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Rep. George Santos, R-N.Y., was charged by federal prosecutors with an array of crimes, including fraud, theft, money laundering and making false statements. Santos faces a maximum penalty of 20 years in prison for the top charges against him, according to the Justice Department. In forms he filled out for his 2020 campaign, Santos failed to report more than $25,000 in income from the investment firm where he worked, the indictment alleged. In his 2022 campaign, Santos allegedly falsely reported earning $750,000 in salary and between $1 million and $5 million in dividends from his company, the Devolder Organization. A growing number of Santos' fellow Republicans urged him to step down, even before the federal charges against him first came to light.

☆ White House details ‘severe damage’ to the economy if debt ceiling default occurs
▼ + stars: | 2023-05-03 | by ( Kayla Tausche | ) www.cnbc.com time to read: +3 min

US President Joe Biden speaks about the creation of new manufacturing jobs at the Washington Hilton in Washington, DC, April 25, 2023. WASHINGTON — The White House on Wednesday will publish new calculations warning about the potential damage to the U.S. economy and taxpayers should the government fail to raise the nation's debt limit. A protracted default, CEA says, would result in a Great Recession-like doomsday scenario wherein 8.3 million people lose their jobs, and the stock market falls by 45 percent. A brief default would spur 500,000 job losses, leading to a 0.3% rise in unemployment, the CEA argues. "In a breach-induced recession, there would be limited policy options to help buffer the impact on households and businesses," the White House writes in the post.

Government officials, worried about a constrained labor force in a state where population growth has stalled, have taken a cover-the-waterfront approach. After raising starting wages from $17 an hour to around $24 and overhauling hiring strategies, Drees still has 200 open jobs at this and two nearby facilities, where he is hoping to add to current staffing of 1,200. That reshuffling may be one reason the Fed is finding it harder than expected to slow a job market struggling to match workers into open positions. Minnesota has had a particularly large imbalance: The 12-month moving average of available positions last year reached 2.75 for every unemployed person. "Nowadays you look online and there are just hundreds of day-shift job positions," he said.

☆ China's job market tough, especially for college graduates, vice minister says
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

BEIJING, April 27 (Reuters) - China's job market remains tough, and it is becoming especially hard for college graduates to find jobs, vice Human Resources minister Yu Jiadong said on Thursday. China's cabinet on Wednesday unveiled plans to boost employment, including supporting financial institutions to offer loans to small firms and issuing subsidies to firms that hire college graduates or unemployed young people. "Employment is steady, but under pressure, steady but also worrying, and the employment pressure for young people such as college graduates remains very big," Yu told a news conference. A record 11.58 million college graduates will hit the job market this year, with the economy still feeling the impact from COVID-19 curbs that were removed in late 2022 and a crackdown on tech and education sectors. China's private firms, which account for over 60% of output and 80% of urban employment, have been hit hard by COVID-19 lockdowns and restrictions over the past three years.

☆ Bed Bath & Beyond stiffed thousands of workers on severance pay
▼ + stars: | 2023-04-20 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +9 min

Bed Bath & Beyond has been on bankruptcy watch and has been closing hundreds of stores since late 2022. Toys "R" Us and other chains that filed for bankruptcy have been criticized for failing to pay workers severance. There is no federal requirement for severance pay, although some collective bargaining agreements with unions cover severance agreements. At Bed Bath & Beyond, CEO Sue Gove is eligible for $7.1 million in severance pay and former Bed Bath & Beyond CEO Mark Tritton is suing the company for $6.8 million in unpaid severance. ‘This was our reward’Some Bed Bath & Beyond employees recently laid off in other states did not receive severance pay either, as first reported by Bloomberg.

☆ 109-year-old went viral after celebrating his birthday with a belly dancer. Here are 12 lessons he says helped him have a happy, healthy life.
▼ + stars: | 2023-04-11 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +10 min

After his marriage, Betty Markoff made sure he ate a mixture of protein vegetables, and rich deserts, but always eaten in moderation, he said. Later in life, Markoff made a good living as a vacuum salesman. From a young age, Markoff picked up odd jobs here and there, working as a shoeshine boy, newspaper boy, and more. Love deeply and take care of peopleMorrie and Betty Markoff on their 80th wedding anniversary. Courtesy of Thomas MarkoffMarkoff puts down a lot of his long life to luck.

☆ Opinion: The hard lessons I learned the first time I was laid off
▼ + stars: | 2023-04-11 | by ( Phoebe Gavin | ) edition.cnn.com time to read: +8 min

I learned this lesson the hard way after my first layoff years ago. Many people don’t realize it, but there are two job markets: the public job market, driven by job boards and careers pages, and the shadow job market, driven by relationships and reputation. If you want to access the shadow job market, you need to know people, and people need to know you. I’ve derived great joy and fulfillment from mentoring and sponsoring people throughout my professional career. If you start investing in your professional resilience today, yours can be too.

