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New stimulus check proposal ‘targets’ next payment in nearly every way. Here’s how – Trending News – indifact.com

What’s the issue with a $1,400 stimulus check? We’ll tell you why some think it’s too high. Angela Lang/CNET The chorus among some lawmakers to approve “targete

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What’s the issue with a $1,400 stimulus check? We’ll tell you why some think it’s too high.

Angela Lang/CNET

The chorus among some lawmakers to approve “targeted” stimulus checks that goes out to fewer people is nothing new, but as we saw with the $600 stimulus payment, lowering the maximum amount a person could receive has so far been the main method of reining in costs. That changed Sunday morning when a group of 10 Republican senators sent President Joe Biden a $600 billion counterproposal (PDF) — roughly 32% of Biden’s $1.9 trillion stimulus plan — that includes a third stimulus check that would trim back three crucial parts of the stimulus check formula to make fewer people qualify for less money overall.

Biden’s initial plan for the next stimulus check, on the other hand, sets a $1,400 maximum payment per person and would allow millions to either qualify for the first time or get more money per household. Biden has said he’s open to negotiating the “moving target” of the stimulus check details. Any change, big or small, could have an enormous impact on how many people would ultimately receive a payment.

We’ll explain why a $1,400 stimulus check ruffles more fiscally conservative feathers and how, if this is becomes an avenue of negotiation for the final package, a stimulus check could become more targeted. At this point, the GOP counterproposal remains just that. The House of Representatives will return to Washington on Monday and House Democrats are expected to produce a stimulus bill proposal of their own. We’ll continue to update this story with new information.

3 ways the $600 billion GOP proposal wants to change the next stimulus check

Here’s the quick snapshot. Below, we’ll go over exactly why they would want to target the next check, and how each change would work on its own.

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Making a more “targeted” stimulus check will put additional money out of reach for some — and that’s the point.

Sarah Tew/CNET

Why some people want to ‘target’ the next stimulus check

The argument here is that a $1,400-per-person maximum would send millions of stimulus checks to people who are considered high earners — in addition to sending the full $1,400 upper limit to many tens of millions of people who fit into the sweet spot that Congress wants to supply with stimulus money. For the sake of simplicity, that’s defined as single taxpayers with an adjusted gross income (AGI) of $75,000 per year or less (and their equivalent for heads of household and married couples).

The reason that a $1,400 limit could send checks to people who make “too much money” comes down to the way that stimulus checks have been calculated so far. The formula was written into the respective stimulus bills in a way that provides a partial payment to people who make more than the $75,000 per year threshold (up to a certain limit).

Looking at the formula for the $1,200, $600 and proposed $1,400 checks, it’s immediately clear how raising or lowering the per-person maximum — e.g. $1,400 versus $600 — can change the total number of people over the $75,000 income limit who could be eligible for a payment.

For example, using our $1,400 stimulus calculator, a single taxpayer with an AGI below $75,000 would receive the full $1,400 check. At $85,000, this person could receive $1,150; at $90,000 a year, they could get $650; and if they make $102,900, the Treasury would send a stimulus check for $5.

In contrast, a $600 stimulus maximum allots a single taxpayer with an AGI of $80,000 a stimulus check for $350. The same person who makes $86,900 a year would get only a $5 check.

The result is that, with the current formula, more people are eligible overall to receive a stimulus check of some amount, even if it’s a relatively small payment. Dependents and spouses add another layer — here’s more information, including a handy comparison chart.

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When it comes to divvying up stimulus check money, there’s more than one option.

Sarah Tew/CNET

A $1,000 rather than $1,400 check is one way to limit who gets a payment

The $600 billion GOP proposal would supply a $1,000 stimulus check instead of Biden’s $1,400. Even if no other changes were made to the formula or to the income limit, lowering the amount would automatically disqualify more people simply because of the way the math works out.

For example, the drop from the first $1,200 stimulus payment to the $600 second stimulus check immediately disqualified people who had otherwise qualified for the first stimulus check. Simply using a $600 base instead of $1,200 reduced the cutoff point for receiving a partial payment.

Said another way, the smaller the per-person maximum, the sooner people who made more than $75,000 a year hit the limit for receiving any money.

