Opinion | The financial relief plan has worked. But it shows the woeful state of unemployment insurance.

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Consequently, the expected household debt crisis has not materialized. Total credit card debt has fallen from $900 billion in March to $800 billion now, and fewer than 2 percent of accounts are past due, according to the Wall Street Journal. (Of course, shopping and dining out were impossible in many places.) As for mortgages, 30-day past-due accounts have spiked, according to CoreLogic, but “serious” delinquencies — 90 days past due or more — are at a 20-year low, as are foreclosure rates.

People are struggling; the poorest most of all. But it could have been far worse. This is as it should be. Government called on the people, essentially, to cease producing goods and services, and so it was up to government to shield them from financial disaster — in effect, to take individual and small business debt onto the national balance sheet.

There is no immediate issue of “moral

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Republican plan to cut enhanced unemployment benefits by $400 would cost 3.4 million jobs: analysis

dhita yudha

Republicans are set to unveil a plan to drastically slash enhanced federal unemployment benefits even as economists warn the move could cost the country millions of jobs and shrink the economy.

Senate Republicans have claimed that American workers who bring in a higher weekly rate than before the pandemic are disincentivized from going back to the office.

“It certainly does not have the backing that it had before because of many small businesses that have come forward and said that people just don’t want to come back — that they were making more than they did when they worked,” Sen. Pat Roberts, R-Kan., a senior member of the Finance Committee, told NBC News earlier this month. 

However, there is no evidence that the increased payments have resulted in Americans refusing to return to work. Though House Democrats approved a full extension on the benefit in May, Senate Republicans plan to

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Tesla is quickly ramping up its ability to make cars, trucks, SUVs, batteries, and solar panels. Take a closer look at its master plan.

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A rendering of Tesla's forthcoming Gigafactory near Berlin, Germany.
A rendering of Tesla’s forthcoming Gigafactory near Berlin, Germany.

Tesla

  • Tesla is rapidly growing its worldwide manufacturing footprint.

  • The company is operating factories in California, Nevada, New York, and China.

  • A new plant is under construction in Germany, and Tesla just announced another factory will be built near Austin, Texas.

  • In just a few years, Tesla has become a global manufacturing juggernaut, supporting its goal of becoming the biggest provider of sustainable transportation and energy.

  • Visit Business Insider’s homepage for more stories.

I can remember a time when Tesla barely made any cars. That was back in 2010, when it had just taken over a former GM-Toyota plant near San Francisco. The only car for sale was the original Roadster, and just a few thousand had hit the road.

Fast forward to 2019, and Tesla had sold 250,000 vehicles in a single year, with the goal of doubling that total

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UM professors upset over school’s plan to have in-person classes amid rising COVID cases

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As Miami-Dade County — the epicenter of the pandemic in Florida — reports thousands of COVID-19 cases each day, some faculty and staff at the University of Miami are pushing back over the school’s plan to reopen its campuses, feeling the administration has ignored their pleadings over personal safety.

The private university, based in Coral Gables, granted its nearly 17,000 students the power to decide how to learn, but failed to do the same for many of its approximately 16,000 faculty and staff, full and part time, some employees said.

Students got two choices: Take classes entirely remotely, or return to campus and take some classes in person and some online, which UM describes as a “hybrid protected model.” UM encouraged professors who qualify as vulnerable with underlying medical conditions, as defined by the Centers for Disease Control and Prevention, to request accommodations, but didn’t do same for those who

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NYC Property Mogul Charles Cohen Sticks With Buy-and-Hold Plan in Crisis

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(Bloomberg) — All over Manhattan, trouble is brewing for billionaire Charles Cohen.

Rent collections lag at the Decoration & Design Building, his Midtown showroom palace for interior designers. He’s 60 days delinquent on loan payments for his 42-floor office tower at 3 Park Avenue South.

Even Quad Cinema, his beloved art-house theater in Greenwich Village, is dark — yet another sign of the travails facing the Cohen empire in the time of Covid-19.

If Cohen is sweating, he’s not admitting it. He is, after all, the scion of one of the city’s great real-estate families, with the psychic freedom of a $3.6 billion fortune.

“New York is going to get through this,” Cohen, 68, said during an interview from his Lexington Avenue headquarters. “At the end of the day, there’s no place like New York.”

Still, the pressure is building — and not only for Charles Cohen. The pandemic threatens

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Teachers sue Florida governor over school reopening plan

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The Florida Education Association, a union representing 145,000 educators, filed a lawsuit on Monday against Governor Ron DeSantis and the state’s Department of Education in an attempt to stop schools from reopening at the end of August. The lawsuit argues Florida’s plan to reopen schools is unsafe due to the coronavirus pandemic, and therefore violates the state constitution, CBS Miami reports.

“The Florida Constitution mandates ‘[a]dequate provision shall be made by law for a uniform, efficient, safe, secure, and high quality system of free public schools,'” the lawsuit says. “The Defendants’ unconstitutional handling of their duties has infringed upon this mandate and requires the courts to issue necessary and appropriate relief.”

The lawsuit also names Education Commissioner Richard Corcoran and Miami-Dade County Mayor Carlos Gimenez as defendants. 

“The governor needs to accept the reality of the situation here in Florida, where the virus is surging out of control,” FEA

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Verizon unveils new business plan with the goal of going carbon neutral by 2035 and retraining 500,000 employees for emerging tech jobs

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Better Capitalism
Better Capitalism
Hans Vestberg
Hans Vestberg

Kevork Djansezian / Getty

  • Verizon announced Tuesday it’s launching a new business plan called Citizen Verizon, which includes a number of socially responsible goals, like becoming carbon neutral by 2035. 

  • Diego Scotti, executive vice president and chief marketing officer for Verizon, said that the company including socially responsible goals in its business strategy is an important distinction. It means the company is encompassing stakeholder capitalism in its business model. 

  • Scotti agreed that more brands are moving toward stakeholder capitalism, the belief that companies should be accountable to not only their shareholders, but to their workers and communities in which they do business.

  • Other companies like Microsoft, Amazon, and Unilever have recently shared pledges to become carbon neutral (or carbon negative) in the coming years. 

  • Visit Business Insider’s homepage for more stories.

Verizon, one of the country’s largest telecommunications providers, announced Tuesday it is launching a “responsible

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