The Trump administration on Monday suspended the temporary work visas, including H-1B, for foreigners till the end of the year. It marked the latest effort to bar the entry of immigrants to the country. The new policy is "extending and expanding" on President Donald Trump's April pause on issuing new green cards, which will continue beyond the initial 60-day period until the end of the year, according to a senior administration official. "H-1B action is temporary but permanent action being taken on reforming the US visa system to one that is more "merit-based," a senior administration official told reporters at a briefing. Trump is also expected to sign an executive order on Tuesday directing new restrictions on most H-1B, H-4, H-2B, J and L visas, with some exceptions, lasting through December 31 - "frankly, because of the expanding unemployment," the official told reporters. The officials said that any abuses with H-1B visas will be investigated by the US Labor Department (USDOL). "The president has instructed us to get rid of the lottery" for such visas, the official added. The US government said that the new visa restrictions through the end of the year will affect nearly 525,000 American jobs. "We're hopeful that this is going to see broad, bipartisan support," the official said. The new restrictions, however, have been exempted for medical workers, especially those involved in COVID-19 care or research. Pegged as the COVID -19 or economic response, it is the administration's concerted effort to roll back the visas available to people overseas as a result of high unemployment in the US resulting from the coronavirus pandemic, the official noted.
The US Labor Department says forty-four million people have filed for unemployment in the past 12 weeks. If you're in the same boat, then clearly it's time to cut some expenses. But which ones, and how drastic should those cuts be? According to Business Insider, financial planner Anna N'Jie-Konte says cutting all expenses all at once during unemployment can be overwhelming. Instead, opt for cutting expenses in stages. Cut some right away. If unemployment goes beyond that, then cut more.
The US Federal Reserve is expected to remain apolitical and stay out of the business of Congress. Even so, President Donald Trump has repeatedly jeered at Fed Chair Jerome Powell, even going so far as to call him 'an enemy of the state.' Nevertheless, Business Powell stuck his neck out in a Congressional hearing this week, calling for more government intervention in the economy.
Investors on Tuesday paused ahead of a Federal Reserve Meeting that could reveal the Fed's view on recent signs of economic recovery. No major policy announcements are expected when the US central bank's meeting wraps up on Wednesday. However, investors will scrutinize its remarks on the health of the economy, which has been reopening slowly after coronavirus-related closures. According to Reuters, the S&P 1500 airlines index declined 8.5% on Tuesday.
Wall Street bounced higher on Tuesday thanks to the combination of a historic retail sales figure, comments from the Fed chief, a positive study on a possible COVID-19 treatment and hopes for an infrastructure plan. Conway G. Gittens has the details.
A full U.S. economic recovery will not occur until the American people are sure that the novel coronavirus epidemic has been brought under control, Federal Reserve Chairman Jerome Powell told Congress on Tuesday. Conway G. Gittens has more of his testimony.
The U.S. Labor Department said Wednesday that consumer prices barely rose in May. According to Reuters, moderate inflation together with a slowing economy could increase pressure on the Federal Reserve..