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Evie Fordham

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The U.S. economy shrank by 4.8 percent in the first quarter

President Trump’s chief economic adviser Larry Kudlow said Sunday the U.S. economy could see a historically high growth rate in 2021 despite the current economic contraction caused by coronavirus.

“President Trump cut taxes and regulations for middle-income folks, better trade deals, boosting the energy system, that worked. We had terrific growth in earlier years, even the beginning of this year,” Kudlow told “Sunday Morning Futures.” “We will build on those incentives so that coming off of this pandemic, we could have one of the greatest economic growth rates in American history in 2021 next year.”

Kudlow has insisted that the U.S. could see a third-quarter economic growth rate as high as 20 percent.

“I want to quote the Congressional Budget Office, as well as a bunch of private forecasters and The Wall Street Journal forecasting survey,” Kudlow said. “They’re looking for a substantial rebound of say 17 to 20 percent in the second half of the year beginning in the third quarter.”

The American economy shrank by 4.8 percent in the first three months of the year, the sharpest decline since the financial crisis more than a decade ago, the Commerce Department said Wednesday.

It was the first drop recorded since the first three months of 2014, and the worst since the first quarter of 2009, when the economy contracted by 4.4 percent in the midst of the financial crisis.

Author: Evie Fordham

Source: Fox Business: US could rebound from coronavirus with historic growth rate in 2021: Kudlow

Small businesses that missed out on paycheck protection are waiting

House Speaker Nancy Pelosi said small businesses impacted by coronavirus will have access to more funds through the Paycheck Protection Program “soon” after Senate Democrats rejected a GOP attempt to replenish the program.

“We want all of them to get what they’re entitled to under the law. … Some of these small businesses have other requests in terms of the additional loan program, in addition to the grant program,” Pelosi said on “Fox News Sunday.” “And that’s part of our request, as well.”

“They will have more money as soon as we come to agreement, which will be soon,” she said. “And I think people will be very pleased, because these small businesses must thrive in a community where their health is essential to them opening up, and they have to open up in order to thrive.”

Although Republicans and Democrats agree they need to replenish the program, a $349 billion fund approved last month as part of the CARES Act, they have remained at an impasse over how to do so.

Treasury Secretary Steven Mnuchin asked Congress to allocate $250 billion more for the program. But a GOP attempt to approve it was rejected by Senate Democrats, who maintained that additional cash should include emergency funding for hospitals and states, as well as some changes to the small business aid program.

Also on “Fox News Sunday,” Vice President Mike Pence said Democrats and Republicans are “very close” to a resolution.

“We are urging Democrats in the House and the Senate to step forward,” Pence said. “The negotiations are going on. We’re very close.”

Pelosi addressed the anti-lockdown movements that have sprung up in more than a dozen states on “Fox News Sunday.”

“What we have to do is shelter in place. … But, you know, people will do what they do. But the fact is, we’re all impatient. We all want out. But what they’re doing is really unfortunate,” Pelosi said.

Author: Evie Fordham

Source: Fox Business: Deal on more coronavirus small business loan money coming ‘soon,’ Pence, Pelosi say

More than half of voters now say it’s a bad idea, according to a new poll.

Medicare-for-all is losing steam among American voters, according to the latest Quinnipiac poll released Tuesday.

Thirty-six percent of voters think Medicare-for-all is a good idea compared to 43 percent in March, according to Quinnipiac. The percentage of voters who think it is a bad idea rose from 45 percent to 52 percent over the same timeframe.

Support for Medicare-for-all peaked in August 2017, according to Quinnipiac.

These numbers could mean good things for former Vice President Joe Biden, who has eschewed support for Medicare- for-all and says he will work to strengthen the Affordable Care Act.

Twenty-six percent of Americans say health care is the biggest concern affecting their vote, followed by climate change and the economy, according to the poll. Of the voters who say health care is their focus, 27 percent say they would vote for Biden, the biggest share of any candidate. Just 14 percent of health care-focused voters say they’d pick his rival Sen. Elizabeth Warren.

Meanwhile, Warren seems to be retreating from her strong stance on Medicare-for-all.

“Every serious proposal for Medicare for All contemplates a significant transition period,” the Massachusetts senator wrote in a post introducing her plan to gradually shift the U.S. toward a single-payer health care system.

The Quinnipiac poll also found that Democratic voters are more inclined toward allowing people to buy into Medicare than replacing the current system with Medicare-for-all. Seventy-one percent of Democrats and Democratic leaners approve of a buy-in compared to 59 percent who want a single-payer system.

Author: Evie Fordham

Source: Fox Business: Medicare-for-all increasingly unpopular

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