Posts

Showing posts from June, 2021

Biden’s Massive $6T Budget To Cut Economic Growth

Image
FILE – This May 4, 2021, photo shows the Treasury Building in Washington. The U.S. budget deficit hit a record $2.06 trillion through the first eight months of this budget year as coronavirus relief programs drove spending to all-time highs. (AP Photo/Patrick Semansky, file) A group of analysts fear Joe Biden’s $6 trillion proposed budget will have massive consequences on the nation’s long term economic success. In fact, researchers at the  Tax Foundation , a nonprofit seeking to inform smarter tax policy at all levels of government, reported Wednesday that Biden’s proposed budget will actually cut economic growth. The foundation concluded the budget will cut long-term economic growth by 1 percent in the next decade and will eliminate 165,000 full time jobs. While  the non-partisan report  claims long term GDP will increase by 0.3 percent, presumably due to enhanced public infrastructure, the “positive economic effect is entirely offset by the increase in corporate and individual taxat

U.S. Labor Market Healing Despite Unexpected Rise In Weekly Jobless Claims

Image
FILE PHOTO: People who lost their jobs wait in line to file for unemployment benefits, following an outbreak of the coronavirus disease (COVID-19), at Arkansas Workforce Center in Fort Smith, Arkansas, U.S. April 6, 2020. REUTERS/Nick Oxford/File Photo It The number of Americans filing new claims for unemployment benefits increased last week for the first time in 1-1/2 months, but layoffs are easing amid a reopening economy and a shortage of people willing to work. Video Player is loading. Play Video Play Unmute Current Time  0:00 / Duration  -:- Loaded :  0% Stream Type  LIVE Seek to live, currently playing live LIVE Remaining Time  - 0:00   Playback Rate 1x Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Op