President Biden's proposed federal gas tax holiday could lower prices at the pump by as much as 18 cents per gallon, but that's not a guarantee. Katia Dmitrieva, an economics reporter for Bloomberg News, joined CBS News to discuss the proposal.
The swiftness with which the coronavirus pandemic wiped out the U.S. economy in early 2020 was breathtaking. Seemingly overnight, the U.S. unemployment rate shot up to an all-time record of 14.7% in...
- Business Insider
"Dr. Doom" economist Nouriel Roubini says stocks could plunge another 50% as the US heads towards a severe financial crisis
"There is no real riddle to solve," the economist who predicted the 2008 crisis said. "Things will get much worse before they get better."
If there's a recession, don't count on the government to come to the rescue with stimulus checks and boosted unemployment benefits
The government unleashed stimulus in each of the last three recessions. With inflation at four-decade highs, such aid is unlikely in a 2023 downturn.
"We aren't dealing with erratic decisions but with economic warfare, completely rational and very clear," said Germany economy minister Robert Habeck.
(Bloomberg) -- One morning in early June, a fire broke out at an obscure facility in Texas that takes natural gas from US shale basins, chills it into a liquid and ships it overseas. It was extinguished in 40 minutes or so. No one was injured.Most Read from BloombergPerson of Interest in July 4 Parade Shooting That Killed Six in Police CustodyBezos Slams Biden Over Call for Lowering of Gas PricesTesla Pauses Plants After Ending Shaky Quarter With a Production MilestoneUkraine Latest: Kyiv’s Imme
- LA Times
California lawmakers could have suspended the increase and, for that matter, the entire excise tax, but the Legislature's liberal leadership balked, columnist George Skelton writes.
- The Telegraph
City banks defy Brussels to out-earn French rivals PM urged to back bid for factory at heart of Britain’s food supply FTSE 100 rises 1pc Matthew Lynn: Biden’s global tax plan is sinking rapidly — and good riddance Sign up here for our daily business briefing newsletter
After a booming recovery in 2021 as America emerged from the lockdowns of the pandemic, the economy in 2022 is at a crossroads. Massive stimulus packages passed by Congress in 2020 and 2021 helped...
Germany, Europe’s largest economy, registered its first monthly trade deficit since 1991 in May. Known as an export powerhouse, the figures are a reflection of both softening demand abroad and increased prices of imported goods, particularly energy, after Russia’s invasion of Ukraine. The surprise readings show how much the surge in oil and commodity prices, as well as rising borrowing costs, are upending the global economy.
- Business Insider
Expect a 'procession of recessions' across many of the world's major economies within the next year, Nomura says
There are "increasing signs that the world economy is entering a synchronized growth slowdown," analysts at Nomura wrote in a research note.
President Joe Biden inherited an underfunded, overextended Social Security program that was already crowded with aging baby boomers as dwindling funds dried up before the pandemic stressed the system...
At the onset of the coronavirus pandemic, the American economy immediately fell into recession, with unemployment spiking to 14.8%, the highest since records began in 1948. In response, the U.S....
(Bloomberg) -- Senior US and Chinese officials discussed US economic sanctions and tariffs Tuesday amid reports the Biden administration is close to rolling back some of the trade levies imposed by former President Donald Trump.Most Read from BloombergPerson of Interest in July 4 Parade Shooting That Killed Six in Police CustodyBezos Slams Biden Over Call for Lowering of Gas PricesTesla Pauses Plants After Ending Shaky Quarter With a Production MilestoneUkraine Latest: Kyiv’s Immediate Funding N
(Bloomberg) -- President Joe Biden may announce as soon as this week a rollback of some US tariffs on Chinese consumer goods -- as well as a new probe into industrial subsidies that could lead to more duties in strategic areas like technology.Most Read from BloombergPerson of Interest in July 4 Parade Shooting That Killed Six in Police CustodyBezos Slams Biden Over Call for Lowering of Gas PricesTesla Pauses Plants After Ending Shaky Quarter With a Production MilestoneUkraine Latest: Kyiv’s Imme
The country's inflation rate hits 78%, as prices continue to spiral further upwards due to the Ukraine war.
- National Review
Former Amazon CEO Jeff Bezos mocked President Biden Saturday for being economically tone-deaf in threatening companies that operate gas stations to lower their prices despite facing potential losses and market constraints.
BEIJING (Reuters) -China will set up a state infrastructure investment fund worth 500 billion yuan ($74.69 billion) to spur infrastructure spending and revive a flagging economy, two people with knowledge of the matter told Reuters on Tuesday. China's economy has started a slow recovery from the supply shocks caused by extensive lockdowns since the second quarter, although headwinds to growth persist, including from a still subdued property market, soft consumer spending and fear of any recurring waves of infections. China has unveiled a raft of economic support measures in recent weeks, although analysts say the official gross domestic product target of around 5.5% for this year will be hard to achieve without doing away with its strict zero-COVID strategy.
- Yahoo Finance
Inflation data released last week was mixed. It certainly wasn’t the “clear and convincing” evidence of cooling prices that the Federal Reserve has been looking for.
Shop prices may not hit their peak until next year, says the Food and Drink Federation.
- Miami Herald
Two recent headlines did their job on me. They raised my economic anxiety level, which already is on edge.