GREAT DEPRESSION

The IRS finished issuing relief to people who qualified for a federal tax break on up to $10,200 of unemployment compensation received in 2020.

Pennsylvania grocery store owners Sharlene and Alan Weidner joined "Fox & Friends First" to share their experience and struggles to stay afloat as costs continue to rise.

Here are the Chicago Tribune Editorial Board’s 2022 endorsements for the Nov. 8 elections.

Regulators need to do a better job of applying the insights of Bernanke, Diamond and Dybvig.

Champlain College Director of Financial Literacy John Pelletier discusses whether we're officially in a bear market and what to do about it.

Historically Black school to close Friday after surviving two world wars, the Spanish flu and the Great Depression.

Violet T. Lewis bought several used typewriters, and started the Lewis Business College in Indiana in the midst of the Great Depression.

Violet T. Lewis bought several used typewriters, and started the Lewis Business College in Indiana in the midst of the Great Depression.

CNNFour minutes into 2022, and about ten minutes before Miley Cyrus suffered a wardrobe malfunction over on NBC, Andy Cohen unleashed an incredible very drunken 45-second rant against outgoing New York City Mayor Bill de Blasio.The Bravo exec and his buddy Anderson Cooper were in the midst of co-hosting CNN’s New Year’s Eve special live from Manhattan’s Times Square when, after taking a shot of tequila, Cohen went in on the deeply disliked ex-mayor.good god this man is full of rage pic.twitter.c

Tributes have been paid across the US political divide to the late Republican leader Bob Dole.

"Annie Live!" was the latest broadcast TV musical, and while it mostly went very smoothly, there were a few odd details.

It was an impressive place with a restrictive membership. The Tribune pronounced it the city’s richest social club. There were 38 bedrooms for permanent residents and visitors. If a guest lacked the suit jacket de rigueur in the dinning room, a cloakroom attendant would say: “Here is a 42 long, sir. Your size, I’d judge.”

The White House and several congressional leaders have rallied behind tax plan that would target changes towards large corporations and the wealthy.

Sen. Joe Manchin (D-W.Va.) issued a statement on Wednesday saying he has "serious concerns" about the size of Democrats' $3.5 trillion budget reconciliation package, calling it "simply irresponsible" to continue spending at such high levels.Why it matters: Senate Democrats cannot lose a single vote in order to pass President Biden's sweeping economic plan via reconciliation, a process that only requires 50 votes rather than the usual 60 to overcome a filibuster.Stay on top of the latest market t

The president’s first budget, released just before a holiday weekend, predicts a $1.8 trillion deficit for 2022 and deficits of $1.3 trillion for years to come to fund big investments in education, infrastructure and the safety net.

Officials called it a “river monster.”

Officials called it a “river monster.”

With COVID-19 wreaking havoc on the U.S. economy a year ago, Jerome Powell and his advisors at the Fed considered the possibility of a Great Depression scenario.

Read an excerpt below:St. Martin's PressThe next morning, Elsa woke late. Last night, as she'd unpacked, she'd realized how wrong her clothes were for farm life. Elsa stepped out onto the porch and saw the Martinelli farm in full sunlight. Elsa stepped down into the yard. But it wasn't what gave us this good life.

The strategy has suffered a devastating drought for more than a decade, sending investors scrambling for answers.

“This is the biggest demand for housing and food assistance we’ve seen since the Great Depression,” he said. “Congress isn’t acting like they’re aware that 2.1 million people in our profession are out of work. I used to have 250 employees; now we have 80. People who worked with me and have gone on to open their own restaurants, making major contributions to their neighborhood — and that’s the American Dream, isn’t it? We’re seeing neighborhoods being shattered because the American Dream is being shattered.

