President Biden said he is considering a halting the federal gas tax in efforts to give Americans some relief on the price of gas as the Independence Day holiday nears. Mike Memoli lays out the benefits and problems this decision could cause.
The layoffs at Tesla show that white-collar workers are screwed, predicts hedge funder famous from ‘The Big Short’
There’s a surplus of white-collar workers in America and more layoffs are coming, warns Michael Burry of Scion Asset Management.
- Motley Fool
Stimulus Update: Millions of Americans Are Getting Stimulus Checks -- but Not From the Federal Government
Image source: Getty Images For months on end, inflation has been soaring, and consumers are desperate for relief. Many Americans depleted their savings and racked up costly debt during the early stages of the pandemic.
The Netherlands, U.K., Spain, Brazil, Russia, Argentina and Turkey are experiencing faster increases in the cost of living than the United States.
23 million Californians will receive ‘inflation relief’ checks of up to $1,050. These 10 states are also offering cash payments.
'The thing all these states have in common is they have surpluses and they are using part of the surplus to send checks.'
There's probably going to be some more volatility ahead. But if you're an option trader, have no fear.
- Belleville News-Democrat
The GOP noted the grocery tax suspension would only save consumers $1 on a $100 grocery bill while Democrats push back on the criticism.
California Gov. Gavin Newsom touted the checks as a "middle class tax rebate," but the payments could supercharge already high inflation.
- The Hill
Federal Reserve Chairman Jerome Powell in a Wednesday speech said the global economy has entered a “new world” when it comes to inflation, while insisting the Fed would stick to its goal of keeping inflation at a 2 percent annual hike. Powell said the low inflation era after the 2008 financial crisis is over and…
- Associated Press
An overwhelming and growing majority of Americans say the U.S. is heading in the wrong direction, including nearly 8 in 10 Democrats, according to a new poll that finds deep pessimism about the economy plaguing President Joe Biden. Eighty-five percent of U.S. adults say the country is on the wrong track, and 79% describe the economy as poor, according to a new survey from The Associated Press-NORC Center for Public Affairs Research. The findings suggest Biden faces fundamental challenges as he tries to motivate voters to cast ballots for Democrats in November’s midterm elections.
- Associated Press
Transportation Secretary Pete Buttigieg on Thursday launched a $1 billion first-of-its-kind pilot program aimed at helping reconnect cities and neighborhoods racially segregated or divided by road projects, pledging wide-ranging help to dozens of communities despite the program’s limited dollars. Under the Reconnecting Communities program, cities and states can now apply for the federal aid over five years to rectify harm caused by roadways that were built primarily through lower-income, Black communities after the 1950s creation of the interstate highway system. New projects could include rapid bus transit lines to link disadvantaged neighborhoods to jobs; caps built on top of highways featuring green spaces, bike lanes and pedestrian walkways to allow for safe crossings over the roadways; repurposing former rail lines; and partial removal of highways.
- LA Times
California's statewide eviction moratorium for certain renters is scheduled to lift at midnight Friday, despite concerns for vulnerable tenants.
The U.K. is teetering on the edge of recession, say economists at Goldman Sachs, as inflation-battered Britons curtail spending and the Bank of England raises interest rates.
- The Telegraph
Why Heinz demanded an ‘unheard of’ 30pc price increase... and Tesco balked $13 trillion wiped off markets in worst six months on record FTSE 100 dips 0.1pc after torrid start to year Pound drops 1pc against dollar Ambrose Evans-Pritchard: Emmanuel Macron’s ‘grand bargain’ with Germany lies in tatters Sign up here for our daily business briefing newsletter
- Associated Press
It was the first drop in gross domestic product — the broadest measure of economic output — since the second quarter of 2020, in the depths of the COVID-19 recession, and followed a strong 6.9% expansion in the final three months of 2021. Inflation is running at 40-year highs, and consumer confidence is sinking. Last month, the Commerce Department had pegged first-quarter GDP growth at 1.5%.
(Bloomberg) -- Senate Democrats are working on shrinking the tax increases in President Joe Biden’s economic package as part of a bid to cut a deal with Senator Joe Manchin and get it passed in the coming weeks, according to people familiar with the talks.Most Read from BloombergDemocrats Weigh Paring Biden Tax Hike to Win Over ManchinTrump’s Final Scene Didn’t Go According to ScriptVenice Plans to Start Weeding Out Cheap TouristsFauci Suffers Covid Symptom Rebound After Course of Pfizer’s Paxlo
The U.S. economy contracted slightly more than previously estimated in the first quarter as the trade deficit widened to a record high and a resurgence in COVID-19 infections curbed spending on services like recreation. The Commerce Department's third estimate of gross domestic product on Wednesday also showed some underlying softness in the economy, with consumer spending revised lower and inventories higher than reported last month. This is a potential red flag for domestic demand and the economic outlook amid recession jitters as the Federal Reserve aggressively tightens monetary policy to tame inflation.
There can be no return to the highly-leveraged, fractionally-reserved cryptocurrency system whose illusory riches are now giving way to real losses, says our columnist.
- KCRA - Sacramento Videos
California lawmakers on Wednesday approved a nearly $308 billion spending plan that includes money to cover abortions for women who can't afford them and the health care costs for low-income adults living in the country illegally while sending cash payments to most taxpayers to help offset record-high gas prices. The operating budget now heads to Gov. Gavin Newsom's desk, who could sign it by the end of the week before lawmakers leave town for their summer recess.
- Fox Business
FOX Business host Larry Kudlow told 'Mornings with Maria' that the United States is "probably on the front-end of a recession" following the GDP release Wednesday.
- Kansas City Star
“This past session was often obstructed by petty infighting and personal political interests, but common sense prevailed,” Parson said in a statement.