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Six weeks into Joe Biden’s presidential tenure, and momentum is finally picking up on his $1.9 trillion stimulus package. The so-called American Rescue Plan received House approval in the wee hours of Saturday morning, and the Senate began debating it on Monday.
Yet, with the finish line on the horizon, conservative Democrats (looking at you, Joe Manchin) and even some left-leaning economists appear slightly more ambivalent, thanks in part to a rapid vaccine roll-out that could repair the economy more quickly than anticipated. And markets—once tickled at the thought of an extra $1,400 in each consumer’s hands—can’t decide if they want this much stimulus after all, leaving major indexes volatile.
With 12 months of uncertainty under our belts, what’s a little stimulus ambivalence?
Senate Vs. Stimulus
Nearly 17 million fewer Americans will receive stimulus checks under the income cap revision reportedly agreed to by Senate Democrats and President Biden. (Individuals making $80,000 or more, and couples earning at least $160,000 will receive no stimulus check under the deal, down from $100,000 and $200,000, respectively, in the House version of the relief package.) As Senators continue to debate the legislation, they should consider refining unemployment insurance while scaling back transfers to state and local governments, Contributor Ben Ritz argues.
Still waiting on overdue unemployment benefits? Bureaucratic inefficiencies are likely to blame. Here’s how you can advocate for yourself. Some good news for small businesses: Schedule C filers can now use gross income rather than net, as previously specified, when filing for forgivable PPP loans—substantially increasing loan amount eligibility.
Risky Or Not, Here We Come
Bitcoin isn’t known as the safest investment, so why would you want it in an endowment or retirement portfolio? As the popular cryptocurrency gains institutional backing, Forbes Senior Contributor Bill Baldwin lays out the cases for and against adding bitcoin to an investment account.
Markets plunged again today following a tepid week, after the Fed’s chief Jerome Powell emphasized that he won’t touch interest rates until the U.S. reaches “maximum unemployment.” Already, investors are opting for safer bets, leaving tech stocks (including meme stocks like GameStop
Novel Graphic: Crypto Kitties have given birth to a booming Non-Fungible Token (NFT) market mostly centered around digital art.
Will We Ever See Retirement Reform?
Older workers (ages 55 and over) were hit harder than mid-career workers in the…