The Centers for Medicare & Medicaid Services announced that, beginning this year, consumers will have an extra 30 days to…
Washington Wire
Tiburon Advisors: Americans’ Investable Assets Up Nearly 50% From 2018
Americans have trillions in assets and advisors should have plenty of business in the years ahead, according to new projections of consumer wealth.
Democrats Seek Corporate, Wealthy Tax Hikes For $3.5T Plan
The proposed top tax rate would revert to 39.6% on individuals earning more than $400,000, or $450,000 for couples, and there would be a 3% tax on wealthier Americans with adjusted income beyond $5 million a year.
What Can We Expect With Taxes And The Fed As The 4th Quarter Nears?
The economy is open — or is it? Pandemic concerns continue, schools are open, but some have reverted back to remote learning. Many employees continue to work from home. No wonder it feels like we are riding an economic seesaw.
WASHINGTON— America’ s employers added just 235,000 jobs in August, a surprisingly weak gain after two months of robust hiring and the clearest sign to date that the delta variant’ s spread has discouraged some people from flying, shopping and eating out. The August job growth the government reported Friday fell far short of the sizable gains of roughly 1 million…
In March 2021, the Department of the Treasury published the 2020 Financial Report of the United States Government. In the initial message, Secretary Janet L. Yellen writes:“ This Financial Report discusses not only current financial results but also important, long-term trends affecting our critical social insurance programs and fiscal health.” The report not…
COVID-19 Pandemic Eats Into Social Security’s Solvency
Social Security’s revenue will begin to decline this year, crossing a critical fiscal threshold as the program begins a slide toward depletion of its trust funds in little more than a decade, the program’ s trustees said in a stark report Tuesday.
Report: Social Security And Medicare Funds Remain Under Pressure
A report from the programs’ trustees released Tuesday moved up by one year the date for the depletion of Social Security’s reserves to 2034.
WASHINGTON- With more than 1 million customers in Louisiana and Mississippi having lost power, Hurricane Ida is sure to take a toll on the energy, chemical and shipping industries that have major hubs along the Gulf Coast. But the impact on the overall U.S. economy will likely be modest so long as damage estimates don't rise sharply and refinery shutdowns are not…
Powell: Fed On Track To Slow Aid For The Economy Later This Year
The Federal Reserve will start dialing back its ultra-low-rate policies this year as long as hiring continues to improve, Chair Jerome Powell said Friday, signaling the beginning of the end of the Fed's extraordinary response to the pandemic recession.
Castle Brook Academy, one of the longest-running preschools in St. Augustine, has a capacity for 225 students. Today, there are nearly 250,000 fewer people in Florida's labor pool- the total of those employed and those looking for work- than there were when the pandemic struck in March 2020, according to the U.S. Bureau of Labor Statistics. While the construction…
You can find the hiring signs everywhere. The current jobs opening rate is at its highest in more than 20 years, but there are still seven million fewer people employed now than before the pandemic, Tom Barkin, president and CEO of the Federal Reserve Bank of Richmond, told members of the North Carolina Economic Development Association on Wednesday.
–The Biden administration announced it will eliminate student loan debt payments for more than 300,000 Americans with severe disabilities, said Allsup, a nationwide provider of Social Security Disability Insurance representation services. “The decision to cancel student loan debt for individuals with disabilities is a significant development and past…
Republican campaign officials are licking their chops over Democrats voting for the package next week, which they say exposes vulnerable incumbents to charges of backing socialist policies and runaway spending that fuels inflation. Democrats also want to include a path to citizenship for undocumented immigrants, including Dreamers who were brought…
—Federal Reserve officials last month discussed the idea of beginning to dial back their extraordinary support for the U.S. economy later this year, though they stopped short of a firm decision on a timetable. The minutes of the Fed's July 27-28 meeting, released Wednesday, indicated that the economic recovery from the pandemic recession was moving closer to…
Fed’s Powell: There’s No Returning To The Pre-Pandemic Economy
—Federal Reserve Chairman Jerome Powell said Tuesday that the U.S. economy has been permanently changed by the COVID pandemic and it is important that the central bank adapt to those changes.