With the first check, a single taxpayer — remember, no spouse or kids — could get some amount of stimulus money if they made under $99,000. With the second check, that vanishing point dropped to $87,000. The only difference in that part of the equation was the maximum per-person payment. (Separately, child dependents counted for $600 in the second check instead of $500.)

As another illustration of the effects of the base payment, the first stimulus check went out to around 160 million people, while the second payment reached an estimated 147 million households, despite more groups of people qualifying for the second check. Likewise, a $1,000 would reach fewer people than a $1,400 stimulus check even if that were the sole change to Biden’s proposal.

What happens if you change the stimulus check calculation?

Changing the math in the stimulus check formula used for the first two checks would be one way to limit the number of people who receive a check, and a method that the GOP pitch offers in addition to other measures. Let’s just look at this one on its own — for the sake of argument, let’s assume that the final bill would keep the $1,400 maximum instead of $1,000, and the income threshold at $75,000 instead of the proposed $55,000.

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Changing any part of the formula would limit the number of people to receive a stimulus check.

Sarah Tew/CNET

Adjusting the part of the formula that controls partial payments could result in people who make over $75,000 per year hitting the vanishing point to get some amount of stimulus money, even with a $1,400 maximum payment, resulting in fewer checks going out overall.

For example, with the current formula, a $1,400 check would give a person with an AGI of $80,000 a year a $1,150 stimulus check. The GOP bill suggests an adjustment to the formula that would reduce your share by 10% instead of 5% for every $1,000 in income.

Therefore, the more you earn, the less money you could receive, at a higher rate than the current formula. That would effectively mean that people who are relatively high earners would get a much smaller check or none at all.

Fewer people could receive the full payment amount

The $600 billion Republican proposal would make fewer people eligible to receive the full stimulus check maximum. While the bill suggests a $1,000 per-person limit, we’re going to explain what happens if this were the only thing to change in Biden’s current proposal.

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Some people may have to kiss a third stimulus check goodbye.

Sarah Tew/CNET

In that case, say you have a $1,400 check, and people who make under $55,000 are the only ones who would receive the full amount. Everyone with an adjusted gross income over that amount would receive a partial payment — which would also peter out quicker for people with relatively higher incomes. That calculation would keep the highest earners from receiving a stimulus check for any quantity.

Could a new rule cut off the upper limit instead?

Let’s say Congress wanted to send $1,400 to everyone who makes under $75,000 per year, but didn’t want to send money to anyone who makes $90,000 a year or above. Another hypothetical way to achieve, which was not mentioned in the GOP proposal, would be to leave the stimulus check formula as is, but create an additional cutoff that would stop the IRS and Treasury from sending checks to single taxpayers with AGIs at $90,000 or above.

Again, this is just an example, with negotiators working out specifics for married couples filing jointly, and people with dependents.

What we know about more generous qualifications

In addition to supporting larger stimulus checks, Biden also wants to include two previously excluded groups: dependents of any age (not just children under 17) and all families with mix-status citizenship. Combined, that could potentially extend stimulus funds to nearly 20 million people who previously might not have been counted toward the family total.

If passed, the outcome would most likely be a larger stimulus check for families that previously qualified (in the case of 17-year-olds and older adult dependents), and some mixed-status families qualifying for a new check for the first time. In all cases, families would have to meet all other eligibility requirements — like an income limit — to receive a future stimulus check.

Until negotiations begin in earnest, we’ll have to see how the stimulus bill and third stimulus check develop. For more information, here’s the current timeline for a third stimulus check and here’s what to know about stimulus check qualifications. Here’s what to do if you’re missing all or part of your stimulus check.

Source: https://indifact.com/2021/02/01/new-stimulus-check-proposal-targets-next-payment-in-nearly-every-way-heres-how/

Payments

Square enables contactless payments with new Cash App Pay

Digital payments firm Square has introduced a new contactless payment method, dubbed Cash App Pay, for both sellers and consumers.

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Digital payments firm Square has introduced a new contactless payment method, dubbed Cash App Pay, for both sellers and consumers.

The new method is a software integration of the company’s Seller and Cash App ecosystems.

It enables sellers to accept online as well as in-person contactless payments. Meanwhile, consumers can make transactions using their Cash App account at participating Square sellers.

