Free Republic

Federal Reserve Chair Jerome Powell said Tuesday that the U.S. central bank would have eased monetary policy by now if not for President Donald Trump’s tariff plan.When asked during a panel if the Fed would have lowered rates again this year had Trump not announced his controversial plan to impose higher levies on imported goods earlier this year, Powell said, “I think that’s right.” “In effect, we went on hold when we saw the size of the tariffs and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs,” Powell said at European...

New state and local increases are boosting paychecks in Alaska, California, Oregon, Washington, D.C., and other locations this week. Workers in about 15 locations nationwide are about to receive a boost in their paychecks, thanks to minimum wage increases that went into effect this week around the country. On Tuesday, July 1, minimum wage increases went into effect in Alaska, Oregon, and Washington D.C. Additionally, 12 cities, including Chicago and Los Angeles, are doing the same. The minimum wage hasn’t changed on a federal level since 2009. It remains stuck at $7.25. However, local governments have been moving the needle...

Federal Reserve Chair Jerome Powell said Tuesday that the U.S. central bank would have eased monetary policy by now if not for President Donald Trump’s tariff plan. When asked during a panel if the Fed would have lowered rates again this year had Trump not announced his controversial plan to impose higher levies on imported goods earlier this year, Powell said, “I think that’s right.” “In effect, we went on hold when we saw the size of the tariffs and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs,” Powell said at...

Two men believed to be Haitian Americans — one of them purportedly a former bodyguard at the Canadian Embassy in Port au Prince — have been arrested in connection with the assassination of Haiti's president, a senior Haitian official said Thursday. Prime Minister Claude Joseph assumed leadership of Haiti with the backing of police and the military and on Thursday asked people to reopen businesses and go back to work as he ordered the reopening of the international airport. On Wednesday, Joseph decreed a two-week state of siege following Moïse's killing, which stunned a nation grappling with some of the...

As America’s largest trading partners race toward deals, they are increasingly worried about being hit with future tariffs on their critical industries.Governments around the globe are racing to negotiate trade deals with the United States in order to forestall President Trump’s punishing tariffs, which could kick in on July 9. But the discussions have been slowed because Mr. Trump has threatened to impose more tariffs even if those deals are in place. Mr. Trump announced what he refers to as “reciprocal tariffs” on April 8, which he said were in response to other countries' unfair trading practices. But he agreed...

I don't know how 'official' this site is, but if you follow U.S. Debt Clock.org, we should hit $37 trillion in the national debt sometime after 9:00 pm Eastern Time (if my math is correct, which I wouldn't count on..). If you are the kind of person who likes to watch the odometer in your car turn over, this could be a real treat. Of course, the reality is that we are governed by feckless idiots who have seemingly abandoned all fiscal reponsibility. So, this is really a monument to their uselessness.

The Federal Reserve delivered an unexpected blow to hopes for lower borrowing costs in the future, projecting higher inflation and higher interest rates in updated forecasts released Wednesday. While policymakers left their benchmark rate unchanged and signaled that they may cut in the second half of this year, forecasts of officials showed they expect fewer cuts next year and the year after that. The central bank held the federal funds target at 4.25 to 4.50 percent, its level since the December rate cut. But the accompanying economic projections revealed rising concern that inflation is not receding fast enough—and that rates...

In April, President Donald Trump followed through on a campaign promise and implemented tariffs on the majority of the United States’ trading partners. Predictably, the left lost their collective minds and giddily spoke of the coming collapse of the American economy, higher inflation and massive unemployment. Perhaps no one on the left stoked fear more than the Democrat senator from Hawaii, Brian Schatz. Schatz lamented that, "Donald Trump is ruining the economy on purpose … we'll be paying more for everything – groceries, food, cars, homes, toys, electronics, everything that you buy. This is about the ability for people to...

The Federal Reserve Bank of New York recently released a survey that found businesses are passing some or all of the cost of higher tariffs onto consumers through higher prices. The New York Fed conducted its survey of businesses in the New York and northern New Jersey region from May 2-9 and found most businesses passed on at least some of the higher tariffs to their customers through higher prices. It found that about 90% of manufacturers and roughly three-quarters of service firms import some goods, with the average share of imported inputs at around 30% for all firms. Manufacturers...

The New York Times is still force-feeding its readers agitprop that the long-awaited inflation Armageddon it's been hawking for months is still nigh. That’s despite a bevy of welcome economic news in recent weeks that has defied the retrospectively stupid predictions of President Donald Trump’s most pompous critics still high on their bloated egos. “Where’s the Inflation From Tariffs? Just Wait, Economists Say,” doom-mongered Times reporter Colby Smith in a June 13 crystal ball item passed off as news. They always locate "Economists" to say what they want to impose as conventional "wisdom." “Tariffs raise consumer prices. It’s a view...