WASHINGTON- President Joe Biden called on Congress to move his $3.5 trillion plan forward that would among other things, lower the cost of prescription drugs. “There aren't a lot of things that almost every American could agree on,” Biden said during a speech Thursday. “But I think it is safe to say that all of us, whatever our background or our age and where we live, could…
—Prices for U.S. consumers rose last month but at the slowest pace since February, a sign that Americans may gain some relief after four months of sharp increases that have imposed a financial burden on the nation's households. Wednesday’ s report from the Labor Department showed that consumer prices jumped 0.5% from June to July, down from the previous monthly…
Last week's monthly jobs report demonstrated the ongoing strength of the U.S. economy and underscored the need for the Federal Reserve to rein in its stimulus efforts, a Fed official said Tuesday. St. Louis Federal Reserve Bank President James Bullard said that Friday's report, which showed a healthy gain of 943,000 jobs last month, means the economy is making…
Senate Majority Leader Chuck Schumer said Monday evening that Democrats and Republicans had reached a deal on the bill, and the Senate passed the bill with a 69-30 vote just before noon. Some Republicans, meanwhile, have criticized the size, focus and funding of the package, citing a Congressional Budget Office report that said it would add $256 billion to…
5 Key Takeaways From The July Jobs Report
—Even in a July jobs report that was nearly universally hailed as a good one, pockets of weakness and concern are still clouding the celebration.
Senate Inching Closer To Passing $1 Trillion Infrastructure Bill
The measure would provide what Biden has called a “historic investment” in public works programs, from roads and bridges to broadband internet access, drinking water and more.
Aug. 7— WASHINGTON— A trillion dollars goes a long way, and the trillion that a bipartisan group of senators wants to spend rebuilding America would rebuild parts of Buffalo in unexpected ways. An unprecedented sum of money could be spent cleaning up the Great Lakes and protecting their shorelines. Brian Higgins, a Buffalo Democrat, wanted in terms of investment in…
WASHINGTON- U.S employers added 943,000 jobs in July and drove the unemployment rate down to 5.4% in another sign the economy is bouncing back with surprising vigor from COVID-19. “That is a definite downside risk,'' said Rubeela Farooqi, chief U.S. economist at High Frequency Economics.” The Labor Department collected its data for the report in mid-July before the…
The U.S. economy added nearly 950,000 jobs during the month of July, the Labor Department said Friday in its monthly report– soundly beating expectations on Wall Street. The department said 943,000 positions were added for the month, and the national unemployment rate declined by a half-point to 5.4%. “These measures are down considerably from their highs at the…
Chairman Jerome Powell appears bent on risking 1970 s-style inflation to win favor with President Biden and a second term. Like the two World Wars, COVID-19 has radically changed the American economy. As offices reopen, New York and other cities face a crisis.
The move will let the Treasury pay bills incurred by the government without creating new debt for up to three months. Traditionally, the limit keeps the Treasury issuing new bonds to fund the government once a certain limit, which was $22 trillion in 2019, is hit. “The CBO projects that if the debt limit is not raised, the Treasury would probably run out of cash and be…
—Fueled by vaccinations and government aid, the U.S. economy grew at a solid 6.5% annual rate last quarter in another sign that the nation has achieved a sustained recovery from the pandemic recession. Thursday’ s report from the Commerce Department estimated that the nation’ s gross domestic product— its total output of goods and services— accelerated in the…
—President Joe Biden will be trying to connect with blue-collar workers Wednesday when he travels to a truck factory in Pennsylvania to advocate for government investments and clean energy as ways to strengthen U.S. manufacturing. The Democrat will tour the Lehigh Valley operations facility for Mack Trucks, a chance to touch base with the plant's 2,500…
Still, all sides— the White House, Republicans and Democrats— sounded upbeat that an accord was within reach as senators braced for a possible weekend session to finish the deal. It's a make-or-break moment that is testing the White House and Congress, and the outcome will set the stage for the next debate over Biden's much more ambitious $3.5 trillion spending…
Earlier today, the United States sold the sole copy of the Wu-Tang Clan album “Once Upon a Time in Shaolin,” which had previously been ordered to be forfeited as a substitute asset in connection with the approximately $7.4 million forfeiture money judgment entered against Martin Shkreli at his March 2018 sentencing.
Biden’ s reduced rating comes as the highly contagious COVID-19 Delta variant spreads and increases cases among unvaccinated Americans, and amid continued polarization, according to Gallup. Biden’ s overall performance during his term’ s first second quarter— an average of 53%— is still better than former Presidents Donald Trump and Bill Clinton during the…
