With inflation sticking around, Biden targets ‘junk fees’
With time running out before the election, President Joe Biden highlighted his administration’s push to crack down on so-called junk fees that banks and other companies charge their customers. The announcement comes after months of high inflation has eaten away at Americans’ savings and made the economy the top issue for voters.
As inflation skyrockets, local Texas governments ponder tax rate increases as they balance budgets
Local governments in Texas have spent the summer preparing their budgets for next year, wrestling with inflation and a law that prohibits them from raising property tax revenues beyond 3.5% without voter approval.
Biden’s student loan forgiveness plan could lower debt for more than half of Texas college graduates
People earning $125,000 or less will see $10,000 eliminated from their student loan debt. People in that group who received federal Pell Grants will see $20,000 in debt eliminated, a move intended to help low-income borrowers.
New report explores how the U.S. knew Vladimir Putin would invade Ukraine
In a new article, The Washington Post breaks down how the U.S. knew Russia would invade Ukraine, and began to prepare the country to go to war. Washington Post national security reporter Karen DeYoung joins CBS News to discuss.news.yahoo.com
Texas House speaker says he’s confident Legislature will revive expiring corporate tax break program
Lawmakers let the program, known as Chapter 313, expire at the end of this year after the Senate declined to consider a bill extending it. It was the first time in its 20-year history that legislators decided not to renew the program.
Fed Chair Jerome Powell said he does not think the U.S. is currently in a recession
Federal Reserve Chairman Jerome Powell said on Wednesday he does not believe the U.S. economy is in a recession as the central bank raised rates further to fight inflation. "This is a very strong labor market....it doesn't make sense that the economy would be in a recession with this kind of thing happening." Investors are fearing the Fed's hiking campaign may tip the economy into a recession. The gross domestic product reading for the second quarter is due on Thursday with economists expecting the economy to have barely expanded following a 1.6% contraction in the first quarter. Many on Wall Street refer to two consecutive negative quarters as a recession, but the official definition takes into account more factors than just GDP.cnbc.com
World Bank warns global economy may suffer 1970s-style stagflation
The global economy may be headed for years of weak growth and rising prices, a toxic combination that will test the stability of dozens of countries still struggling to rebound from the pandemic, the World Bank warned.washingtonpost.com
The Issues Dividing America Ahead of the Midterms, Explained
Though the economy may be the focus of November’s congressional elections, other divisive topics -- some new, some perennial -- will also vie for attention from voters. These so-called wedge issues are being fanned mostly by Republicans, who see little downside in taking on polarizing issues that might motivate conservative voters. The Supreme Court, with six of its nine seats filled by conservative justices appointed by Republicans, seems poised to stir things up even further with upcoming deciwashingtonpost.com
Fed's Powell: There's no returning to 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. “We're not simply going back to the economy that we had before the pandemic,” Powell said at a Fed virtual town hall for educators and students. Powell said that, while it is not yet clear if the delta variant of COVID will have further impact on the economy, the country has already seen significant changes since the pandemic began shutting the country down in March 2020.news.yahoo.com
Economy grew by 1.6 percent in first quarter, showing signs of boom to come
The U.S. recovery likely found its rhythm in the first three months of 2021, according to early forecasts of data to be released by the Bureau of Economic Analysis this morning. It appears likely all Covid-19-era losses will be recovered by the middle of this year.washingtonpost.com
U.S. economy is 'on the brink' of a complete recovery, says Richmond Fed's Barkin
Pedestrians walk outside the New York Stock Exchange in the U.S. The U.S. economy is recovering from the Covid-19 recession, but some economic "scarring" may take a long time to heal, said Richmond Federal Reserve Bank President Thomas Barkin. Economic scarring refers to damage left behind by crises that will suppress growth prospects over the medium or long term. "I'm hopeful we're on the brink of completing this recovery," Barkin said Monday at the Credit Suisse Asian Investment Conference that's being held virtually this year. The U.S. economy contracted by 3.5% in 2020 compared to a year ago, estimated the Bureau of Economic Analysis.cnbc.com
Pandemic prompts state to offer break on overdue traffic fines and other fees for low-income residents
Lightfoot’s plan created a six-month payment plan that reduces required down payments and gives those with ticket debt more time to pay. The plan also allowed people to request a 24-hour extension to pay their fines in full or get on a payment plan after their vehicles are locked with a Denver boot, though the plan does not ban use of the controversial device that has been the bane of many motorists’ existence.chicagotribune.com
