Federal Reserve Board Chair Jerome H. Powell told Congress on Tuesday that now would be a good time to reduce the federal budget deficit, which is expected to top $1 trillion this year.“Putting the federal budget on a sustainable path when the economy is strong would help ensure that policymakers have the space to use fiscal policy to assist in stabilizing the economy during a downturn,” Powell said in testimony to the House Financial Services Committee.
Some of the biggest recent increases in consumer confidence have come from independent voters and less affluent households, according to Richard Curtin, director of the University of Michigan Surveys of Consumers. His team always asks people to explain why they feel confident, and lately they are hearing near-record levels of people saying their income and wealth are rising.
The U.S. government’s budget deficit ballooned to nearly $1 trillion in 2019, the Treasury Department announced Friday, as the United States’ fiscal imbalance widened for a fourth consecutive year despite a sustained run of economic growth. The deficit grew $205 billion, or 26 percent, in the past year. The country’s worsening fiscal picture runs in sharp contrast to President Trump’s campaign promise to eliminate the federal debt within eight years.
U.S. manufacturing fell deeper into a contraction last month, erasing hope of a quick turnaround for the industry and handing a blow to President Trump’s promises that he would revive blue-collar jobs and companies.
U.S. manufacturing fell deeper into a contraction last month, erasing hope of a quick turnaround for the industry and handing a blow to President Trump’s promises that he would revive blue-collar jobs and companies. September marked the worst month for U.S. manufacturing in more than a decade, since June 2009.
President Trump escalated his unprecedented attacks against America’s central bank Friday, calling Federal Reserve Chair Jerome H. Powell an “enemy” of the United States that is as bad as China, a tweet that triggered a stock market slide and came minutes after Powell vowed to keep the economy growing.
The Federal Reserve this week is all but certain to cut interest rates despite unemployment being at historic lows, a highly unusual action that is shaping up to be the biggest gamble of Fed Chair Jerome H. Powell’s brief tenure as leader of the world’s most powerful economic institution. Some economists, Fed officials and people on Main Street say the Fed’s action will benefit the stock market more than the real economy. And they argue cutting rates would introduce risks that could worsen the next downturn.
Fears are rising about the state of the world’s biggest economies, with China posting its worst annual growth in decades and the United States injecting more uncertainty with tariffs and a lengthy government shutdown. China reported Monday that its economy expanded at 6.6 percent last year — a figure that would be good for many countries but represents the slowest growth for China in 28 years.
Blue-collar jobs are growing at their fastest rate in more than 30 years, helping fuel a hiring boom in many small towns and rural areas that are strong supporters of President Trump ahead of November's mid-term elections. Jobs in goods-producing industries — mining, construction, and manufacturing — grew 3.3 percent in the year preceding July, the best rate since 1984, according to a Washington Post analysis.
Rising prices have erased U.S. workers’ meager wage gains, the latest sign strong economic growth has not translated into greater prosperity for the middle class and working class. Cost of living was up 2.9 percent from July 2017 to July 2018, the Labor Department reported Friday, an inflation rate that outstripped a 2.7 percent increase in wages over the same period.
It was another crazy news week, so it's understandable if you missed a small but important announcement from the Treasury Department: The federal government is on track to borrow nearly $1 trillion this fiscal year — Trump's first full year in charge of the budget.
The Senate Republican tax plan gives substantial tax cuts and benefits to Americans earning more than $100,000 a year, while the nation’s poorest would be worse off, according to a report released Sunday by the nonpartisan Congressional Budget Democrats have repeatedly slammed the bill as a giveaway to the rich at the expense of the poor. In addition to lowering taxes for businesses and many individuals, the Senate bill also makes a major change to health insurance that the CBO projects would have a harsh impact on lower-income families.Office.