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    TAXPAYERS will see their tax brackets move up among other changes next year due to the rise in inflation. It's not unusual for the IRS to adjust provisions when accounting for the impact of inflation, but this year, with inflation at a nearly 40-year high, these adjustments will be significant. 2The IRS will raise the tax provisions by seven percent per tax bracket, a tax expert predictedCredit: Getty 2This provision adjustment comes after inflation reached a 40-year highCredit: Getty In 2023, the tax provisions will move up an estimated seven percent per tax bracket, Kyle Pomerleau, a tax expert from American Enterprise Institute, told CBS. For example, a single worker whose taxable income this year is $40,000 will pay 10 percent on the first $10,275 and then 12 percent on the rest of their earnings, the outlet reported. Next year, that same person would pay taxes of 10 percent on the first $11,000 of their earnings and then 12 percent on the rest. Without these adjustments, workers who get a raise to keep up with inflation would be bumped into...
    MILLIONS of taxpayers in California are set to receive direct payments worth up to $1,050 from October. The relief is designed to help cash-strapped Americans amid the financial challenges caused by inflation. 1More than 20million Californians are set to receive a relief payment worth up to $1,050Credit: Getty Inflation hit a record high in July as prices soared by 9.1 per cent compared to last year. Around 23million Californians are expected to receive the payments. And, officials have revealed that the maximum amount issued will be $1,050. Californians that filed their taxes electronically and opted for direct deposit will get their check between October 7 and October 25. read more on direct paymentsMORE MONEY Direct payment worth up to $500 available to AmericansBONUS MONEY Direct payments worth up to $325 could go out to millions of Americans The state’s Franchise Tax Board revealed that they expect 90 per cent of payments to be issued in October, NBC Bay Area reported. For those that don’t receive their payment via direct deposit, a debit card will be issued. Single Californians that...
    Sen. Lindsey Graham (R-SC) is set to announce his plans to introduce a bill that would ban abortions nationwide just months after the Supreme Court overturned Roe v. Wade, returning the question of legality to the states. The proposed bill would likely ban abortion after 15 weeks of pregnancy, which he refers to as “late term,” according to reports. The announcement is expected to elicit criticism and anger from Democrats, who have pushed for more abortion protections since the Supreme Court decision was announced in June. Graham is set to announce the bill during a news conference at noon on Tuesday. He will be joined by Marjorie Dannenfelser, president of Susan B. Anthony Pro-Life America, and other anti-abortion advocates. More from Examiner FDA schedules meeting to discuss over-the-counter birth control pill September 13, 2022 12:05 PM Democrats are aiming to score an own-goal by abolishing the filibuster September 13, 2022 12:04 PM Daily on Energy: Falling energy prices not enough to keep inflation down September 13, 2022 12:02 PM ...
    Sen. Lindsey Graham (R-SC) is set to announce his plans to introduce a bill that would ban abortions nationwide just months after the Supreme Court overturned Roe v. Wade, returning the question of legality to the individual states. The proposed bill would ban abortion after 15 weeks of pregnancy, which he refers to as “late-term”, according to reports. The announcement is expected to elicit criticism and anger from Democrats, who have pushed for more abortion protections since the Supreme Court decision was announced in June. Graham is set to announce the bill during a news conference at noon on Tuesday. He will be joined by Marjorie Dannenfelser, president of Susan B. Anthony Pro-Life America, and other anti-abortion advocates. More from Examiner Daily on Energy: Falling energy prices not enough to keep inflation down September 13, 2022 12:02 PM 'Finish your sentences': RNC memo outlines messaging strategy for midterm elections September 13, 2022 11:59 AM Twitter employees worried about Chinese access to user data, whistleblower says September 13, 2022 11:58 AM ...
    DECADES high inflation is expected to push Social Security’s cost-of-living-adjustment, also known as COLA, to its highest level since the 1980s. However, the exact amount of Social Security increase will not be revealed until at least the middle of next month. 1The Cost of Living Adjustment is expected to be announced on October 13, but the anticipated increase will be offset by decades-high inflationCredit: Getty The COLA for 2023 will be based on third-quarter data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The 2023 COLA announcement is anticipated to come on October 13, after the September CPI report is released. August CPI is expected to be released this Wednesday, when the Federal Reserve is anticipated to hike its key benchmark interest rate by 0.75 percent for a third consecutive time. In 2021, the Social Security Administration (SSA) announced the COLA the same day CPI-W was announced. More on social securityCHA CHING Brand new $841 direct payment dropping in just weeks - see exact datePAY UP Millions to get huge new $4,194 direct payment in days - see exact date...
