of life. more »
Women's Congressional Weekly Legislative Update: Paycheck Protection Program Restrictions, Child Care Grants, Pandemic Unemployment Assistance
Bills Introduced: A bill to direct the attorney general to convene a national working group to study proactive strategies and needed resources for the rescue of children from sexual exploitation and abuse ... A bill to ensure access to Pandemic Unemployment Assistance for workers who are unable to obtain child and family care ... A bill to extend existing Supplemental Nutrition Assistance Program (SNAP) flexibilities for states during the COVID-19 pandemic ... A bill to temporarily waive section 115 of the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 as applied to the Temporary Assistance for Needy Families (TANF) and SNAP programs ... A bill to make permanent the employer credit for paid family and medical leave. more »