Jeremy Hoffman, chief scientist at the Virginia Science Museum, wanted to see if this is a consistent pattern on a national scale. A four-year study conducted by the Science Museum of Virginia found that temperatures in Richmond, Virginia, fluctuate by as much as 16 degrees Fahrenheit (about 9 degrees Celsius) around the city. The Science Museum of Virginia study prompted Richmond Mayor Lamar Stoney to commit to building five parks on 35 acres in five minority neighborhoods. We have a chance to right that wrong, and we’re starting with these five green spaces.”An additional 287 acres of green space are being protected from development. Stoney’s goal is to have green space with a 10-minute walk of every Richmond home.

Samsung aims to lift its sinking smartphone sales with three new models that will test consumer willingness to buy high-priced gadgets during the worst economic downturn since the Great Depression. Such phones are intended for buyers who are strapped for cash or unwilling to pay for pricey phones that don't offer big advances over their predecessors. The upcoming foldable phone, meanwhile, is something of a do-over for Samsung. Samsung is promises that the Z Fold2 will far more durable because it will have ultra-thin glass and tougher hinges for unfolding the device. Consumer response to these phones might foreshadow demand for the next wave of iPhones.

Smaller companies, many of which have endured severe damage from the shutdowns forced by the coronavirus, might now find the Main Street program more appealing. Under the Main Street lending program, banks make loans to businesses; the Fed then buys the loans from the banks. Collectively, the changes suggest that the Fed might be having trouble attracting borrowers for the Main Street program. Chair Jerome Powell previously said the Main Street program would start making loans on June 1 or shortly after, but it has not yet done so. On Monday, the Fed said the program would start registering banks soon and will then buy loans shortly afterwards.

The Fed's Main Street Lending is geared toward medium-sized companies that are too large for the government's small business lending program and too small to sell bonds or stock to the public. Powell noted that the complexity of the program goes far beyond the Fed's usual lending efforts, which typically involve buying bonds. It is far and away the biggest challenge of the 11 facilities we have set up, Powell said. It has also announced 11 separate lending programs that are intended to support borrowing by businesses, banks and households. Still, Powell has previously said the unemployment rate is likely to peak at between 20% and 25% in May or June.

Data for March was revised sharply down to show these so-called core capital goods orders falling 1.1% instead of dipping 0.1% as previously reported. Economists polled by Reuters had forecast core capital goods orders diving 10.0% in April. Core capital goods orders dropped 1.3% on a year-on-year basis in April. Core capital goods shipments are used to calculate equipment spending in the government's gross domestic product measurement. Core capital goods shipments fell 1.2% in March.

Housing starts tumbled 30.2% to a seasonally adjusted annual rate of 891,000 units last month, the lowest level since early 2015, the Commerce Department said on Tuesday. Economists polled by Reuters had forecast housing starts would fall to a pace of 927,000 units in April. Housing starts dropped 29.7% on a year-on-year basis in April. Single-family homebuilding, which accounts for the largest share of the housing market, dropped 25.4% to a rate of 650,000 units in April. In the volatile multi-family housing segment, starts dived 40.5% to a rate of 241,000 units last month.

Billionaire hedge fund investor Paul Tudor Jones said Monday the economy would be in a "Second Depression" if the coronavirus pandemic doesn't get contained in a year. "Just depends on whether unfortunately this goes to a year with this kind of a lockdown," Jones said on CNBC's Squawk Box on Monday. The Great Depression from 1929 to 1939 was the worst economic downturn in the U.S. history. New York state has been the epicenter of the pandemic, with more than 330,000 cases and over 20,000 deaths. I don't think we would be able to come together and do that," Jones said.

5/10: Hassett, Murray, Gottlieb This week on "Face the Nation," the grim march to reopen the country continues as unemployment soars to levels unseen since the Great Depression.

