The US hit its debt ceiling last week, forcing the Treasury to initiate a series of “extraordinary measures” to pay the bills.

Just ahead of United States President Joe Biden’s long-awaited first press conference Federal Reserve Chairman Jerome Powell made the media rounds claiming that “substantial” economic progress has been made.

China is economically performing spectacularly for the last four decades. It was on its way to being the world’s largest economy anyway, but the Covid pandemic has accelerated that process. But the US economy is still struggling to cope with the pandemic despite its massive stimulus package. 

President-elect Joe Biden will propose injecting $1.9 trillion into the US economy when he takes office next week.

The Federal Reserve pledgeS to keep boosting the US economy with low rates to help recover jobs lost in the coronavirus pandemic.

Weeks of record job losses leave the United States with unemployment rates not seen in decades as millions of Americans face the prospect of permanent job loss.