Economists expect inflation to “accelerate strongly” in the coming weeks and months, but said consumer prices would eventually moderate. The consumer price index (CPI), a common measure for inflation, is expected to rise 2.8% in 2021 and 2.3% in 2022 compared to the 1.2% increase that occurred in 2020, according to economists surveyed by the National Association … Continued
Top Republicans told President Joe Biden during an Oval Office meeting on May 12 that they won’t support tax increases in a major infrastructure package. Biden, a Democrat, has proposed reversing key portions of the 2017 tax bill which had been approved by the GOP and signed by then-President Donald Trump. “We’re not interested in reopening the 2017 tax … Continued
A Rasmussen Poll released Friday shows that a majority of likely voters prefer a smaller government with fewer services and lower taxes. Members of a representative sample of 1,000 U.S. likely voters were asked to weigh in on whether they favor a “more active government with more services and higher taxes or a smaller government with fewer services … Continued
Surrounded by lawmakers at a Home Depot in Pensacola, Florida Governor Ron DeSantis signed a bill (HB 7061) into law Friday that establishes three upcoming “sales-tax holidays” throughout the summer that aims to give financial relief to Floridians. The sales-tax holidays include: the “Disaster Preparedness” holiday from May 28th, 2021, through June 3rd, 2021, the “Freedom Week” … Continued
The U.S. government on Thursday suggested mandating the reporting of any cryptocurrency transfers over $10,000 to the IRS, the latest proposal by federal officials to introduce more red tape into the crypto space. “As with cash transactions, businesses that receive cryptoassets with a fair market value of more than $10,000 would also be reported on,” the … Continued
n 2021, after a year of spending and borrowing trillions and now the dollar is rapidly getting weaker, and too much spending could be curtailing job seeking. By Robert Romano 2020 and 2021 are two sides of the same coin: Price instability brought about by the dollar being either relatively too strong or too weak, which … Continued
Thirteen states have so far rejected the federal government’s offer for an additional $300 per week in unemployment benefits, saying the extra cash is keeping people from going back to work and filling open – and much-needed – jobs. Georgia is the latest state to join that growing list this week, with Republican Gov. Brian Kemp … Continued
Gas shortages eased slightly overnight in some states but worsened in others as Colonial Pipeline works to bring one of the nation’s major fuel conduits back online. More stations were out of gas in Florida, Maryland, South Carolina, Tennessee, and Mississippi early Thursday compared to Wednesday night, according to GasBuddy. In Florida, 30 percent of 7,564 stations were … Continued
New data from the Bureau of Labor Statistics (BLS) reports that prices for consumer goods have risen significantly in the past year, putting extra strain on Americans’ budgets and worrying experts. As the Biden administration fends off criticism over proposed tax increases, higher spending and rising inflation, BLS released data Wednesday showing the biggest increase in consumer … Continued
Four governors declared states of emergency in response to gas shortages brought on by the Colonial Pipeline hack. Democratic North Carolina Gov. Roy Cooper declared a state of emergency on Monday due to his state’s gas shortage. Republicans Govs. Brian Kemp of Georgia and Ron DeSantis of Florida, and Democratic Virginia Gov. Ralph Northam declared states of emergency on Tuesday. Republican South Carolina … Continued
Consumer prices jumped higher than expected in April, data from the Department of Labor showed Wednesday. The Consumer Price Index climbed 4.2 percent annually in April. Compared with March, prices rose 0.8 percent. The annual inflation figure is the largest increase since 2008. Economists had forecast a year-over-year gain of 3.6 percent and 0.2 percent … Continued
Alabama will soon cease participating in the federal government’s unemployment insurance program that grants out-of-work Americans an extra $300 per week, the state’s governor said. Republican Gov. Kay Ivey announced that the state would withdraw from the coronavirus relief program by June 19, 2021, arguing that the $300 in additional weekly payments was incentivizing people not to … Continued
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