How combat inflation

Share to Twitter Share to Linkedin Senators Joe Manchin (WV) and Chuck Schumer (NY) recently agreed to a slimmed down version of the failed Build Back Better plan they are calling the Inflation Reduction Act (IRA). Manchin and other proponents of the IRA argue it will boost economic growth and reduce inflation, but this is unlikely, especially in states like West Virginia that face problems unaddressed by the IRA. The IRA spends nearly $400 billion on energy tax credits and about $100 billion on health care subsidies, primarily for people who buy Affordable Care Act (ACA) insurance plans. This proposed spending would be paid for by increasing corporate income taxes, “better” IRS enforcement, increasing taxes on investment returns, and savings from implementing price controls on certain drugs purchased by the government via Medicare and other programs. The tax increases and costs savings are projected to generate $305 billion more than the spending, and … [Read more...] about Inflation Reduction Act Won’t Help West Virginia

Share to Twitter Share to Linkedin Topline The Senate has spent more than 12 hours debating amendments to the $430 billion Inflation Reduction Act, a landmark climate, tax and healthcare bill Democrats aim to pass Sunday afternoon using the Senate’s reconciliation rules, as Republicans continue to rail against the legislation and successfully removed an insulin price cap from the bill. Key Facts The Senate began voting on amendments late Saturday evening and continued working on the bill overnight, with Democrats quashing a series of amendments proposed by Republicans—as well as a handful proposed by Sen. Bernie Sanders (I-Vt.). A provision that would have capped insulin prices for private insurers at $35 a month was blocked by Republicans on Sunday, with 43 senators voting against the provision while 57 lawmakers—including seven Republicans and every Democrat—voted to keep it, falling short of the 60-vote threshold required for non-budget-related … [Read more...] about Inflation Reduction Act: Senate GOP Blocks Insulin Price Cap For Private Insurance As Democrats Aim To Pass Economic Bill

Share to Twitter Share to Linkedin When the U.S. recorded two consecutive quarters of negative growth in Q1 and Q2 of 2022, the Biden administration was quick to point out that while the development constituted a widespread definition of recession, the official classification was indeed a different, less clear-cut one and that the U.S. had in fact not entered a recession officially until the National Bureau of Economic Research said so. So far, no unsatisfying. But government analysts might have a point when alleging that a recession only happens when there is “a significant decline in economic activity over more than a few months, which is assessed using several indicators, including the labor market, consumer and business spending, industrial production, and incomes.” Contradictory economic data has characterized the current “weird economy”— as one CNN correspondent put it —which isn’t exactly struggling, but also not exactly doing well. Looking … [Read more...] about U.S. Recession: Just A Technicality? [Infographic]

Kiki Verico (The Jakarta Post) PREMIUM Jakarta   ● Mon, August 8 2022 Statistics Indonesia (BPS} reported last Friday that Indonesia’s economy grew by 5.44 percent year-on-year in the second quarter. That growth rate was quite remarkable compared to the 7.07 percent expansion in the same period last year, especially if the growth was set against the 3.79 percent inflation in the second quarter. Indonesia's Consumer Confidence Index (CCI) experienced an initial pick-up in the second quarter of 2022, rising from 113 in April to 128 in June, showing that Indonesia's consumption confidence had kept rising despite climbing global and domestic inflation. This should be attributed to the decrease in the COVID-19 infection rate in the second quarter, which in turn significantly eased social-mobility restrictions, thereby bolstering economic activities and household consumption, especially during the Islamic Ramadan and Idul Fitri festivities. to Read Full Story … [Read more...] about Indonesia’s economy under global perfect challenge

Tan Sri Annuar Musa (Photo by Zahid Izzani Mohd Said/The Edge) - A + A SERDANG (Aug 7): Those directly involved in the ecosystem for production and sale of palm-based cooking oil should avoid hoarding or rationing the commodity following the setting of its maximum price at RM34.70 per five-kilogramme bottle effective from Monday (Aug 8), said Tan Sri Annuar Musa. The Chairman of the Special Task Force on Jihad Against Inflation said if traders and retailers resort to such practices, they will ultimately lose out, apart from creating problems for consumers. "Just because the price of oil will drop, for example, people should not start hoarding. It won't solve the problem," he told reporters after visiting the Agriculture, Horticulture and Agrotourism Exhibition 2022 (MAHA 2022) at the Malaysia Agro Exposition Park Serdang on Sunday. He said this when asked about the possibility of irresponsible parties hoarding cooking oil when its price is low, a practice … [Read more...] about Annuar: Do not hoard cooking oil

