President Biden calls for gas tax holiday
President Biden calls for gas tax holiday
There’s a surplus of white-collar workers in America and more layoffs are coming, warns Michael Burry of Scion Asset Management.
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.
'The thing all these states have in common is they have surpluses and they are using part of the surplus to send checks.'
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 so far this year as a result of rocketing inflation and turmoil in the financial markets. The consumer-price index is up an annual 8.6% through May, way ahead of the 5.9% annual inflation adjustment handed out to Social Security beneficiaries in January.
There's probably going to be some more volatility ahead. But if you're an option trader, have no fear.
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California Gov. Gavin Newsom touted the checks as a "middle class tax rebate," but the payments could supercharge already high inflation.
The GOP noted the grocery tax suspension would only save consumers $1 on a $100 grocery bill while Democrats push back on the criticism.
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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.
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.
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.
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%.
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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 global economy may get the worst of the 1970s and the Great Recession: A stagflationary debt crisis that would confound central banks and fiscal authorities
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.
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 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.