    New York (CNN Business)San Francisco Federal Reserve president Mary Daly said Thursday morning that raising interest rates by either half or three quarters of a percentage point in September would be a "reasonable" way to bring inflation down. The hikes would follow back-to-back 75-basis point increases by the Federal Reserve, intended to tackle white hot inflation, which remains near a 40-year high. Last month's Consumer Price Index, a key inflation measure, showed that rising prices took a bit of a breather with consumer prices increasing by 8.5% year over year, a slower pace than the 9.1% increase in June. "There's some relief, and I was really pleased to see that, but I don't count on it," Daly told CNN's Julia Chatterley. "We have a lot of work to do at the Fed to bring us back to price stability." Daly doesn't see the Fed easing interest rate hikes anytime soon. She predicts they'll continue into at least 2023, but says that's ultimately a good thing — even if Wall Street investors don't agree. "There is a lack of understanding in...
    In this article AAPL MSFT AMZN TSLA ORCL Apple CEO Tim Cook walks during Apple's annual Worldwide Developers Conference in San Jose, California, June 6, 2022.Peter Dasilva | ReutersApple has laid off about 100 contract-based recruiters in the past week in an effort to slow hiring and spending, according to Bloomberg. The recruiters, who are responsible for hiring new employees at the company, were told that the layoffs reflect changes to Apple's business needs, according to the report. Though the move is unusual for the California-based tech giant, Apple is not the only company slowing hiring. Microsoft, Amazon, Meta, Tesla, and Oracle have all slowed hiring or cut back on some departments in recent months as they grapple with inflation and tighten their belts ahead of a potential economic downturn. "We do see inflation in our cost structure," CEO Tim Cook told CNBC's Steve Kovach last month. "We see it in things like logistics and wages and certain silicon components. And we're still hiring, but we're doing it on a deliberate basis." Apple declined to comment on the layoffs. Not all of the company's...
    VIDEO3:5103:51We'll have to continue raising rates unless there's a period of sustained inflation under control, says Fed's BarkinSquawk on the Street Despite positive inflation data this week, Richmond Federal Reserve President Thomas Barkin said Friday that more interest rate increases will be needed to tamp down price pressures. Releases this week showing that consumer and wholesale price increases softened in July were "very welcome," Barkin told CNBC's "Squawk on the Street" in a live interview. "So we're happy to see inflation start to move down," he added. But he noted that, "I'd like to see a period of sustained inflation under control, and until we do that I think we're just going to have to continue to move rates into restrictive territory." Headline consumer prices were flat in July while producer prices declined 0.5%, according to the Bureau of Labor Statistics. However, that was just one-month's data: CPI still was up 8.5% on a year-over-year basis, and the producer price index climbed 9.8%. Both numbers are still far above the Fed's 2% long-run inflation objective, so Barkin said the central...
    FluxFactory New government data points to signs that red-hot inflation is starting to cool. But Social Security beneficiaries may still be in for a record high cost-of-living adjustment in 2023. The Senior Citizens League, a nonpartisan senior group, now estimates Social Security benefits may increase 9.6%, based on Consumer Price Index data released on Wednesday. That would amount to an extra $158.98 per month for the average retiree benefit of $1,656, according to the group's calculations. In comparison, The Senior Citizens League had predicted a 10.5% cost-of-living adjustment last month based on hotter than expected CPI data. More from Personal Finance:What a recession could mean for youBest money moves after the Fed's interest rate hikesNearly half of all Americans are falling deeper in debt The Consumer Price Index , which measures changes in prices for goods and services, rose 8.5% in July over a year ago, a slower pace from previous months as gas prices fell. A subset of that index, the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W, that is used to calculate Social...
    AS inflation remains at 40-year highs, the Federal Reserve raised interest rates by 0.75 percentage points on Wednesday - the fourth rate hike in 2022. The Fed has been extremely aggressive in raising rates to combat inflation, pushing the federal funds rate from 0.25 in January to 2.5%. 1When the Fed increases interest rates, things like mortgages and credit cards can get more expensive Historically, the Fed tends to lift rates by a quarter-point at a time, according to Federal Reserve data. However, with inflation stubbornly sitting at historic levels, the bank has taken more drastic action this year. Federal Reserve Chairman Jerome Powell announced a 25 basis point hike in March, before raising rates by 50 basis points in May and 75 in June. The Federal Open Market Committee (FOMC) most recently enacted four rate increases in one year in 2018, although each hike was just by 25 basis points. READ MORE ON THE FEDBANK ON IT What does the Federal Reserve do?'COMPLETE FAITH' Everything to know about Jerome Powell The last time the Fed moved...
