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SUBSCRIBE to EIR Daily Alert Service Choose Your Poison? U.S. Is Being Ravaged by Both the Pandemic and the Collapsing Economy Dec. 17, 2020 (EIRNS)—If you believe the popular gossip that you have to choose between bringing the economy to a halt to stop the COVID-19 pandemic, or “reopening” the economy and letting the disease rip, you’re being snookered—once again—by the British financial crowd that brought you both catastrophes in the first place: the City of London and their Wall Street sidekicks. As Lyndon LaRouche warned four decades ago, and the LaRouche organization restated...

U.S. poverty jumps the most in 60 years By Megan Cerullo One-quarter of Americans in poverty or jobless Of the various measures of the coronavirus pandemic's comet strike on the U.S. economy, one especially reveals the size of the crater: Over a six-month period, nearly 8 million Americans have tumbled into poverty. The nation's poverty rate in November jumped to 11.7%, up 2.4 percentage points from 9.6% in June — the biggest one-year increase in the 60 years that the government has been keeping numbers, according to new research from three universities. James X. Sul...

ADVERTISEMENT THE BIG DEAL—Sweeping COVID-19, spending deal hits speed bumps: Negotiations over a $900 billion coronavirus relief bill are running into 11th-hour snags, threatening to push Congress into a rare weekend session. Lawmakers had hoped to clinch a sweeping deal, which would also fund the government through Oct. 1, on Wednesday after the top four congressional leaders signaled that they were closing in on an agreement following months of stalemate.  But instead, lawmakers and staff warned that — while they still thought they would get the agreement — the final stages of the ...

By Cherranda Smith Dec 16, 2020 The study conducted by economists at the University of Chicago and University of Notre Dame points to the one-time stimulus payment, rise in new COVID-19 cases, and July 31 expiration of additional unemployment assistance.  In the month of November, the national poverty rate increased from June’s 9.3% to 11.7%.  Researchers in the study say that without the $2.2 trillion CARES Act relief package passed in March, poverty rates would’ve been worse by now.  “The entire decline in poverty through June can be accounted for by the one-time stimulus checks t...

Nearly eight million Americans have fallen into poverty since the summer While overall poverty levels are low by historical standards, the increase in poverty this year has been swift. It is the biggest jump in a single year since the government began tracking poverty 60 years ago. It is nearly double the next-largest rise, which occurred in 1979-1980 during the oil crisis, according to James X. Sullivan, a professor at Notre Dame, and Bruce D. Meyer, a professor at the University of Chicago’s Harris School of Public Policy. Sullivan and Meyer created a Covid-19 Income and Poverty Dashboard...