Users can scan the QR code of a seller at checkout or click a button on their mobile device for fast and secure payments.

In addition, sellers can leverage over 70 million annual transacting active customers of Cash App. This can lower checkout friction for consumers while improving their experience, Square noted.

Square lead of Seller business Alyssa Henry said: “Cash App Pay enables us to offer a simple and mobile-friendly way for businesses to reach customers across online and in-person, bringing accessibility and flexibility to every transaction.

“We look forward to deepening the integrations between Square’s Seller and Cash App ecosystems that will continue to offer enhanced experiences for businesses and customers alike.”

The latest contactless method expands Square’s omnichannel commerce offerings for merchants.

With the increasing use of contactless and QR code-based payments, Square sellers and also Cash App customers prefer using Cash App Pay, the company added.

Square lead of Cash App business Brian Grassadonia said: “The option to checkout online or in-store with Cash App has been a frequent request amongst our customer base.

“With the launch of Cash App Pay at Square merchants, we’re excited to introduce this new, seamless checkout experience to consumers across the United States.”

Merchants using the new method can manage receipts, reconciliation and settlements in their Square system. It is available as a software update and no technical integration or new hardware is needed.

Last month, Square agreed to acquire Australian ‘Buy Now Pay Later’ (BNPL) fintech Afterpay in an all-stock deal valued at approximately $29bn (A$39bn).

Square lead of Seller business Alyssa Henry said: “Cash App Pay enables us to offer a simple and mobile-friendly way for businesses to reach customers across online and in-person, bringing accessibility and flexibility to every transaction.

Source: https://www.electronicpaymentsinternational.com/news/square-cash-app-pay/

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Act fast or miss the digital payments boat, BIS tells central banks

Market News

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Reuters

Reuters Friday September 10, 2021 07:43

LONDON (Reuters) – Major central banks should press ahead now with digital currency projects to avoid falling behind comparable private sector payment initiatives that are already taking root, a Bank for International Settlements official said on Friday.

Corporate moves into digital payments, including Facebook with its diem stablecoin, have accelerated since the pandemic, as have contactless card transactions, and central banks are falling behind Big Tech at a time when questions are even being asked about the future of cash in some countries.

“The time has passed for central banks to get going,” said Benoit Coeure, a former European Central Bank official who now heads the BIS Innovation Hub.

“We should roll up our sleeves and accelerate our work on the nitty-gritty of CBDC (digital currency) design. CBDCs will take years to be rolled out, while stablecoins and cryptoassets are already here. This makes it even more urgent to start,” Coeure told a conference.

Unlike a stablecoin – whose price is pegged to a largely unregulated cryptocurrency, fiat money or assets like exchange-traded commodities – a CBDC is a digital version of existing notes and coins.

Central banks in Europe, Britain, the United States have been considering establishing CBDCs, though only the People’s Bank of China has taken concrete steps by launching trials.

Coeure said the European Union was uniquely placed to face the future in that field by building on its fast, open payment system and on strong guarantees provided by its data protection rules.

In July, a European Central Bank report gave the go ahead for the design and possible launch of a digital version of the euro, a project that Coeure said could take five years.

“A CBDC’s goal is ultimately to preserve the best elements of our current systems while still allowing a safe space for tomorrow’s innovation,” he said.

“To do so, central banks have to act while the current system is still in place – and to act now.”

Reporting by Huw Jones; editing by John Stonestreet

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

“The time has passed for central banks to get going,” said Benoit Coeure, a former European Central Bank official who now heads the BIS Innovation Hub.

Source: https://www.kitco.com/news/2021-09-10/Act-fast-or-miss-the-digital-payments-boat-BIS-tells-central-banks.html

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Fourth stimulus check live updates: new payment in California, unemployment benefits, Child Tax Credit…

Latest updates and information on related benefits from President Biden’s coronavirus relief bill, and news on a potential fourth stimulus check.