    Prostock-studio | Istock | Getty Images Social Security recipients could see the largest increase to their checks in decades next year. Even so, for many retirees, the bump in their annual cost-of-living adjustment won't be enough to shield them from the pain of sharply rising prices, experts say. "Unfortunately, the formula used to calculate the adjustment doesn't reflect the specific expenses that seniors face, especially rising medical costs," said Nancy Altman, president of Social Security Works. "Moreover, the underlying benefits are inadequate." More from Personal Finance:Tax return backlog still 'crushing the IRS' as pileup exceeds 21 millionTax pros 'very skeptical' about expanded IRS voice bots for paymentsLawmaker urges feds to remove 'red tape' for Series I bondsHow much money Social Security recipients could getMonthly benefits for retirees could rise 10.5% in 2023, according to a recent analysis by The Senior Citizens League, a nonpartisan senior group. That would amount to a $175.10 increase to the average payment of $1,668. Meanwhile, the nonprofit Committee for a Responsible Federal Budget reports the benefit bump for seniors could actually be as high...
    LONDON (AP) — Inflation in the United Kingdom has accelerated to a new 40-year high, driven by rising food and fuel prices that are contributing to a cost-of-living crisis. Consumer prices rose 9.4% this year through June, up from 9.1% the previous month, the Office for National Statistics said Wednesday. The new figure is the highest since 1982, when inflation peaked at 11%. Russia’s war in Ukraine has boosted food and energy prices around the world, with shipments of oil, natural gas, grain and cooking oil disrupted. That has added to rising prices that began last year as the global economy started to recover from the COVID-19 pandemic. Bank of England Governor Andrew Bailey said Tuesday that the bank is likely to consider raising interest rates by half a percentage point at its next meeting to help control inflation. The bank has raised rates five times since December, with the last increase a quarter-point in June that sent its key rate to 1.25%. “We have been clear that we see the balance of risks to inflation as on the...
    Sen. Joe Manchin challenged reporting that he pulled the plug on negotiations over Democrats' reconciliation legislation, saying he only wanted to see July's inflation numbers before signing off on green energy items in the spending bill. Reports Thursday evening said Manchin told Democratic leaders that he could not support climate-related items in the Democrats' reconciliation package. Manchin said in radio interview Friday that he told Senate Majority Leader Chuck Schumer he was concerned that inflation rose from May to June and that he wants to ensure Congress doesn't do anything "inflammatory" to inflation. POWER GRIDS FACE THE SUMMER STRAIN "I said, Chuck, until we see the July inflation figures, until we see the July Federal Reserve interest rates — then let's wait until that comes out so we know that we're going down the path that won't be inflammatory to add more to inflation," Manchin said. "He took that as no, I guess, and came out with this big thing last night," Manchin said. Manchin, Schumer, and other Democrats have been negotiating a spending...
    (CNN)Social Security recipients could see a 10.5% increase in their payments next year, driven by the steep rise in inflation, according to a new estimate. That would add about $175 to the average monthly retiree benefit, which is currently $1,668, according to The Senior Citizens League, an advocacy group that released the projection Wednesday. But it still may not be enough to cover seniors' costs if price hikes aren't tamed in coming months.The estimate is based on the June reading for an inflation measure the Social Security Administration uses to calculate the annual cost of living adjustment, or COLA. It rose by 9.8% over the past 12 months, compared with the 9.1% annual jump for the broader and better known Consumer Price Index for All Urban Consumers.Just how much more retirees, Americans with disabilities and other recipients will actually receive won't be determined until the fall. The official adjustment, which the agency releases in October, is based on average inflation during the third quarter as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers, known as...
    AMERICANS are continuing to see the value of their dollar depleting on food items. Today, we found the reality has gotten even worse as the inflation rate hit even new heights.   1The price of margarine butter has surged by 35%Credit: Alamy The US Bureau of Labor Statistics revealed that the consumer price index surged by 9.1% in June when compared to the same period last year. That’s the highest rate in 41 years. During the year, the overall cost of food has risen by 10.4%. The reasons prices keep rising so rapidly could be attributed to the supply not meeting the demand, Russia’s invasion of Ukraine and price gouging, which relates to corporations raising their prices well above what’s considered to be fair. READ MORE RELATED STORIESSIZING DOWN Full list of US companies slammed for 'shrinkflation' - including Subway Along with increasing prices, another thing that is impacting consumers is shrinkflation. Under this practice, companies scale down the size or quantity of a product while keeping the price the same. This could fool consumers who aren’t paying attention to the size and weight of their products. Here’s how...
