As gas prices remain high and unstable, calls for another gas tax holiday in Maryland is re-igniting debate over what to do about it. As of Thursday, AAA indicated the average price for a gallon of regular gas in Maryland is $4.90, which is a decrease of a few cents below Wednesday's average. Nationally, the average price for a gallon of regular gas is $4.94. Economists believe the high gas prices are being fueled by inflation, and inflation's evil consequence is recession. Maryland Comptroller Peter Franchot said Maryland is in the grips of a recession and knows how to dial it down.
The 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.
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.”
Office worker Park Mi-won had never bought her lunch from a convenience store, until her favourite lunch buffet recently raised prices by more than 10% to 9,000 won ($7) as South Korean inflation soared to a 14-year high. "After the price rise, I went to convenience stores instead, where I thought the prices were reasonable while food also tasted good," the 62-year-old said. Global food prices surged 23% last month from a year before, according to an agricultural arm of the United Nations.
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...
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.'
- The Telegraph
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- Associated Press
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%.
- The Hill
Federal Reserve Chairman Jerome Powell in a Wednesday speech said the global economy has entered a “new world” when it comes to inflation, while insisting the Fed would stick to its goal of keeping inflation at a 2 percent annual hike. Powell said the low inflation era after the 2008 financial crisis is over and…
- Yahoo Finance
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.
- Yahoo Finance Canada
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.
(Bloomberg) -- The US Federal Reserve is “just at the beginning” of raising interest rates to control inflation, the president of the institution’s Cleveland bank said.Most Read from BloombergRussia Slips Into Historic Default as Sanctions Muddy Next StepsTesla Cuts 200 Autopilot Workers as California Site ClosesBig Tech Sinks Stocks Bruised by Recession Jitters: Markets WrapTrump’s Final Scene Didn’t Go According to ScriptChina Cuts Travel Quarantine in Biggest Covid Zero Shift YetLoretta Meste
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.
- The Hill
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…
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.
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.
- 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.
Floridians facing economic pressure from inflation will get a second crack to save on “freedom” starting Friday.
A new set of reforms to America’s retirement tax and savings plans passed a key hurdle in Congress last week. Variously known as the SECURE Act 2.0, the EARN Act and the RISE & SHINE Act, the measures will make changes to rules around IRAs, 401(k)s and other tax-privileged retirement plans. They barely address the biggest retirement crisis facing the U.S.
The case involves 2,233 Whatsminer machines that were improperly imported, according to the government.
The first quarter is in the books: The economy shrank at a 1.6% annual pace, the government's final appraisal shows. And the second quarter isn't looking all that great, either.