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US Stimulus News | 8 September, 2021 Headlines

– Will some states extend the additional unemployment benefits? (Details)

– Department of Labor to release new information on unemployment insurance claims: The last figures from before federal benefits were cut

– The White House refuses to push for unemployment benefits extension (Full story)

– Some Democrats push for an extension of pandemic related assistance programs. (Full story)

– Which states are offering their own fourth stimulus check? (Full story)

– California is sending out Golden State Stimulus checks: who is eligible for the payment? (Details)

Useful information / links

California Golden State Stimulus Checks |

– How to track payment. (Details)

– Can you get a second Golden State Stimulus check, if you got one during the first round? (Details)

Unemployment |

– What is the Federal State Extended Benefit program & when will it begin? (Details)

– What state level financial assistance programs exist to support those who have lost unemployment benefits? (Detail)

Child Tax Credit |

– Third Child Tax Credit payment will be sent on 15 September, when is the last day to opt-out? (Details)

Take a look at some of our related news articles:

How are the Child Tax Credit monthly payments being spent?

Early figures suggest that the expanded Child Tax Credit is already having a significant impact on the lives of millions of American families. After just the first round of payments had been sent the number of American children living in poverty fell by 3.3 million, a reduction of around 25%.

Data gathered by the Census Bureau Household Pulse Survey shows that one-in-five households spent the money on food, while utilities and clothing were also common expenditures.

Speaking about the positive new figures Natalie Foster, the co-chair of the Economic Security Project, said: “This reminds us that poverty is a policy choice. We can choose to end poverty if we want to, and it is great to see the Child Tax Credit taking such an important step ending childhood poverty.”

“The American Rescue Plan temporarily increased the Child Tax Credit provided to eligible American families with children.

“Because the American Rescue Plan only increased and expanded the Child Tax Credit for 2021, Congress needs to make this expanded tax credit permanent, so families can continue receiving this financial lifeline.”

UNEMPLOYMENT BENEFITS

Federal unemployment benefits end: what financial aid is available in each state?

Millions of Americans lost their federal pandemic unemployment programs last week after the White House allowed them to expire, cutting off income support for many who have yet to reenter the workforce.

But, although the federal unemployment programs are ending, there are other programs that have been around for decades as well as ones that were set up during the pandemic by the federal government and at the state level that households can access to alleviate some of the financial difficulties they will face in the coming days and weeks. Here’s a look at some of them…

Read more

Would a fourth stimulus check be a good idea?

After the underwhelming August jobs report there have been calls for President Biden to consider introducing a fourth stimulus check, to provide some extra impetus to the struggling economy. However not everyone is convinced of the benefits of the direct payments, and in the video from Vox a number of leading economists outline why they may not be such a good idea.

Stimulus checks prevent rise in food insecurity

The economic consequences of the pandemic and associated restrictions were catastrophic for the US economy in 2020. Millions of people lost their jobs almost overnight in spring of last year and the nation’s economic growth was the worst since World War II. With that backdrop, many would expect the number of housheolds experiencing food instability to increase but in reality it stayed almost unchanged.

Earlier today the USDA released its annual Household Food Security report, which surveys around 35,000 households for Census Bureau data. The study found that food instability remained the same as 2019, and some have pointed to this as a sign that the stimulus checks had the desired effect.

GOLDEN STATE STIMULUS CHECKS

Second Golden State stimulus check: how much do dependants and undocumented workers get?

Last week the California Franchise Tax Board (CFTB) started distributing stimulus checks as part of Gov. Gavin Newsom’s $100 billion California Comeback Plan. Earlier this year, Newsom passed the state-wide relief package which provided a fourth stimulus check for around two-thirds of all Californians.

All taxpayers who make up to $75,000 annually will be sent a direct payment worth $600, provided they did not receive the recent Golden State Stimulus check. Furthermore, some groups who have missed out on previous rounds of payment will now be eligible for the support.

Read more

Dems consider Medicare ‘stimulus checks’

Calls for a fourth stimulus check appear unlikely to be heard in the near future, but there is the prospect of a financial injection for a group of tens of millions of Americans. Senate Democrats are considering proposing that senior citizens are sent vouchers worth hundreds of dollars, to be put towards the cost of hearing, vision and dental services.

The payments would be a supplement to the various forms of support included in Biden’s enormous $3.5 trillion reconciliation package, because it is expected that it will take years for the entirety to be fully implemented.

“These new benefits are complicated and take time to implement, and there’s enormous political pressure to get help to people quickly, especially with the midterm elections coming up,” said Larry Levitt, executive vice president at nonpartisan group the Kaiser Family Foundation.

