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Up to 7.7 million U.S. workers lost jobs with employer-sponsored health insurance during the coronavirus pandemic, and 6.9 million of their dependents also lost coverage, a new study finds.
Workers in manufacturing, retail, accommodation and food services were especially hard-hit by job losses, but unequally impacted by losses in insurance coverage.
Manufacturing accounted for 12% of unemployed workers in June. But because the sector has one of the highest rates of employer-sponsored coverage at 66%, it accounted for a bigger loss of jobs with insurance — 18% — and 19% of potential coverage loss when dependents are included.
Nearly 3.3 million workers in accommodation and food services had lost their jobs as of June — 30% of the industry’s workforce. But only 25% of workers in the sector had employer-sponsored insurance before the pandemic. Seven percent lost jobs with employer-provided coverage.
The situation was similar in the retail sector. Retail
President Donald Trump promised a new dawn for the struggling U.S. steel industry in 2016, and the lure of new jobs in Midwestern states including Michigan helped him eke out a surprise election win.
Four years later, Great Lakes Works — once among the state’s largest steel plants — has shut down steelmaking operations and put 1,250 workers out of a job. A year before the June layoffs, plant owner United States Steel Corp called off a plan to invest $600 million in upgrades amid deteriorating market conditions.
Trump’s strategy centered on shielding U.S. steel mills from foreign competition with a 25 percent tariff imposed in March 2018. He also promised to boost steel demand through major investments in roads, bridges and other infrastructure.
But higher steel prices resulting from the tariffs dented demand from the Michigan-based U.S. auto industry and other steel consumers. And the Trump administration has never
As the global pandemic enters its seventh month, millions of Americans lack health insurance.
According to research by the Economic Policy Institute published in late August and taking into account jobs gained back after the worst of the shutdowns during the spring, the coronavirus pandemic has left more than six million Americans without job-sponsored health insurance. When you take into account dependents, that number rises to more than 12 million.
“Though we don’t yet know precisely how damaging the Covid-19 shock has been to health insurance access, the shock has laid bare the huge uncertainty that employer-linked health insurance introduces into U.S. families’ lives. Even in normal times millions of U.S. households must manage coverage transitions in a given month. During economic crises, these coverage changes increasingly include transitioning into uninsured status, which puts families’ health and financial security at risk,” wrote Josh Bivens, author of the report and director
Following decades of declining job prospects, White men without a college education have seen employment opportunities rise, which has the potential to influence their ballot choices this election cycle.
Since 2016, this group has benefited from positive labor market trends, which continue in many cases despite a deep U.S. economic recession that began in February, William Emmons, assistant vice president and lead economist with the Center for Household Financial Stability at the Federal Reserve Bank of St. Louis, told Fox News.
Between 1989 and 2016, the number of White working-class families declined, along with their share of income and wealth. That change was unique among the major socioeconomic groups.
“Going back 30 years, 50 years, especially men, but White people without college degrees were sort of the core—the backbone of the economy,” Emmons said, adding that the demographic more recently became the “definition” of a marginal, vulnerable group as job
By Rajesh Kumar Singh
CHICAGO, Oct 9(Reuters) – President Donald Trump promised a new dawn for the struggling U.S. steel industry in 2016, and the lure of new jobs in Midwestern states including Michigan helped him eke out a surprise election win.
Four years later, Great Lakes Works – once among the state’s largest steel plants – has shut down steelmaking operations and put 1,250 workers out of a job. A year before the June layoffs, plant owner United States Steel Corp X.N called off a plan to invest $600 million in upgrades amid deteriorating market conditions.
Trump’s strategy centered on shielding U.S. steel mills from foreign competition with a 25% tariff imposed in March 2018. He also promised to boost steel demand through major investments in roads, bridges and other infrastructure.
But higher steel prices resulting from the tariffs dented demand from the Michigan-based U.S. auto industry and
ASUNCION (Reuters) – Paraguay’s Finance Minister Benigno López will step down from his ministry position in the next few days to take a senior role at the Inter-American Development Bank (IDB), a government source told Reuters on Thursday.
The regional lender has picked Lopez as vice president for sectors and knowledge, according to a note seen by Reuters, which would involve a three-year term starting in mid-October.
The government source said López would be formally appointed to the IDB role in the coming days. The most likely replacement is former minister Ernst Bergen, the current Paraguayan head of the bi-national Itaipú hydroelectric dam.
López is the half-brother of Paraguayan President Mario Abdo and one of the government’s main advisers. Before being Minister of Finance, he was head of the pension authority and director of the central bank, where he worked for more than two decades.
An IDB spokesman said that
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By Daniela Desantis
© Reuters/JORGE ADORNO
FILE PHOTO: Paraguay’s Finance Minister Benigno Lopez Benitez talks to Reuters, in Asuncion
ASUNCION (Reuters) – Paraguay’s Finance Minister Benigno López will step down from his ministry position in the next few days to take a senior role at the Inter-American Development Bank (IDB), a government source told Reuters on Thursday.
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The regional lender has picked Lopez as vice president for sectors and knowledge, according to a note seen by Reuters, which would involve a three-year term starting in mid-October.
The government source said López would be formally appointed to the IDB role in the coming days. The most likely replacement is former minister Ernst Bergen, the current Paraguayan head of the bi-national Itaipú hydroelectric dam.
López is the half-brother of Paraguayan President Mario Abdo and one of the government’s main advisers. Before being Minister of Finance, he was head of the
By Sam Holmes and Colin Packham
SYDNEY (Reuters) – Australia pledged billions in tax cuts and measures to boost jobs on Tuesday to help pull the economy out of its historic COVID-19 slump in a budget that tips the country into its deepest deficit on record.
Prime Minister Scott Morrison’s conservative government has unleashed A$300 billion in emergency stimulus to prop up growth this year, having seen the coronavirus derail a previous promise to return the budget to surplus.
Treasurer Josh Frydenberg on Tuesday announced A$17.8 billion in personal tax cuts and A$5.2 billion in new programmes to boost employment in a recovery plan aimed at creating one million new jobs over the next four years.
Those measures are forecast to push the budget deficit out to a record A$213.7 billion, or 11% of gross domestic product, for the fiscal year ending June 30, 2021.
“There is no economic recovery
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D.j. Mattern had her Type 1 diabetes under control until COVID’s economic upheaval cost her husband his hotel maintenance job and their health coverage. The 42-year-old Denver woman suddenly faced insulin’s exorbitant list price — anywhere from $125 to $450 per vial — just as their household income shrank.
She scrounged extra insulin from friends, and her doctor gave her a few samples. But as she rationed her supplies, her blood sugar rose so high her glucose monitor couldn’t even register a number. In June, she was hospitalized.
“My blood was too acidic. My system was shutting down. My digestive tract was paralyzed,” Mattern said, after three weeks in the hospital. “I was almost near death.”
So she turned to a growing underground network of people with diabetes who share extra insulin when they have it, free of charge. It wasn’t supposed to be this way, many thought, after Colorado
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