    On Tuesday’s broadcast of the Fox News Channel’s “Fox & Friends,” Sen. Mike Braun (R-IN) reacted to reports that $15 million in coronavirus relief went to “anti-racism” and “social activism” programs for children by predicting that “We’re going to see more and more of this over time” because it’s difficult to determine where all the money in the “inflation bomb” spending went and “We’re going to see it little by little because they know if they did it all at once, it would shock everybody big time.” Braun said, [relevant remarks begin around 1:45] “When we try to look at those kinds of bills that are generally dropped in your lap with maybe a day or two to look at, our office dug into it and found a lot of it, interesting that much of it is just coming to the surface. Brian, there is so much money [sloshing] around in that $2 trillion bill. Only 10% of it went to COVID. We’re going to see more and more of this over time. It’s part of the inflation bomb. Now...
    MILLIONS of Americans can now claim tax rebates up to $1,050. The payment, which was set as part of the California state budget, is meant to provide "inflation relief”, according to Governor Gavin Newsom's office and it is part of a $17 billion package. 2Californians making up to $250,000 and couples making up to $500,000 are eligible for a tax rebate. 2There will be payments up to $1,050. The state is urging residents to see if they qualify for the payment, known as the middle-class tax refund. The stimulus amount is dependent on income, tax filing status, and household size. Single and Head of Household California taxpayers that make less than $75,000 a year, will make $700 if they have a dependent and $350 if they have no children. If they make between $75,000 and $125,000, they will get $500, with a dependent, and $250 without any. Read More on Stimulus BONUS CASH Six states sending direct payments worth up to $1,700 to millions of AmericansCHECK THIS OUT This stimulus check tool will help you track down your payment Those making...
    In this article AMZNVIDEO6:4606:46Inside Amazon's fulfillment centerSquawk BoxAmazon Prime Day is one of the most anticipated shopping events of the year. But in 2022, shoppers may be less interested in backyard entertaining or Black Friday-type deals and more eager to score discounts on consumer staples to counteract runaway inflation. "People who want to participate in Prime Day are going to be focusing more on practical purchases than fun stuff," said Julie Ramhold, a consumer analyst at DealNews.com, of the two-day shopping event.   More from Personal Finance:80% of economists see ‘stagflation’ as a long-term riskStimulus checks rewired how some Americans see moneyHere's what the Fed's interest rate hike means for you For the online retailer, this is also an opportunity to underscore its value, added Casey Runyan, a deal expert at online discount marketplace Brad's Deals. "Amazon is very much wanting to prove the value of that Prime subscription, so I do think we'll see some really good deals on necessities, such as toilet paper, paper towels, toothpaste, deodorant and laundry detergent," she said. To that end, savvy shoppers should make the most...
    Runaway inflation has raised fears that the economy is headed towards a return of stagflation but a host of Wall Street banks such as Goldman Sachs and HSBC believe there remains opportunities for investors to safely navigate this tricky backdrop.UCG | Getty Images The next big risk to the U.S. economy may be summed up in one word. And no, it's not necessarily recession, though economists are evenly split on the risks one are coming. Instead, 80% of economists in the same survey named stagflation as the greater long-term risk to the economy, according to the Securities Industry and Financial Markets Association. The next biggest risk they identified was deflation, with 13% of respondents. More from Personal Finance:Stimulus checks rewired how some Americans see money43% of homeowners delayed home improvements due to inflationHere's what the Fed's interest rate hike means for you Moreover, a recent Bank of America global fund manager survey found fears of stagflation are the highest they have been since June 2008. Stagflation is "by far and away the most popular description of what the economic backdrop...
    Almost six in ten American manufacturers believe ongoing inflation will lead to a recession in the United States, a new survey from the National Association of Manufacturers (NAM) finds. Inflation under President Joe Biden soared to 8.6 percent last month — the highest in 41 years — and American manufacturers are expressing a gloomy outlook over the next year for the United States economy. In the latest NAM survey, more than 59 percent of American manufacturers said they believe inflation is likely to spur a recession in the United States. About 52 percent said they do not believe the Federal Reserve will be able to avert a recession. Likewise, American manufacturers expect raw material costs to rise 6.9 percent and prices for their products to go up 5.9 percent over the next year. About 75 percent said inflation was worse today than it was six months ago and more than 53 percent suggested the higher prices are making it harder for them to remain competitive and profitable. On United States–China free trade, more than 88 percent of American manufacturers said...
