36 Burst results for "Nancy Marshall"
CDC Extends Eviction Moratorium Through July
"Centers for disease control has extended for one last time it says the federal eviction moratorium that gives them millions of tenants out there who can't make the rent a little bit of breathing. Room end of july is the new deadline. There is federal rent relief money to be had. But it's not getting to everybody who needs it. So what do you suppose happens when the federal eviction protections go away in just over a month. Marketplace's nancy marshall ganz on that one the one month extension we'll give state and local governments more time to distribute twenty five billion dollars in federal pandemic rental assistance. Some have been slow to get the money out. Matt losec heads the montgomery county maryland renters. Alliance he says they're afraid of fraud and a lot of municipalities are not used to handling crisis operations losec says six million renters nationwide are facing eviction. Tenants like laura who didn't want her last name us for fear of losing her job. She applied for rental assistance. Two months ago. I'm just honestly very frustrated. Right now laura works in a nursing home. She was afraid of getting covert so took a month off from work unpaid now. She's thirty two hundred dollars behind on her rent. she worries she'll be evicted. It's a very dehumanizing process. Who wants to have any notice slapped on their front door for everybody. Who lives on your florida's see laura is working and paying rent again. She just needs the federal aid to pay her background policy. No is with the national multi family housing council. We've seen data's that suggests that a resonance are feeling that they are in a better place about meeting those rental agreements but sinoe says long-term the section eight federal housing program should be expanded it issues brent vouchers for low income tenants. Alicia missouri is at the center on budget and policy priorities. She says even before the pandemic there was a long section eight waitlist just one in four eligible families get rental assistance and so many more people are in need
Fresh update on "nancy marshall" discussed on Marketplace Morning Report with David Brancaccio
"This marketplace podcast is supported by equifax the world's digital infrastructure company looking for the choice and control of hardware with the low overhead and developer experience of the cloud deploy equinox metal in minutes across eighteen global locations from silicon valley to sydney. Just add metal at metal dot equinox dot com this marketplace podcast is supported by cyber reason cybersecurity defenders. Don't fear ransomware. They end it with cyber defenders detect and stop ransomware that even others miss a promise backed by their one million dollar breach warranty at cyber reason. They don't fear ransomware they end it. Learn more at cyber reason dot com nearly twenty years. after a company called enron started unraveling. We may still fall for corporate myths. I'm david brancaccio i. What is good for those looking for jobs or pay. Raises may not be as good for company investors fedex. You know their trucks in their boxes has lowered its expectations for profits for the year. Due in part to the higher costs of finding and keeping people marketplace's megan mccarthy carino reports with the all important holiday season approaching higher wages and signing bonuses have become the norm in the shipping industry says analysts bitcon goal with job site indeed. There's a palpable sense of urgency this year compared to last year but still not from job seekers says andrew challenger of staffing firm challenger gray and christmas. We're seeing employers running up against a wall. There was an expectation that the labor shortage would have abated by now. Fedex wants to hire ninety thousand. Ups one hundred thousand and amazon one hundred twenty five thousand more workers for the holidays. I don't know where all those people are gonna come from. Keith myers consultant with ship. Wear expects companies will significantly cap the deliveries they accept. The excess will go to the postal service likely with hefty delays. Like partly joke and partly not that christmas shopping should start now and megan mccurdy carino for marketplace and note that a source there was from the company indeed which is also a marketplace underwriter interest rates are holding quite steady in the face of the federal reserve. Strong hint yesterday. That central bank stimulus will be ramped down starting later this fall. The tenure interest rate is up. Just a hair at one point. Three or four percent. Now marketplace's nancy marshall. Genzer was at fed chair. Jerome powell's briefing. The fittest been purchasing at least one hundred twenty billion dollars worth of bonds each month to essentially flood the economy with cash. Making borrowing cheat. The fed wants to see substantial further progress on several goals before tapering yesterday. Powell said the feds inflation test has been met and it could decide its maximum employment goal was reached at its next meeting in november. I'm nancy marshall genzer for marketplace dow. Snp and nasdaq futures.
"nancy marshall" Discussed on WNYC 93.9 FM
"The 27th Day of May. God is always have you along, everybody. If yesterday was a corporate news kind of day, which we said itwas today is an economic indicator news kind of day. A second look at gross domestic product for the first quarter came out this morning. And unchanged from earlier but still robust. 6.4% growth on an annual ized basis in this economy and realized is important. Their first time claims for unemployment came out as well. Because this is Thursday. The trend keeps going in the right direction, a relatively And relatively is doing a lot of work. They're low 406,000 people applied for benefits. We, though, will begin with something called personal consumption expenditures PC if you like and measures inflation and was up 3.7% in the first quarter. Now. Why are we telling you that? Here's marketplaces Nancy Marshall Ganz er Personal consumption expenditures. Price index. The PC eep tracks a basket of products and services. You can think of it like one big shopping card for all Americans. Economist Claudius Some at the Jane Family Institute says the PC measures the price of the goods and services we consume whether or not we pay for them ourselves. At the doctor's office. The co pay comes out of your pocket. But if you have insurance that pays the rest, some says higher demand pushed up the prices in the P C. E basket. A lot of people need to go buy clothes to get back to work, and, frankly, like myself, a lot of us need closer of a larger size. We were wearing the last time we went to work. No, the PC is the Federal Reserve's favorite inflation snapshot. The PC ease, flashier cousin, the C P I, or consumer Price Index on Lee measures will be pay for ourselves. Stephen Chick Eddie is an economist at BRANDEIS University. Well, the reason that they look at the PC instead of the C P I is that the PC is a more accurate measure of the whole market basket of what we consume. Kathy Bostjancic, an economist at Oxford Economics, says the PC also tracks consumers who buy chicken when the price of say, beef rises. The PC Price index will capture that switch to the lower cost Good. The Fed needs an accurate inflation gauge like the PC Eve to know when it needs to raise interest rates to cool off the economy. I'm Nancy Marshall denser for marketplace. So let's keep going with economic indicators that first time first time claims number. I talked about 14 6000, as I said, the lowest since the pandemic started and a pretty solid sign. The labor market is working its way back. But a nowhere near normal labor market is one thing and also be That first time claims number is a look back what already happened. And with two dozen Republican governors, having said they're cutting off extra federal unemployment benefits, some as soon as next week. Good places. Meghan McCarty Carino looked at the labor market yet to come. It's not just that extra $300 a week in federal unemployment payments, most of these states are ending. It's also benefits for gig workers, freelancers and the long term unemployed. Like Marcellus, Row in Dunwoody, Georgia, where federal benefits will end June 26. I will be receiving nothing. Unfortunately, I have no idea how I'm going to hell they by day. Row, lost his job at a public transportation agency last year and says he hasn't found work to match his previous pay of $16 an hour and all the hours just not gonna cut it. As economies reopen and the dangers of the virus recede. Michael strain of the American Enterprise Institute says the additional benefits are doing more harm than good. I see a labor market where employers clearly want to hire workers, but there are not enough workers there to be hired. He says Scaling back benefits could incentivize more people to return to work. But Andrew Stettner at the Century Foundation says it's not so simple. We want to believe that we can just turn the lights back on, but that's not really how it works. Industries like tourism and entertainment have been slower to bounce back, and some people face health challenges or child care issues caused by the pandemic that prevent them from finding work. Those the ones on the federal programs, those people that have the greatest barriers to work. Rising vaccination rates might make it feel like we're done with Cove it But he says Covad isn't done with the economy. I'm making McCarty Carino for Marketplace on Wall Street today. Well, the major indices were up a bit, so there's that you know what else was up to those Almost 36%? AMC, the movie shooter thing that theater chain that not six months ago was this close to bankruptcy. Why Reddit Wall Street. Betts is at it again. We'll have the details when we do the numbers. It's rare honestly, that corporate governance becomes a big news story. It is equally rare, more rare, Probably. That in a David and Goliath Wall Street shareholder fight David winds, but that is exactly what the vote to put at least two new, more climate minded people on the Exxon Mobil board of directors yesterday, Woz And the ruling in the Netherlands that Royal Dutch Shell is responsible for climate change and is going to have to cut its emissions by a lot and soon. Well, that's of a piece. But for those presidents and for the tipping point that Arguably yesterday was the big question here is scale will what happens in a board room and a courtroom? Get us to the changes that are going to matter to the planet. Marketplaces. Scott Tongue explores For big oil companies with giant climate footprints. Yesterday's events are kind of push and pull. At least that's how environment and climate lawyer Maggie Pelosso at Vinson and Elkins sees it. The litigation is really using the law as a push. That is the Dutch ruling against Shell may prompt other oil majors to cut their emissions and the shareholder piece of it is kind of trying to use shareholder preferences on climate as a pole. So you're trying to get people to go beyond the law and you more than what the law would require. Also expects the new board members voted in by big investors, including Black rock to push for strategic changes, but they'll have to be big, according to the International Energy Agency. Last week. It's said in order to achieve zero net emissions by 2050. No new oil and gas fields can be developed period. And so if that's the world you're living in You would expect that investors will question every single new investment, but it's not just what oil companies stopped doing. It's also the technologies they develop. For instance, finding ways to pull CEO to out of smokestacks in the air to turn emissions Negative. Here's Karen Dany Kylie, senior analyst at S and P Global ratings, a marketplace underwriter and terrors of capturing carbon. They're not quite there yet, but there's an incentive now more than ever for these oil companies to figure it out. Figure it out and move the climate Needle. But not all fossil fuel companies can be poked and nudged by big investors and Wall Street, Columbia law professor Michel Gerard. We also have state owned oil companies from Russia and Saudi Arabia and other countries that are much less vulnerable to this kind of political pressure. And to many observers, Big oil's business models have to fundamentally change if we're going to dial back the warming already underway. I'm.
