Retail sales jumped by nearly 18% in May, more than double the forecasts. Federal Reserve Chair Jerome Powell starts two days of congressional testimony today. And, in our Reimagining the Economy project, the case for a job guarantee.
Overall, retail sales are down by 6% compared to May 2019.
He’s expected to elaborate on his pessimistic forecast that millions of people who have lost their jobs during the pandemic may not get them back.
A possible cure for the economic crisis caused by the pandemic? The job guarantee. Pavlina Tcherneva of Bard College explains the job-creation idea.
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