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On Thursday’s broadcast of the Fox Business Network’s “Cavuto: Coast to Coast,” White House Council of Economic Advisers Chair Jared Bernstein stated that even with the latest GDP report, we “really haven’t seen much in terms of slow growth yet.” And the job market is “really what matters to people, you don’t eat GDP, your paycheck matters most.” Bernstein said, “We really haven’t seen much in terms of slow growth yet. Let’s talk about the job market, because that’s really what matters to people, you don’t eat GDP, your paycheck matters most. And there, you’ve seen growth continuing to defy...

resident Biden's latest proposal to hike the top capital gains tax rate to its highest level in more than a century is facing heavy criticism from experts who warn such an action could significantly harm the U.S. economy. According to a report issued by the Treasury Department, led by Secretary Janet Yellen, the president's proposed fiscal year 2025 budget would increase the top marginal rate on long-term capital gains and qualified dividends to a staggering 44.6%. A capital gains tax hike of that magnitude would take the rate to its highest level since it was first introduced in the early...

Southwest Airlines issued a press statement Thursday declaring their intention to fire around 2,000 employees and cancel service to four airports following financial difficulties. “[W]e are implementing cost control initiatives, including limiting hiring and offering voluntary time off programs. We now expect to end 2024 with approximately 2,000 fewer Employees as compared with the end of 2023,” Bob Jordan, the president and CEO of Southwest Airlines ... Jordan also announced that the company was shutting down its service to three airports in the United States and one in Mexico. “[W]e have made the difficult decision to close our operations at...

KEY POINTS Gross domestic product, a broad measure of goods and services produced in the January-through-March period, increased at a 1.6% annualized pace, below the 2.4% estimate. The personal consumption expenditures price index, a key inflation variable for the Federal Reserve, rose at a 3.4% annualized pace for the quarter, its biggest gain in a year. Consumer spending increased 2.5% in the period, down from a 3.3% gain in the fourth quarter and below the 3% Wall Street estimate. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ U.S. economic growth was much weaker than expected to start the year, and prices rose at a faster pace, the...

Meantime the central bank seeks to palm off on the public the idea that its staggering negative capital is a ‘deferred asset.’ Hold up your hand if you think that the aggregate losses of an organization are an asset of that organization. No hands at all? Absolutely right. Losses are not an asset. That’s accounting 101. Yet the greatest central bank in the world, the Federal Reserve, insists on claiming that its continuing losses, which have accumulated to the staggering sum of $164 billion, are an accounting asset. The Fed seeks to palm off this accounting entry as a “Deferred...

JPMorgan Chase (JPM) CEO Jamie Dimon is concerned the US economy could be in for a repeat of the problems that hampered the country during the 1970s. "Yes, I think there’s a chance that can happen again," he said during an appearance Tuesday at the Economic Club of New York. The economy in that troubled decade was constrained by stagflation, a combination of low growth and high inflation, and Dimon said such a risk exists again.

Claim: President Joe Biden claimed on Wednesday that inflation was “skyrocketing” when he took office. “Look we have dramatically reduced inflation from 9% down to close to 3% we’re in a situation where we’re better situated and we were we took office, where we inflation was skyrocketing,” Biden said Wednesday at a White House press conference. The president was reacting to the latest report on the consumer price index, which showed inflation rose at an annualized rate of 4.6 percent in March, the fourth consecutive month in which inflation has exceeded expectations.

JPMorgan Chase (JPM) CEO Jamie Dimon is concerned the US economy could be in for a repeat of the problems that hampered the country during the 1970s. "Yes, I think there’s a chance that can happen again," he said during an appearance Tuesday at the Economic Club of New York. The economy in that troubled decade was constrained by stagflation, a combination of low growth and high inflation, and Dimon said such a risk exists again. "I worry that it looks more like the seventies than we've seen before," he added during a question-and-answer session with Marie-Josee Kravis, chair of...

The already insane cost of purchasing a home has hit a new high, thanks to the ongoing horror show that is Bidenomics. Fox News: Findings from Redfin show the combination of steep mortgage rates and elevated home prices has pushed the median monthly housing payment to a record $2,775 – an 11% increase from the same time last year. … There are a number of driving forces behind the affordability crisis. Years of underbuilding fueled a shortage of homes in the country, a problem that was later exacerbated by the rapid rise in mortgage rates and expensive construction materials. And...

Immigration won’t decide the election. Polls have not yet captured what will. This may come as a surprise, but the top issue housing. More explicitly, it’s shelter costs.The EconomyThe economy is a very broad category that encompasses inflation, jobs, unemployment, wages, rent, and housing.Other polls split the economy in various pieces, such as inflation and jobs. Not a single poll mentioned housing specifically.Q: What is it that young voters really have on their minds? A: RentThe CPI Rose Sharply in March Led by Shelter and GasolineThe CPI rose 0.4 percent in March. Rent was up another 0.4 percent with gasoline...

