economy

If all goes according to plan, you might see a $1,200 deposit in your bank account sometime in the next few weeks. The 3 million people who’ve recently filed for unemployment will get an extra $600 a month, and people with kids will get even more money.

The biggest financial help from the federal government during the COVID-19 pandemic passed the U.S. Senate Wednesday night. A House vote on the $2 trillion coronavirus stimulus package may come Friday. President Trump is promising to sign the measure that his administration helped craft.

But Wisconsin and national economists say the financial and unemployment crunch will still likely get worse before it gets better. 

>>The Latest WUWM & NPR Coronavirus Coverage

Industries across the United States are making the recommended adjustments to their daily operations to try and help curb the spread of the coronavirus. Wisconsin is no exception.

On Tuesday, Gov. Tony Evers ordered a ban on gatherings of 10 or more people. Also effective Tuesday: restaurants can only offer take-out or delivery services. 

While the COVID-19 outbreak has led to some heavy handed approaches to public health, many Americans may also feel the effects of the economy’s invisible hand. The Dow Jones Industrial Average fell by more than 5,000 points since the outbreak took off, and the S&P 500 fell by 8% on Monday alone. These were the biggest drops since the 2008 recession.

Just about every morning, Ryan Klussendorf wakes up at 5 to get his cows ready for the day. He milks them, feeds them, and then it’s time to start on paperwork before doing it all again in the afternoon. It’s a job that he and his wife Cheri have done for most of their lives. 

When it comes to the local economy, there’s some good and bad news. It' on the venture capital front — the money provided by investors that often helps businesses get underway or grow.

The good news is that economists say more venture capital dollars are flowing to the Milwaukee area, and the Midwest. The bad news is that some other parts of the U.S. are faring much better.

About half the money in U.S. venture capital deals goes to California. New York gets 14%. Six other Great Lakes states, including Wisconsin, get a combined total of 4%.

The 2008 economic recession hit Milwaukee hard. The housing market wasn’t spared and with it came a wave of foreclosures. Property values still haven’t quite recovered in many neighborhoods throughout the city.

The regional economic development partnership known as Milwaukee 7, or M7, says it has brought a lot of jobs to the area, or kept them here. But that may not be true in some low-income neighborhoods. 

M7 was launched in 2005 as a cooperative economic platform for Kenosha, Milwaukee, Ozaukee, Racine, Walworth, Washington and Waukesha counties. The partnership has just completed its third, five-year job recruitment effort, funded by about $9 million in public money and private donations.