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    Middle Class

    Daily Digest 2/22 – Who Killed The Middle Class?, US coronavirus death toll exceeds 500,000

    by Daily Digest

    Monday, February 22, 2021, 3:35 PM

Economy

Who Killed The Middle Class?

The conventional view defines the middle class by income, education, or type of labor being performed. These are all superficial attributes and ignore what actually differentiates the working class from the middle class.

Yes, the middle class tends to earn more, has higher educational credentials and performs white-collar labor rather than blue-collar labor.

But getting a higher education credential and increased pay doesn’t automatically provide a middle class role in the economy, nor does performing white-collar work.

Texans Get Relief on IRS Tax Deadline, Foreclosures After Storm

Texas residents and businesses have two extra months to file and pay their federal taxes, and Texans will also get some housing-related assistance after severe winter storms this month left millions without power and running water.

The Internal Revenue Service said on Monday that Texans have until June 15 to file federal returns and pay any taxes owed, tapping its authority to delay deadlines for disaster victims. Any tax forms due in the lead up to the June 15 deadline will be delayed until the new deadline.

The Decline Of The West: American Education Surrenders To “Equity”

Public education in the United States, if measured by results, has been producing graduates that are less competent in language skills and dramatically less well taught in the sciences and mathematics since 1964, when Scholastic Aptitude Test scores peaked. The decline in science and math skills has accelerated in the past decade according to rankings of American students compared to their peers overseas.

US coronavirus death toll exceeds 500,000

The U.S. exceeded a tragic milestone as the nation recorded over half a million lives lost to the novel coronavirus, according to data from Johns Hopkins University.

The grim milestone comes just over a month after the nation surpassed 400,000 virus-related deaths in January, breaking 300,000 less than a month prior. President Biden is expected to hold a candle lighting ceremony on Monday evening with a moment of silence in memory of the victims.

Fed officials agreed medium-term prospects for the economy had improved: minutes

Officials were not concerned about inflation, with “most” officials saying that inflation risks were weighted towards too low

Federal Reserve officials in January were more optimistic about the long-term health of the economy, minutes of their meeting released Wednesday show.

The voting members of the Fed’s interest-rate committee agreed that expected progress on vaccinations and the change in the outlook for fiscal policy had improved the longer-run prospects for the economy so much that officials “decided that the reference in previous post-meeting statements to risks to the economic outlook over the medium term was no longer warranted,” according to the minutes.

Cascend: Data Shows Wind-Power Was Chief Culprit Of Texas Grid Collapse

With the worst of the Texas power crisis now behind us, the blame and fingerpointing begins, and while the jury is still out whose actions (or lack thereof) may have led to the deadly and widespread blackouts that shocked Texas this week, Cascend Strategy writes that “in case there was any doubt why the Texas grid collapsed, the data is clear”

Biden’s Coronavirus Relief Package Has Almost Nothing To Do With The Coronavirus

Over and over again, President Joe Biden has pitched his $1.9 trillion stimulus plan as vital to restoring a struggling American economy and recovering from the pandemic. Many households are struggling, he tweeted earlier this month, with desperate Americans wondering how they are going to eat. “That’s why I’m urging Congress to pass the American Rescue Plan and deliver much-needed relief.” Time, he has insisted, is of the essence. “We don’t have a second to waste when it comes to delivering the American people the relief they desperately need. I’m calling on Congress to act quickly and pass the American Rescue Plan.”

Senator seeks probe of natural gas price spikes during storm

A Democratic senator is calling for federal investigations into possible price gouging of natural gas in the Midwest and other regions following severe winter storms that plunged Texas and other states into a deep freeze that caused power outages in millions of homes and businesses.

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