The International Monetary Fund sounded the alarm on the Biden administration’s rampant spending as “out of line with what is needed for long-term fiscal stability.” The latest forecast from the IMF — a Washington-based group tasked with fighting financial crises worldwide — warned that the ballooning national debt and the fiscal deficit threatened to exacerbate sky-high levels of inflation while posing a long-term risk to the global economy. The IMF noted in its forecast that the US federal budget deficit grew from $1.4 trillion in fiscal 2022 to $1.7 trillion last year. ... The debt held by the public, which...

California-based fast food restaurants have hiked the price of menu items by as much as 8% in response to the $20-an-hour minimum wage law that went into effect April 1. .... A typical Chicken Burrito from a California Chipotle will now cost $10.25, while the average price of a Steak Burrito will set you back $12. ... Wendy’s also instituted substantial price hikes on staple menu items

“Why Inflation Is Biden’s Most Stubborn Political Problem” by Andrew Restuccia and Sam Goldfarb at WSJ was one of those coffee-spilling articles that gave Grumpy his nickname. Not the article, which was well written, but the contents. In response to rising inflation, 'Biden and his senior aides aren’t planning any major policy or rhetorical shifts. They plan to continue talking about the president’s proposals to lower the cost of housing and prescription drugs, while slashing student-loan debt and eliminating surcharges tacked on to everything from concert tickets to banking services.' The most simple and pleasurable lessons of economics show you...

We are in an election year. President Biden, a seasoned politician, has failed miserably in tackling inflation and is now attempting to shift blame for "Bidenflation" onto Trump, a move even noted by The New York Times, which dubbed it Biden's Plan B. Commenting on the latest CPI release, President Biden said: We’re better situated than we were when we took office where we— inflation was skyrocketing. And we have a plan to deal with it, whereas the opposition — my opposition talks about two things. They just want to cut taxes for the wealthy and raise taxes on other...

When the economy is going well, people buy a lot on credit and keep current with their credit card debt. When the economy stinks, people still buy a lot on credit but fall behind in their payments. By that measurement, we're in a lot of trouble. The Federal Reserve Bank of Philadelphia published a study showing that the rate of credit card delinquencies — 30, 60, and 90 days past due — rose to a level not seen since 2012. And it gets worse. "Fourth quarter 2023 featured the worst card performance in the series," the report said. "All stages...

A recent research paper by four noted economists, including Larry Summers, the former Treasury Secretary under Barack Obama and former Harvard President, discovered that the real inflation rate during the Biden years, using pre-1983 calculations reached 18% in 2022. The number is the highest inflation rate the country has seen in over 50 years. This research project was published by these four authors at the nonpartisan National Bureau of Economic Research in late February and is just now making waves. Marijn A. Bolhuis is an economist in the Macro Policy division of the International Monetary Fund’s Strategy, Policy, and Review...

One reason that America’s youth is disgusted with Bidenomics is skyrocketing prices, particulalry housing. (simply unaffordable). Thanks to awful economic policies, home prices are up 32.5% under Biden and 30-year mortgage rates are up a whopping 160%! Good luck buying a home with a part-time job. The bad news is that the 10-year Treasury yield rose to 4.53%, the highest since November 2023. This means that mortgage rates will rise even further. Yes, rising rates AND home prices are daunting to part-time job holders. Of course, Biden and Powell want to addicted to gov. Doctors, doctos (Yellen and Brainard), we’ve...

The consumer price index, a key inflation gauge, rose 3.5% in March, higher than expectations and marking an acceleration for inflation. Shelter and energy costs drove the increase. Energy rose 1.1% after increasing 2.3% in February, while shelter costs were higher by 0.4% on the month and up 5.7% from a year ago. Following the report, traders pushed the first expected rate cut out to September, according to CME Group calculations.

Inflation ticked higher once again in March, with consumer prices up 0.4 percent over the previous month and 3.5 percent compared to one year earlier. The latest data marks the third month in a row that the consumer price index (CPI), a closely watched gauge of inflation, has come in hotter than expected, likely throwing cold water on hopes that the Federal Reserve would begin cutting interest rates soon.

Joe Biden at his State of the Union address in March boasted his administration has created 15 million new jobs since January 2021. Not exactly. When you delve into the math, not only is the number highly misleading, but it turns out that new jobs consist largely of part-time employment, nebulous self-employment, and government workers. And among native-born citizens, the job market is in a recession. The Bureau of Labor Statistics publishes two jobs reports: the “Establishment Survey” and the “Household Survey.” The Establishment Survey samples actual employers and shows the growth in non-farm payroll jobs (as well as a...