Floridians eager for any gas tax relief
Even if a Biden-suggested three-month gas tax holiday doesn't pan out, Florida will get one later this fall.
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FortuneThe 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.
- MarketWatch
California is sending ‘inflation relief’ checks up to $1,050 — here’s who qualifies
If you’re a California taxpayer being hurt by inflation, you may be getting some financial relief. The state is sending 23 million residents “inflation relief” checks of up to $1,050 this fall to help ease the financial burden that the highest inflation in 40 years has placed on Americans. “California’s budget addresses the state’s most pressing needs,” California Gov. Gavin Newsom said in a joint statement with state lawmakers on Sunday, “and prioritizes getting dollars back into the pockets of millions of Californians who are grappling with global inflation and rising prices of everything from gas to groceries.”
- MarketWatch
Here’s how much your Social Security check is likely to go up next year
If you’re retired or just about to retire, next year’s Social Security checks are likely to see one of the biggest bumps on record as a result of surging consumer prices. The higher payments will be welcome news for retirees, who have seen their household finances squeezed badly so far this year as a result of rocketing inflation and turmoil in the financial markets. The consumer-price index rose by 8.6% in the year through May, way ahead of the 5.9% annual inflation adjustment handed out to Social Security beneficiaries in January.
- MarketWatch
23 million Californians will receive ‘inflation relief’ checks of up to $1,050. Here are 10 other states 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.'
- GOBankingRates
Stimulus Update: When $1,050 California Gas Tax Rebate Checks Will Reach Residents
A California budget plan calling for as much as $1,050 deposited into the bank accounts or distributed via debit card to California taxpayers is in the works. However, Californians may not see the...
- The Telegraph
Germany seizes three Gazprom tankers in new blow for Putin - live updates
Camelot loses legal battle to keep hold of National Lottery A defence spending cut – disguised by Boris Johnson's fiscal sleight of hand FTSE 100 falls 0.8pc as recession fears return Ben Marlow: Heathrow risks killing off the golden age of air travel Sign up here for our daily business briefing newsletter
- Business Insider
Cathie Wood and Jeremy Siegel both say that we're already in a recession while inflation shows signs of easing
"I think we're actually in a mild recession," Siegel told CNBC, saying the economy likely contracted in the first half of the year.
- Associated Press
Most say nation on wrong track, including Dems: AP-NORC poll
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.
- Yahoo News
Putin's economy is starting to show cracks, and Russian public opinion could soon follow
On more than 30 separate occasions, the United States government has imposed sanctions on Russia for invading Ukraine. Its economy has not yet given way under the strain, but the question remains how long ordinary Russians will be willing to withstand the resulting economic privation.
- Reuters
Russia's jobless rate falls to record low but economic hurdles mount
Russia's unemployment rate dropped to a record low in May but industrial output fell and consumer demand, measured by retail sales, waned after a decline in real wages amid high inflation, data from Rosstat statistics service showed on Wednesday. Russia's economy is plunging into recession and inflation is still hovering near a 10-year high after Russia sent tens of thousands of troops into Ukraine on Feb. 24, triggering unprecedented Western sanctions.
- Yahoo Finance
$3 trillion in extra savings may push Fed rate hikes too far: Economist
Cash on household and corporate balance sheets is higher than ever. That could make the Federal Reserve's inflation-fighting job even tougher, says Apollo Global Management's chief economist.
- Barrons.com
Cathie Wood Says She Was Wrong on Inflation. This Fed President Says a Slowdown Can Tackle That.
Treasury Secretary Janet Yellen isn’t the only one acknowledging she made a mistake predicting inflation. ARK Invest CEO Cathie Wood says she got it wrong, too. “We were wrong on one, on one thing and that was inflation being as sustained as it has been,” Wood said in a CNBC interview Tuesday.
- Reuters
U.S. economy contracts in Q1; outlook murky as unsold goods accumulate
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.
- The Hill
National survey shows where Americans are making cuts amid inflation
Story at a glance Respondents said they’ve quit smoking cigarettes, started shopping at discount stores and have taken on side jobs to bolster their income. Others say they have canceled vacations, visited family less frequently or have postponed or delayed travel until the price of gas drops. Some respondents polled in the survey revealed they…
- CoinDesk
Why This Crypto Crash Is Different
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.
- Yahoo Finance Canada
Trudeau has 'no solid plan' to tackle inflation, Canadians say: Yahoo/Maru poll
A majority of Canadians believe Prime Minister Justin Trudeau and Finance Minister Chrystia Freeland have "no solid plan" to tackle inflation and rein prices in, a new Yahoo/Maru Public Opinion poll has found.
- Fox Business
US likely in the 'front-end of a recession': Larry Kudlow
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.
- Business Insider
'Big Short' investor Michael Burry predicts inflation will slow later this year — and the Fed will reverse course and cut interest rates
Burry expects retailers to slash prices to get rid of their bulging inventories, slowing inflation and spurring the Fed to scrap further rate hikes.
- WJAX
LIST: Here are items you can buy tax-free during the Florida Freedom Week sales tax holiday
Floridians facing economic pressure from inflation will get a second crack to save on “freedom” starting Friday.
- MarketWatch
Cathie Wood warns U.S. is already in a recession
She also said she had underestimated the staying power of inflation, but added that higher prices would soon lead to 'deflation'.