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As Economy Wobbles, Biden Stays Focused on Longer Term

The president’s advisers are pushing their most detailed argument yet for the long-term benefits of a $4 trillion agenda to remake the American economy and improve lives.WASHINGTON — President Biden and his economic team are pushing their most detailed case yet for trillions of dollars in new federal spending to rebuild public investment in workers, research and physical infrastructure, focusing on long-term ingredients of economic growth and equality even as the current recovery from recession shows signs of distress.In a new document from the White House Council of Economic Advisers, obtained by The New York Times, Mr. Biden’s team casts his $4 trillion economic agenda as a way to correct decades of tax-cutting policies that have failed to boost the middle class. Instead, the administration is pushing a rebuilding of public investment, like infrastructure, research and education, as the best way to fuel economic growth and improve families’ lives.The document provides a deeper economic backbone for arguments that Mr. Biden has made publicly and privately to sell his plans to lawmakers, including his expected comments to a group of Republican senators he has invited to the White House on Thursday to negotiate over an infrastructure package.It also reflects the administration’s

Unemployment claims report will shed new light on the economy.

The latest update on the labor market is scheduled to arrive Thursday morning when the government releases its weekly report on jobless claims.Analysts surveyed by Bloomberg expect that the number of new claims filed will fall slightly from the previous week.Last week, the Labor Department reported that 505,000 workers filed first-time claims for state benefits in the week that ended May 1. An additional 101,000 new claims were filed for Pandemic Unemployment Assistance, a federal program covering freelancers, part-timers and others who do not routinely qualify for state benefits. Neither figure is seasonally adjusted.The labor market is struggling to return to normal after more than a year of being whipsawed by the pandemic. Restrictions are lifting, businesses are reopening and job listings are on the upswing. Hiring increased in April but at a slower pace than anticipated.Whatever Thursday’s report brings, it is sure to fuel the debate over the impact that jobless benefits are playing in the economy’s recovery.Some employers, particularly in the restaurant and hospitality sectors, have complained of having trouble finding workers. The U.S. Chamber of Commerce and several Republican governors have asserted that a temporary $300-a-week federal unemployment supplement has made workers reluctant to return to the

In Reversal, Retirements Increased During the Pandemic

Job losses, rather than rising asset values, seem to be the main cause in upending a decades-long trend.After decades in which it decreased, the retirement rate rose during the pandemic, according to the latest government data. This makes retirement one exception to the many ways that the pandemic accelerated pre-existing trends, such as toward suburbanization and online shopping.In the year since the pandemic started — the 12 months ending in March 2021 — 17.0 percent of Americans aged 55 to 64 were retired, up from 16.8 percent in the two previous years. But this is still a lower percentage than in earlier decades. The retirement rate rose more for people 65 to 74: It was 65.6 percent in the year up to March 2021, versus 64.0 percent in the year before the pandemic. That brought the rate back up almost to its level in 2011, though still below its 2001 level. What can explain this trend during the pandemic? Job losses and business closings could have prompted some older workers to retire earlier than they’d expected, a pattern seen in previous recessions. Another factor: Older workers were more at risk than younger ones from the coronavirus. At the same

For Clean Energy, Buy American or Buy It Quick and Cheap?

President Biden says slowing climate change will create jobs. Tension between unions and environmentalists shows it’s not so simple.Patricia Fahy, a New York State legislator, celebrated when a new development project for the Port of Albany — the country’s first assembly plant dedicated to building offshore wind towers — was approved in January.“I was doing cartwheels,” said Ms. Fahy, who represents the area.Before long, however, she was caught in a political bind.A powerful union informed her that most of the equipment for New York’s big investment in offshore windmills would not be built by American workers but would come from abroad. Yet when Ms. Fahy proposed legislation to press developers to use locally made parts, she met opposition from environmentalists and wind industry officials. “They were like, ‘Oh, God, don’t cause us any problems,’” she recalled.Since President Biden’s election, Democratic politicians have extolled the win-win allure of the transition from fossil fuels, saying it can help avert a looming climate crisis while putting millions to work. “For too long we’ve failed to use the most important word when it comes to meeting the climate crisis: jobs, jobs, jobs,” Mr. Biden said in an address to Congress last month.Interior Secretary Deb

Wind Project Shows Democratic Tensions Over Energy

President Biden says slowing climate change will create jobs. Tension between unions and environmentalists shows it’s not so simple.In January, Patricia Fahy, a New York State legislator, was celebrating a new development project for the Port of Albany: the country’s first assembly plant dedicated to building offshore wind towers. “I was doing cartwheels,” said Ms. Fahy, who represents the area.Before long, however, she was caught in a political bind.A powerful union informed her that most of the equipment for New York’s big investment in offshore windmills would not be built by American workers but would come from abroad. Yet when Ms. Fahy proposed legislation to press developers to use locally made parts, she met opposition from environmentalists and wind industry officials. “They were like, ‘Oh, God, don’t cause us any problems,’” she recalled.Since President Biden’s election, Democratic politicians have extolled the win-win allure of the transition from fossil fuels, saying it can help avert a looming climate crisis while putting millions to work. “For too long we’ve failed to use the most important word when it comes to meeting the climate crisis: jobs, jobs, jobs,” Mr. Biden said in an address to Congress last month.But there is a tension between