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 QUOTE OF THE DAY  |
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"You're going to walk across somebody's stage" – A dad, who created an at-home graduation ceremony for his daughter after hers was canceled. Pomp it up.
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The Story
The Fed chair is seriously worried about the economy.
We all are.
Right. COVID-19 has led to mass unemployment and is now threatening entire industries. But yesterday, Federal Reserve Chairman Jerome Powell sounded the alarm louder by calling on Congress to provide more aid for the economy. It's a big deal, since the Fed typically stays far away from telling lawmakers what to do.
So why's Powell weighing in now?
Because he says the downturn is "worse than any recession since World War II." The Fed's already slashed interest rates, bought government bonds, and started new lending programs. Now, Powell says it's on Congress to help further. That's because the Federal Reserve doesn't have the power to give Americans direct aid like grants. But Congress does.
And Congress's response is?
On it...sort of. House Democrats are planning to vote on a new $3 trillion aid package tomorrow – but it doesn't include money for grants and isn't expected to pass in the Senate. Powell says he knows more aid comes with a hefty price tag, but that it'll be "worth it" if it means avoiding long-term damage to the economy. He pointed out that unemployment numbers are at record highs and low-income families seem to be hit the hardest, with 40% of people in households making less than $40,000 a year losing their jobs in March.
theSkimm
The financial crisis brought on by COVID-19 is already creating a domino effect in the country. Now, the Fed's chairman is making a rare appeal for Congress, showing that desperate times call for desperate measures.
Psst...Powell also said the Fed has dropped interest rates as low as they're gonna go. See what that means for your wallet here.
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What's apparently saying 'open for business'...
Wisconsin. Yesterday, the state's Supreme Court overturned Gov. Tony Evers' (D) stay-at-home order. Evers had issued the order in March, and extended it last month as cases and deaths there continue to mount. But Republican lawmakers pushed back, saying his admin had overstepped its authority, including by not getting their input. The ruling isn't the first bit of tension between Evers and GOP lawmakers: it comes weeks after an in-person vote that health officials say led to dozens of new infections. Now, businesses like bars can apparently hang back their 'open' signs. Evers said the ruling has thrown the state "into chaos."
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What's driving attention to California…
Tesla. The electric car company has the green light to go back to business. Last week, California said manufacturers can start reopening. But the county Tesla's plant is in has a stricter order in place. So Elon Musk said 'my bad, I totally respect that' and backed off his plans to reopen. Just kidding, he sued the county, threatened to pull Tesla's plant out of California, and reopened the plant anyway, daring police to arrest him. Now, county officials are saying 'you win' and letting Tesla employees take down their OOOs. But they're asking that Musk at least set up safety precautions for the plant's 10,000 workers.
...Oh and speaking of things on CA's mind, Cal State University. It's planning to stay closed for the fall semester with just a few in-person classes (think: labs). Yes, all 23 campuses.
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What's the mutter…
Dog puberty. New research has found that our four-legged friends also go through the angsty teen phase. Think: acting up and breaking the rules (cue: teenage flashbacks). The study looked at dozens of dogs and found the change starts at around eight months old – around the same time some owners take their dogs to shelters. So before barking orders at your dog, you may want to cut them some slack. Growing up can be ruff.
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Why Justice Clarence Thomas maybe doesn't talk so much...
He's apparently busy reading "Lord of the Rings."
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There's no autocorrect when it comes to your credit report. And even the smallest typo can cost you. Our new guide spells out how to spot – then fix – common mistakes. So you can get the credit you deserve.
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The COVID-19 pandemic is affecting us all in different ways. No matter your situation, sometimes you just need to press pause. Enter: our picks to help you take a break…
1. Finding your (virtual) Soul. Live from your living room it's...your new favorite workout routine. Every day, SoulCycle instructors are hosting exercises from their homes – no bikes required. Tune in at 5:30pm ET tonight and sweat it out.
2. A tiny space contest. Each week, the coolest, smallest homes in the world are going head-to-head to be officially named...the coolest. You can vote by tapping thumbs up or down. It's like Tinder, but for apartments.
3. Three totally random things that made us happy: raspberry fuzzy slippers, a brass bookmark, and taco toasters.
PS: Sign up to get a list of things to do, watch, eat, and more to your inbox every Monday.
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For when you've been craving a new crime drama to watch...
Gotchu. Enter: "Hightown." The newest original drama from STARZ. It's about a Cape Cod murder, the opioid epidemic, and a woman searching for answers. Watch the premiere now on the STARZ app.*
For when you feel like sending yourself a present…
Relatable. Try this curated fashion box. Rachel Zoe picks five fashion and beauty items that get delivered right to your door. The box retails for way more than you pay for it. And Skimm'rs get a special offer. Wrap it up.*
For when your leggings could use a break…
Jeans called, they want you back. This company can help. Their skinny jeans feel as comfortable as leggings because they're soft AF. So you can go back to getting dressed in real clothes, sans sadness. Get into it.*
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*PS This is a sponsored post.
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In times like these, community matters more than ever. Let us know how you (or someone you know) is making an impact by helping others.
Whipping up help with...Lisa B, Manal K, and Deepti S (NY). They're small business owners who've stepped up to help feed their communities and essential workers during the pandemic. They spoke with theSkimm about their businesses and efforts to keep bellies full here.
Bringing people together...Noah F (NY). He's the co-founder of 6FTCloser, a digital platform that allows people to share personalized thank you videos with frontline workers. Anybody can sign up to make a quick video and show their support. Make yours here.
(Some) Birthdays...Donna Golkin (NY), Lisa Wong (NJ), Amy Dethloff (WI), Cindy Malin (IL), Katie Million (MN), Kenya Dames (CAN), Hannah Kimmel (RI), Katie Krikawa (CO), Susan Smith (IL), Catherine Shue (CA), Rachel Randolph (PA), Shannon McGee (MT), Aundrea Carter (GA), Clara Ginnell (CA), Lydee Barnes
*Paging all members of theSkimm. Reach out here for a chance to be featured.
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theSkimm50 West 23rd Street, Suite 5B; New York, NY, 10010, United States Update Profile