How did we arrive at a point in this country where 25% of all tax revenue goes to just paying the interest in $37 trillion in govt debt? Annually: US govt total reveneue = about $5 trillion ...

Consumer sentiment soared in early June, rising for the first time in six months and posting its strongest monthly gain since January 2024, according to preliminary data released Friday by the University of Michigan. The university’s closely watched index of consumer sentiment jumped to 60.5 in the first half of June, up from 52.2 the prior month—a 16 percent gain that beat every estimate in a Wall Street Journal survey of economists. The expectations sub-index surged more than 21 percent, the biggest one-month gain since late 2023. The sharp rebound in optimism follows weeks of steady economic data, including soft...

The prices of goods and services charged by U.S. businesses rose by less than expected in May, adding to the evidence that President Trump’s tariffs are not putting upward pressure on inflation. The producer price index for final demand ticked up 0.1 percent last month, half of what economists had forecast. Core producer prices, a metric which excludes food and energy, also rose 0.1 percent, one-third of the 0.3 percent increase forecast by economists. If trade services, a measure of retail and wholesale margins, is also excluded, prices still rose by just 0.1 percent. Compared with a year ago, the...

Inflation rose less than expected in May, a month when the effects of higher tariffs were starting to become more widespread. Consumer prices rose 0.1% last month, while the annual inflation rate increased to 2.4% from a four-year-low of 2.3% notched in April, according to the latest Consumer Price Index data released Wednesday by the Bureau of Labor Statistics. The better-than-expected inflation reading is welcome news for Americans worn down by the higher cost of living and who are fearful of whether tariffs will drive that higher. However, while the tariff impacts weren’t prevalent in Wednesday’s report, the latest CPI...

U.S consumer prices barely rose at all in May, the fourth straight month of mild inflation and a sign that the Trump administration’s tariffs have not raised prices on American households. The consumer price index, the government’s main inflation indicator, 0.1 percent compared with a month earlier, the Department of Labor said Wednesday. Core prices, a measure that excludes volatile food and energy prices, also climbed just 0.1 percent. Compared with a year ago, consumer prices are up 2.4 percent. Core prices have risen 2.8 percent. Economists had forecast prices would rise 0.2 percent, matching the tame inflation figure reported...

Rep. Marjorie Taylor Greene vows to oppose the One Big Beautiful Bill when it returns to the House if there are no changes made to the artificial intelligence provision. Greene says she was unaware of the AI provision when she first voted for the bill and now argues it would endanger state rights, risk job losses in her manufacturing-heavy district, and open the door to forced property seizures. Facing criticism for missing the provision, Greene defended her transparency, claiming no other lawmakers publicly flagged the AI clause and pledging to fight any future legislation that limits state authority over AI...

CBO projects $3T added to debt from bill that tackles tax policy, border security, healthcare reforms President Donald Trump's "big, beautiful bill" is projected to increase the debt by $3 trillion, with interest, or $5 trillion if made permanent, according to estimates. An estimate of the House-passed bill by the nonpartisan Congressional Budget Office (CBO) projects it would add more than $2.4 trillion to primary deficits before interest over 10 years, according to the Committee for a Responsible Federal Budget (CRFB), a nonprofit public policy organization. As of Wednesday, the national debt, which measures what the U.S. owes its creditors,...

President Donald Trump shared on Wednesday that he wants the debt limit “scrapped,” which Sen. Elizabeth Warren (D-MA) has also called for. Trump issued a statement on Truth Social Wednesday afternoon. “I am very pleased to announce that, after all of these years, I agree with Senator Elizabeth Warren on SOMETHING. The Debt Limit should be entirely scrapped to prevent an Economic catastrophe,” he wrote. “It is too devastating to be put in the hands of political people that may want to use it despite the horrendous effect it could have on our Country and, indirectly, even the World,” he...

Elon Musk has warned "if the massive deficit spending continues," there will be no money for Social Security, health care or defense, as he continues opposition to President Donald Trump's "Big Beautiful Bill." The tech billionaire and former head of the Department of Government Efficiency (DOGE) made the comment about Trump's spending package on his Truth Social website in the early hours of June 4. Newsweek contacted Musk for comment via the SpaceX and Tesla press offices outside of regular office hours on Wednesday. Why It Matters The House narrowly passed Trump's budget package on May 22 in a 215-214...

President Trump on Wednesday doubled down on calls to scrap the nation’s debt ceiling, pressing for bipartisan action to abolish it and finding common ground with Democrat Sen. Elizabeth Warren (Mass.). “I am very pleased to announce that, after all of these years, I agree with Senator Elizabeth Warren on SOMETHING. The Debt Limit should be entirely scrapped to prevent an Economic catastrophe. It is too devastating to be put in the hands of political people that may want to use it despite the horrendous effect it could have on our Country and, indirectly, even the World. As to Senator...