The sky’s not always the limit. AP Photo/Susan Walsh Steven Pressman, The New School Republicans and Democrats are again preparing to play a game of chicken over the U.S. debt ceiling – with the nation’s financial stability at stake. The Treasury Department on Jan. 13, 2023, said it expects the U.S. to hit the current
When new British Prime Minister Liz Truss suggested lowering the United Kingdom’s highest tax rate from 45% to 40%, along with a 1% reduction in the income tax rate for all taxpayers, the bond markets and the central bankers around the world went stark raving mad. The academic pinheads at the International Monetary Fund trashed
Inflation in the European countries using the euro currency has broken into double digits as prices for electricity and natural gas soar, signaling a looming winter recession for one of the globe’s major economies as higher prices undermine consumers’ spending power. Consumer prices in the 19-country eurozone rose a record 10% in September from a
This week, the stock market took a turn into bear territory on the heels of yet another brutal monthly inflation report. With the Federal Reserve considering larger rate hikes in order to tamp down record inflation, the possibility of a near-term recession now looms quite large, despite the feeble protestations of Treasury Secretary Janet Yellen.
Facing political attacks over rising costs, President Joe Biden exaggerated his role in reducing the federal deficit and skirted responsibility by asserting that a flood of government spending into the economy has no impact at all on higher prices. It actually does. Congressional Republicans, meanwhile, went too far in pinning blame for surging gasoline prices
On Thursday, new consumer price index data was released and reached its sharpest year-over-year spike in four decades. Between domestic pressures and world events, the problem isn’t going away anytime soon. Yet, astonishingly, policymakers and economists still cannot reach a consensus on the drivers of this particular inflation. While various factors are at play, one is U.S. fiscal policy. In a