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Consumer sentiment has tumbled to a fresh record low in May as fears of higher prices grow due to the U.S.-Iran war and elevated oil prices, the University of Michigan’s Surveys of Consumers said Friday. The index of consumer sentiment fell to 44.8 from a preliminary reading of 48.2. It’s also well below the 49.8 level seen at the end of April. “Consumer sentiment fell for the third straight month as supply disruptions in the Strait of Hormuz continue to boost gasoline prices. Sentiment is now just below the previous historical trough seen in June 2022,” Surveys of Consumers Director...

There have been persistent rumors that industry insiders are bracing for a widespread shortage of motor oil. Are these rumors accurate? I decided that I was going to investigate this and discover the truth. Unfortunately, I have very bad news. Multiple sources within the industry are confirming that we are facing much higher prices and physical shortages of certain products if the Strait of Hormuz is not reopened soon.I realize that what I have just shared is not welcome news, but it isn't going to do any good to stick our heads in the sand.According to Axios, supply chains for...

President Donald Trump on Tuesday dismissed rising gas prices as “peanuts,” even as new polling shows his economic approval rating falling to a new low. The remarks highlight growing pressure on the White House as inflation and fuel costs remain high, weighing on voters and shaping political sentiment ahead of the midterms. The disconnect could have broad implications for U.S. households and the 2026 elections, with rising prices and the Iran war expected to remain central campaign issues.

EPA Administrator Lee Zeldin and Department of Health and Human Services (HHS) Secretary Robert F. Kennedy Jr. announced on Monday efforts to combat per- and polyfluoroalkyl substances (PFAS) during a roundtable.During the roundtable, the EPA proposed advancing a comprehensive, lifecycle-based strategy to address unsafe levels of PFAS, known as "forever chemicals," in drinking water. As part of the new strategy, RFK Jr. announced nearly $1 billion in new funding to states set to address PFAS in drinking water. "EPA and HHS are addressing PFAS at every stage contamination, exposure to treatment, monitoring and long-term research. Americans want honest science, accountability...

A senior citizens group has forecast that the cost-of-living adjustment (COLA) for Social Security payments will increase by 3.9 percent next year, more than 1 percentage point higher than last month’s prediction.The Senior Citizens League, which issues monthly projections on the COLA for Social Security, said in a statement Tuesday the 3.9 percent for 2027 is already higher than the 2.8 percent increase that went into effect in 2026. The group in April had forecast a 2.8 percent increase for next year’s payments.“Fast-rising oil prices could have downstream effects on the economy and push inflation even higher,” potentially leading to...

Wholesale prices in April posted their highest annual increase in more than three years, signaling more nettlesome inflation as pipeline costs intensify.The producer price index rose a seasonally adjusted 1.4% for the month, much higher than the 0.5% Dow Jones consensus forecast and the upwardly revised 0.7% March increase, the Bureau of Labor Statistics reported Wednesday. This was the largest monthly gain since March 2022.On an annual basis, the index was up 6%, the biggest increase since December 2022.

Washington — As inflation rose to its highest rate in years and CBS News polling shows high prices at the pump are causing financial strain for many Americans, President Trump told reporters Tuesday, "I don't think about Americans' financial situation" as a motivation for negotiations with Iran, and said he is only concerned with preventing Iran from developing nuclear weapons. When asked by a reporter how much Americans' finances are "motivating you to make a deal," Mr. Trump responded: "Not even a little bit."

LMFAO!! Trump just went off on a reporter! "You're a STUPID person, and you happen to be!" REPORTER: "You promised to bring inflation down. It's now at its highest level in three years. Are your policies not working? What's happening?" TRUMP: "If you go back to just before the war, for the last three months, inflation was at 1.7%. Now, we had a choice. Let these LUNATICS have a nuclear weapon. If you want to do that, then you're a STUPID person, and you happen to be!"

The consumer price index rose at a seasonally adjusted 0.6% for the month, putting the one-year pace at 3.8%, the highest since May 2023. Excluding food and energy, the core CPI increased 0.4% and 2.8%, respectively, keeping inflation well above the Federal Reserve's 2% goal. Though energy and in particular gasoline has been much of the headline story, inflation pressures also came from a variety of other areas. The report also contained bad news for workers, as real average hourly wages slipped 0.5% for the month and fell 0.3% annually. "Inflation is the key drag on the U.S. economy now,"...

Washington — President Trump said in a phone interview with CBS News Monday morning that he aims to suspend the federal gas tax "for a period of time." "I think it's a great idea," the president said. "Yup, we're going to take off the gas tax for a period of time, and when gas goes down, we'll let it phase back in." Gas prices have soared over 50% since the start of the Iran war on Feb. 28, hitting a high of over $4.52 on Sunday, according to AAA. Analysts say the prices are likely to remain high with Iran...