☆ The U.S. Built a European-Style Welfare State. It’s Largely Over.
▼ + stars: | 2023-04-06 | by ( Claire Cain Miller | Alicia Parlapiano | ) www.nytimes.com time to read: +14 min

expansion Child care provider grants Food assistance ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’24 Emergency food benefits Free school meals Through Sept. 2026 Remote WIC services Paused work requirement No expiration Meals outside of school No expiration Food benefit increase WIC increase Health care ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’24 Medicaid continuity Through Dec. 2025 A.C.A. subsidies Subsidized COBRA Housing ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’24 Foreclosure ban Eviction ban Through Sept. 2025 Rental aid Through Sept. 2030 Housing vouchers Unemployment ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’24 Self-employed qualify Relaxed rules Extended duration Extra $600/week Extra $300-$400/week Extra for self-employed Extra $300/week Note: The selection of programs is not comprehensive, but it represents those with the highest costs or those affecting the most people. PROGRAM DURATION ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’24 Emergency food benefits Gave all households maximum Free school meals For all children Remote WIC services Waived need to appear in person Through Sept. 2026 Paused work requirement For adults without kids Meals outside of school Summer meals made permanent No expiration Increase in max. PROGRAM DURATION ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’24 Foreclosure moratorium For federally backed mortgages Eviction moratorium Rental assistance New emergency program Through Sept. 2025 Housing vouchers Additional funding Through Sept. 2030 Note: While funding for emergency housing vouchers is available through September 2030, vouchers cannot be issued to new households after September of this year. PROGRAM DURATION ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’20 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’21 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’22 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’23 ’24 Benefits for self-employed Including gig workers Relaxed rules Work searching not required Extra weeks of benefits Up to 53 additional Extra $600 per week Extra $300-$400 per week Depending on the state Extra for self-employed $100 more per week Extra $300 per weekAnother is support for families with young children.

☆ Hard work just doesn't pay like it used to
▼ + stars: | 2023-04-05 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +6 min

Today's workers, especially gig workers, don't have the security that hard work once promised. Fueling the pessimism about hard work might be that Americans have "been doing nothing but hard work for the last two decades," Jennifer Klein, a Yale labor historian, told Insider. Blame the rise of gig work for hard work not paying offThough Americans work fewer hours now than they have in years past, they're working harder than ever. As a result, "people have experienced hard work and intensified work, but in very, very unpleasant and not particularly rewarding terms," she added. However, deregulation of employment and the dismantling of the New Deal structures of fair work have decoupled hard work and security, Klein said.

☆ US stocks jump as traders put bank crisis behind them and brace for more inflation data
▼ + stars: | 2023-03-30 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +1 min

US stocks marched higher on hopes that global banking turmoil has finally settled. Investors are looking toward personal consumption expenditures data on Friday for a gauge on inflation. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. Initial filings for unemployment insurance ticked higher last week, but remain largely low amid a resilient labor market. Meanwhile, investors are looking toward personal consumption expenditures data on Friday for a gauge on inflationary pressures in the economy.

☆ Jobless claims edge up to 198,000, higher than expected
▼ + stars: | 2023-03-30 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Initial filings for unemployment insurance ticked higher last week but remained generally low in a tight labor market. Jobless claims for the week ended March 25 totaled 198,000, up 7,000 from the previous period and a bit higher than the 195,000 estimate, the Labor Department reported Thursday. Though the number was slightly higher than expectations, the total indicates that companies are slow to lay off workers despite expectations that the unemployment rate will rise through the year. According to estimates last week, central bankers expect the unemployment rate to rise to 4.5% this year, from its current 3.6% level. Markets reacted little to the fresh batch of data, with futures pointing to a higher open on Wall Street.

☆ US stocks rise as traders assess jobs data and bet bank crisis has faded
▼ + stars: | 2023-03-30 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +1 min

US stocks climbed on Thursday as traders mulled fresh jobs data and continued to move past concerns around the state of the banking sector following this month's string of bank failures. Applications for US unemployment benefits ticked higher last week, but have have stayed low, beneath 200,000, in what's still a robust labor market. Initial filings for unemployment insurance were 198,000 for the week ending on March 25, higher than estimates of 195,000. Following labor data, investors will be focused on personal consumption expenditures data on Friday. Legendary investor Ed Yardeni says US stocks could close this year 14% higher because the Federal Reserve will pause rate hikes after the banking turmoil.

