Free Republic

Job growth soared past expectations in January and wages rose faster than inflation, exhibiting more strength at the start of an election year in which the economy could be a huge factor. The U.S. economy added 353,000 jobs last month, according to the Labor Department, about double what economists were expecting in different forecasts. The unemployment rate held steady at 3.7 percent. Wages on nonfarm payrolls rose by 0.6 percent to $34.55, double the monthly pace of headline inflation in December. Annual wage growth ticked up to 4.47 percent, still considerably higher than the 3.5-percent growth that many economists think...

Tax cuts and pandemic relief measures enacted during the Trump administration added $8.4 trillion to the national debt over the 10-year budget window, according to a study released Wednesday by a top budget watchdog group. Discretionary spending increases from 2018 and 2019 added $2.1 trillion, Trump’s signature Tax Cuts and Jobs Act added $1.9 trillion and the 2020 bipartisan CARES Act for pandemic relief added another $1.9 trillion, the Committee for a Responsible Federal Budget (CRFB), a Washington think tank, found in a study released earlier this month. “Of the $8.4 trillion President Trump added to the debt, $3.6 trillion...

Ships are piling up in some West Coast ports and commercial shipping prices are spiking amid a labor fight between port operators and workers, threatening to trigger a new round of supply chain disruptions that could lead to shortages or higher prices. The fight is sparking concerns among lawmakers who worry surging container prices could ripple through the economy and hit all sorts of consumer goods in a repeat of supply chain problems following pandemic shutdowns. “The shippers I know are afraid of what might happen if we shut down our ports,” said Rep. Val Hoyle (D-Ore.), a member of...

Republicans are coming under fire for their rhetoric over $80 billion in funding for the IRS included a massive climate, tax and health care bill that Democrats in Congress are sending to the White House. The funding, over 10 years, is intended to help the IRS enforce various provisions in the Inflation Reduction Act, which would raise more than $700 billion in new revenue by instituting a 15-percent corporate minimum tax, taxing stock buy backs and extending a cap on deductions for business losses, in addition to helping the IRS enforce existing tax law. Of the $80 billion, more than...