Without stimulus, employment might not reach pre-pandemic level until 2024
Without stimulus, employment might not reach pre-pandemic level until 2024 New analysis from the Congressional Budget Office predicts the U.S. economy will return to its pre-pandemic peak in the middle of 2021, but the number of people employed won't return to previous levels until 2024. Maya MacGuineas, the president of the Committee for a Responsible Federal Budget, joins CBSN's "Red & Blue" host Elaine Quijano to discuss what she thinks the federal government should do to aid the economy.cbsnews.com
U.S. GDP booms at 33.1% rate in Q3, better than expected
The gain came after a 31.4% plunge in the second quarter and was better than the 32% estimate from economists surveyed by Dow Jones. "It's obviously good news that the economy bounced back in the third quarter," said Eric Winograd, senior economist at AllianceBernstein. "There's still a lot of work to do here and the pace of improvement ... is going to slow. That is part of the reason that the pace of growth is going to slow from here." The economy has been in a technical recession since February, as first-quarter growth declined at a 5% pace.cnbc.com
IMF revises its global GDP forecast higher, but warns the economy 'remains prone to setbacks'
The International Monetary Fund on Tuesday turned slightly more positive on the global economy for this year, but warned of a "long, uneven and uncertain" recovery. The global economy is now projected to contract by 4.4% in 2020 — an upward revision from an estimate of -4.9% made in June. The IMF's projection assumes that social distancing due to the coronavirus pandemic will continue into 2021, and that local transmission will fall everywhere by the end of 2022. However, it warned that the coronavirus crisis is far from over. The IMF projected "only limited progress" going forward and cut its GDP (gross domestic product) growth expectations for next year to 5.2%, from an estimate of 5.4% made in June.cnbc.com
Houston-area job losses, unemployment rate reach record levels in April
HOUSTON Job losses and the unemployment rate in the Houston area reached record levels in April due to the coronavirus pandemic, according to data released by Workforce Solutions Friday morning. The economy in the Houston area has taken a significant hit with more than 452,000 Houston-area workers now unemployed, according to the data. Not surprisingly, customer-facing industries were the hardest hit, said Parker Harvey, the regional economist at Workforce Solutions. Michelle Castrow, a manager at Workforce Solutions, said that some companies are still hiring despite the downturn. Were working with our employer partners daily and posting new job openings to wrksolutions.com/jobsnow, she said.
Victorias Secret is closing a quarter of its stores
(CNN) Victoria's Secret is permanently closing a quarter of its stores in the United States and Canada over the next few months. There are approximately 1,100 Victoria's Secret locations in North America. Chief Financial Officer Stuart Burgdoerfer said in an earnings call Thursday that it was a "very significant decision" that is intended to "strengthen" Victoria's Secret. L Brands also said it was closing 50 Bath & Body Works stores, mostly in mall locations where it doesn't expect foot traffic to regain pre-pandemic normalcy. Investors are fans of the slimming plans: L Brands shares are up 18% in Thursday trading.
How China could use this moment to charge ahead with its geopolitical agenda
China, the world's second largest economy, is under threat as the pandemic wipes out jobs and slows productivity and growth. But even with the economic setback, that's not stopping Beijing from doubling down on its geopolitical agenda. China could be using diplomatic outreach, while skirting any responsibility for the crisis, as a way to move forward with its geopolitical plans, Economy said. I think the Trump administration will be looking to China to buy American, to fulfill the promises that it made," she said. In the meantime, the People's Republic of China has rolled out significant measures to offset the economic impact of the pandemic.cnbc.com
The economy is improving, so why are Americans feeling so down?
The economy is improving, so why are Americans feeling so down? Steady job-creation this year has failed to quell people's anxiety about their financial prospects and the broader direction of the economy. CBS News' Lauren Lyster reports.cbsnews.com
Will the economy change much during the year's second half?
Will the economy change much during the year's second half? The economy contracted nearly three percent during the first quarter of the year. CBS News business analyst Jill Schlesinger explains what to expect in the second half of the year.cbsnews.com
U.S. economy shrinks for first time in three years
U.S. economy shrinks for first time in three years The harsh weather this past winter is getting much of the blame for a slowdown in the economy, but most economists believe it sets the economy up for a strong rebound this quarter. Anthony Mason reports.cbsnews.com