☆ IMF chief warns of 'risks to financial stability' at China Development Forum
▼ + stars: | 2023-03-27 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

“Risks to financial stability have increased,” IMF Managing Director Kristalina Georgieva said during remarks at the China Development Forum in Beijing. Last week, concerns about Deutsche Bank and speculation over one of its bond payments also weighed on markets, prompting EU leaders to reassure the public over the resilience of Europe’s banking system. But it would still be a significant improvement on the 3% logged by the world’s second-largest economy last year — and help prop up the global economy. China’s rebound this year will allow it to contribute roughly one third of global growth, according to Georgieva. But the IMF chief urged Chinese policymakers to take steps to shift its economy and “rebalance” it toward more consumption-driven growth.

☆ Low-wage workers got big raises during the pandemic. Now that's coming to an end.
▼ + stars: | 2023-03-23 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +4 min

A new report from the left-leaning Economic Policy Institute analyzes wage growth from 2019 to 2022. Researchers found that the lowest-earners saw the highest real wage growth out of the groups analyzed. That growing pay was due to pandemic policy and need for workers, but those policies have ended. EPI looked at how the real wage growth of 9.0% for the lowest-paid workers compared to earlier business cycles and recessions. While it might sound counterintuitive that job losses lead to higher wages, EPI identifies this phenomenon as something called "severed monopsony."

☆ Uber, Lyft trade group questions Biden's labor nominee's gig workers stance
▼ + stars: | 2023-03-20 | by ( Nandita Bose | ) www.reuters.com time to read: +3 min

WASHINGTON, March 20 (Reuters) - Rideshare and delivery companies want the Biden administration's nominee for the Department of Labor to clarify her position on an incoming worker-classification rule that could expand workers' rights, a trade group representing the companies said on Monday. The Department of Labor in October proposed a rule that would make it more difficult for companies to treat workers as independent contractors, which would shake up ride-hailing, delivery and other industries that rely on gig workers. Before joining the U.S. Department of Labor, Su was the secretary for the California Labor and Workforce Development Agency, and before then was California labor commissioner from 2011-2018. A report on her tenure released in May 2013 found that her work resulted in a spike in enforcement activity. Reporting by Nandita Bose in Washington; Editing by Mark Porter and Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ Deel Speed: The inside story of a $12 billion HR startup's breakneck growth
▼ + stars: | 2023-03-20 | by ( Rob Price | ) www.businessinsider.com time to read: +32 min

Insider spoke with more than 30 current or former Deel workers about the HR company's extraordinary rise, and the unconventional tactics that made it possible. "I think if you talk to anyone, they would say that Alex is the face but all decisions run through Phillipe," one former Deel worker told Insider. "They lose every employment and labor protection," Valerio De Stefano, a professor at Osgoode Hall Law School, said of independent contractors. Alex Bouaziz, Deel on Centre Stage during day two of Collision 2022 at Enercare Centre in Toronto, Canada. The company didn't have an internal human-resources team until sometime in 2021, by which point it had grown to hundreds of people.

☆ What to expect from the February jobs report
▼ + stars: | 2023-03-10 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

Minneapolis CNN —January’s jobs report delivered a heck of a surprise when it showed the US economy had added more than half a million jobs and unemployment had dipped to a level not seen in more than five decades. But economists say they are not bracing for another blindside when the February jobs report comes out on Friday morning. “If we get a second strong jobs report [on Friday], it’s no longer an anomaly,” Terrazas added. Seasonality, benchmarking and the interplay of pandemic-era data don’t completely explain away January’s blockbuster jobs report, economists say, noting there are likely influences from the currently tight labor market. The Bureau of Labor Statistics’ February jobs report is set to be released at 8:30 a.m.

☆ Layoffs are still historically low, so why does it feel like everyone's losing their job?
▼ + stars: | 2023-03-09 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +9 min

The layoffs and discharges rate in January was 1.1%, which remains historically low. While BLS data may show a low US layoff rate overall, tech layoff announcements are important, given Pollak said that tech and finance are "synonymous with Americans' aspirations generally." "Those markets are very exposed to tech layoffs, and tech plays a disproportionate role in the economy," Terrazas added. Pollak told Insider that the layoffs at tech companies are "relatively small" and that "many companies also are not pursuing layoffs across the board." Despite the layoff rate being very low, job seekers may still be concerned about these headlines.