Your Tax Refund May Take a Bit Longer This Year
"Day. The deadline for filing your 2020 federal taxes month later than normal years. But even if you filed early this year, you may still be waiting for your refund. That is because shocker the pandemic did a number on a lot of people's tax returns. And the I. R S is now buried in a huge backlog. For starters, 30 million tax returns were flagged for a manual review. People got stimulus checks and other relief payments that Iris has to take a closer look at and it still as returns from 2019 zipped through as well. Marketplaces Nancy Marshall Ganz explains what's going on. Samuel McConnell and his wife, Wendy, filed their 2020 tax return in February. But they're still waiting for their $2900 refund. The iris just tells them you return is being processed. With no other information, no information. Why? No, it's always tempting to blame things on your kids. But this time the delay really could be due to McConnell's daughter, Maggie. Well since Maggie was born in January. Of 2020. The Iris didn't know about her. So McConnell claimed Maggie's Cove, it relief payments on their 2020 taxes that may have put them in that backlog of 30 million returns. Aaron Collins is the I. R S is national taxpayer advocate. 30 million returns. For however many I arrest employees to process is a very large lift for the IRAs in Colin says it doesn't help that the irises budget was cut 20% over the past decade. I'm
"nancy marshall" Discussed on KQED Radio
"Your bank account to cover a bill and auto pay kicks in and tries to pay the bill, you might be charged an overdraft fee. The media feeds about $34. And there can be mistakes. Say once a month payment is taken out twice. And yes, it can be hard to keep track of all your Odo payments. Well, their estimate she spends 4 to $500 a month on streaming and media plus auto pays to various charities. While they're says she'd probably do some auto pay pruning if she genuinely knew what she was spending, but it's not always easy to cancel auto payments while they're says her husband Shells out 7 99 a month for a video gaming service he hasn't used in about 10 years. He no longer has the email address. He used to set it up. He can't reach a live person. You can't use their website because he doesn't have the email. And so he just gave up, you know? Turns out this is a pretty common auto pay problem, common enough that the Cfpb, the Consumer Financial Protection Bureau. As a whole section on its website on how to stop automatic payments. John McNamara is an assistant director at the Cfpb, He says you can file a complaint with the agency about any problem you're having with out. Okay. The Cfpb has significant power over financial institutions. Some of those energies might be subject to our supervision. Such a large banks on then, when it comes to consumer financial law, many of these areas are could be subject to an enforcement action by the Cfpb something that would get their attention like a fine McNamara says. You do have the legal right to stop auto payments any time if you can remember who you're paying. I'm Nancy Marshall denser for marketplace. Justin was talking a little while ago about the macro story and what's driving food prices higher, But there is a micro story to people farmers in this case. Deciding when and why to reprint the price tags on their produce. Here is today's installment of our Syriza's My Economy. My name's Scott Snare. I own Rainbow Island Produce were a hydroponic lettuce and Green's farm in Hilo, Hawaii. I purchased the business in the last quarter of 2019. All the customers really were The local restaurants. There's a lot of wholesale accounts, so I had only a full quarter before we started to see a reduction and travel. Man. There was a fall off a cliff. I can't even put into numbers or at least I don't like to look at those numbers. There are a couple of times where It really seemed like things were coming back. The sales might rebound a little bit, and I'd plant a bunch more and then The next week, they would fall off, but I've already got my farm planted out. Even before I owned it. I knew that the product was undervalued. Ended up deciding to raise prices and that's just Who, incidentally, came about a month before we started locking things down. The initial benefit was it allowed me to hire an employee? That that was huge is far has it helped, you know, eliminated some little errors being behind schedule and stuff. You know, if I hadn't raised prices, I would not have been able to support the employees or probably even myself. It's so hard to tell if for just in another boom that's gonna bust You know, it does feel like this. Most recent recovery is a little more promising. So I guess all I can do is hope for continued progress towards uh, you know, more consistent and improving financial outlook for who I island. This final note on the way out today in which if you need a ride to get to your vaccine shot, uber and lift will do it for you for nothing. Starting sometime in the next two weeks. Continuing through July, 4th rides to and from vaccination sites will be gratis. Yes, they had been discounted for awhile already. And yes, it is a great public service. Also, yes and cynically..
How consumers are using their latest relief checks
"To have you with us. The Federal Reserve Bank of New York is out with a new study today, looking at how people are spending or not spending their pandemic relief checks. So far, most are using the money to pay off debt or saving it. Not exactly the economic stimulus. Many are hoping for marketplaces Nancy Marshall Ganz or has more on why people are holding back on spending. The New York Fed says the consumers it surveyed who've already received their third relief checks are hanging on to the money just like they did with the 1st and 2nd relief payments. The Fed report says. Consumers are only planning to spend a quarter of the most recent check, and most of that will go toward essentials. We were savers Jason Calas are is an eighth grade teacher. He, his wife and teenage son lived near Los Angeles. He says. In the before times they go out to eat once or twice a month. But they won't be using any their stimulus money for that. In fact, he doesn't think they'll set foot in a restaurant until next year. We spent the lad better part of 13 months used, avoiding indoors and people are strangers. And then it would just be a big hurdle to get over. Salazar says they might reconsider once they're all vaccinated. Kathy Bostjancic, an economist at Oxford Economics, says a lot of other consumers feel the same way. The confidence to go out and spend on services is is very directly related to the progress we're making on the vaccinations. Question Sick thinks will make enough progress for consumer spending to jump about 3.5% over the next few months. Other economists, like Joseph Minarik of the Conference board aren't quite so optimistic. The people who worked in hotels or in transportation We're getting up to full capacity is going to take some time. Those folks are going to continue toe hold back in terms of their spending, Min Eric says. Even some people who do have jobs are worried They'll get a pink slip and economic growth won't recover without them, since roughly 70% of the U. S economy
How Will You Receive Your Next Government Stimulus Payment?
"So how do you get those relief payments. The white house says will start going out this weekend. I'm nancy marshall genzer with the marketplace minute if the irs already has your bank account information you're all set and could get your money days otherwise you'll get a paper check or debit card if you've already filed your twenty twenty taxes. That's what the irs will use to determine if you're eligible for a payment if not it'll use your twenty nineteen return.
"nancy marshall" Discussed on WBEZ Chicago
"An executive order that day after he was inaugurated requiring employers to protect their workers from Cove. It But OSHA the Occupational Safety and Health Administration doesn't have enough workplace inspectors to enforce that. Chris Lewis, a former deputy labor secretary in the Obama administration, who helped with the Biden transition, He says the Trump Administration was slow to replace inspectors who quit leaving OSHA with the lowest number of inspectors. Since the 19 seventies as people laugh jobs weren't backfilled. So you know the lack of inspectors makes it hard to get people out to the places they need to be loose is there's also a lack of top diplomats at the State Department. Vacancies at the Department of Health and Human Services will complicate Biden's plans to shore up the affordable care act. And personnel is policy, says Kristina Canadian who teaches political science at Yale. The New administration will have to scale up staffing to reach its goals contain, says Biden does have one big advantage over other incoming presidents. Ah, huge pool of people who are ready to go. He is uniquely positioned to have a set of appointees who served in the Obama administration. Just four years ago. Another way to staff up allow federal employees to work from home permanently. Andrew Crane dross, The economist who left the Agriculture Department says he has no plans to go back. The chance to work remotely would be a great recruiting perk. I'm Nancy Marshall denser for Marketplace Spinal note on the way out today as I speak these words, I'm looking at my phone at the very first tweet that Twitter co founder Jack Dorsey sent March 21st 2006. Just setting up my Twitter, he wrote. So right there on my phone available for me to read. Free. But if you want to own that tweet as a non fungible token, we talked about these the other day. Non fungible one of a kind, right? That's the deal as an investment of that type. Well, that'll cost you $2.5 million. Dorsey's auctioning it off as an n f t $2.5 million. Or free on your phone. You decide. Marketplace is.
