Our favorite finance experts are back. We get an update from Rana Foroohar and Michelle Singletary on how the economy is handling reopening — and then re-closing — because of COVID-19.
Michelle Singletary, personal finance columnist for the Washington Post. Author of "The 21 Day Financial Fast." Her column "The Color of Money" is syndicated in newspapers across the country. (@SingletaryM)
From The Reading List
Financial Times: "Small business: a canary in the US economic coal mine" — "If you are looking to predict the shape of the US economic recovery — be it V, W, L or even K — don’t look at the markets. Look instead at the small- and medium-sized businesses that represent 50 per cent of employment in the country. They are the best economic indicator in America right now. They are also in trouble."
Washington Post: "The July 15 tax deadline is close. The IRS says it has refunds worth $1.5 billion just waiting to be claimed." — "In response to the coronavirus crisis, the IRS temporarily 'paused' tax collection and enforcement actions against people who owed back taxes."
Wall Street Journal: "Six Months of Work in a Pandemic" — "More than 1 in 7 U.S. workers lost their jobs when the coronavirus pandemic and related orders to close businesses caused the economy to shrink. About 7.5 million jobs were added in May and June, but unemployment remains at the highest levels since the Depression."
Washington Post: "New data reveal how many poor Americans were deprived of $500 stimulus payment for their children" — "Carmen Rodriguez was looking forward to receiving a much-needed stimulus payment for the two grandchildren she’s raising. The family lives on about $2,000 a month in Supplemental Security Income. The Philadelphia resident is among many parents, grandparents and guardians who haven’t received promised stimulus payments for their children, despite providing the IRS with dependent information."
Wall Street Journal: "Biden Outlines $700 Billion Economic-Revival Plan" — "Former Vice President Joe Biden laid out a $700 billion plan Thursday to revive the U.S. economy with an America-centric approach to job creation and manufacturing, issuing a direct challenge to President Trump as they prepare to compete for working-class voters in the November election."
Wall Street Journal: "File Your Taxes, Even If You Can't Pay" — "No matter how stressed or financially stretched you are this year, file tax forms with the Internal Revenue Service by July 15. Not doing so will only make your bad situation worse."
This program aired on July 13, 2020.