☆ February jobs preview: What to expect after January’s blowout report
▼ + stars: | 2023-03-09 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

Minneapolis CNN —January’s jobs report delivered a heck of a surprise when it showed the US economy had added more than half a million jobs and unemployment had dipped to a level not seen in more than five decades. But economists say they are not bracing for another blindside when the February jobs report comes out on Friday. “I think most economists were comfortable dismissing the January jobs data as an anomaly,” Aaron Terrazas, Glassdoor’s chief economist, told CNN. “If we get a second strong jobs report [on Friday], it’s no longer an anomaly,” Terrazas added. Seasonality, benchmarking and the interplay of pandemic-era data don’t completely explain away January’s blockbuster jobs report, economists say, noting there are likely influences from the currently tight labor market.

☆ Biden seeks $1.6 bln to tackle COVID relief fraud ahead of Republican probes
▼ + stars: | 2023-03-02 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +3 min

[1/2] President Joe Biden speaks before signing two bills aimed at combating fraud in the COVID-19 small business relief programs at the White House in Washington, U.S., August 5, 2022. Evan Vucci/Pool via REUTERSMarch 2 (Reuters) - President Joe Biden plans to ask Congress to provide $1.6 billion in new funding to tackle fraud tied to U.S. pandemic relief programs and help victims of identity theft, the White House said. In addition, Biden wants Congress to increase the statute of limitations on serious pandemic unemployment insurance fraud to 10 years, the White House said. In one case, an investigation by the task force recovered $286 million in stolen pandemic relief funds, and investigators have identified several equally important cases, according to the White House. Sperling, who oversees the COVID aid response for the White House, told reporters the renewed focus on pandemic fraud has nothing to do with coming Republican investigations.

☆ The US dollar is at a crossroads
▼ + stars: | 2023-03-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Wall Street investors are reaching for their neck braces in preparation for yet another volatile swing in stock markets: A surging US dollar. What’s happening: The US dollar “finds itself at a significant crossroads yet again,” said Krosby. Don’t forget the debt ceiling: Another significant threat to the dollar is looming in Congress — the ongoing debt ceiling fight. “It would certainly undermine the role of the dollar as a reserve currency that is used in transactions all over the world. Initial claims have come in lower than expected in recent weeks and remain well below their pre-pandemic levels.

☆ Boomers Greed Ruined Economy for Gen Z, Millennials
▼ + stars: | 2023-03-01 | by ( Alex Yablon | ) www.businessinsider.com time to read: +14 min

The boomers' economy is brittle, stingy, and built on undersupply. While inflation may be cooling a bit, future prosperity for millennials, Gen Zers, and beyond depends on reversing this economywide bottleneck created by boomers. Boomers shrank the labor force they need nowThe baby boomers ensured the labor market of the generations after them would be inadequate in a few major ways. The boomer ethos on housing, which views homes not as places to live but as financial assets, is mirrored in the rest of the economy boomers made. They make loans, investment, and housing more expensive — putting the economy on a diet instead of growing the pie.

☆ An undocumented worker was able to pay rent because he got $2,000 as part of a UBI-like program that will now be permanent for Coloradans who lose their jobs
▼ + stars: | 2023-02-14 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +5 min

Leo Alvarez received $2,000 from a pandemic-era fund for undocumented workers who lost wages in 2020. The fund has led to a permanent unemployment assistance program for undocumented workers in Denver. The pandemic exacerbated inequalities for undocumented workers that advocates want states to address. In New York for instance, advocates want the state to make its fund for undocumented workers permanent. "This is not something that's a luxury," Jessica Maxwell of the Workers Center of Central New York told Spectrum News last month.

☆ Op-ed: U.S. inflation and jobs reports show fastest recovery in 30 years under Biden
▼ + stars: | 2023-02-14 | by ( Cecilia Rouse | Chair Of The Council Of Economic Advisers | ) www.cnbc.com time to read: +6 min

The employment report earlier this month suggested U.S. employers added 517,000 jobs in January, well above what private forecasters were expecting. Over 12 million jobs have been created since President Joe Biden took office. At the same time, we have experienced the fastest jobs recovery from a recession in the last three decades. In January, the unemployment rate was 3.4%, with Black unemployment and unemployment for workers with less than a high school degree at near record lows. Looking back to where we were when President Biden came into office and the progress we have made is extraordinary.

☆ What laid-off workers need to know when applying for unemployment benefits
▼ + stars: | 2023-02-13 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

People may be surprised to learn, for example, that in some cases they can qualify for unemployment benefits even if they quit, Evermore said. To receive and keep receiving unemployment benefits, you have to be able to work and actively be seeking new employment, Evermore said. Are unemployment benefits taxable? In the third quarter of 2022, the average weekly unemployment benefit was around $385. Workers are typically eligible for unemployment benefits for a certain amount of weeks per benefit year.

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