How to sign up for Child Tax Credit monthly payments

The IRS has been criticised in the past for making it too difficult for low-income households to sign up for the new Child Tax Credit. Households not required to file a tax return have to provide their information to the IRS separately, but that process has been made easier by the introduction of the new GetCTC online portal.

The new resource is available in both English and Spanish and is mobile phone compatible, to make registering for the monthly payments as easy as possible.

GOLDEN STATE STIMULUS CHECK

How many people are receiving second Golden State Stimulus check in California?

The California Legislature earlier this summer approved a second round of Golden State Stimulus for the state’s residents earning less than $75,000 annually as part of the California Comeback Plan. Residents are seeing a payment of between $500 to $1,100 depending on their income, status and whether they have a dependent.

Since August 27, the California Franchise Tax board has been sending out batches every two weeks to approximately 9 million Californians who filed a 2020 tax return.

Read more here

Economist: end of extra unemployment benefits “disturbing”

Joseph Stiglitz, Nobel Prize winning economist, has rallied against the end of the extra unemployment benefits. Speaking to Democracy Now!, he said they should have continued.

“3/4 of those will see their benefits cut or most of those eliminated… and we aren’t back to normal.”

“The employment numbers were not good last month… these people who lose their benefits won’t be able to spend.”

US to default on national debt if changes not made, says secretary

Treasury Secretary Janet Yellen on Wednesday warned congressional leaders that the US is on track to default on the national debt in October if the White House and Congress are unable to raise the debt limit.

It would be the first time in the nation’s history to default on the debt and would undoubtedly send shockwaves through the economy.

What we have right now is that the Biden administration has indicated they have almost no willingness to extend the pandemic unemployment assistance program… We have a Senate that doesn’t want to do it, a White House that doesn’t want to do it — it’s going to take a very committed House.

There are some states where it may make sense for unemployed workers to continue receiving additional assistance for a longer period of time, allowing residents of those states more time to find a job in areas where unemployment remains high.

Make sure you are signed up for the Child Tax Credit

The easiest way to find out if you qualify for advance CTC is to use the IRS Advance Child Tax Credit Eligibility Assistant. (Spanish version) It will ask you questions about yourself and other family members to see if you qualify for the credit, and if so, it will estimate the amount.

The IRS will automatically issue advance payments, based on the estimated CTC due to you, in 2021. You can find out if you are already automatically enrolled, by using the Child Tax Credit Update Portal.

The deadline for opting in/out for the September payment has already passed, but if you fill out the necessary information now, then you will still receive the October payment and the money from the months you missed at the end of the tax year.

New record high of more than 10 million available jobs

Data released yesterday showed that there were 10.7 million available jobs in the US, the highest on record. This number, recorded from the end of July, is a bad sign considering the low take up of new jobs in August, just 235,000.

Businesses will be hoping that the end of the extra unemployment support on Labor Day will cause a rush back to the workplace. The end of these benefits was largely due to the swathe of available jobs, but a return to the workplace is not as simple as there being jobs available.

How many jobs did the US economy add in August? Why was the number so small?

The Bureau of Labor Statistics has reported that a meager 235,000 jobs were added to the payroll in August. This figure represents around a third of the jobs that were forecased by experts.

For comparison in June and June, more than 900,000 jobs were added collectively.

Some experts believe that the slow down in the labor market could have been caused by the surge in covid-19 cases seen in the country as the Delta variant became the dominate strain.

Later this month, the agency will release state level data which will allow researchers to see whether states with lower vaccination rates experienced more severe slow downs in labor market reentry.

For more on the August jobs report, read our full coverage:

Why do experts think the August jobs report was so bad?

Stimulus Checks

How much were the first, second and third stimulus checks and when were they sent out?

How much were the first, second and third stimulus checks and when were they sent out?

Many households in the US currently find themselves in a volatile and vulnerable situation. According to the US Census Bureau more than a third of home owners and tenants are behind on their rent and the eviction moratorium has expired.

Additionally with federal unemployment benefit programs expiring this week, and no states willing to continue the programs with funds from the American Rescue Plan, nearly 10 million workers will see their incomes plummet this month.

These distressing statistics have many curious if a fourth stimulus check is on the horizon. To understand the possibility of another round of direct payments being approved, our team took a look back at the political negotiations that took place when the first three were sent.

