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It was a Monday like no other. Weeks after doctors detected the country’s first case of Covid-19 in a Seattle suburb, the stock market collapsed on March 23, 2020. The longest bull run in history ended in a sudden drop of 30%. Days later, lawmakers passed the $ 2 trillion Cares Bill, the biggest bill in history. One year, six federal stimulus bills and 130 million doses of vaccine later, and more than our economy’s recovery is in sight.
From stock market madness to historic unemployment, Forbes looked at what has changed and what hasn’t changed, a year after the pandemic hit the markets.
From bull to bear and back
The Nasdaq is up 95% year over year, although it’s unclear how long the mood may last. From Tesla’s Rise to $ 1 Trillion Cryptocurrency Market, Analyzes Late-Breaking Journalist Jonathan Ponciano ten figures that sum up the fastest market recovery on record. As liquidity floods the market, the specter of inflation keeps some investors from sleeping at night. Our latest contributor Steven Desmyter explains the link between inflation and sustainability and why we might start to hear about “greenflation”.
Reduce unemployment claims
The overall economy has recovered more slowly than the markets, but hope is on the horizon. Although 9.5 million jobs have yet to be clawed back, the government has authorized $ 5.4 trillion in stimulus spending, including $ 835 billion for small businesses. Business journalist Sarah Hansen has the big numbers to sum up the year of economic crisis in the United States. New jobless claims are down 97,000 from last week, the lowest level for over a year. And the IRS sent the second batch of $ 1,400 stimulus checks this week, although private debt collectors can still seize your check, after Sen. Pat Toomey (R-Pa.) blocked a proposed amendment that would refuse him.
New chart: nothing like a pandemic to reduce rampant consumer spending.
Stimulation blocks for social security beneficiaries
Speaking of stimulus, nearly 30 million Social Security beneficiaries are still awaiting their third round of stimulus checks. Here’s how to check the status of your check. Covid’s latest relief bill included $ 86 billion bailout for multi-employer pensions—But some pension plans have been left out.If you’re looking to donate to charity and are in your golden years, lead contributor Bob Carlson explains why a qualified charitable distribution of a traditional IRA is the best way to reduce your taxes.
Tax promises are meant to be broken
The tax filing season is well underway. Employee share purchase plans (ESPP) can present another point of confusion: here is six common reporting mistakes to avoid when it comes to ESPP income. Moving during the pandemic? Make sure you can prove it legally to the tax authorities.Finally, contributor Len Burman explains why general tax promises – like Biden’s promise not to raise taxes for anyone earning less than $ 400,000 –make it much more difficult to adopt good tax policy.
So you want to sell your house?
When it comes to housing, you’ve probably heard that this is a “seller’s market”. Forbes Advisor explains exactly what this means and offers strategies for home buyers and sellers. Average consumer credit card debt actually declined in 2020. Find out how average credit card debt varies by age and region and check out these tips for reducing your own debt. Student loans are back in the news as Biden agreed to cancel student loans for 72,000 borrowers. But there are strict rules to be eligible: find out if you are eligible.