(WETM/AP) – In today’s It’s Your Money, we discuss the U.S. economy rescue plan and the latest on Wall Street.
American Rescue Plan
President-Elect Joe Biden is calling on Congress to pass his own coronavirus relief package named the “American Rescue Plan”.
His detailed plan has slowly been unveiled as the Presidential election on Jan. 20 draws closer.
The legislative proposal would meet Biden’s goal of administering 100 million vaccines by the 100th day of his administration while advancing his objective of reopening most schools by the spring. On a parallel track, it would deliver another round of aid to stabilize the economy while the public health effort seeks the upper hand on the pandemic, said aides who described the plan ahead of a speech by Biden on Thursday evening.
It includes $1,400 checks for most Americans, which on top of $600 provided in the most recent COVID-19 bill would bring the total to the $2,000 that Biden has called for. The plan would also extend a temporary boost in unemployment benefits and a moratorium on evictions and foreclosures through September. And it shoehorns in the long-term Democratic policy aim of increasing the minimum wage to $15 an hour and expanding paid leave for workers across the economy.
Retail sales drop
According to The Washington Post, The Commerce Department said this morning that retail sales dropped 0.7% this past month. They also fell in October and November as retailers attempted to get people shopping early for the holiday season. According to the Commerce Department, shoppers cut back on spending at electronic and department stores. Even online sales fell, down nearly 6% from last month.
Wall Street wrap up
Wall Street closed out its first losing week in three with another drop on Friday after reports showed the pandemic is deepening the hole for the economy, as Washington prepares to throw it another lifeline.
The S&P 500 fell 27.29, or 0.7%, to 3,768.25, with stocks of companies that most need a healthier economy taking some of the sharpest losses. The Dow Jones Industrial Average lost 177.26, or 0.6%, to 30,814.26, and the Nasdaq composite dropped 114.14, or 0.9%, to 12,998.5