A congressional watchdog said the federal government sent 1.1 million stimulus payments to dead people. According to Business Insider, these dead people received a total of $1.4 billion. The Government Accountability Office said the problem came partly because of administrative issues. While the IRS has access to death records from the Social Security Administration, the Treasury Department does not.
Treasury Secretary Steve Mnuchin and Federal Reserve Chairman Jerome Powell were in the hot seat Tuesday as they faced senators for the first time in a required update on the financial response to the coronavirus pandemic. Conway G. Gittens has more on the testy exchange.
The Treasury Department announced they would give prepaid debit cards to those who haven’t received their stimulus payments. According to Business Insider, they said this method is “secure, easy to use” and will allow them to deliver it more quickly. Since mid-April about 140 million Americans have received stimulus payments totaling $239 billion. While most of them received the money by direct deposit, others received mailed paper checks.
Delta Air Lines expects to have 7,000 more pilots than it needs in the fall as the coronavirus pandemic weighs on its operations, according to a memo to flight operations employees seen by Reuters. Conway G. Gittens has the details.
Electric carmaker Tesla just gave the world a beautiful lesson on what really happens during a trade war or a currency war. The manufacturer says it will raises prices on its vehicles starting at the..