Veteran national economist: A recession would be worse than today’s inflation
Why overreacting about short-term problems could cause long-term economic suffering This piece first appeared on the Economic Policy Institute’s Working Economics blog. The Federal Reserve has been under intense pressure in recent months to sharply raise interest rates in the name of taming inflation. The voices calling for these rate increases often explicitly say that […]
On the economy, the Biden team shows the way
President’s economic advisor charts a course that NC leaders should mimic The dog days of the winter of 2021 are here. The pandemic continues to cast a dark and frightening pall over the nation as the death toll approaches a half-million and vast swaths of the population remain unemployed, uninsured, unvaccinated, and uncertain about how to pay for groceries and rent.
‘Must read’ report: Six policy priorities that would help put NC on the path to recovery
It’s a new year, but the pandemic and its many harms to the people and communities across our state continue to deepen. As families are struggling to put food on the table and stay up-to-date on bills and rent, landlords and neighborhood businesses are struggling as well, and the ability of neighborhoods, communities, and the economy to start a recovery will stall.
New state labor data: In NC, the COVID recession is over for some, but not for many others
The COVID-19 recession is over for a lot of highly paid North Carolinians, but the situation remains dire for low income workers. That’s the assessment of N.C. Budget & Tax Center economist Patrick McHugh. This is from a news release distributed today by the group: State labor market data released today show the recovery continued […]
This morning’s best editorial: Trump makes the wrong call on the economy
Be sure to check out the lead editorial in this morning’s Washington Post. As the authors note in “Americans still need pandemic aid. Trump is ensuring they’ll get nothing.”: President Trump’s inexplicable and mean-spirited refusal to negotiate a new pandemic relief package is a huge mistake: WE DO not pretend to understand the political logic […]
Senate GOP emergency relief plan leaves out direct aid to state and local governments
WASHINGTON — Senate Republicans unveiled their latest coronavirus relief proposal Tuesday but were met with swift objections from Democrats. The GOP plan failed to include direct aid to cities and states, a priority for Democrats, or rental relief or nutrition assistance, and it appeared it wouldn’t go far enough to resolve a monthslong stalemate over providing additional emergency aid to Americans. The Senate plans a vote later this week.
“Diaper need” and “period poverty” are among the hidden and destructive impacts of the COVID-19 recession
As unemployment has climbed and household budgets have been stretched thinner and thinner, more families and individuals have been forced to make impossible decisions about how to spend limited financial resources.As unemployment has climbed and household budgets have been stretched thinner and thinner, more families and individuals have been forced to make impossible decisions about how to spend limited financial resources. Do I pay rent, or do I buy diapers? Do I get dinner, or do I buy tampons?
Report: NC is fifth in the nation in lost health insurance coverage due to the COVID-19 recession
A recent report from researchers at the group Families USA tells a sobering story of the impact the current recession is having on millions of adults and their health coverage. This is from the executive summary to “The COVID-19 Pandemic and Resulting Economic Crash Have Caused the Greatest Health Insurance Losses in American History”: An […]
New report: Now is no time for federal and state governments to retreat
In case you missed it yesterday, be sure to check out a new report from the fiscal and economic policy experts at the N.C. Budget & Tax Center entitled “Meeting the needs of today to secure a more inclusive recovery tomorrow.” In it, the BTC analysts explain why it’s critical that both the federal and […]
COVID-19 damage will worsen and linger without quick, robust policies from state leaders
The speed and strength of our economic recovery from COVID-19 will depend on the timeliness and inclusivity of our state’s policy response. If we wait to deploy dollars and connect more people and businesses to the necessary supports for health, housing, and income, North Carolina’s recovery will take longer. It will also result in costly […]
Senate advances small business relief bill, but without extra cash for states
WASHINGTON — The U.S. Senate on Tuesday cleared an “interim” COVID-19 relief package that includes billions of dollars for small businesses, hospitals and testing, but no additional funds for state and local governments. The nearly $500 billion package passed by unanimous consent Tuesday afternoon. The U.S. House is expected to reconvene on Thursday to vote […]