NY Attorney General Blasts Crypto Market as 'High-Risk' and 'Unstable'
"Warning that the hypersonic rise of crypto currencies like Bitcoin has brought more crooks into the mix. She's issued a pair of strongly worded alerts one for brokers and dealers and other for investors and consumers. Marketplaces. Nancy Marshall denser has some details. Attorney General James called crypto currencies high risk unstable investments and warned they can result in devastating losses just as quickly as they can provide gains In the investor alert, James said many operators of virtual currency trading platforms are themselves invested in crypto currencies and their financial interests. Quote May conflict with your interests. Seems also said there were few consumer protections from fraud. The industry alert warned the Cryptocurrency brokers, dealer's sales People and investment advisors all have to register with her office, James added. Played by the rules or we will shut you down. Just two weeks ago, James filed the lawsuit against the digital currency trading platform coin seed. Alleging that it had operated as an unregistered broker dealer for more than three years. I'm Nancy Marshall Cancer for Marketplace. The price of a Bitcoin crossed above $50,000 overnight. That's nearly quadruple what it was in the early fall. Several reports show
Millions to receive relief payment via debit card
"I have needs. It has to be its consumption. And that's the thing want debit cards can also be cheaper than checks for people who don't have bank accounts cashing a cheque cost them money. But with a card says shantelle boyens with the urban institute there is a network of. Atm's where you have the car you can access your funds without any feeds but people can only make one withdrawal for free from an out of network atm after that. It costs two dollars boy in says the income people are more likely to pay those fees. They may be located in areas where they don't have as good of access to in network. Atm's the cards also come with terms of service. An ira rheingold. Executive director of the national association of consumer advocates says some of them put card users at a disadvantage. You consumer if you have a complaint you cannot go to court. You cannot be part of a collective action. A class action members of congress sent a letter to the treasury this week asking it to remove those clauses and reduce any fees. I'm justin ho for marketplace lawmakers tucked a provision banning surprise medical bills into this latest relief. Package those are the unexpected charges from out of network healthcare providers that can add up to tens of thousands of dollars. One thing. that's not yet. Clear is how this might affect insurance premiums marketplace's nancy marshall genzer explains. It's a nasty shock without realizing it. You retreated by a healthcare provider. Who was out of network surprise. You're stuck with a huge bill. Jen taylor with the consumer advocacy group families. Usa says some of the biggest unexpected medical bills. Come from air ambulances where people were getting a fifty thousand dollar bill and they were unconscious and put into an ambulance and had no say in the matter. Once this surprise medical bill legislation goes into effect in
A clear disconnect between the Treasury and the Fed
"Janet yellen in her first official remarks as treasury secretary nominee. Maybe giving congress low. Poke in the eye. Inaction will produce a self-reinforcing downturn causing more devastation. So that's the maybe there is help on the way news of the day. The oh no. There's not came to us from fed chair. Jay powell and treasury secretary steven mnuchin in congressional testimony this morning summing up their views on the state of this economy and as marketplace's nancy marshall genzer explains. There is a disconnect. If you watch. Chair powell and secretary mnuchin senate banking committee testimony today and i know you did. You'd think they were talking about two different economies. First mnuchin said the october jobs report showed that the economy has gained back. Twelve million jobs since april and powell followed up with although we welcome this progress we will not lose sight of the millions of americans who remain out of work. Powell looks at the big picture. Mnuchin is focused on the letter of the law and the cares act did specify that some pandemic aid stop at the end of the year as the economy recovered mnuchin acknowledges that some additional help is needed but he also points to the falling unemployment rate. Catherine judge is a law professor at columbia university. The look at where we are this quarter relative to last quarter and they look at the rate of improvement. The unemployment rate did fall to six point nine percent in october. But that's still almost double the jobless rate before the pandemic hit the us adam ozimek chief economist at the jobs would site. Upwork says powell sees the glass half empty wall. Mnuchin says it's half full and mnuchin could make it harder to convince wavering members of congress to vote for another relief package. You can't really rally the troops as long as you're describing glasses full if congress doesn't pass another relief bill. Williams college economists. Ken kutner says the fed will say. Look if you guys can't get your act together and pass some fiscal stimulus you know. It's going to fall for the fed to try to try to take that slack as best we can and kutner says the feds tools are not ideal for that fed chair. Powell has said repeatedly. The fed makes loans not the grants that struggling businesses and jobless workers need right now.
Can unemployment insurance be fixed?
"Thirty eight days a little bit more than a month gets you to the day. After christmas and the expiration of most of the federal unemployment programs that were passed last spring in the cares. Act that in and of itself is not good economic news. Neither to is the reality that there are no negotiations happening right now. In congress on more relief democrats and republicans aren't even talking and so according to research out today from the century foundation twelve million people who are out of work in this economy are thirty eight days from losing their benefits. Marketplace's nancy marshall genzer explains what that's gonna mean for them and for us without a deal. December twenty six will be a grim day for unemployed workers and a us economy andrew stenner with a century foundation. Says it's like twelve million workers and their spending power will fall off a cliff. Even if you thought you had ten eleven twelve nine weeks left. You won't get those weeks. You get cut off that exact week. Benefits for gig. Workers and the self-employed are ending as is federal. Help for most people who've exhausted their state benefits stettler says black workers in the service sector will be hit especially hard since so many of those businesses have closed. Kimberly austin is a black artist. Who lost her job. As a face painter at legoland near san diego she wants federal action now. The should not eat a political joke to anybody. This makes no sense. Austin has been getting by on two hundred eighty five dollars a week in unemployment. she's uninsured and the inhalers she needs for her. Asthma cost. Two hundred dollars jason. ye doesn't have health insurance either. He's an accountant in los angeles. Who was laid off last june. He's been living on four hundred fifty dollars a week plus his savings. The cliff will be bad because eventually with no benefits. Then you know it'll be a hundred percent savings. He says savings will run out in february. He could tap into a retirement account but he's only fifty five. That means an early withdrawal penalty at penalty waiver in the cares act also expires at the end of the year.
Election Day Game Plan on Social Media
"I'm David Brancaccio. Social media companies, including Twitter have just announced steps to make it clear when a candidate has won the election or has not marketplaces. Nancy Marshall Ginza joins US Live, Nancy. Star with Twitter's approach. Well, Twitter says it will label tweets that falsely claimed victory for any candidate. It'll also remove tweets that encourage violence or calling people to interfere with election results. Twitter now requires anyone declaring victory to have proof they khun site announcements from election officials or use projections from national news outlets that have what Twitter calls dedicated independent news desks. Twitter list. The Associated Press among those And the AP is a key source will be turning to here. So how does The Associated Press decide when someone's one The says it'll look at the number of votes counted also data on political trends. It's created a new system that analyzes early voting in mail in ballots. But the AP also says it may just declare some races too close to call and David Facebook says if a candidate or party declares victory prematurely, it will add more information to the labels on their post. It says votes that say votes are still being counted and a winner has not been projected yet. Then the AP, Facebook and Twitter and others are spelling out the rules because Their concerns about candidates who are headed the end of today, declaring victory before all the ballots are counted. Of course, it could take days for some states to finish counting all of the mail in ballots they received. Nancy. Thank you.
The GDP report isnt the whole story
"Come on repeat after me, you have been hearing or reading it all day I know the US economy. The US economy con grew at an annual rates GRUDEN annual rate of demain fill in the blank. You know it right thirty, three percent in the third quarter. Again, that is annualized or just from July to September compared to a quarter earlier growth rate was seven point four percent which sounds great. It does and Kinda is, but it doesn't get us back to where we were or. Where we might have been without this pandemic marketplace's Nancy Marshall Genzer gets his going with the output gap. We've all been there. Sometimes, we just don't live up to our potential former Fed economist Claudia Psalm says it's kind of like what happened in her house this morning when her fifth grade son had to retake virtual math test the teacher knew what his potential was but and because he wanted to get done with school and play on his IPAD, he didn't put in the time and do his best work. Some says it's the same with the economy. The output gap is the difference between what the economy is actually doing versus what it could do before cove it in recent years. GDP has been growing at two percent or more, but it just means that we know what we could be, and if we're not there yet will then we've gotta do gotTa do better even with today's strong GDP number we've only made up about sixty percent of the economic ground we lost in the first half of this year according to nationwide senior economist Benares. He says, that's partly because consumers are still avoiding risk. Your consumers are still down about a third from what they normally spend overall. Certainly, most of that's focused on the service sector with people not eating out as much. Music concerts anything that would involve large groups. Dissolution Solution here is pretty simple, less virus and more economic relief from Congress. Another Relief Bill Greg Dako chief economist at Oxford Economics says a lot of consumers relied on extra federal unemployment payments that ended over the summer as these transfers slowly faded out consumer spending activity has. Called Dako says it'll be at least another year before we get back to a normal rate of economic growth without another relief package he says, it'll take even longer I'm Nancy Marshall Genzer for marketplace.
