Hutchinson wants to cut income taxes after Arkansas ended its fiscal year with a record $1.6 billion surplus.
Dr. Mehmet Oz, a TV personality who is running as a Republican in Pennsylvania’s open U.S. Senate seat, had a video of himself going grocery shopping go viral on Twitter (TWTR) this week. The video, which was originally posted in April, is Oz going to a grocery store getting items for a crudité platter while complaining about high food prices.
The prediction, while vague, is direr than those of most other executives, including Goldman Sachs chief David Solomon and BlackRock’s Larry Fink.
- LA Times
As financing dries up and debts come due, a cash crunch leaves thousands of homes unfinished, in a crisis with implications for the global economy.
When July inflation figures came out last week, economists and federal policymakers cheered. Compared to June, overall consumer prices were flat.
Should Social Security be eliminated as a federal entitlement program? Or would that ‘end the program as you know it’?
Under the current structure, Social Security and Medicare budgets are automatically approved and paid out, but under Wisconsin Republican Sen. Ron Johnson’s plan, Congress would have the chance to review and edit these programs’ budgets every year. “If you qualify for the entitlement, you just get it no matter what the cost,” Johnson said during an interview on “The Regular Joe Show.” “What we ought to be doing is we ought to turn everything into discretionary spending so it’s all evaluated so that we can fix problems or fix programs that are broken, that are going to be going bankrupt.”
- The Hill
The Committee for a Responsible Federal Budget (CRFB) is pushing against further broad student debt relief as the Biden administration weighs taking action, arguing it could risk undermining a Democratic effort to reduce the deficit and fight inflation. An analysis released by the fiscal watchdog on Tuesday looked at the fiscal costs that might take place if…
The short answer is not great, as its economy isn't as robust as thought and its housing market is under duress.
- The Hill
Construction activity for new U.S. homes decreased sharply in July, and the number of permits issued for new building projects also fell as higher mortgage rates and supply chain problems continued to drive what lawmakers are calling a national housing crisis. Seasonally adjusted housing starts dropped 9.6 percent to 1.45 million units in July from…
- Associated Press
Gov. Brian Kemp said Monday he will spend up to $1.2 billion in federal COVID-19 aid on payments of $350 apiece to more than 3 million Georgians who benefit from Medicaid, subsidized child health insurance, food stamps or cash welfare assistance. The move comes atop Kemp's proposals last week to spend $2 billion in state surplus, split between property tax rebates and a second round of income tax rebates, if voters choose him for a second term in November over Democratic challenger Stacey Abrams.
The rise in food and airline ticket prices in Nigeria over the past year continues to show up in the data. In July, Nigerians paid 19.64% more for goods and services than they did in the same month last year, according to the latest inflation report (pdf) from the National Bureau of Statistics today (Aug. 15).
SHANGHAI (Reuters) -China's central bank unexpectedly cut a key interest rate for the second time this year and withdrew some cash from the banking system on Monday, to try to revive credit demand to support the COVID-hit economy. Economists and analysts said they believe Chinese authorities are keen to support the sluggish economy by allowing a widening policy divergence with other major economies that are raising interest rates aggressively. The People's Bank of China (PBOC) said it was lowering the rate on 400 billion yuan ($59.33 billion) of one-year medium-term lending facility (MLF) loans to some financial institutions by 10 basis points (bps) to 2.75%, from 2.85%.
- Austin American-Statesman
The 87,000 figure includes hires across the agency, including IT and taxpayer services, not just enforcement staff as the claim suggests.
China’s economic recovery slowed even further than expected in July, as Covid restrictions and a crumbling property market compound additional woes. Nearly all key economic indicators fell short of economists’ predictions, in data released Monday’s by China’s National Bureau of Statistics (NBS). The weak numbers prompted China’s central bank to unexpectedly trim key interest rates as well as drain money from the financial system Monday morning.
- Business Insider
Markets have misinterpreted the most recent statements from the Fed - and its likely the central bank will push rates past 4%, former New York Fed president says
Rate cuts wont come as soon as investors think, and the Fed still has a long way to go before reaching its 2% inflation target.
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We're in a recession. Prep your portfolio accordingly.
Politicians and economists haven't realized that the old social contract that venerated markets above all has been irreparably damaged by crisis upon crisis.
(Bloomberg) -- Germany’s government said households will face additional annual costs of about 290 euros ($296) to pay for natural gas as the burden of Russia’s squeeze on energy flows to Europe is redistributed.Most Read from BloombergSaudi Billionaire Made $500 Million Russia Bet at War Onset‘Next Generation’ Moderna Coronavirus Booster Jab Approved for Use in AdultsWells Fargo Plans Major Retreat From Mortgage Business It Long DominatedDOJ Opposes Release of Affidavit in Trump Search, Citing
- The Telegraph
Workers have suffered the sharpest hit to their real wages on record with a 4pc drop that sent pay back to the same level as 2006.
Japanese Prime Minister Fumio Kishida on Monday instructed his ministers to draw up additional steps to cushion the economic blow from rising living costs in a package due to be compiled next month. As part of the measures, Kishida said he has ordered the government to hold off on raising the price of imported wheat it sells to retailers in October - a move that would essentially subsidise households to cope with surging commodity prices. In a meeting on steps to combat rising living costs, Kishida also said he has instructed the trade ministry to come up with additional plans to curb rises in fuel and electricity bills.
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