A bill to repay Minnesota’s federal Unemployment Insurance Trust Fund passed the Senate Monday and it will now travel to the House for consideration.
The bill, SF 2677, appropriates $2.3 billion from the state fiscal recovery federal fund and $408.5 million from the fiscal year 2022 general fund to the commissioner of employment and economic development.
The commissioner would repay the federal government outstanding loans and accrued interest within 10 days of the bill’s enactment. For the 2022 and 2023 calendar years, the base tax rate would be one-tenth of one percent.
Arizona has recovered all jobs that were lost during the coronavirus pandemic, according to a report from the Arizona Office of Economic Opportunity (OEO).
The data shows that the state’s economy has gained 101 percent of jobs lost during the initial months of the economic shutdowns associated with the pandemic.
President Joe Biden’s approval rating has declined to 50%, its lowest level since he took office, the latest Associated Press-NORC poll showed.
While 50% of Americans approved of Biden’s job performance, 49% disapproved, according to the AP poll released Friday. The survey — conducted between Sept. 23-27 — showed the president’s approval rating declining to 85% among Democrats, 38% among Independents and 11% among Republicans, each category’s lowest level of Biden’s presidency.
Gov. Gretchen Whitmer and the Michigan Department of Labor and Economic Opportunity (LEO) announced grants totaling more than $15.6 million to help get Michigan back to work.
The government awarded Michigan Learning and Education Advancement Program (MiLEAP) grants to 10 groups who will help support individuals who are dislocated, underemployed, essential workers, living in distressed rural and urban communities, or economically disadvantaged.
“My administration is committed to uplifting Michiganders whose economic security has been impacted by the COVID-19 pandemic,” Whitmer said in a statement. “By providing grants to help people make the move from education or training programs to good-paying, high-skill jobs, we can ensure all Michiganders thrive as we continue our economic jumpstart. The Michigan Department of Labor and Economic Opportunity and their Regional Consortia partners will help people get back on their feet and take the next step on their path to financial security.”
As the country continues to climb back from more than a year of an economic downward spiral during the COVID-19 pandemic, cities in states with Republican-led governors that imposed fewer restrictions are experiencing a faster and more robust comeback.
A study by WalletHub ranked the top 180 cities in the country to determine where economic recovery is occurring.
After the monthly jobs report was released on Friday, President Joe Biden attempted to take a victory lap, claiming to be the cause of the increase in available positions.
However, many individuals such as the Job Creators Network President and CEO Alfredo Ortiz criticized Biden for claiming credit for the economic recovery and highlighted that the unemployment rate increased despite the added jobs.
Michigan’s business leaders anticipate robust growth in the state’s economy within the next year.
They also plan a return to in-person office work in the 3rd and 4th quarters of 2021, according to a quarterly economic survey completed by Business Leaders for Michigan.
Approximately 92% of survey respondents say the state’s economy will likely remain strong and growing during the next six to 12 months.
Along with a working vaccine, Joe Biden inherited a V-shaped economic recovery, but he is now planting the seeds of its destruction. Inflation, federal deficits, high taxes, incentives for workers to stay home, and incentives to avoid investment – they’re all coming back. Together, these elements create the perfect brew for a Lyndon Johnson-style stagflation. If Biden and the Democrats so quickly wreck the good economic path they were given, it will be one of the worst examples of government malpractice in U.S. economic history.
In the first, dark days of the COVID-19 national economic shutdown last spring, there was a clear need for major stimulus. Both parties united to pass an effective and much-needed response.
The U.S. gross domestic product saw a 33.4% surge in the July-September third quarter of 2020, after plunging 31.4% in the April-June second quarter. The economy continued to grow at a 4% rate in the fourth quarter, and the stock market (despite COVID) ended 2020 with the S&P 500 index up 16% for the year as a whole.
Seven days before the 2020 election, President Donald Trump visited Lansing — the capital of a major battleground state and the home turf of Democratic Gov. Gretchen Whitmer.
Hundreds of Michiganders lined up at the Capital Region International Airport starting about 8 a.m. Tuesday waiting in 32-degree weather and rain for seven hours until Trump started talking about 3 p.m.
The rapid recovery from the lockdown continues. Economic reports from September indicate the economy has rebounded to 97 percent of its peak reached this past February. The surge in new orders for both manufacturing and service companies points to further gains in the months ahead.
These gains should bring the economy’s output and spending (GDP) back to its prior peak during the fourth quarter of the year.
The U.S. economy added another 3.7 million jobs in the month of August, according to the Bureau of Labor Statistics’ household survey of Americans reporting they have jobs, bringing the total up to 13.8 million jobs that have been recovered since labor markets bottomed in April, something almost nobody but President Donald Trump was predicting.
At the worst of the coronavirus recession, as many as 25 million jobs were lost by April, and now more than half of those jobs have been regained, as a V-shaped recovery has clearly formed.
A new policy brief lays out actions that Ohio policymakers can immediately implement so Ohio can fight and yet recover from the coronavirus pandemic, and it doesn’t involve unilaterally moving primaries or shutting down businesses.
The Buckeye Institute released the brief on Monday.
The brief, Policy Solutions for the Pandemic: How Ohio Can Fight the Impact of Coronavirus, is available here.
by Rick Manning The incredibly positive economic data that keeps coming out from both private and public sector sources leads to one overriding question: Will the Trump economic detractors ever get tired of being wrong? Over the course of the past six months, we have heard how tariffs against the…