Overseas Headline – September 6, 2021

United States:

Jobless Americans Are Stuck in Backlog Nightmare as Pandemic Benefits Expire

“For millions of Americans, the Labor Day weekend will bring the end of federally funded emergency unemployment benefits and a lurch into the uncertain economic recovery. Then there are those stranded in a bureaucratic nightmare, still waiting for benefits they are owed. Laura Ulrich, 59, was laid off in January from her job managing the distribution of coins in the Baltimore area for an armored car company. She spent the past week hoping that a summer of contacting officials in Maryland was going to bear fruit and more than $14,000 in unemployment insurance would finally land.”



Europe Faces Energy Price Shock With Gas and Power at Records

“Europe is facing an energy price shock as the cost of natural gas and electricity surges to record levels. A gas supply crunch is boosting the cost of producing power from the U.K. to Germany just as businesses reopen and people return to the office, increasing demand. Rising prices are fueling inflation and threatening to stall the economic recovery as energy-intensive industries from fertilizer to steel may need to curb output.”



China’s ‘Mr. Income Distribution’ Explains Common Prosperity

“China’s push for “common prosperity” is not just about taxing the rich but also directing resources into rural areas and the lower-income group, according to one of the country’s most prominent experts studying income inequality. The income gap has widened in the country over the past five years due to the rise of technology and financial sectors, and taxation has done little in narrowing the gap, said Li Shi, an economics professor at Zhejiang University, who has previously advised the government on poverty alleviation. He’s known in international academic circles as “Mr. Chinese income distribution” because of his work, according to the university’s website.”




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