Inflation has sapped household budgets since 2021, when prices started rising due to the impact of the pandemic, which disrupted global supply chains and prompted the federal government to pump trillions into the economy. (Both Presidents Trump and Biden signed large spending bills into law during ...
Don’t believe any of it. Here’s what’s really going on. In Massachusetts, in New Jersey, all over the nation, voters are petrified of losing their jobs, their homes, and what’s left of their savings. Nothing counts more than the economy. Rightly or wrongly, presidents and the part...
How has the reserve oil been used in the past? Drawdowns of the SPR have been relatively rare in its 45-year history. Before Mr. Biden tapped the reserve in 2021 and this year, previous American presidents had ordered just three emergency drawdowns, according the the Energy Department. ...
government expenditures. That's how presidents "borrow" money from the Social Security Trust Fund. The borrowed funds make their deficits look smaller. The real amount owed still shows up in the national debt. It explains why theU.S. debt by presidentis larger than theU.S. deficit by ...
Finally, everywhere has reduced the highest marginal tax rates to close to 50% (except a few Nordics and others that have it about 55% IIRC). By itself that is not neoliberalism. But crippling progressive taxation so that fewer and fewer of the wealthy have less and less of their income...
With what country does the United States have the largest current trade deficit? In some countries, such as Cuba and North Korea, the government makes most of the decisions about what will be produced, how it will be produced, and for whom. Does the fact that these cho...
Trade wars also lead to higher prices for goods due to tariffs, making them more expensive for consumers. Moreover, reduced imports also decrease the supply of goods. This makes it harder for people to buy what they want, lowering consumption levels. Additionally, rising prices can lead to in...
In the administration’s own economic report it admits that consumers will pay a higher price for products in the wake of these tariffs. “Offsetting these benefits are the costs paid by consumers in the form of higher prices and reduced consumption,” the Economic Report of the Preside...
This more-or-less laissez-faire approach to trade in the United States remained after World War II up until the election of President Donald Trump. Trump was one of a few presidents to speak openly about trade inequities and the threat of tariffs when he vowed to take a tough line against...
Running the country with a balanced budget means the government would have to operate without a deficit. Economists are divided on the question of just how important it is for the U.S. to tackle itsbudget deficitand its total outstanding debt. The mainstream view is that the debt isn't a ...