The signing of the CHIPS & Science Act today is a culmination of a long journey for TCF, where we have been calling for federal action to reinvest in US manufacturing since 2017.
.@TCFdotorg was pleasantly surprised when then former Vice President @POTUS Joe Biden agreed to join us and our allies at an event in the fall of 2018 at the Naval Museum presenting our $2 billion call to action
.@TCFdotorg went to work w/ allies like @SenSchumer & @SenGillibrand to turn these ideas into actionable elements, including first ever DOD funding for manufacturing economic development & a new coalition American Manufacturing Communities Collaborative tcf.org/content/report…
These ideas took bigger, bipartisan, form, first with the introduction of the Endless Frontier Act in May 2020 congress.gov/bill/116th-con…
These ideas took bigger, bipartisan, form, first with the introduction of the Endless Frontier Act in May 2020 congress.gov/bill/116th-con…
The final product was today’s CHIPS for America Act, echoing the @TCFdotorg vision of high road #manufacturing redevelopment–spurring innovation, reinvesting in worker, retaining & reshoring jobs and mobilizing capital. We are thrilled today to celebrate this achievement.
Today’s UI report shows the critical role unemployment has played to dig us out of an economic hole. A quick thread on why claims that UI benefits are hindering employment or economic growth don’t hold up ⬇️ 1/
First, a quick update on claims. New claims fell for the 4th consecutive week last week to 606,000 new claims. State UI claims had a big drop to 505,000 (-107K NSA) and new PUA claims fell to 101,000 (-20K NSA). 2/
Unfortunately, some leaders have decided that federal unemployment benefits are holding back growth. The governor of Montana is going as far to end federal benefits in his state. But a deeper dive into the data shows this is false. money.yahoo.com/montana-plans-… 3/
Montana's is backing out of 100% federal funded pandemic unemployment benefits. Here's a statement from me on it:
"Montana's decision to pull the rug out from it's unemployed residents is shortsighted and cruel. I can guarantee that many Montanans now relying on unemployment benefits, especially Native American population with very high unemployment rates, won't find a suitable job
when these benefits expire. They'll have nothing to live on. Moreover, the 100 percent federally paid unemployment benefits have boosted spending and contributed to the strong economic recovery. It's shortsighted for the state to sacrifice that economic stimulus based on the
No relief in sight: millions continue to clog the #unemployment rolls, as the administration’s patchwork solution to unemployment, Lost Wages Assistance, is running dry. dol.gov/ui/data.pdf
The number of #unemployment claims remains stubbornly high, as the total number of initial claims was at 1.45 million last week, including 860,000 for state UI and 660,000 million for PUA.
These claims have stayed between 1.3 to 1.7 million each week for the last month, indicating that continuing waves of temporary and permanent layoffs have yet to return to comfortable levels.
States got the $600/week out relatively quickly because it was a flat amount and they can run it on top of all others who are paid.
By contrast, other CARES Act programs -- Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation -- were delayed for weeks, even months.
The Trump-Scalia Dept of Labor released new regulatory guidance for the new pandemic #unemployment assistance (PUA) program passed by Congress in the #CARESAct, and it’s criminally narrow. wdr.doleta.gov/directives/cor…
While the program will cover #gigeconomy workers, it only extends to those who are “forced to suspend operations” because of #COVID19, leaving those who could still turn their apps on—even if they can’t find work—in a grey area.
While PUA will cover those who are caring for a child while school is closed due to #COVID19, that coverage could end when the regular school year is over.