"nancy marshall" Discussed on KQED Radio
"13 October. Good is always to have you along Everybody A little bit of good news A little bit of bad news from the International Monetary Fund today. The IMF published its world economic outlook this morning more than a 4% shrinkage in the global economy this year. That's the bad news. Here's the good news is that that's actually a little bit better than its June forecast and Next year is not looking so bad, provided Here's the news. The IMF says all countries, not just the United States ought to stop worrying about their dead loads and spend what is needed to keep people out of poverty. Marketplaces Nancy Marshall Ganz or gets is going, the IMF says close to 90 Million people could fall into extreme poverty that is living unless than a dollar 90 per day as covert 19 widens the global wealth gap. Eric LeCompte head Stupidly Yusa Network, a coalition of aid organizations, he says people on the lowest rungs of the economic ladder, migrant workers, low skilled factory workers. Are most at risk. We are looking at perhaps half the world's population living in extreme poverty. The solution says the IMF country should borrow and spend big to strengthen the social safety net. That means health care coverage. Unemployment benefits job retraining. Oxford Economics economist Ben May says that government spending fiscal policy can be a lifeline, so I think there is an understanding the moment The fiscal policy is particularly powerful, Andi. Actually, it does play a role in lifting these economies out of recession. Plus borrowing is cheap right now, interest rates or super low But developing countries that borrow should remember they'll have to pay it back. She hoco Goto is with the Wilson Center, and it will be incredibly difficult for industrialized countries to be able to wave off. Those debts and just to say that you don't need to pay us fact. But countries that borrow from the IMF are getting a bit of a reprieve. The IMF has decided to give them more time to repay their debts. I'm Nancy Marshall denser for marketplace. You know how we talk about inflation all the time. Maybe not all the time, but a lot. Here's one reason why the Social Security Administration announced this morning that people who get social Security benefits are going to get a cost of living increase next year. Of 1.3% 20 Bucks a month. On average. It's the lowest annual increase since 2017 and comes as there is a disagreement about what the number on it actually be. And what exactly the cost of living is for people living through a pandemic Marketplaces of revenge. Ishwar has that one. How much has the cost of living changed? Well, kind of depends on who you are right. That number the 1.3% cost of living increase that is based on a particular group of Americans, all urban wage earners and Clarence workers. Bruce Trouble is a consulting actuary. Government looks at what inflation is like for this group looks at the Consumer Price Index for urban wage earners and clerical workers. Thing is that is not seniors. It's just the only survey Congress had when the law was written in 1972 Christina Martin for Veda is with AARP. The formula really doesn't take into account. The actual budget and expenditures of most retirees. So, for example, senior spend more on health care and health care costs have surged 4.9% this year. The formula doesn't take into account Medicare premiums either, and the pandemic has added costs for seniors in particular. Gary Burtless is with the Brookings Institution agent household may need to restrict themselves too consuming groceries that can be delivered to them, and that carries a higher price head. Mary Johnson, an analyst with Senior Citizens League says decades of low cost of living increases that don't reflect seniors, budgets have added up. We estimate that social Security benefits have lost 30% of the buying power since 2000. The senior Citizen's league is lobbying Congress for AH, higher cost of living adjustment for 2021 3% instead of 1.3 in New York. I'm sorry, Ben, ashore for marketplace on Wall Street today, there was, Shall we say a lack of enthusiasm will have the details when we do the numbers. What do you do when a big chunk of your business depends on people really large numbers of people? Getting together in sometimes cramped quarters think cruise ships and movie theaters and theme parks and sports stadiums. That would make you Disney. Or Disney, which has been knocked sideways by the pandemic, and so has announced a big restructure its going.
"nancy marshall" Discussed on WNYC 93.9 FM
"13 October. Good is always to have you along Everybody A little bit of good news A little bit of bad news from the International Monetary Fund today. The IMF published its world economic outlook this morning more than a 4% shrinkage in the global economy this year. That's the bad news. Here's the good news is that that's actually a little bit better than its June forecast and Next year is not looking so bad, provided And here's the news. The IMF says all countries, not just the United States ought to stop worrying about their debt loads and spend what is needed to keep people out of poverty. Marketplaces Nancy Marshall Ganz or gets US going, The IMF says close to 90 Million people could fall into extreme poverty that is living unless than a dollar 90 per day as covert 19 widens the global wealth gap. Eric LeCompte head Stupidly Yusa Network, a coalition of aid organizations, he says people on the lowest rungs of the economic ladder, migrant workers, low skilled factory workers. Are most at risk. We are looking at perhaps half the world's population living in extreme poverty. The solution says the IMF country should borrow and spend big to strengthen the social safety net. That means health care coverage. Unemployment benefits JOB retraining. Oxford Economics economist Ben May says that government spending fiscal policy can be a lifeline. So I think there is an understanding that at the moment the fiscal policy is particularly powerful on the actually It does play a role in lifting these economies out of recession. Plus borrowing is cheap right now, interest rates or super low but developing countries that borrow should remember. They'll have to pay it back. She hoco Goto is with the Wilson Center. And it will be incredibly difficult for industrialized countries to be able to wave off those debts. And just to say that you don't need to pay us fact. But countries that borrow from the IMF are getting a bit of a reprieve, the IMF has decided to give them more time to repay their debts. I'm Nancy Marshall Genser for Marketplace. You know how we talk about inflation all the time. Maybe not all the time, but a lot. Here's one reason why the Social Security Administration announced this morning that people who get social Security benefits are going to get a cost of living increase next year. Of 1.3% 20 Bucks a month. On average. It's the lowest annual increase since 2017 and comes as there is some disagreement about what the number auto actually be. And what exactly the cost of living is for people living through a pandemic Marketplaces. Suburban Ishwar has that one. How much has the cost of living changed? Well, kind of depends on who you are right. That number the 1.3% cost of living increase that is based on a particular group of Americans, all urban wage earners and clerical workers. Bruce Trouble is a consulting actuary. Government looks at what inflation is like for this group looks at the Consumer Price Index for urban wage earners and clerical workers. Thing is that is not seniors. It's just the only survey Congress had when the law was written in 1972 Christina Martin for Veda is with AARP. The formula really doesn't take into account. The actual budget and expenditures of most retirees. So, for example, senior spend more on health care and health care costs have surged 4.9% this year. The formula doesn't take into account Medicare premiums either. And the pandemic has added costs for seniors. In particular, Gary Burtless is with the Brookings Institution agent households may need to Restrict themselves to consuming groceries that can be delivered to them, and that carries a higher price head. Mary Johnson, an analyst with the Senior Citizens League, says decades of low cost of living increases that don't reflect its seniors. Budgets have added up We estimate that Social Security benefits have lost 30% of the buying power since 2000. The senior Citizen's league is lobbying Congress for AH, higher cost of living adjustment for 2021 3% instead of 1.3. In New York. I'm sory been ashore for marketplace on Wall Street today, there was, Shall we say a lack of enthusiasm will have the details when we do the numbers. What do you do when a big chunk of your business depends on people really large numbers of people? Getting together in sometimes cramped quarters think cruise ships and movie theaters and theme parks and sports stadiums. That would make you Disney. Or Disney, which has been knocked sideways by the pandemic, and so has announced a big restructure its going.
"nancy marshall" Discussed on KQED Radio
"Marketplaces Nancy Marshall Gangsters in Washington What is on the plate, but this is a meeting of the Federal Open Market Committee. It sets interest rates, but it's not expected to change rates of this meeting at the press conference, Powell will probably talk a little more about the Fed's new policy framework. Part of that involves aiming for an average of 2% inflation. The feds says. It'll let inflation get a bit over 2% if it's been lower than that for a while. No. This is supposed to help narrow the gap between rich and poor. How it's all about Jobs David. The thinking at the Fed used to be. Don't let unemployment get too low because that'll fuel inflation is workers demand higher wages. But Greg McBride bankrate dot coms chief financial analyst told me that didn't happen last year, even when black and Hispanic jobless rates hit record lows. Unemployment really is, you know, kind of the tide that lifts all boats, as it comes down is the idea that you know that can also mean that the economic recovery is Mohr inclusionary that it reaches more people. I see And we'll be looking tomorrow for hints from the Fed as to where things were going as pandemic summer turns into fall. Yeah, the Fed releases economic projections for inflation, interest rates, unemployment and economic growth. The Fed will update its last projections, which turned out to be too pessimistic on unemployment. Nancy. Thank you. US factory Production rose just 4/10 of 1% last month. It's down nearly 7%. Year on year Given pandemic stock market, the Dow is up 156 point 6/10 of 1%. The SNP is up 8/10 percent, the NASDAQ Let's hear is up 1.1%. The biggest of banks is learning its people aren't as productive working from home, especially younger staffers, especially on Mondays and Fridays. Bloomberg News was privy to an outside analysis done for J. P. Morgan Chase. That bank is having traders and sales people return to the office starting on Monday. Marketplace Morning.
What happened to the Postal Service?