Representative image Gold hit a four-week high on Tuesday, as a weaker dollar and a dip in U.S. Treasury yields boosted demand for the safe-haven metal amid mounting worries over an economic slowdown. FUNDAMENTALS * Spot gold was up 0.4% at $1,778.69 per ounce, as of 0044 GMT, its highest since July 5. * U.S. gold futures gained 0.2% to $1,791.10 per ounce. * The dollar fell 0.2% to a near one-month low against its rivals, making greenback-denominated gold less expensive for other currency holders. [USD/] Close * Benchmark U.S. 10-year Treasury yields dropped to a four-month low, reducing the opportunity cost of holding non-interest bearing gold. [USD/] [US/] * Data showed U.S. manufacturing activity slowed less than expected in July, with the Institute for Supply Management's (ISM) index of national factory activity dipping to 52.8 last month, its lowest reading since June 2020. * U.S. construction spending also fell 1.1% in June, as outlays on … [Read more...] about Gold climbs four-week peak as US Treasury yields, dollar fall

Oil prices fell about 1% in early trade on Wednesday, reversing gains from the previous session ahead of a meeting OPEC+ producers on fears of a slowdown in global growth hitting fuel demand and a firmer dollar. Brent crude futures fell 94 cents, or 0.9%, to $99.60 a barrel at 0020 GMT, wiping out the previous session's gain. West Texas Intermediate (WTI) crude futures were down 68 cents, or 0.7%, at $93.74 a barrel, after climbing 53 cents on Tuesday. The Organization of the Petroleum Exporting Countries and allies including Russia, together known as OPEC+, meet on Wednesday. OPEC+ sources told Reuters last week that the group will likely keep output unchanged in September, or raise it slightly. Analysts are expecting no change due to a weak outlook for demand as recession fears grow, and said top producer Saudi Arabia may be reluctant to beef up output at the expense of OPEC+ partner Russia, hit by sanctions due to the Ukraine conflict. Close Ahead of the … [Read more...] about Oil falls on demand worries, stronger US dollar

Oil languished near its lowest since the start of the war in Ukraine on Friday on fears of a global recession, though stocks ignored such worries, gaining ahead of U.S. jobs data that will give another clue to the health of the world's largest economy. Benchmark Brent crude futures were up a touch at $94.23 a barrel and U.S. crude futures were also a whisker higher at $88.70 a barrel, after both closed the previous session at their lowest levels since February. Losses were partly due to data on Wednesday showing surge in U.S. inventories last week. "It's a combination of the inventory data and a bit of worries about demand. Because the market is worried about growth more than inflation - even though inflation is still a major issue - the oil price has come down," said Prashant Bhayani, chief investment officer for Asia at BNP Paribas Wealth Management. In another warning sign for the global economy, the closely watched part of the U.S. Treasury yield curve measuring the gap … [Read more...] about Oil languishes on recession fears; unconcerned stocks climb on

PELOSI’S JAN 6 PRIMETIME SPECTACULAR BEGINS THIS WEEK… FORMER ABC NEWS PRESIDENT JOINS CAMPAIGN… AXIOS : Scoop: Jan. 6 committee’s secret adviser The House’s Jan. 6 committee has turned to a renowned former network news executive to hone a mountain of explosive material into a captivating multimedia presentation for a prime-time hearing Thursday. James Goldston — former president of ABC News, and a master documentary storyteller who ran “Good Morning America” and “Nightline” — has joined the committee as an unannounced adviser, Axios has learned. […] I’m told Goldston is busily producing Thursday’s 8 p.m. ET hearing as if it were a blockbuster investigative special. MORE … NETWORKS PLAN TO INTERRUPT PROGRAMMING TO TAKE IT LIVE… At least two of the broadcast networks will interrupt evening programming for live coverage anchored by ABC’s David Muir and CBS’ Norah O’Donnell. NBC will announce plans soon. MORE… DEM CONGRESSMAN WANTS JAN 6 COMMITTEE TO PUSH … [Read more...] about Editor Daily Rundown: Pelosi’s Jan 6 Primetime Spectacular Kicks Off This Week

BIDEN INVOKES EMERGENCY WAR POWERS TO BUILD SOLAR PANELS… NY POST: Biden draws heat for invoking Defense Production Act to boost solar panels President Biden drew criticism Monday after invoking the Defense Production Act to potentially expedite the production of solar panels — with journalists and Republicans questioning the rationale for using special wartime powers. Renewable energy advocates, meanwhile, cheered the White House announcement that Biden would invoke the act “to accelerate domestic production of clean energy technologies, including solar panel parts.” […] The Biden administration did not specify a national-defense reason for using the act to boost solar panels. When Biden was vice president, the Obama administration aggressively pushed for solar energy production — sparking the Solyndra scandal when a politically-connected firm went bankrupt after getting $535 million in federal loan guarantees. KOREAN WAR-ERA LAW WIELDS POWER OVER AMERICAN … [Read more...] about Editor Daily Rundown: Biden Invokes Emergency War Powers To Build Solar Panels