The federal government is making a huge mistake in its fight against inflation. We’ve talked a lot about inflation recently, and how important it is for the government to help working people provide for themselves and their families as prices continue to rise. But we haven’t talked much about the one thing the federal government is actually doing to fight inflation – raising interest rates … Continue reading Reframing the Inflation Debate
Last week, the Bureau of Labor Statistics announced that consumer prices rose 8.2% over the past year through September. Inflation has cooled a bit since its peak in the summer, but not as much as most experts hoped. Prices are still rising at levels not seen since the 1980s. As prices for everyday essentials like food, gas, and rent continue to spiral out of control in America, … Continue reading Democrats need to get real with voters about inflation
We normally use this space to talk about taxes, wages, and other issues from a purely American perspective, but this week we’re going to look across the pond to the UK, where Prime Minister Liz Truss’s disastrous tax cut proposal ended up being perhaps the biggest financial news in the world over the last week. Just 11 days ago, Kwasi Kwarteng, the Chancellor of the … Continue reading Taxing the rich is really, really popular…everywhere
It’s been just over 48 hours since President Biden signed the Inflation Reduction Act (IRA) into law, and Republican pundits and lawmakers are already making it Target #1 in their efforts to take back Congress this November. Despite the fact that the IRA is a fantastic piece of legislation that makes our climate, healthcare system, and tax code better, conservatives want the American people to … Continue reading The IRA – Fact vs. Fiction
Last Thursday, West Virginia Senator Joe Manchin put what appears to be the final nail in the coffin of Congressional Democrats’ tax agenda by announcing that he would not support a new reconciliation package that includes climate spending and tax increases on the rich. His opposition comes after months of negotiations (focused on tax reform at Manchin’s own request) in an effort to get some of President … Continue reading Joe Manchin is Lying about Inflation
It’s been a big week for economic news. From drama in Congress over the Build Back Better negotiations to continued economic strife affecting working Americans to new tax benefits offered to the rich, our economy is steadily moving in further favor of the wealthy, and the federal government appears ill-equipped to rise to the occasion. This week, we’ll look into how our current economy, policies, … Continue reading The Economy is Bad. Congress Needs to Fix It
Yesterday, President Joe Biden penned an op-ed for the Wall Street Journal that outlines his three-part plan to fight inflation. We encourage you all to read it here if you haven’t already. For today’s Closer Look, we would like to highlight one of the three parts of Biden’s plan that rarely gets the attention it deserves when policymakers are talking about solutions for inflation: taxing the rich. … Continue reading Biden’s inflation strategy? Tax the rich
In case you missed it, the Bureau of Labor Statistics released its April jobs report last week. For today’s Closer Look, we’d like to highlight both the good news and the bad news from the report and offer our take as to what can be done about the bad news. The good news is that the economy continues to rebound from the pandemic. Last month, no … Continue reading Want to keep workers around? Pay them more
Rising inflation continues to dominate headlines at home and around the world. There is simply no getting around the fact that prices for rent, groceries, gas, and other everyday essentials continue to rise and break records. As our wallets feel the squeeze at the grocery store and the gas pump, it’s easy to be misled by pundits providing convenient scapegoats like a “red-hot labor market” and … Continue reading Corporations are bragging about inflation price-gouging
Nearly everyone is feeling the effects of inflation these days. With an 8.5% inflation rate over the last year, prices are rising in almost every sector of our economy, and millions of American families are having a harder time affording the essentials. While this is a widespread crisis, it’s one that is particularly devastating for our nation’s low-wage workers. The federal minimum wage currently sits … Continue reading Facing Inflation, Congress Must Raise the Minimum Wage
Rising inflation continues to dominate headlines in the US and around the world. There is simply no getting around the fact that prices for rent, groceries, gas, and other everyday items are rising quickly. This has put most American households at a financial loss, especially since their wages have not risen fast enough to keep up. President Biden will undoubtedly discuss the inflation situation in his … Continue reading The White House needs to get serious about corporate greed
Last week, the Bureau of Labor Statistics announced that inflation over the last year reached a 40-year high. The Consumer Price Index, a key measure for inflation, rose 7.5% between this year and last, which is the highest rate increase since 1982. This news probably doesn’t come as a surprise to most Americans: there is no escaping the fact that prices for rent, groceries, gas, … Continue reading We can’t talk about inflation without corporate greed
Last week, the Commerce Department announced that the American economy had a strong showing in 2021. Gross Domestic Product (GDP) grew 1.7% in the last quarter of 2021. bringing total annual growth for last year to 5.7%, the largest change that the US has seen since 1984. The Labor Department also shared some positive news. According to the agency, unemployment is very low in the US, with … Continue reading The economy could be worse, but it could absolutely be better
Congress is back in session this week and negotiations over President Biden’s Build Back Better Act continue. House Democrats are waiting for the Congressional Budget Office (CBO) to release its cost estimate for the package and then, hopefully, a vote will be held immediately after, as soon as this Friday. There are still obstacles in the Senate, however. Some Senators, most notably Joe Manchin, claim to … Continue reading Don’t fall for the inflation fear-mongering
With consumers across the country ready to go out and spend again, many are seeing higher prices than they expected thanks to higher than normal levels of inflation. With some supply chains and businesses still struggling, supply is not quite meeting rising demand from a reopening economy, causing higher prices and a collective freakout by many members of the economic elite predicting disaster. Don’t listen … Continue reading What You Need to Know About Inflation
President Biden and his team have announced that about $1.9 trillion of additional money is needed due to the problems caused by the current pandemic. That is about 9% of the size of the entire US economy — anyway you think about it, that is a big deal. The benefits of that are fairly well articulated by the administration, but because many on the right … Continue reading Don’t Let Inflation Fears Stop COVID Relief