Without a vaccine to prevent the coronavirus disease, economists warn the downturn in the leisure and the hospitality industries is just beginning. On Friday, the feds reported the unemployment rate surged to 14.7% -- erasing a decade of job gains in one month. Some economists estimate the U.S. unemployment rate actually nears 24%. Without a vaccine, economists expect a lot of false starts. I fear that we are going to see yet another round of layoffs even as workers are called back.”More expert opinions:

At least 40 of the 50 states are taking steps to lift stay-at-home restrictions on all but essential businesses. Two manufacturing powerhouses, Michigan and California, outlined plans on Thursday to allow their industrial companies to begin reopening over the next few days. Tom Bossert, Trumps former White House homeland security adviser, said on Friday the national trend of new cases outside New York was of great concern. Trump also told Fox that certain White House staff members had started wearing face masks, one day after the White House said his personal valet had tested positive for the novel coronavirus. The White House on Thursday said Trump and Vice President Mike Pence tested negative for the virus and were feeling well after the staffer - a U.S. military service member who works at the White House as a valet - came down with the virus.

The European Union will contract 7.4% in 2020 as the coronavirus pandemic brings the worst economic shock since the Great Depression in the 1930s, the European Commission said Wednesday. The executive arm of the EU has released its latest economic forecasts the first estimates since European countries introduced lockdown measures to stop the spread of the virus. In February, the European Commission estimated a 1.4% rise in GDP for the EU this year. "Europe is experiencing an economic shock without precedent since the Great Depression," Paolo Gentiloni, European Commissioner for the economy, said in a statement. The European Commission is currently working on further economic stimulus to the region.

The U.S. economy could contract at its worst rate since the Great Depression later this year due to the coronavirus crisis, warned Kevin Hassett, who recently rejoined the Trump administration as a senior economic advisor. The initial look at gross domestic product for the first quarter, out on Wednesday, will be a negative number, Hassett said Monday on CNBC's "Squawk Box." However, he said the real damage to the economy from the coronavirus will be revealed further down the road. "You're looking at something like minus 20% to minus 30% in the second quarter." "The puzzle is incomes are staying relatively high and output is going to zero," Hassett said.

Speaking to reporters on the White House lawn on Sunday morning, Hassett said the unemployment rate could hit 16% and "the next couple of months are going to be terrible" for economic data. "We see an unemployment rate that approaches rates we saw during the Great Depression," Hassett told ABC's "This Week." "A lot will depend on what happens next," Hassett said about the chances of seeing a V-shaped economic rebound rather than a longer U-shaped return to economic growth. The insured unemployment rate, which compares those current receiving benefits to the size of the labor force, rose to 11% this past week, a weekly jump of 2.8%. That translates to "a barely believable" 23% when the Labor Department releases its unemployment rate calculation in two weeks, according to Paul Ashworth, chief U.S. economist at Capital Economics.

Carter said he voted for Bernie Sanders over Hillary Clinton last time, but warns that embracing single-payer, government-run health insurance could cost the Democrats votes among moderates and independents. That could rule out Sanders and another progressive favorite, Elizabeth Warren. But Carter also said he'd like to see a woman as president. He said he couldn't have managed his presidential duties when he was 80, which would nix not only Sanders, at 78, but former Vice President Joe Biden, who is 76. Warren is 70, meaning she'd be nearly 80 at the end of a two-term presidency.

The escalating trade war between the U.S. and China is potentially creating "the most dangerous financial moment" since the global crash at the end of the last decade, former Treasury Secretary Larry Summers said. The global financial crisis, which began in 2008, became the worst economic disaster since the Great Depression. As a result, the investment bank is projecting two more rate cuts this year, in September and October. "The Fed has been increasingly responsive this year to trade war threats, bond market expectations, and global growth concerns," Goldman Sachs said in a note. However, since then, the trade war has intensified.

Millions of Americans across the country were out of work during the Great Depression, while there was a huge job that needed be completed in America's parks and public lands. And so President Franklin Roosevelt created the the Civilian Conservation Corps, the New Deal program that would eventually employ three million Americans. Conor Knighton reports on the federal program that transformed the lives of millions of Americans - and the country's natural treasures.