A tumultuous day in national politics, steady unemployment claims, and concerns over the impact of Connecticut tax breaks are among the main items in business news today.
National
President Donald Trump has committed to a peaceful transition of power, a step back from his months-long narrative that he was unseated by fraudulent means. While Trump stopped short of conceding and said he disagrees with the outcome of the election, he said he will leave office and support an “orderly transition” on Jan. 20. The statement came after a day of violence in Washington, with pro-Trump protesters storming the Capitol Building to interrupt a routine vote in Congress to certify the Electoral College result declaring Joe Biden to be the next President. Trump was temporarily suspended from his social media accounts for posts that were deemed to have helped incite the violence.
The tumultuous events on Capitol Hill overshadowed events in Georgia, where Democrats won two runoff elections to cement narrow control of the Senate. Raphael Warnock was declared the winner in his race early Wednesday, while the other race was called for Jon Ossoff later in the day. The Senate is now split 50-50, with incoming Vice President Kamala Harris set to cast any tiebreaking votes.
Unemployment claims remained elevated but steady last week, with 787,000 new initial claims. Continuing claims remained on a downward slope, though millions of Americans continued to receive benefits through two emergency unemployment programs that have been extended through March.
Connecticut
Some economists are raising concerns about state plans to reduce taxes on the elderly over a seven-year period, saying it could worsen wealth disparities by assisting people with pensions and annuities – benefits which have become increasingly rare for younger generations. The Connecticut Mirror has the full story.