"If you had the United States postal service as a partisan political proxy on your Twenty Twenty Election Bingo card. You. Win. I guess the politics of it we will assume you're mostly familiar with speaker. Nancy Pelosi is calling the house back into session legislation likely postmaster general and CEO Louis Joy has said he will testify. But as all of that plays out a detour here if we might to the postal services business model reality yes. The digital age has brought its challenges to the USPS but as Congress tries to figure out how to repair the damage. Might do well to look in the mirror for a little bit. Here's marketplace's Nancy Marshall Genzer. The Postal Service is supposed to be self funded not getting any government money, but the post office is still tightly regulated by Congress and in two thousand and six Congress passed a law requiring the postal service to prepay health benefits for retirees. Jim Campbell is a lawyer and consultant on the Postal Service resorted the postal service to pay for ten years about five and. A half billion dollars a year into this prepayment fund that thinking was paid forward. Make sure the money is there when retirees need it. But Campbell, says federal agencies don't have to make these prepayments and the post office couldn't do it. Campbell says it missed more than half of the payments to make matters worse congress capped postal office price increases for letters circulars at the rate of inflation. So the postal services kind of caught in this squeeze. Cornell University public. Policy Professor, Getty's says Congress, also still requires the post office to deliver to every mailbox in the country six days a week. So this is a recipe for fiscal problems serious fiscal problems and serious debt frank disco has been tracking that he's chief actuary at the US Government Accountability Office. He says the postal services more than one hundred, sixty, billion dollars in debt over the past decade, the dead and unfunded liabilities like pensions and healthcare have outpaced the revenues the. Postal Service takes in. So it's doubled from a little more than one times annual revenue to over double annual revenue to disco says the Postal Service has been losing money for a decade, not a sustainable business model, but the post office can't change that model without Congressional
America's economy just had its worst quarter on record
"Contracted grotesquely, as measured by the gross domestic product figures out just now. It fell in an annualized rate of nearly 33% in the April to June pandemic quarter, the worst at the worst of the 2008 financial crisis. That drop was 8.4%. Meanwhile, another 1.4 million people signed up for state unemployment benefits in the last week, the second week in a row where that number went up. Democrats and Republicans appear no closer to reaching a deal on a Corona virus relief bill. The extra $600 a week in unemployment supplement officially ends tomorrow. Federal Reserve chair Jerome Powell is among those urging Congress to act. Marketplaces Nancy Marshall Ganz ER was on the Federal Reserve's video conference yesterday. What did Mr Powell say about this? Well, he held a news conference yesterday at the end of the Fed's two day meeting, and they decided to keep interest rates near zero by the way. But even in his opening statement, Powell said the Fed doesn't make grants. It can only loan money. And sometimes loans aren't the answer. He said several times that fiscal support that is what Congress does is needed. Now did Powell specify what type of congressional spending he was talking about? Powell said. It's going to take a while for the hardest hit parts of the economy to recover so businesses that rely on people being together in public spaces, places like restaurants and hotels. They may not be able to hire everyone back. There just won't be enough jobs and palace says That's where Congress comes in. I think those people are going to need support. I can't say what the exact level should be. It's not our role, but they're going to need support if they're to be able to pay their bills to continue spending money to remain in their current Rental house or your apartment or house if they own it, so I think there will be a need. You heard there that pal wouldn't talk specifically about the $600 a week unemployment supplement that's expiring, but it's clear he is worried about how people who've lost their jobs are going to support themselves. Marketplaces. Nancy Marshall, Guns are covering Washington. Thank you very much. You're
"nancy marshall" Discussed on KQED Radio
"Available progressive dot com or 1 800 progressive Pro marketplace times to prevent ashore in for David Brancaccio, who's on assignment, Republicans are expected to roll out their trillion dollar Corona virus relief package today. I know we have heard this one before, but Might actually happen This time. The bill would address the expiring $600 a week. Supplemental unemployment benefit, among other things, Marketplaces Nancy Marshall Ganz ER joins us to talk about it. Good morning. Casey. So are Republicans going to extend that $600 a week It doesn't look like it. Instead, they're expected to propose replacing it with a scale back supplemental unemployment benefit that would amount to around 70% of the last salary of an unemployed worker, and they don't have a lot of time so breed. The $600 benefit officially expires this Friday. Weren't the Republicans by the way supposed to unveil this last week, they were, but there have been disagreements over what to include in the bill Over the weekend, White House officials said, they've decided on sort of a scaled down package. It's focused on the extra unemployment payment. Also, it's expected to include liability protections for businesses and schools, making it difficult for them to be sued if a worker or student got covert 19. The Republicans are also expected to include another 1200 Dollar relief payment in their legislation, and they could push for an extension of an eviction moratorium. That's expiring. What do Democrats have to say? Well, they passed him more than $3 trillion bill a few months ago, and that legislation extends the $600 weekly payments through January. Democrats don't like the liability protections either say employers and schools would have no responsibility to keep work places in schools safe. Marketplaces. Nancy Marshall Ganz, Sir. Thank you so much. You're welcome. Longer. Those expanded benefits go UN renewed the Mork consequences. We may see the number of people in the U. S. Relying on snap benefits for food assistance. Food stamps grew by 17% in just the 1st 3 months of pandemic, and as marketplaces Samantha Fields reports, that number is likely to grow further. If some form of support is an extended one of the first things Kevin ask you did after he lost his job back in March, was signed up for food stamps. I had no other choice. I had to have something to eat. You know, he's 57 before the pandemic, he was working as a chef at Carnegie Mellon University in Pittsburgh..
The Fed begins purchases of up to $250 billion in individual corporate bonds
"Right so as promised what the fed is doing and it is doing a lot among the latest the central bank started buying corporate bonds today that is not new was announced a couple months ago but it's a big deal as the fed does what it can to backstop companies and their employees market place Nancy Marshall cancer explains how it's gonna work when a company wants to borrow money it can issue corporate bonds the buyers of those bonds are lending those companies money now the fed is going to buy a broad cross section of corporate bonds if they meet certain standards they must been rated as investment grade that is less risky as of March before the coronavirus lockdown started Christopher Whalen is chair of Whalen global advisors you're the fed is trying to be helpful because they are really uncertain about what's going to happen later this year when one says the fed wants to be sure companies have all the money they need to whether the pandemic the fed is also making this program anonymous just buying up corporate bonds without anybody asking it to that avoids any stigma from companies requesting fed help Catherine judges are Columbia University law professor there's always a concern that if you're looking to the federal reserve as opposed to the market for financing that you might be revealing something about how desperate you are for financing the thinking is if companies have all the financing they need at reasonable rates with the fed buying their bonds they won't need to lay off more workers Frank no tap is chief economist at CoreLogic the purpose is to help these companies remain good employers in the marketplace stand on their feet not lay people off and hopefully bring people back into the into the work force and if a company isn't able to stay on its feet and defaults on the bonds the fed bought chairman Jay Powell can turn into an emergency fund set up by the treasury department to backstop the
Google faces $5 billion lawsuit for tracking people in incognito mode
"Google is facing what could become a class action lawsuit accusing it of violating the privacy of users who browse the internet in the incognito mode the lawsuit seeks about five billion dollars market places Nancy Marshall cancer is on that story today who is suing why the complaint was filed by three Google users they say they're seeking damages for millions of other users who used any browser like chrome Firefox or safari in a private work in conmigo mode the lawsuit accuses Google of tracking people even in that private mode through third party apps the lawsuit says that this enables Google to track users friends and shopping habits and quote the most intimate and potentially embarrassing things people search for the lawsuit says that violates California privacy laws and federal wiretapping laws the what is Google have to say about the I emailed Google for comment and they haven't gotten back to me yet but a Google spokesperson told Reuters that when you open a new incognito tab Google states that websites might be able to collect information about your browsing activity what do you think how many people might be covered by this lawsuit the complaint is asking that this be a class action lawsuit it says the proposed class would include millions of Google users basically anyone who's browse the internet in Google's private incognito mode for about the past four years the lawsuit seeks at least five thousand dollars in damages for each user Nancy
US consumer spending sinks by record 13.6% in face of virus
"Aniela let me start with you and With the caveat that we're GONNA have Nancy Marshall Genzer here in a minute talking about personal income. I want to get your take as the trained economist in the room on the on the thirteen point something percent drop in consumer spending in the past month and I want you to frame it in terms of well. Consumers are basically this entire economy. Now what do we do right? The consumers are the engine of growth for the economy but the consumer has been staying at home. Many of us are under lockdown orders. That are just now starting to ease and so what we've seen. Is this phased in transition from a near lockdown of the national economy in April to a phase reopening That's happening in stages in so consumer spending is under the weight of that lockdown in terms of. Well there's nothing to spend our money on besides basic goods But also Some fear about re reengaging with the economy without social distancing protection and so the key to the recovery will be that consumers feel healthy both physically and financially to get back to spending at their normal levels. And we're GONNA talk about that a little bit with with Marshall Genzer Minute Gina As sort of along those same lines Fisher J. Paul did a thing today with Ellen blinder at Princeton Sort of a Q. And a. It was. It was a very nice little chat with those guys who've obviously known each other forever. But one of the things Alan blinder said. He's a professor of economics at Princeton. He said look. You guys are crossing some red lines in this crisis and Powell came back and said. Yeah you know what? I'm okay with that because this is different. I thought that was a remarkable thing for the guy running the American economy to say remarkable. You know basically said emergency unlike anything we've ever seen before if we didn't cross the red lines we'd have to explain ourselves to the American people and say why. Why didn't you do everything you possibly could do to save. The enemy was a remarkable statement. I think it's it's really interesting coming from pal too because he has historically been particularly concerned about crossing. Some of the red lines at the Fed has crossed one of them for example is fine municipal debt. You know. That's that's something Derek opt to start doing. It's something that he's been asked about four in asked he was always very quick to say. That's a lie. Don't Cross picking winners and losers This crisis Bonilla's so Senate Majority Leader Mitch. Mcconnell said today just sort of on those along those lines of this being you know an unprecedented crisis senator. Mcconnell said today you know the next relief bill whenever it comes Is probably going to be the last one you buy that now. Not at all because we're still in the early transition of the of the economy. The second quarter is supposed to bear the brunt of the economic toll of covid nineteen remember. We've already seen a five percent decline and US GDP just on basis of two weeks of a shutdown in late March. So imagine what the second quarter is going to look like and you know. Much of the stimulus has come at a time when people can't spend because they're at stale they're staying at home so I expect that there will be more stimulus. We may see some some green shoots of recovery in the second half and it's likely that we will but that's going to be in the midst of an uptick in bankruptcy says firms struggle to make this transition and some longer term effects in terms of the forty million people who are now seeking or have Unemployment benefit so. There's a long red to recovery and I don't think we get it. We get out of a relief effort from the from the government that quickly so junior. You did a piece of honestly and I apologize. I don't remember if it was today or yesterday about the shape of this recovery in the line stuck with me is v stands for very unlikely which I kinda love. Let's riff on that. Green shoots thing What do you see out there that gives you hope if anything right so I think if there's one hopeful take away from that road it's that we're not in for an out so it's very unlikely the growth just fell off a cliff and it's just gonNa stay low forever and that's it because what we're seeing is that activity is picking up in an starting at certain improve as we kind of get used to living in this world at a one thing that's important to note? Is that activities picking up in places that have reopened not really markedly different way than it is in places that have reopened more fully at While to sign of green shoots. I think it's also reason to be modest in our expectations. What's going to happen? As we reopen doesn't seem like he blurts pouring back into their lives with unbounded doozy Azam. Here nearly you by that. And what green shoot do you like it if any well I? I think it's the preconditions that we were. In prior to the pandemic. It's important to remember. This is a a biologically triggered downturn that the economy wasn't broken Going into the outbreak in the pandemic and so there are several things that were already in place like a healthy banking system that can support some pretty intense and aggressive fed action through the banking system. That wasn't the case in during the financial crisis the banks were the problem. We've also seen consumers have relatively healthier balance-sheets than they did during the financial crisis in terms of them out of debt relative to their income. So some of those conditions will help with the economic toll. But right it's going to be. I think a slower road than a V. shape And it's going to be based on biological and medical advancements not just reopening alone
