Thanks, wealthy Americans? According to a new study the Urban-Brookings Tax Policy Center, 61 percent of U.S. taxpayers paid no federal income taxes in 2020, up from 44 per cent in the previous year. Study authors say that the share of Americans not pay income taxes will stay above 50 percent in 2021. But it […]
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Wokefrastructure? $1.2 trillion spending package has plenty of progressive goodies
By: Andrew Moran The U.S. Senate’s INVEST in America Act does not only come with a hefty $1.2 trillion price tag, but it is also enormous in size, clocking in at more than 1,900 pages. Did anyone read this legislation before voting on it? At this point, the odds of either Republicans or Democrats meticulously combing through […]
Producer prices soar 7.8% in July, higher than market forecasts
Well, here is something that is not shocking. In July, producer prices soared at an annualized rate of 7.8%, coming in higher than the market forecast of 7.3%. This is also up from the 7.3% boost in the previous month. On a monthly basis, the producer price index (PPI) advanced one percent. This comes one […]
U.S. inflation remains hot in July, driven by higher food and shelter prices
Well, inflation ran hot again in July. According to the Bureau of Labor Statistics, the U.S. annual inflation rate remained at a 13-year high of 5.4% in July for the second straight month. This was higher than the median estimate of 5.3%. Once again, skyrocketing inflation was driven by the things that people need, particularly […]
Inflation is expected to remain hot in much-anticipated Wednesday report
Brace yourselves. Another red-hot inflation report is coming on Wednesday. Early estimates from economists suggest that U.S. consumer prices advanced again in July, leaving the annualized rate of inflation stuck at a 13-year high of 5.3%. Of course, the real inflation rate is likely closer to 9%. That said, companies have been warning that prices […]