Read more here.

BREAKING: US Census Bureau reports that more than a third of tenants and home owners are not current on their rent or mortgage

In a week leaving many economists worried, greater concern was raised after new data from the Household Pulse Survey found that 35 percent of households were behind on their rent or mortgage. This comes as the federal eviction moratorium was expired, leaving a sizable percentage of the population at risk of loosing their homes.

FOURTH STIMULUS CHECK

Which states have new stimulus payments in September?

Which states have new stimulus payments in September?

With the chances of a fourth stimulus check being approved by the federal government, some states have taken maters into their own hands by sending them directly to their residents.

However, many of these checks are being sent to people with specific jobs like teachers and first responders or low-income individuals.

Read our full coverage for more details.

How many people claimed federal unemployment benefits before they were eliminated?

Each Thursday the Department of Labor (DoL) releases data on how many unemployment claims were made two weeks prior. On 2 September, the DoL reported that with both federal and state benefits, 12,186,158 claims were made, “an increase of 178,526 from the previous week.”

This was the most recent data released before federal benefits ended.

Federal Claims

A total of 5,413,238 continued claims made under the Pandemic Unemployment Assistance program during the week of 14 August.

As for the Pandemic Emergency Unemployment
Compensation, 3.8 million continued claims were made.

Based on this data, which is the most recent available, 9.2 million people could see their incomes completely drop out as federal benefits were cut this week.

How did consumer spending and personal income change after the sending of the Child Tax Credits?

Each month Bureau of Economic Analysis (BEA) releases data on personal income and consumer spending for the previous month.

In late August, the much anticipated figures for July were released. Many have been waiting to see these numbers as the government sent the first payment of the Child Tax Credit to millions of families.

Consumer Spending

The BEA reported that there was a slight increase seen in levels of consumer spending focused in the service industry. However, there were decreases in spending on good, which thankfully was offset by the increase seen in the service sector. Within the service industry spending was primarily focused in food services and accommodations.

The decreased spending on goods was seen “across both durable and nondurable goods, led by motor vehicles and parts (notably, new light trucks).”

Personal Income

In July, increases in personal income were seen, which the BEA believes were driven by “government social benefits and compensation of employees,” as more workers return to the workforce.

However, the gains were not as dramatic as some expected as many on unemployment saw their benefits cut, reducing household incomes.

Read more from the BEA here.

Why has the price of housing increased so rapidly?

Those looking to rent or buy a house in the US may have noticed that in recent years — and decades — that the price has skyrocketed.

Vox, a media outlet, took a look at the question: How did the US made affordable homes illegal?

In reality the issue is complicated and tied to racist and discriminatory housing policy, the way cities and towns undertake zoning, and much more.

The Hill answers five main questions on the ending of federal pandemic unemployment benefits

The Hill took a look at five questions many who have lost their unemployment including, ‘Is overall employment expected to increase?’ and ‘Will consumer spending decline?.”

BREAKING: Senator Manchin says he will only support $1.5 trn reconciliation bill

New reporting from Greg Sargent of the Washington Post shows that the West Virginia Senator may completely sink the Democrats chances of passing a sweeping reconciliation package.

Manchin, whose vote is needed in the Senate for the bill to pass has also stated that he would like to ensure that the package is completely paid for. However, the current $3.5 trillion proposal would pay for itself…the problem is, Manchin does not support some of the tax reforms that would help to cover the costs.

Boston Globe reports that children of color were hit particularly hard by the pandemic

The Boston Globe has released a new article showing that almost 105,000 children lost a parent to covid-19. These deaths disproportionately fell on Black and Brown communities who were more likely to work “essential jobs.”

The Globe also reported that 1 in 3 Black and Latino families “faced multiple compounding hardships such as housing insecurity, hunger, and unemployment.”

These statistics are alarming as federal benefits to support economically vulnerable households expire.

Do racial disparities exist when it comes to retirement?

Yes. The Tax Policy Center took a look at the average amount in retirement accounts by race and found that on average white retirees had around $180,000, while Black and Latino retirees has between $38,300 and $27,800, respectively.

These findings show that when it comes to retirement, people of color may need to work more years but due to systemic racism, many may not be able to reach the averages of white seniors.