How to read those unemployment numbers
"Los Angeles. I'm Kai Ryssdal. It is the twenty first of May today as always to have you along everybody and we begin on Thursday. I think. Actually this is the eighth or ninth Thursday in a row with yet another staggering report on people filing for unemployment benefits in this economy. Two point four million people this week down yes from a week ago but still basically the entire population of Houston Texas. Now which need to know though. Is that those weekly unemployment claims. Come in two varieties marketplace's Nancy Marshall Genzer gets us going with the difference between the two and why that difference matters initial jobless claims are how many new people file for unemployment benefits in a week. Continuing claims measured the total number of workers on unemployment. Erica gration the former head of the Bureau of Labor. Statistics says think of it like a bathtub. The initial claims is how much water is flowing into the bathtub and the continuing claims is how much water is in the bathtub. Each numbers important Chris. Rupp key chief. Financial economist at the Global Financial Group G follows both well. That's why God gave us to do. Is You have to watch both that. Rookie says when he wants to tease out underlying trends that continuing claims numbers more important. Because the minute the total number of people receiving unemployment starts to come down. That's the key signal that the labor markets improving the continuing jobless claims numbers will play a key role in whether the post corona virus recovery. Looks like the or you. Meaning the economy improves quickly. Or is flatter like an L. Dartmouth College Economists Patricia Anderson will be watching that if the continuing claim start falling. Fairly rapidly than. That's good signs that we might be more. U shaped than l-shaped Anderson says if the continuing jobless claims just keep plodding along at about the same rate. That's not a sign that we're really turning the corner. I'm Nancy Marshall Genzer for marketplace
Trump Promotes Low Unemployment and Rising Wages in State of the Union
"I'm David Brancaccio New York president trump address both houses of Congress last night into a quick can be seen as a victory lap on America's place in the world and the state of the economy tonight I said for you to share the incredible results jobs are blooming incomes asorio poverty is plummeting crime is falling confidence is surging and our country is thriving and highly respected again he said he was thrilled to report the US economy is quote the best it is ever been it does need to be said that average growth in the economy as measured by gross domestic product during this administration is much lower than it was under presidents Bill Clinton and Ronald Reagan however the president headline the low unemployment rate market places Nancy Marshall ganzer joins us here from Washington with some context on that even the president said the unemployment rate is at the lowest level in half a century that's true the president also talked about what he called the blue collar Boone wages are rising fast and wonderfully they are rising fastest for low income workers who have seen a sixteen percent pay increase since my election but which is aren't rising as much as they normally would with an unemployment rate this low in the present also talked about factories he said his administration was restoring manufacturing is that right well the president said the US has gained twelve thousand new factories under his administration that number is a little off but the bigger issue is most of these factories employed five people or fewer the government has a very broad definition of a factory including things like bakeries candy stores and custom tailors also the institute for supply management's manufacturing index of more traditional factories fell for five straight months last year although there was an increase last month Nancy thank you the president's headline case that these are now with the good times has weight however this could be a risky strategy to pitch to people who have their own gauges of the economy we have our own stakes states of the union and may judge this in part on how their own household economy is doing Felicia Wong is president CEO of the liberal leaning nonpartisan think tank the Roosevelt institute thanks for joining us thank you David so it is the lowest unemployment in fifty years people on the left and right thought the trading system with China was broken and there's a phase one deal now with China wasn't the president right to show off his achievements I think the real argument it's hard to understand what's going on under the hood of the economy first of all trump inherited a recovery that's important to remember he didn't mess it up which is good they're also doesn't mean that he deserves any credit for some of that things that are happening out there that are intact better for American workers the question is whether the groceries yet there is either shared or last name and we look under the hood growth really isn't shared wages are barely rising even though they are better at the bottom adjusted for inflation we just for workers are up in less than one percent which is worse than under president Obama and more importantly wages are rising in part because we see minimum wage increases at the state level the president did refer to the fact that the lower half of incomes are improving but you're saying yeah in part because of increases in minimum wage which the ministration unlike that's right you have not seen a federal minimum wage increase because the Republicans opposed it but what you have seen in dozens and dozens of states and municipalities across the country is increases in the minimum wage pushed for by labor unions and other kinds of movement actors and this is a lot of what's actually driving wages are at the bottom where you really see growth in health care and other industries but a lot of those jobs are very precarious and a lot of that a lot of health care jobs are actually very low wage all right Felicia Wong head of the Roosevelt institute a liberal leaning nonpartisan think tank and we also spoke to conservative economist Glen Hubbard who used to be the chair of the council of economic advisers under George W. bush the marketplace morning report podcast feed has that if you missed it on the
Congress isn't going to let Facebook's cryptocurrency happen without a fight
"Week. We're talking to marketplace reporters about what to expect from tech in the year ahead regulation is a big part of that conversation Shen and today we're going to chat about cryptocurrencies specifically libra the digital payments system in cryptocurrency proposed by facebook earlier this year. It seemed like it might be dead on arrival considering all the backlash but lawmakers have not forgotten about it. There are a few bills being considered by Congress that could have an an impact on Lebron's future including who might regulate it. Nancy Marshall Genzer reports on policy from marketplace's Washington DC bureau. I asked her to tell me about the bills that have been proposed. Here's one molly see if you can figure out what this bill would do. It's called keep big tack out of Finance. It's very very subtle would prohibit large platforms like facebook from becoming charter licensed or registered as a US financial institution There's there's another bill called. Stable coins are securities act. And this bill says that stable coins which are coins like libra pegged to a basket. Ask It of something that is considered stable so these coins are not supposed to fluctuate so securities being stocks and bonds. This bill says hey libra All the laws that apply to stocks and bonds are going to apply to you right so then just to clarify that that would put like the SEC in charge of regulating regulating something like libra. And take it away from being a fanatic purely financial product Sherwood the SE and possibly other government regulators. And of course the Fed has already said. Hey we're going to be regulating you libra and then the last one is on Privacy trying to Hit the executives of facebook because it says the issuers of stable coins would not be able to raise money on. US capital markets if they were paid with stable coin or if they worked with someone who is affiliated when the stable going so that would also be a blow to facebook. It wouldn't be able to raise money me in. US Capital Markets Sort of broadly. Around these regulatory efforts and others you know just returning to the idea of keeping being big tech out of finance that ship has sailed. It seems like we're really seeing a big tech companies already. Attempting to become financial institutions and digital currencies are just part of that. I wonder how you see regulation in two thousand twenty kind of scrambling to catch up with text ambitions around finance and banking and payments and cryptocurrencies. I think you're absolutely right. I mean the Horse already left that barn and I think that libra is such a bold. Step that that's kind of where they're planting their flag and saying look. You really have to slow down here facebook so there are three the bills on the table. Maybe more coming. Do you think any of those existing Measures are likely to pass. They'll probably pass the house The big question is whether they would pass the Senate. Of course. The House controlled by Democrats which attend to be a little bit. More leery of these types of things The Senate a little more interest industry-friendly three friendly controlled by Republicans So right now there are no cosponsors in the Senate for any of those house bills that I just listed it. That seems very interesting. That Republicans might be well. One argument that Mark Zuckerberg has made to and I wonder what you just think about. This in general is on On Capitol Hill. He's fond of saying things like if we don't do some version of libra China will do you like. Do you have the sense that that's an argument. That's working on the Senate it could be the you know both Republicans and Democrats are wanting to regulate facebook A little bit more but I think you know. Generally Democrats are more pro regulation than Republicans I think it would be more a matter of Republicans kind of shying away from regulation
"nancy marshall" Discussed on KQED Radio
"I'm revenge short in for David Brancaccio three American steelmakers are warning this week that their second quarter earnings will be down. They are blaming, quote market conditions and falling demand. For steel, marketplace's Nancy Marshall genzer is following this from Washington, high ANSI. Hey, so what's going on? What's troubling, these steelmakers? So those tariffs on imports of stealing aluminum did help American steelmakers at first because US manufacturers started stockpiling steel, they were worried about shortages prices for domestic steel went up. But there never was a domestic. Steel shortage. So that demand fell Clinton Allen is a senior vice president at height capital markets companies never really had that much trouble getting this deal they needed. So you suddenly had companies with these big reserves and no real need to use them to fill a gap in demand. So it drove prices back down. So what kind of warnings are we hearing? Now from American still makers will US steel is going to idle three blast furnaces in Michigan. And Indiana also when, in Europe and in this will cut it steel production by room, two hundred thousand tons a month. US steel, and two other steel makers steel dynamics and Nucor say their second quarter earnings will be down and Nucor talks about a softening in the automotive sector. So how much of this is due to the trade conflicts? It's hard to say Sabrina, but trade tensions, have contributed to the global slowdown in manufacturing, which means there's less demand for steel and earlier this week, John. Dear issued a warning about its earnings, it's specifically cited trade restrictions and tariffs and uncertainty over the North American Free trade agreement. And of course, dear makes farm equipment, which is made from steel marketplace's Nancy Marshall genzer. Thank you. And let's do the numbers..
