If you’re on Social Security there is good news, and some not quite so good news, in the latest official inflation report out from Uncle Sam on Tuesday. The good news is that you’re on track for the biggest annual cost of living adjustment next year in over a decade. Based on the U.S. Labor Department’s consumer price data for August, Social Security is on track to hike benefits 5.9% for 2022 when it makes the official announcement next month.
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- The Week
Xi may be moving China to economic system 'that doesn't exist anywhere in the world'
- Yahoo Finance
Markets sold off on Monday amid worries about Chinese property giant Evergrande's massive debt load, and one China expert warns that there is more agony coming for anyone connected to Evergrande.
It’s never a good sign when a bank gets caught fudging its numbers, but the revelation of the World Bank’s manipulation of an influential index also highlights the challenge of forging a global consensus for the economy in the 21st century. The World Bank came clean last week after hiring an external law firm to investigate allegations that it had altered an index that measures the ease of doing business in member countries. Investigators found that Bank officials pushed the team developing the index to manipulate it in several cases, most notably to improve China’s place in the ranking.
The 2021 Social Security Trustees Report, which usually comes out in the spring, emerged in the last week in August. Although the Trustees assert that COVID-19 and the ensuing recession had “significant effects” on Social Security’s finances, it is hard to see much of an impact in the report. Virtually since inception the Trustees have projected its demise.
- LA Times
The Treasury would have to default on some government bills, possibly including checks to investors and retirees. And it may not be able to pick which ones. The effects of a default would ripple through the U.S. and global economy.
The United States has historically been one of the most credit-worthy countries in the entire world. U.S. Treasury bonds are considered some of the safest financial instruments in international...
- Business Insider
Nancy Pelosi and Chuck Schumer announced they would attach a debt-ceiling suspension to a government-funding bill, daring the GOP. McConnell answered.
Worldwide stock markets may be panicking over Evergrande's troubles in China, but the United States is unlikely to see many fundamental problems in the long run
- Business Insider
Failure to raise the debt ceiling will delay child tax credit payments and Social Security checks, causing 'economic catastrophe,' Janet Yellen says
"Paying America's bills shouldn't be a controversial issue," Yellen wrote in a WSJ opinion piece, but the GOP says it won't help Democrats do it.
- Business Insider
Federal unemployment benefits ended this month, but millions of Americans that were cut off aren't flocking back to work. AOC blames childcare costs.
- Washington Examiner
House Speaker Nancy Pelosi pressured her caucus to keep insisting on a bipartisan vote to increase the debt ceiling as some high-ranking Democrats in the House start to entertain raising the limit without Republican support.
Evergrande isn’t the only reason the stock market is headed for its worst day in 2 months. Here are 7 other reasons.
Monday's sharp downturn in stocks precipitated partly by the highly leveraged Evergrande in China isn't the only problem buffeting markets on Monday.
- KMGH - Denver Scripps
Coloradans who unknowingly failed to comply with pandemic unemployment document requests have found themselves owing tens of thousands of dollars back to the state.
- Business Insider
The White House says no to minting a $1 trillion coin to sidestep McConnell and ease debt ceiling standoff in Congress
The White House is closing an option to defuse a showdown in Congress over paying America's bills, with the GOP refusing to budge.
Lawmakers are back in Washington, D.C., on Monday and have less than two weeks to head off a partial government shutdown. Here's what happens if they can't.
- Chicago Tribune
Chicago mayor unveils $16 billion budget, which boosts police spending and relies on pandemic relief money to fill revenue holes
Mayor Lori Lightfoot unveiled a $16.7 billion spending plan Monday that boosts funding for police, relies on federal money to help fill the city’s budget hole and funds a host of new community programs as she seeks to move Chicago past the ongoing pandemic and to address rampant gun violence. Lightfoot for the first time outlined her full plan for spending nearly $2 billion in federal funds ...
After a year of unprecedented stimulus program spending, the country has reached its debt limit. Now, if Congress does not suspend or raise the debt ceiling, it risks missing payments to both Social...
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House Democrats plan Tuesday vote to avoid government shutdown, lift debt limit in showdown with Republicans
House Democrats on Tuesday are planning a vote on legislation to avert a partial government shutdown and raise the U.S. debt ceiling, as Republicans say they won't help raise the borrowing limit.
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