President Biden is calling on Congress to suspend federal gasoline and diesel tax for three months to help travelers during the busy summer season.
Here are the world's top 5 most liveable cities in 2022 — none are in the US and one is in 'the land that inflation left behind'
The US is the land of the free. But your money could go further elsewhere.
The Netherlands, U.K., Spain, Brazil, Russia, Argentina and Turkey are experiencing faster increases in the cost of living than the United States.
23 million Californians will receive ‘inflation relief’ checks of up to $1,050. These 10 states are 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.'
- LA Times
Gas prices in California will go up about 3 cents on July 1 due to the state's excise tax on gasoline, which is adjusted each year.
- Business Insider
"The risks of a 2022 recession are significantly higher than I would have judged six or nine weeks ago," Summers told Bloomberg.
The American consumer spent less in May than any other month this year, and spending actually declined when adjusted for inflation.
- Belleville News-Democrat
The GOP noted the grocery tax suspension would only save consumers $1 on a $100 grocery bill while Democrats push back on the criticism.
- The Clarion Ledger
The tax cut is the culmination of years of negotiations and does not go as far as many Republican leaders had wanted.
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- Yahoo Finance
Fed Chairman Jerome Powell admitted that there is “no guarantee” that the central bank can avoid a hard recession, introducing market fears that the Fed may not follow through on its plans to raise rates to 3.8%.
- LA Times
Rising mortgage rates are slowing the housing market, prompting some analysts to say home prices will decline.
- The Telegraph
China has snubbed troubled aircraft maker Boeing after three of its national flag carriers placed orders worth $37bn (£31bn) with rival Airbus.
People are buying less stuff as inflation rages — and it's a terrible sign for Democrats' chances in the midterms
Americans have less disposable income after taxes and inflation. It's a damning sign for Democrats this fall, Goldman Sachs said.
The stock market is off to its worst start to a year since 1962, with the S&P 500 dropping 21% in the first half of 2022.
- KCRA - Sacramento Videos
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.
- Yahoo Finance
There have been two distinct waves of tech layoffs amid COVID-19, according to Layoffs.fyi creator Roger Lee.
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.
California Gov. Gavin Newsom touted the checks as a "middle class tax rebate," but the payments could supercharge already high inflation.
- USA TODAY
Consumers cutting spending faster than expected due to inflation sends alarm bells about the economy. Some now see recession sooner rather than later.
- Kansas City Star
“This past session was often obstructed by petty infighting and personal political interests, but common sense prevailed,” Parson said in a statement.