"nancy marshall" Discussed on KCRW
"Fidelity brokerage services LLC. I'm David Brancaccio. The Justice department and Federal Trade Commission reportedly giving a up divvying up who will investigate big tech companies like Google Amazon Facebook and apple and there's confirmation that congress has its own antitrust questions yesterday. A house subcommittee announced it starting a bipartisan investigation. Marketplace's Nancy Marshall genzer is on the line. What's the congressional piece here? Well, the subcommittee wants to be sure that there's enough competition among tech companies, it says it's going to look into whether existing laws are adequate to tackle, what it calls abusive conduct from some tech giants or whether we need. New legislation to quote respond to this challenge. The subcommittee also says it'll investigate what it calls competition problems in digital markets. Specifically, what could congress do it couldn't say break-up Facebook, that's up to federal regulators? But congress does make the laws and current antitrust laws focus on whether companies are colluding to raise prices, but companies like Facebook. Don't charge their users. So the law might need to be changed, and as you mentioned, David, this is a bipartisan investigation. The sub committee is led by democrat, but the ranking Republican members on board, pow cooperative have tech companies when it comes to legislative investigations like this Nancy. Well, Mark Zuckerberg has testified before congress and the CEOs of Google and some other big tech companies have also testified, but lawmakers and other countries say they've been ignored. There was a big international meeting of legislator. In Canada, which Zuckerberg not attend. He did send representatives. But members of the Canadian parliament parliament are so annoyed. They could hold him in contempt of parliament, Nancy Marshall genzer in Washington. Thanks. Let's do the numbers with this antitrust talk Google stock fell six percent, Amazon, down four point six percent yesterday. But both stocks are up in three market trading. Now of eight tenths percent for Amazon. The NASDAQ down one point six percent. Monday is up eight tenths percent and futures trading the S and P future is up seven tenths percent. One of the titans of flower deliveries filed for bankruptcy and says will look to sell off its company in pieces,.
"nancy marshall" Discussed on 90.3 KAZU
"With the caveat that the government of the United States is not and should not be run like a business. There is a parallel to corporate life that the Trump administration is highlighting. There is a well documented tendency on the president's part toward putting acting or temporary occupants into some of the most senior jobs in Washington less well-documented, though, the thriving temp culture at the top of the corporate ladder. Marketplace's Nancy Marshall genzer has that one at last count. There were acting heads at the defense department homeland security the small business administration and the office of management and budget. There may be more by the time. I finished this story. And that's just how President Trump likes it. As he told CBS is face the nation in February I like acting because I can move so quickly gives you more flexible flexibility kind of flexibility that's increasingly on display in the private sector to the board has appointed. Bob swan as into. Terim CEO and it happened at Intel last June and less money to hammer dropped at wells. At least the firm's general counsel c Allen Parker will become interim CEO and president. As crew comes score and herbalife have also brought on interim CEO's this year. This is hit the C suite Robert Jordan heads placement agency for interim exacts Jordan former interim himself started the company eleven years ago when he noticed to manned with soaring for people willing to parachute in at a moment's notice to stabilize company in crisis or fill in empty seat at the top. When there's no obvious successor from two thousand eight to roughly two thousand fourteen the use of the phrase interim on Lincoln rose tenfold that was by the way during the financial crisis, and especially tumultuous period for corporate America today Jordan's agency represents more than three hundred interim execs most are former chief executives. Or chief financial officers their their super temps Jordan says the typically earn what a permanent CEO makes in salary sometimes more. But no bonuses. No stock options debut, ten coaches interim executives she says, it's a tough job. You've got the title almost you've got the responsibility almost, but when it comes to long term strategy and planning and action in vision and mission. You don't have that nod ten says most interim CEO's are brought into a company in some sort of crisis to calm things down and give valuable workers reason to stick around if that interim CEO's doing a good job, he or she is is making people feel that they have gotten a gift somebody who is mentoring them in the extreme that takes a certain kind of somebody a person who can put their ego to the side and gain people's trust Howard broad. Brownstein has been executive worker for more than twenty five years. He says when he starts an interim job, I spend long hours at the company, and I hope people come up to me. And if they don't I go over to them and just say, how's it going show me what you're doing brownstein says trust is key. If you want to understand what's going on. He says he was brought in wants to help drugstore supplier, which was mysteriously losing money. No one wanted to talk about why? So he turned to another temp. She was a a deputy assistant. Temporary bookkeeper or something sitting in some sub basement office with no windows, and I asked her if she knows about this. She said, oh, I wondered when someone would ask me most interim exects are in and out of a company in a year. If you're looking for something more permanent. It looks great on a resume and may help level the playing field. Robert Jordan says twelve percent of the interim leaders he represents are women and one of them just landed the top job at a big state agency.
"nancy marshall" Discussed on KQED Radio
"Learn more at kronoScom. Kronos, workforce innovation that works in New York. I'm revenge short in for David Brancaccio. President Trump has declared a state of disaster in Nebraska, which allows federal assistance to flow to that state has a recovers from devastating flooding floodwaters caused an estimated one point four billion dollars in damage to the state more than half a billion dollars worth of damage. What's infrastructure to the state's highways levies water treatment facilities. Marketplace's Erica embarrass reports that the floods effects will be with the state for a long time. Even if Nebraska gets every penny it needs. It will never look the same. According to Mike white with the state's emergency management agency. Because there are bridges that recall on there are dams that are gone. There are letters that are on the floodwaters have literally redrawn. On the map of the state, according to Jenny campaign within a Brassica department of transportation, the rivers have changed the course of where they flowed before in some case widened or just change directions altogether. When it comes to rebuilding infrastructure after a disaster. Like this the process isn't just expensive. It takes a long time Erwin bride liner with Columbia University center for emergency management has looked at the long term effects of disasters. He says even when the money is made available. There are decisions to be made like whether to build levees and what kind so even before we get to the actual building. There will be the political discussions and priority setting that'll be lots of wrangling about. Meanwhile, Nebraska officials are expecting more flooding. I'm Eric embarrassed for marketplace. The president is once again attacking Federal Reserve chair Jerome Powell on FOX business interview airing this morning. President Trump blamed Powell for the slowing US economy by by hiking interest rates four times last year. Marketplace's Nancy Marshall genzer has more. President Trump told FOX that US economic growth would have been a percentage point higher last year. If quote, we didn't have somebody that would raise interest rates, but former fed economist Bill English says actually last year's rate hikes didn't slow down the economy right away. I think the effects on growth and unemployment inflation would be cell or this year than last raised rates last year to prevent the economy from overheating and sparking inflation, but a slowing global economy might have done the same thing says UBS chief economist Seth carpenter. I think the factors outside of the control of the fed outside of their forecasting. From the beginning of the year really would have contributed to a slow down towards the end of the year, regardless of what they had chosen to do carpenter still agrees with most of last year's rate hikes, considering the data the fed had at the time. But he says the feds shouldn't have raised rates last December when it was clear the global economy was slowing down in Washington. I'm Nancy Marshall genzer for marketplace. Let's do the numbers..
"nancy marshall" Discussed on KQED Radio
"The footsie in London is down less than ten percent espionage Dak up about a tenth for percent. The Dow future is down tenth of a percent, sixteen points ten year. Treasury yield is two point six two percent. Back in two thousand sixteen. Wells Fargo was fine for opening millions of accounts without consumers permission and the fallout from that scandal is not over CEO. Tim Sloan testified before the House Financial Services committee yesterday. Marketplace's Nancy Marshall genzer is in Washington. Nancy, what was the reaction from regulators? It wasn't good. The office of the comptroller of the currency or OCC issued a statement saying wells still didn't have good corporate governance also said it was quote disappointed in how the Bank has been trying to clean up its behavior. Wells Fargo is also Inder pressure from the Federal Reserve, which has limited the bank's growth and just remind us again have been got into all this trouble in the first place. There were those millions of accounts wells opened without customers permission wells charged other customers for auto insurance, they didn't need. Well, CEO Sloan told the committee yesterday that wells is a better Bank than it was three years ago. Still the chair of the House Financial Services committee democrat, Maxine Waters said yesterday, maybe the banks should be downsized. And the Wall Street Journal is reporting the OCC is thinking about forcing out more, top Wells Fargo executives and might also charge wells and. Extra fee because of all the time it's spending dealing with the Bank. All right. Marketplace's Nancy Marshall genzer. Thank you. You're welcome..
