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For the first time in nearly 50 years, older workers face higher unemployment than their midcareer counterparts, according to a study released Tuesday by the New School university in New York City.The pandemic has wreaked havoc on employment for people of all ages. But researchers found that during its course, workers 55 and older lost jobs sooner, were rehired slower and continue to face higher job losses than their counterparts ages 35 to 54.It is the first time since 1973 that such a severe unemployment gap has persisted for six months or longer.AARP said the study bolstered concerns about the economic impact of the virus on on older workers. When people over 50 lose their jobs, it typically takes them twice as long to find work as it does for younger workers, the organization representing the interests of older Americans estimates.The pandemic “may be something that is pushing people out of the workforce and they may never get back in,” said Susan Weinstock, AARP’s vice president of financial resilience programing.In every recession since the 1970s, older workers had persistently lower unemployment rates than midcareer workers — partly because of seniority benefits.But in the current recession, older workers experienced higher unemployment rates than midcareer workers in each month since the onset of the pandemic.The older workers’ unemployment rates from April through September were 1.1 percentage points higher than mid-career workers — at 9.7% versus 8.6%. The rates were compiled using a six-month rolling average and were far worse for older workers who are black, female or lack college degrees.Among the newly unemployed older workers is Legasse Gamo, 65. He was laid off in March from his job as a baggage handler at Reagan National airport in the Washington suburb of Arlington, Virginia.While Gamo is afraid of exposing himself to the coronavirus by working around others, he said he has looked for work — because he feels he has little choice but to take any job he can find.The contractor he worked for, Eulen America, has required its laid off employees to reapply for their jobs. Gamo did so but said he has received no reply.The immigrant from Ethiopia supports three grandchildren, ages 6, 12 and 14, who live with him. His daughter is still employed, but her pay is not enough to cover their expenses. Gamo gets 0 a week in unemployment insurance payments and said he has spent almost all of his savings.“I just want to get back to my job as soon as possible to support my family because I’m afraid we will end up homeless,” Gamo said.The New School study focused only on workers with established careers. As a result, it did not examine workers younger than 35.It found that the pandemic has posed a unique risk for older workers, said Teresa Ghilarducci, director of the New School’s Schwartz Center for Economic Policy Analysis.“The higher rate of unemployment for older workers might be because this is a once-in-a-lifetime chance for employers to shed older workers and not fear investigation by the labor department,” Ghilarducci said.She added: “Age discrimination rules are not being tightly enforced. Employers, fearing economic instability, may want to get rid of relatively more expensive workers and take their chances with training new workers when the economy recovers.”Older workers often face age discrimination, making it difficult for them to find jobs. Researchers believe employers laid off and resisted rehiring older adults, in part because they tend to face more serious health risks when infected by the virus.The unemployment spike for older workers could force more of them into early and involuntary retirement, worsen their financial well-being and exacerbate financial disparities already experienced by women, minorities and people without college degrees in terms of retirement security.New School researchers estimated that 1.4 million workers over 55 remain lost their jobs since April and remain unemployed. The figure does not include workers who became unemployed in April and left the work force.The situation could have deep ramifications for older workers close to retirement because their final years on the job are critical for those who have not saved enough for their retirement and expect to work longer to shore up their retirement funds.“Retirement security is very fragile and a lot of them never recovered from the recession in the first place,” said Weinstock, of the AARP. “They were planning on working to make up for money they hadn’t saved and then they aren’t able to make those catch up payments they need.”The Schwartz Center for Economic Policy Analysis at the New School has estimated in research separate from Monday’s study that 43 million people now in their fifties and early sixties will be poor when they become elderly because of economic conditions or a lack of adequate savings in retirement plans.The researchers who conducted the new study recommended that Congress increase and extend unemployment benefits for older workers, discourage withdrawals from retirement accounts, lower Medicare eligibility to 50 and create a federal Older Workers Bureau to promote the welfare of older workers.____AP Business Writer Alexandra Olson contributed to this report from New York 5294
Following lackluster holiday sales, Toys 'R' Us will sell or close all 800 of its remaining stores, a source told the Washington Post on Wednesday. In January, the company announced that it was closing 182 locations in 2018. Wednesday's news could affect up to 33,000 jobs with the company. The company is in the midst of bankruptcy, and is facing nearly billion in debt dating back to 2005. The company filed for bankruptcy six months ago, and has yet to find a buyer. Meanwhile, sales at brick and mortar retailers continue to drop. The Wall Street Journal reported last week that company was preparing to abandon restructuring efforts, and prepare to liquidate its stores. Earlier on Wednesday, the company announced that it is closing its remaining 75 locations in the United Kingdom 834
