Author: Zachary Halaschak
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Hot prices: Inflation rose to 3.5% in March in bad news for Biden and Fed
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Inflation rose to 3.5% for the year ending in March, the Bureau of Labor Statistics reported Wednesday in an update to the consumer price index. The rise in headline inflation is more than expected and an unwelcome development for the Federal Reserve, which has been aiming to move toward cutting interest rates in the coming months. It’s also bad news for…
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Economy crushes expectations with 303,000 new jobs in March
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The economy added 303,000 jobs in March, the Bureau of Labor Statistics reported Friday, a number that exceeds expectations and comes as good news for President Joe Biden as the general election draws nearer. Economists had forecast about 212,000 new payroll jobs, adjusted for seasonal variation. The unemployment rate fell to 3.8%, a low level by historical standards.…
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Elizabeth Warren, others reintroduce ‘ultra-millionaires’ tax
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Sen. Elizabeth Warren, D-MA, reintroduced legislation on Tuesday designed to rake in trillions of dollars in tax revenue by targeting “ultra-millionaires” worth more than $50 million. Warren first introduced the legislation in 2019. This time around, co-sponsors includes Sen. Bernie Sanders, I-VT. Progressive Caucus Chairwoman Pramila Jayapal, D-WA, and Rep. Brendan Boyle, D-PA, are leading…
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Economy grew 2.5% in 2023, holding strong despite high interest rates
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The economy grew 2.5% in 2023, defying fears of a recession and outperforming expectations despite a historic campaign by the Federal Reserve to limit the inflation that wracked the country. The new data, adjusted for inflation, were published Thursday by the Bureau of Economic Analysis in its report for gross domestic product for the fourth…
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House panel votes overwhelmingly to advance child tax credit and business tax bill
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The U.S. House tax-writing panel advanced the major bipartisan proposal that would expand the child tax credit and renew key business investment deductions. The Ways and Means Committee advanced the bipartisan proposal on Friday in an overwhelming 40-3 vote. The Tax Relief for American Families and Workers Act, which was negotiated between Chairman Jason Smith, R-MO, and U.S. Senate Finance Committee…
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U.S. Job openings fall to lowest level in nearly three years
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The number of job openings in the United States decreased to 8.8 million in November, the lowest in more than two years. The new numbers, including openings across all sectors for that month, were released as part of the Job Openings and Labor Turnover Survey, which was updated by the Bureau of Labor Statistics on…
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Democrats introduce ‘billionaires tax’ on unrealized capital gains
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Sen. Ron Wyden of Oregon and other Democrats introduced a proposal on Thursday that would tax the unrealized capital gains of billionaires and very high earners. Wyden has spearheaded an effort to make a mark-to-market proposal law for years, and the new legislation is the latest iteration of that effort. The plan would affect those…
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Companies avoid hiring remote workers from Colorado after new law requires salary disclosures
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Many job advertisements for remote work are now coming with an asterisk: Coloradans need not apply. “Please Note: Job cannot be performed in the state of Colorado,” reads an active online advertisement for a remote sales solution architect at Concentrix. Disclaimers like that are becoming more common now after a Colorado law requiring employers to disclose salary…
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March Madness betting bonanza expected with flood of stimulus cash
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What does a massive, multiday sports contest coupled with millions of people flush with COVID-19 stimulus checks lead to? Possibly a betting boom. As the NCAA’s annual men’s basketball tournament tips off this week, sportsbooks and gamblers across the country are eager to cash in on the 19-day tournament known as “March Madness.” This year…
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Parler CEO says social media platform may never return
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The CEO of Parler, a social media platform favored by supporters of President Trump, said it might not come back after it was taken offline following the deadly Capitol Hill siege. CEO John Matze told Reuters on Wednesday that much about the app and website is still up in the air after businesses cut ties to the company.…