"nancy marshall" Discussed on KCRW
"The Dow Jones industrial average is up one hundred and sixty three points that seven tenths of a percent. The S and P five hundred is up three tenths of a percent. The NASDAQ is up one tenth the ten year. Treasury yield is a two point six eight percent. The White House is trying to drive down the prices consumers pay at the pharmacy. One way to do that is to go after the middleman the people who negotiate prices between drug makers and insurance companies. Marketplace's Nancy Marshall genzer reports. The middlemen are called pharmacy benefit managers. They negotiate drug prices for Medicare and some Medicaid plans. They range ensure rebates for expensive drugs from the pharmaceutical companies, but these middlemen they may be pocketing the rebates themselves hunter Hammond is an analyst at height capital markets. The administration is concerned that those rebates aren't having affect to lower drug prices for the average consumer now there are statutes that prohibit kickbacks in federal programs. But right now, these middlemen are exempt from kickback laws, the department of health and human services or HHS is proposing a rule that we take away those protections making the rebates to intermediaries illegal the rule would allow rebates directly to consume. Boomers the hope here is that would lead to lower drug prices for patients on Medicare and Medicaid HHS says that should outweigh possible increases in premiums and out of pocket costs, Vivian. How is a health economist at Rice University and thinks this will save consumers money it's been an obfuscation game so far and anytime that happens one worries that.
"nancy marshall" Discussed on Marketplace Morning Report with David Brancaccio
"Congress had to be all that lane in New York. I'm Sabrina shore in for David Brancaccio. Congress is back in session today for the first time since the mid term elections. This is what's known as a lame duck session. The folks who lost are going to stick around until January when the new congress selected in the midterms takes over, but there is a lot on the agenda for this lame duck congress, for example, avoiding a government shutdown. Marketplace's Nancy Marshall genzer reports money for some government agencies runs out December seventh Molly Reynolds, a fellow at the Brookings Institution says congress and the White House need to reach an agreement on funding for President Trump's border wall to keep the government open Ronald spoke with me over Skype, and if the president threatens to veto a Bill that doesn't have what he wants for the wall, and is willing to follow through on that I think we could see shutout. It would only be a partial government shutdown though, congress has already passed about. Half the spending bills needed to keep the government running assuming the whole government stays open. There is other stuff on Congress's plate. Like the farm Bill it authorizes money for things like food stamps. Also called snap Sarah bender teaches political science at George Washington University. She says Republicans want stricter work requirements and eligibility rules for snap. I think Republicans insist on these tougher provisions Democrats will say no-ball and everything will be kicked new congress where they pretty much have to start the farm Bill negotiations all over again in Washington. I'm Nancy Marshall genzer for marketplace. Let's take a look at the numbers. The footsie in London is up three tenths of a percent. Dow as in p and NASDAQ futures are up in the five to eight tenths percent range with the Dow future up one hundred seventeen points the ten year. Treasury yield is at three point one seven percent to top Canadian economic officials just ended a four day trip to Beijing to discuss a possible free trade deal..
"nancy marshall" Discussed on Marketplace All-in-One
"In new york i'm lizzie o leary in for kyra salt it is tuesday july seventeenth good to have you with us and we are going to start off the show by going to washington and the president's meeting at the white house which despite his remarks on russia was nominally about the tax overhaul if you were call the new tax law limits deductions of state and local taxes today four states sued the federal government over this saying those limits are unconstitutional new york connecticut maryland and new jersey marketplace's nancy marshall genzer has our story before the tax overhaul you could deduct the full cost of state and local taxes from your federal tax bill but now those deductions are capped at ten thousand dollars new york attorney general barbara underwood says that will cost new yorkers more than fourteen billion dollars this year we will not stand by and let congress pick the puckett's of new yorkers and it's not just new yorkers the cap on deductions pecs other high tax states and cities i'm gonna get wacked under this tax bill john tam is with the libertarian nonprofit freedomworks he lives in washington dc and has considered moving to virginia which has lower taxes he's not alone there's going to be some people leaving to avoid a big tax increase on those who live on the coasts a cap on deductions could also make it harder for high tax states to raise taxes steve rosenthal of the tax policy center says that'll hurt considering these states are facing angela abilities and infrastructure needs and the like states that are suing say the cap on deductions is unconstitutional going beyond the limits of federal power but joe bishop henchman head of the tax foundation says the federal government does have power to change the tax laws and to change them in this way and by the way the cap on deductions is temporary said to expire in twenty twenty six in washington nancy marshall genzer for marketplace we're going to take a closer look now at a story we mentioned yesterday trade deals that don't include the us today in tokyo the european union and japan signed a pact that will eliminate most of the tariffs between them the eu also has a new deal with canada with mexico plus it in talks with australia and new zealand so what's going on while the us on the sidelines marketplace's tracey samuelson explains trade deals are sort of like these international clubs number countries get benefits like lower tariffs they agree to common rules and regulations which can make it lots for companies to operate across borders so it's a big problem that the us isn't joining more trade clubs says susan aronson at george washington university us companies will be less competitive and they will be less able to give the best price for you to deals and jobs could be lost trade agreements can also influence where companies choose to invest says mary lovely at professor at syracuse so if you can think about being a company that has the option of putting a plant in you know a whole bunch of different countries where do you make your investment you would pick the country where you can export duty free so if this makes trade agreements see magical and perfect they're not there are a lot of legitimate questions about how to pursue trade deals edward alden with the council on foreign relations and the trump administration i think is rightly identified some of the problems with some of the trade deals the united states is done but it shouldn't be an all or nothing choice the united states should be doing better trade deals but alton says other countries are hesitant to start negotiations with the us given the trump administration's aggressive stance on trade so even just by standing still as other countries are moving forward the us is left behind i'm tracey samuelson for marketplace what a washing machines have to do with trade well if you've gotten.
"nancy marshall" Discussed on Marketplace All-in-One
"Places nancy marshall genzer has that one the federal reserve is doing it tricky dance you might call it to step the fed is trying to keep inflation at two percent excluding volatile food and energy prices but is kind of a squishy target wins epa gza is chief economist at st field she says the fed would tolerate inflation up to say two and a half percent for the next six to twelve months she says that's because inflation from strong economic growth can be a good thing domestic inflation caused by an accelerating connie absolutely could be initially viewed as a very positive indicator but inflation that's not caused by growing economy that's not good says robin anderson senior economist at principal global investors she says bad inflation is than flation that goes up without seeing increases in people's income in wages that would be inflation caused by things like trade wars if prices tick up not because of a humming economy but because of tariffs or quotas that make products scarce and more expensive tate lacey's with the cato institute if we got into a trade war and that caused massive price distortions i i would classify that as something that would definitely be bad thing and we we'd have to watch to see how the central bank responded that bad inflation could cause the fed to get a bit more aggressive with bigger faster interest rate hikes good or bad tate says the fed won't let inflation get too far away from its two percent target in washington i'm nancy marshall genzer for marketplace so about those tariffs treasury secretary steven mnuchin and the gang that it'd be larry cudlow from the national economic council robert lighthizer the trade rip and peter navarro the director of the national trade council are on the ground in beijing today resting up before their big tariff meetings tomorrow and one of the things to keep in mind as these talks get going is that most american companies doing business in china are making some money so they might want different things out of the talks.
"nancy marshall" Discussed on Marketplace All-in-One
"Or you remember last week when the economic press president company included got a bit spun up by those reports president trump wanted to get the united states back into the transpacific partnership right maybe not quite spun up but definitely not cynical enough about how mr trump feels about the multilateral trade deal the obama administration negotiated because sure as twitter only let you use two hundred and eighty characters last night he let us know he still doesn't like the tpp and that he thinks bilateral trade deals are more efficient and profitable those are his words efficient and profitable our word is really here's marketplace's nancy marshall genzer in trade agreements there is strength in numbers if countries band together and multilateral trade pact they can set high standards for membership countries that want in hampton jump through some hoops phil is with the chicago council on global affairs if you make enough club others wanna come on in and join and they're willing to undergo the initiation rituals we're not talking hey raising it's just here's what you have to do if you want to be one of us for example china had to comply with a lot of rules to join the world trade organization it had to accept limits on the tariffs or duties it could charge on imports matt gold is a former us trade negotiator now at fordham university china agree to a ceiling on every duty for every one of eight thousand types of products entering china gold says beijing also greet to allow foreign companies to offer services like banking and insurance in china all because it wanted to be one of the cool kids in the wto wendy cutler another former trade negotiator is now vice president at the asia society policy institute she says everybody in a multilateral agreement place by the same rules and that's an advantage for businesses that want to export and they know it certain that they can expect the same rule in country a as in country they isn't country's sake cutler says bilateral agreements between the us and just one other country.