Potato-linked financial contracts have risen over 700% in a few weeks, despite a current oversupply in Europe, due to speculative trading surrounding the volatile environment caused by the Iran war. Potato contracts for difference (CFDs), which track the benchmark market for the commodity, have seen prices soar roughly 705% in less than a month. Since 21 April, the cost per hundred kilograms has risen from approximately €2.11 to a staggering €18.50. However, this price is in fact still very low compared to where the potato market was in the last two years. This is due to the underlying physical market...

The price didn’t just go up. The product went down. This is shrinkflation on steroids. The cost increased. The value didn’t. BRIEFING Grant here. Shrinkflation is everywhere nowadays. It's actually becoming so common that we seem to just almost be throwing up our hands and accepting it. Well, for the most part.... Because this latest video showing what an absolute rip-off the classic McDonald's sundae has become has people pretty darn heated. Let’s break it down. A popular X video shows a woman holding her obnoxiously tiny McDonald’s hot fudge sundae. I mean, it's comically small. It looks like something...

The U.S. government learned last week that it may have reached an unfortunate milestone: The size of its debt surpassed the nation’s total economic output. It was a striking imbalance, according to early estimates, one that the country has experienced only in rare circumstances — briefly during the pandemic, and in the aftermath of World War II. But the development barely seemed to register in the nation’s capital, where few policymakers bothered to acknowledge the latest warning sign about the government’s poor fiscal health. The root of the problem is well-documented and widely known. U.S. debt has soared in recent...

Recently we learned that President Putin is spending more time in bunkers and cracking down on internal security as he fears the possibility of a drone strike or a coup.In addition to seeking to preserve his own personal security, Putin has cracked down on people's personal freedoms by shutting off social media and private messaging accounts and pushing everyone toward Kremlin-monitored accounts.But there are signs that this repression is starting to backfire as people are increasingly willing to oppose Putin publicly. Case in point, Ilya Remeslo, a former Putin supporter who spent years harassing Putin's enemies.Remeslo was once part of...

President Trump signed an executive order Thursday aimed at getting tens of millions of American workers enrolled in retirement accounts. The order further directs the Treasury Department to implement the Federal Saver’s Match program to boost Individual Retirement Account (IRA) savings. Here’s what you need to know about the new accounts and the billions of dollars in federal matching available. Who is eligible? Through the website TrumpIRA.gov – launching in January 2027 – all Americans will be eligible to browse and enroll in “high-quality, low-cost” IRA plans offered by private-sector financial institutions. The plans offered will cater to “American workers...

The national retail average for a regular gallon of gas was $4.457 on Monday. That's a 1-cent increase from Sunday, according to the American Automobile Association, and 35 cents more than last Monday. At this time last year, a gallon of gas was $1.29 cheaper. The surging prices seemed to stabilize or even decrease for about two weeks, following a temporary ceasefire agreement between the U.S. and Iran that has been indefinitely extended. However, the Strait of Hormuz, a vital shipping route where roughly a fifth of the world's oil passes, has effectively remained closed or extremely limited to passage...

For months, I’ve been a bit confused about “affordability,” the latest Democrat meme. Then, early last week, I read a piece about “affordability” and realized: “of course.” Affordability is just the Democrats’ latest excuse for giving out free stuff to their supporters, paid for by you and me. Even though I can’t find the article that I read, I wrote about “affordability” on my Substack.AdvertisementIf you look at the Congressional Progressive Caucus “New Affordability Agenda” you realize that Affordability is not just about free stuff, but something else. “Affordability” is about politicians trying to fix things they screwed up already....

Six months before Election Day, America’s $39 trillion national debt has moved from an abstract fiscal concern to a dinner-table anxiety… A new national survey released Thursday by the Peter G. Peterson Foundation found that 92% of registered voters are concerned that the national debt is fueling inflation and driving up their personal cost of living, including prices for groceries, energy, housing, and transportation. The figure includes 94% of Democrats, 92% of independents, and 89% of Republicans — a degree of bipartisan alignment rarely seen in today’s fractured political environment… The concern extends beyond deficits in the abstract. Eighty-eight percent...

Rep. Chip Roy (R-Texas) on Friday warned that the growing national debt is “a ticking time bomb” and he called on his fellow lawmakers to do “much more.” The U.S. national debt crossed 100 percent of gross domestic product (GDP) at the end of the first quarter, the first time the debt crossed that line since 1946. The debt surpassed $39 trillion in March, a mere five months after it reached $38 trillion. Roy told Fox Business’s Cheryl Casone that the debt is “a ticking time bomb and that some of us have been talking about for a long time.”...

President Trump on Friday addressed seniors at The Villages in Florida and touted his second-term achievements that have made life more affordable for those in their golden years. “I’m much, much younger than the people in this room, but I feel I can relate to you anyway,” the 79-year-old president joked at the world’s largest retirement community, before rattling off policy after policy his administration has pushed to benefit seniors. Trump lauded the “largest tax refunds of all time” received by American seniors this year thanks to his One Big Beautiful Bill Act. **SNIP** The president then tore into former...