For years, the White House Correspondents Association has pushed for access to the White House grounds for reporters and news media. On Wednesday, the WHCA told its members to stay away.The White House Correspondents Association’s recommendation came as three of its members are recovering from coronavirus infections. There have also been a number of infections among White House press staffers, including press secretary Kayleigh McEnany.In response to the cluster of coronavirus cases, the WHCA said that only a handful of journalists should work from the White House grounds. The association says other than reporters working at the White House as part of the “pool” as well as those with enclosed offices should refrain from working inside the White House. Pool correspondents are the small, rotating group of reporters who share reports to the rest of the media.“We would also strongly encourage all journalists to avoid working from the White House grounds entirely if it can be avoided,” WHCA chair Zeke Miller said.Miller said that the organization has been pushing for the White House to help with contact tracing.“We have communicated to the White House that, as a press corps, we would like more information to evaluate our own potential exposure,” Miller said. “We have pressed for them to provide updates on known and suspected infections so that reporters can as soon as possible know if they and their families have been put at risk. The administration, citing privacy concerns, has not provided additional details.”Miller said that protocols by White House journalists have helped minimize spread of the virus among its members.“While we are awaiting additional test results for some members, it appears clear that our safe behavior has helped contain this virus,” he said. “We haven’t just been lucky, we have followed science and we have been vigilant.” 1880
Feeding America, a network of 200 food banks across the United States, expressed concern on Wednesday on pending legislation that could strip food stamps from the Supplemental Nutrition Assistance Program away from nearly 3 million Americans. House Resolution No. 2 is up for consideration by the House of Representatives, which would add employment stipulations to some food stamp recipients, and their families. Feeding America's primary concern is that the nation's food banks will not be able to handle increased demand if the legislation becomes law. "Feeding America's nationwide network of member food banks will not be able to make up for the lost meals," Feeding America said in a statement. "We urge lawmakers in the House to reconsider their approach and amend their legislation before sending it to the Senate to ensure that the final legislation does not take food off the table for families who need it."According to a Congressional Budget Office projection, the federal government would reduce spending on direct benefits by .2 billion from 2019 to 2028. But the CBO claims it would cost the federal government in additional .7 billion in administrative costs to enforce the employment requirement. Overall, the federal government would be projected to save .5 billion over the 10-year period if the employment requirement is enacted. The CBO said that beginning in 2021, food stamp recipients between the ages of 18 and 59 who are neither disabled nor caring for a child under the age of 6 would need to either work or participate in a training program for 20 hours each week; that requirement would increase to 25 hours each week in 2026.The push to add work requirements to those receiving government assistance got a boost last month when President Donald Trump signed an executive order, which was intended to reduce poverty. "As part of our pledge to increase opportunities for those in need, the Federal Government must first enforce work requirements that are required by law," the executive order, signed by Trump on April 10, reads. "It must also strengthen requirements that promote obtaining and maintaining employment in order to move people to independence."Spending on food stamps is part of a larger "Farm Bill" legislation. The total cost for the Farm Bill is 7 billion from 2019 to 2028. The farm bill includes spending on rural development, farm subsidies, crop insurance, in addition to food stamps. According to USDA figures, 41.2 million people lived in food-insecure households. Nearly 40 million people received Supplemental Nutrition Assistance Program benefits, as of February 2018. The 3 million who would stand to lose access to food stamps represent 6.5 percent of recipients. "The harsh cuts to the Supplemental Nutrition Assistance Program included in the House Farm Bill would hurt Americans facing hunger across the country and reverse decades of progress in addressing food insecurity across the United States," Feeding America added in a statement. 3111
FORT LAUDERDALE, Fla. (AP) -- The U.S. Navy is investigating a video in which military work dogs attacked a "Colin Kaepernick stand-in" during a demonstration at a Navy SEAL Museum fundraiser.The event happened last year at the museum in Fort Pierce, Florida, but the video resurfaced over the weekend.On Sunday, the U.S. Navy said in a statement that it appears no active duty personnel were involved.The videos show dogs attack a man in heavy padding wearing a Kaepernick jersey. Rifle-carrying men in fatigues approach him yelling, "On your belly." He replies, "Oh, man, I will stand," as the crowd laughs. 617