These findings also highlight that these racial groups may be more dependent on social security payments. This is especially troubling when considering that in 2019, 4.3 million seniors were living in poverty, representing around 8.9% of the population over 65.

US NEWS

Federal unemployment benefits end: is it possible to request an extension?

Federal unemployment benefits end: is it possible to request an extension?

President Biden has urged states to use federal funds to pay unemployed workers who cost their job as a result of the pandemic in areas where unemployment remains high.

No states have taken his offer. This could result in serious consequences, such as a wave of eviction that could leave children and their parents without a home.

Read our full coverage to find out if any states are thinking about extending federal benefits and why many are choosing to ignore the President’s advice.

How did the first two payments of the Child Tax Credit impact hunger in the United States?

New research from the Center on Budget and Policy Priorities found that from December 2020 to August 2021, rates of hunger in households with children dropped from 18.3% to 9.5%.

These new figures come after the federal government has paid two of the six Child Tax Credit payments it will send this year. These numbers bring the rate of hunger to one of the lowest seen during the pandemic. However, with federal unemployment benefits having ended, time will tell if the at more $300 per child benefit is enough to feed families fed.

Read more from the CBPP here.

Unemployment Benefits

Why didn’t the Biden administration pushback on the expiration of unemployment benefits?

Why didn’t the Biden administration pushback on the expiration of unemployment benefits?

The final day of the expanded unemployment benefits has passed. Nearly 10 million Americans will see their support vanish this week, extremely troublesome in a time of high covid-19 levels and the resumption of evictions.

Other federal programs including the Child Tax Credit and SNAP benefits can help fill the gap but these benefits are primarily paid out to families with children. Many of those who lost their job in the pandemic are younger single Americans who are ineligible to receive these payments.

Biden has called on states with high unemployment rates to use federal funds for pandemic recovery to support the jobless, but no state has taken up this offer.

Read our full coverage to find out what exactly Biden has said on the matter of extending unemployment benefits.

Learn more about the Child Tax Credit

The White House has been attempting to spread the word about the expanded Child Tax Credit for months and the early figures suggests that it is helping to keep millions of families above the poverty line.

The monthly payments are worth up to $300 per child for eligible families, but not everyone who is eligible for the program has yet been registered.

Unemployment Benefits

What is the Federal State Extended Benefit program? Who is eligible for it?

What is the Federal State Extended Benefit program? Who is eligible for it?

The end of the extra unemployment support enacted for covid-19, the 10 million people affected by the stripping of their benefits need to look for alternate avenues for support.

One of these is the Extended Benefits program, not to be confused with the benefits that ended over Labor Day. It is not as large as the $300 weekly payment from before, but could mean the difference for a person who lost their job due to the pandemic.

Read our full coverage to learn more about the program.

Comment from The Week on the end of the extended unemployment benefits

A column from Ryan Cooper explains his reasoning why the unemployment benefits that ended last weekend should be resumed immediately.

The crux of his argument is that it is ludicrous to end emergency support when the emergency is still ongoing. The rise of the Delta variant and the stalling of the vaccine rollout means that the situation in winter could be just as perilous for the low-income Americans who have already suffered disproportionately.

This is reflected by the poor job growth in August nationally, and it remains to be seen what the outcome of the September report will be. The return to schools could lead to an even wider spread of covid-19, and put businesses on the back foot once again.

Manchin to torpedo $3.5 trillion budget

At most, he’s open to supporting $1.5 trillion package, sources familiar with the discussions say.

Why it matters: In a 50-50 Senate, that could mean the ceiling for Biden’s “Build Back Better” agenda and that many progressive priorities, from universal preschool to free community college, are in danger of dying this Congress.

Stimulus checks and Child Tax Credit live updates: welcome

Hello and welcome to our live blog on Wednesday 8 September 2021, providing you with the latest updates on a potential fourth stimulus check, and information on the expanded Child Tax Credit, a scheme which so far has seen two monthly payments of up to $300 per child go out to qualifying American households.

We’ll also bring you news on other economic-aid measures in the US, such as unemployment benefits and updates on the sending of California’s Golden State Stimulus checks.

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Source: https://en.as.com/en/2021/09/08/latest_news/1631088572_566974.html

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