In the fall of 2021, we are continuing to not only see the social and medical ramifications of the Covid-19 Pandemic, but we are now seeing some more economic problems start to arise. That comes in the form of the United States overall unemployment rate continuing to plummet.
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The White House on Friday officially obstructed an attempt by Donald Trump to withhold reports from Congress about the Jan. 6 attack on the Capitol, setting up a legitimate confrontation between the current and previous presidents over the privilege to hold the documents.
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In response to COVID-19, the United States had to implement measures to slow the spread of the virus such as social distancing and a partial economic shutdown, actions which have had a major impact on the U.S. economy, including people’s livelihoods and jobs. The immediate effects that the pandemic has had on the U.S. labor market have been evident in both the unemployment rate and payroll employment numbers. In the early months of the pandemic, the unemployment rate soared, peaking at 14.7% in April 2020, the highest point since the Great Depression. More than 20 million jobs were lost in April as well, which was a record number of jobs lost in a period of one month.
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Following quite a while of insistence from President Joe Biden that he won’t seek after the wide-scale cancelation of the student loans, the White House authorities are presently considering ways the president could utilize his power as president to cancel some of the student debt.
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The new White House administration under President Biden has publicly expressed a desire to rejoin the JCPOA, but Iran, burned by the diplomatic 180 that took place under the Trump administration, is seemingly hesitant to go back to business as usual.
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Janet Yellen’s G-20 letter served as an urgent call for a multilateral effort to tackle key issues. The primary focus was to call on countries to act quickly on COVID-19, stating that a global vaccination effort is the strongest stimulus the global economy could receive. She also suggested that the IMF allocate SDRs to enhance liquidity for low-income countries.
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Do the lives of citizens in richer countries matter more? Certainly most would say that of course not, that in fact all human lives are equally precious. The COVID-19 Pandemic, particularly the allocation of vaccines, is testing the lengths to which richer nations adhere to this ideal.
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A striking surge in mail-in ballots had caused vote tallies in various swing states to slow down, raising anticipation and anxiety throughout the United States as to which candidate would win the election.
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Following President-Elect Joe Biden’s victory on November 7th, international leaders had varying reactions from relief, to telling silence.
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Who would’ve guessed elections are great for the market? The S&P 500 has had its best week since April. At the time of writing, Biden has been declared President-elect, and it looks likely that Republicans will hold the Senate. However, the major equity indexes rose sharply on Wednesday and Thursday despite the outcome still being a toss-up. Doesn’t uncertainty translate to volatility in the markets?
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