Author: Tobias Burns

Is the US in a recession? It depends on who you ask.

The Commerce Department released data on Thursday showing that the U.S. gross domestic product (GDP) shrunk for a second consecutive quarter. The data prompted media headlines warning about the increased possibility of a recession and outcry from Republicans, quick to slam President Biden for his economic policies. For its part, the Biden administration…

What the Treasury is doing to address the housing shortage

The Treasury Department is making moves to address the shortage of affordable housing across the U.S. — an issue that has only been exacerbated by pandemic complications, rising interest and soaring inflation. Treasury announced Wednesday that it’s making more money available for affordable housing loans as part of the nearly $2 trillion American Rescue Plan (ARP)…

Grain prices shoot back up after Russian missile attack

A Russian missile attack on the Ukrainian port of Odesa drove grain prices back up after they relaxed on news of a U.N.-brokered deal between Moscow and Kyiv struck late last week to move stalled agricultural goods out of the Black Sea. Wheat future contracts jumped around 4 percent after Saturday’s attack, with Kansas City…

Lawmakers want to expand affordable housing. Communities say, ‘Not in my back yard’

Lawmakers are scrambling to pass affordable housing legislation after Sen. Joe Manchin (D-W.Va.) threw a wrench into yet another social spending package last week. Manchin also rejected the Biden Administration’s Build Back Better Act last year, which would have allotted more than $150 billion for housing geared toward the middle class and lower-income Americans. To…

Republicans, Hungarians team up to fight Biden on global tax deal

Republicans are getting cozy with a surprising ally in their fight against the Biden administration’s effort to reach a deal on a proposed global minimum tax rate of 15 percent on corporations — the nation of Hungary. Republicans on the House Ways and Means Committee issued a statement Wednesday after a meeting with Hungarian Foreign…

Inflation is providing cover for price fixing: economists

Economists and lawmakers are warning that high inflation is providing companies with an excuse to telegraph price increases during earnings calls, reducing market competition and compounding the pain for consumers. “They’re profiteering, and they are using this moment and their monopoly power in many industries to raise prices on consumers,” Rep. Pramila Jayapal (D-Wash.) said…

Five takeaways from the stunning inflation numbers

Consumer inflation is still shooting upward despite interest rate hikes from the Federal Reserve and a host of policy responses from lawmakers over the past several months aimed at fixing supply chains. The Labor Department reported Wednesday that the consumer price index (CPI) increased 1.3 percent from May to June and was up 9.1 over…