Recession fears: Experts say Michigan in much stronger place compared to Great Recession
Recession fears: Experts say Michigan in much stronger place compared to Great Recession
Recommended Stories
MarketWatchVideo of Dr. Oz complaining about grocery prices goes viral: ‘That’s $20 for crudité!’
Dr. Mehmet Oz, a TV personality who is running as a Republican in Pennsylvania’s open U.S. Senate seat, had a video of himself going grocery shopping go viral on Twitter (TWTR) this week. The video, which was originally posted in April, is Oz going to a grocery store getting items for a crudité platter while complaining about high food prices.
- KSAZ
Thousands of Arizonans being asked to pay back the unemployment money they received
So far this year, 10,000 Arizonans learned they have to pay back their unemployment to the Arizona Department of Economic Security, due to no fault of their own.
- Fortune
Jamie Dimon warns ‘something worse’ than a recession could be coming
The prediction, while vague, is direr than those of most other executives, including Goldman Sachs chief David Solomon and BlackRock’s Larry Fink.
- Quartz
Why Americans are so confused about what's happening with inflation
When July inflation figures came out last week, economists and federal policymakers cheered. Compared to June, overall consumer prices were flat.
- LA Times
The Chinese dream of homeownership is crumbling. The economy could go with it
As financing dries up and debts come due, a cash crunch leaves thousands of homes unfinished, in a crisis with implications for the global economy.
- GOBankingRates
Stimulus Checks: Is Your State Giving Out Cash This Fall?
There have been three rounds of stimulus checks issued since the onset of the pandemic, but another round is sorely needed by many. States are rising to the occasion, however, not every state is...
- MarketWatch
Should Social Security be eliminated as a federal entitlement program? Or would that ‘end the program as you know it’?
Under the current structure, Social Security and Medicare budgets are automatically approved and paid out, but under Wisconsin Republican Sen. Ron Johnson’s plan, Congress would have the chance to review and edit these programs’ budgets every year. “If you qualify for the entitlement, you just get it no matter what the cost,” Johnson said during an interview on “The Regular Joe Show.” “What we ought to be doing is we ought to turn everything into discretionary spending so it’s all evaluated so that we can fix problems or fix programs that are broken, that are going to be going bankrupt.”
- TheStreet.com
So, Just How Bad Is China Right Now, Really?
The short answer is not great, as its economy isn't as robust as thought and its housing market is under duress.
- The Hill
New construction plummeted in July, further depleting housing supply
Construction activity for new U.S. homes decreased sharply in July, and the number of permits issued for new building projects also fell as higher mortgage rates and supply chain problems continued to drive what lawmakers are calling a national housing crisis. Seasonally adjusted housing starts dropped 9.6 percent to 1.45 million units in July from…
- The Hill
Fiscal watchdog argues against Biden student debt action
The Committee for a Responsible Federal Budget (CRFB) is pushing against further broad student debt relief as the Biden administration weighs taking action, arguing it could risk undermining a Democratic effort to reduce the deficit and fight inflation. An analysis released by the fiscal watchdog on Tuesday looked at the fiscal costs that might take place if…
- Associated Press
Kemp will hand out up to $1.2B in cash to poorer Georgians
Gov. Brian Kemp said Monday he will spend up to $1.2 billion in federal COVID-19 aid on payments of $350 apiece to more than 3 million Georgians who benefit from Medicaid, subsidized child health insurance, food stamps or cash welfare assistance. The move comes atop Kemp's proposals last week to spend $2 billion in state surplus, split between property tax rebates and a second round of income tax rebates, if voters choose him for a second term in November over Democratic challenger Stacey Abrams.
- The Telegraph
Inflation surges into double digits for first time in 40 years - live updates
Inflation crisis wipes out 16 years of pay growth FTSE 100 edges higher after inflation data Ben Marlow: Our out-of-touch water watchdog is drowning in denial Sign up here for our daily business briefing newsletter
- Quartz
Nigeria’s inflation rose for the sixth consecutive month to reach a 17-year high
The rise in food and airline ticket prices in Nigeria over the past year continues to show up in the data. In July, Nigerians paid 19.64% more for goods and services than they did in the same month last year, according to the latest inflation report (pdf) from the National Bureau of Statistics today (Aug. 15).
- Barrons.com
China’s Economy Slows Unexpectedly as Covid and Property Woes Mount
China’s economic recovery slowed even further than expected in July, as Covid restrictions and a crumbling property market compound additional woes. Nearly all key economic indicators fell short of economists’ predictions, in data released Monday’s by China’s National Bureau of Statistics (NBS). The weak numbers prompted China’s central bank to unexpectedly trim key interest rates as well as drain money from the financial system Monday morning.
- Business Insider
Markets have misinterpreted the most recent statements from the Fed - and its likely the central bank will push rates past 4%, former New York Fed president says
Rate cuts wont come as soon as investors think, and the Fed still has a long way to go before reaching its 2% inflation target.
- National Review
Biden Signs $739 Billion Democratic Spending Bill into Law, Ignores Nonpartisan Analysts to Claim It Will Fight Inflation
President Biden on Tuesday signed Democrats' massive spending bill into law, calling it the "biggest step forward on climate ever."
- MarketWatch
The emotional scars of inflation will shake the foundations of Western societies
Politicians and economists haven't realized that the old social contract that venerated markets above all has been irreparably damaged by crisis upon crisis.
- MoneyWise
How can I earn positive returns while the economy stalls? Here are 3 proven recession-resistant stocks to keep you ahead of the game
We're in a recession. Prep your portfolio accordingly.
- Bloomberg
Colombia’s Economic Growth Beats Forecasts in Boost for Petro
(Bloomberg) -- Colombia’s economy beat expectations in the second quarter in a boost for the government of President Gustavo Petro, who took office this month. Most Read from BloombergSaudi Billionaire Made $500 Million Russia Bet at War OnsetAmerica’s $7 Trillion Retirement Crisis Is Only Getting Worse‘Next Generation’ Moderna Coronavirus Booster Jab Approved for Use in AdultsThese Six Cities Are Emerging as New Expat Hot SpotsBill Gates and the Secret Push to Save Biden’s Climate BillGross dom
- Bloomberg
Germany Slaps Levy on Households to Spread Pain of Gas Surge
(Bloomberg) -- Germany’s government said households will face additional annual costs of about 290 euros ($296) to pay for natural gas as the burden of Russia’s squeeze on energy flows to Europe is redistributed.Most Read from BloombergSaudi Billionaire Made $500 Million Russia Bet at War Onset‘Next Generation’ Moderna Coronavirus Booster Jab Approved for Use in AdultsWells Fargo Plans Major Retreat From Mortgage Business It Long DominatedDOJ Opposes Release of Affidavit in Trump Search, Citing