WEATHER ALERT
New analysis suggests national debt could increase under Harris, but it would surge under Trump
Read full article: New analysis suggests national debt could increase under Harris, but it would surge under TrumpNo one is likely to be happy with the projected higher deficits laid out in a new analysis of Kamala Harris’ and Donald Trump’s economic plans.
Inflation Reduction Act may have little impact on inflation
Read full article: Inflation Reduction Act may have little impact on inflationWith inflation raging near its highest level in four decades, President Joe Biden is poised to sign into law his landmark Inflation Reduction Act Tuesday afternoon.
Dems seem headed for climate, health win after ups and downs
Read full article: Dems seem headed for climate, health win after ups and downsIn a story published July 30, 2022, The Associated Press reported that the Congressional Budget Office estimated that an insulin bill would increase the price of the drug.
Greedflation: Is price-gouging helping fuel high inflation?
Read full article: Greedflation: Is price-gouging helping fuel high inflation?Furious about surging prices at the gasoline station and the supermarket, many consumers feel they know just where to cast blame: On greedy companies that relentlessly jack up prices and pocket the profits.
Biden, Chevron chief trade sharp words over gas prices
Read full article: Biden, Chevron chief trade sharp words over gas pricesIn a pointed back and forth, the head of Chevron has complained that President Joe Biden has vilified energy firms at a time when gasoline prices are at near record levels and the president responded that the oil company CEO was being “mildly sensitive.”.
Biden's challenge: Inflation overshadows robust job gains
Read full article: Biden's challenge: Inflation overshadows robust job gainsPresident Joe Biden came before the television cameras Friday to celebrate yet another month of healthy job growth and low unemployment and the fastest pace of hiring in four decades under his watch.
Question for Fed: Has it waited too long to fight inflation?
Read full article: Question for Fed: Has it waited too long to fight inflation?With inflation surging, unemployment falling and wages rising, some economists are warning that the Federal Reserve may have waited too long to reverse its ultra-low-rate policies — a delay that could put the economy at heightened risk.
AP-NORC Poll: Income is up, but Americans focus on inflation
Read full article: AP-NORC Poll: Income is up, but Americans focus on inflationAmericans’ overall income has accelerated since the pandemic, but so has inflation — and a new poll finds that far more people are noticing the higher prices than the pay gains.
Pressure on Fed's Powell is rising as inflation worsens
Read full article: Pressure on Fed's Powell is rising as inflation worsensFederal Reserve Chair Jerome Powell surely expected to have some breathing room after taking the first step this month to dial back the Fed’s emergency aid for the economy.
Inflation ahead? Even a top economist says it's complicated
Read full article: Inflation ahead? Even a top economist says it's complicatedTwo months of sharply rising prices have raised concerns that record-high government financial aid and the Federal Reserve’s ultra-low interest rate policies — when the economy is already surging — have elevated the risk of accelerating inflation.
More jobless getting aid than in past even as cutoffs loom
Read full article: More jobless getting aid than in past even as cutoffs loomFar more Americans are receiving unemployment benefits than the last time the jobless rate was at the current 6.1%, thanks to a major expansion of the federal safety net that has provided aid to millions of people out of work.
Fighting Biden virus aid, GOP rekindles Obama-era strategy
Read full article: Fighting Biden virus aid, GOP rekindles Obama-era strategyAmericans are experiencing flickers of optimism at the one-year anniversary of the deadly outbreak as more people are vaccinated. But new strains of the virus and a still shaky economy could unleash another devastating cycle of infections, lockdowns and deaths. Biden and Democrats warn that now is not the time to let up on aid, and that it's better to risk doing too much than too little. McConnell expressed similar optimism last spring when he hit “pause” on new spending after approval of the initial round of aid. GOP Sen. Mike Braun of Indiana said by the time they're done they hope to turn public opinion around.
Fighting Biden virus aid, GOP rekindles Obama-era strategy
Read full article: Fighting Biden virus aid, GOP rekindles Obama-era strategyAdIt’s a tested strategy but comes at an uncertain, volatile time for the nation. Americans are experiencing flickers of optimism at the one-year anniversary of the deadly outbreak as more people are vaccinated. But new strains of the virus and a still shaky economy could unleash another devastating cycle of infections, lockdowns and deaths. Biden and the Democrats backing him warn that now is not the time to let up on aid — better to risk doing too much, than too little. GOP Sen. Mike Braun of Indiana said by the time they're done they hope to turn public opinion around.
Biden's test: Engineering economic boom in a partisan divide
Read full article: Biden's test: Engineering economic boom in a partisan divide(AP Photo/Andrew Harnik)BALTIMORE – When Joe Biden entered the White House as vice president, the economy was cratering. Biden returns to the White House as president a dozen years later with the economy battered and shaken by a pandemic. The investment bank Goldman Sachs estimates that growth this year could be 6.6% if part of Biden's stimulus plan passes. That would be the strongest gain since 1984, when a 7.2% increase in the gross domestic product helped carry Republican President Ronald Reagan to a second term in a landslide. For now, the Biden team is hoping to push through its stimulus with Republican support in the Senate.
UK to launch new watchdog next year to police tech giants
Read full article: UK to launch new watchdog next year to police tech giantsLONDON – Britain plans to create a new watchdog to police big tech companies including Google and Facebook to counter their market dominance and prevent them from exploiting consumers and small businesses. The Digital Markets Unit, scheduled to launch in April, will oversee a new regulatory regime for tech companies that's aimed at spurring more competition. In the U.S., authorities are pursuing an antitrust case against Google and lawmakers have proposed breaking up big tech companies. The government still needs to consult on how the digital markets unit will operate and approve legislation for it. Under the new code, tech companies would have to be more transparent about how they use consumers’ data.
Another round of $1,200 direct payments in doubt as COVID relief deal may be far off
Read full article: Another round of $1,200 direct payments in doubt as COVID relief deal may be far offCongress is past the point at which it can deliver more coronavirus aid soon, with differences between House Speaker Nancy Pelosi, Senate Republicans and President Donald Trump proving insurmountable. said Senate GOP Whip John Thune of South Dakota. The Pelosi-Mnuchin talks also involve pandemic jobless aid, the second round of $1,200 direct payments, and money for schools, testing and vaccines. Senate Republicans are recoiling at both the size of the measure and Pelosi's demands, even as Trump is beating the drums for an agreement. But the Senate GOP bill has failed once before, and Trump himself says it's too puny.
Deadline looms, but COVID relief deal may be far off
Read full article: Deadline looms, but COVID relief deal may be far offShe said the two sides would take stock on Tuesday, which she has staked out as the deadline if a deal is to be reached before the election. Pelosi is angling for the best deal she can get — maybe that’s now, maybe it’s later. And if history is any guide, prospects for a deal in the lame-duck session after the election could be dim. But the Senate GOP bill has failed once before, and Trump himself says it's too puny. For months she has been promising a COVID relief package of more than $2 trillion stuffed with Obama-era stimulus ideas.
AP-NORC poll: Politics drive divergent view of US economy
Read full article: AP-NORC poll: Politics drive divergent view of US economyThe economy is in terrible shape and improving rapidly, said Harvard University professor Jason Furman, formerly the top economist in the Obama White House. Overall, 63% of the country says the economy is in poor shape, down somewhat from the 70% who felt that way in May. The change was driven by increasingly optimistic Republicans, only 43% of whom described the economy as good a month ago. Forty-two percent of white Americans say the same. Thirty-four percent of Hispanics, 29% of African Americans and 20% of white Americans said someone in their household has been laid off.