    In this article SPGDavid Simon, chairman and chief executive officer of Simon Property GroupPatrick T. Fallon | Bloomberg | Getty ImagesDavid Simon, the chief executive officer of the biggest shopping mall owner in the country, wants to create a new type of annual shopping extravaganza as consumers are increasingly feeling the pinch of inflation just about everywhere they go. Think Amazon Prime Day, but for retail outlet centers. This event, dubbed "National Outlet Shopping Day" by Simon Property Group, is meant for people seeking out deep discounts on everything from new clothes and sneakers to sunglasses and luggage, Simon told CNBC in a recent Zoom interview. The first iteration runs this weekend at the real estate owner's 90 premium outlets and Mills-branded outlet properties in the U.S. About 300 retailers from J.Crew to Banana Republic to Puma will be taking part by offering deals exclusively at those locations, according to Simon Property. It's one way that the mall owner is working with its tenants to lure cash-strapped consumers out to shop as budgets are squeezed and retailers are more competitive...
    On Friday’s broadcast of MSNBC’s “Morning Joe,” Steve Rattner, who served as counselor to the Treasury Secretary in the Obama administration, said that the Federal Reserve will have to raise interest rates “to 5, 6%, maybe higher,” to get inflation to its target level and “That is a trick the Fed has never accomplished without there being a recession.” Rattner stated, “It’s a very unusual period. We’ve not really come out of a pandemic. We’ve not had as much excess savings as we still do have on consumer balance sheets at a time when we’ve also had this much inflation. The bounce you see in the stocks for today is because China actually had a good night last night. They’re finally, I think, getting their act together. The question is whether we have our act together. Inflation, as I said, is taking a toll on consumers. Mortgage rates are well over 5%. Gasoline prices, you’ve just reported on, are at a recent record high. And so, I am on the more pessimistic end of the spectrum in terms of how...
    WASHINGTON (AP) — Chair Jerome Powell on Tuesday underscored the Federal Reserve’s determination to keep raising interest rates until it has brought inflation under control — a high-stakes effort that carries the risk of causing an eventual recession. The Fed’s increases in its benchmark short-term rate typically lead, in turn, to higher borrowing costs for consumers and businesses, including for mortgages, auto loans and credit cards. The economy usually slows as a result. “What we need to see is inflation coming down in a clear and convincing way,” Powell said in remarks to a Wall Street Journal conference. “And we’re going to keep pushing until we see that.” Powell’s remarks Tuesday followed other statements he has made that have made clear that the Fed is implementing a series of rate hikes that could amount to the fastest tightening of credit in more than 30 years. Last week, the Fed raised its key rate by a half-point — double the usual increase — for the first time since 2000, to a range of 0.75% to 1%. Copyright © 2022...
    Traders on the floor of the NYSE, March 28, 2022.Source: NYSE After a week of extraordinary turbulence, stocks are likely to remain volatile as investors await fresh data on inflation and watch the course of bond yields. The big report for markets is Wednesday's April consumer price index. Economists expect a high inflation reading, but it should moderate from the 8.5% year-over-year pace of March. A second inflation report, the producer price index, which is a gauge of wholesale prices, is released Thursday. "I think it's going to be a hot number but not as sizzling as last month," said Mark Zanidi, chief economist at Moody's Analytics. Zandi expects headline CPI to rise 0.3% for the month or 8.2% year-over-year. Investors are honing in on inflation and other key reports that will influence the Federal Reserve as it moves forward with interest rate hikes. The Fed raised its fed funds target rate by a half percentage point Wednesday, and signaled it could follow up with more hikes of the same size. Fed Chairman Jerome Powell, following the meeting, said he...
    MILLIONS of Americans will feel the punch of another interest rate hike. This afternoon, May 4, the Federal Reserve announced a 0.75 point interest rate increase. 1Janet Yellen currently serves as the Federal Reserve Board ChairCredit: Getty Images The move affects US households in the form of higher mortgages and credit card repayments. The Fed hopes to ease inflation by making it more expensive to borrow money. Rates were just raised by a quarter of a percentage point in March 2022. During that time, it was speculated it wouldn’t be the only rate hike of the year. Read more in consumerNo Holiday Millions of Americans face gas prices close to $6 a gallon as deadline is missedAPPLE RUMBLE Apple warning: iPhone prices could RISE this year – will you be affected? Inflation shows no sign of slowing. In March, inflation reached 8.5%. More to follow... For the latest news on this story keep checking back at Sun Online. The-sun.com is your go-to destination for the best celebrity news, sports news, real-life stories, jaw-dropping pictures and must-see video. Like us on...
    RETAIL stores are doing everything they can to fight inflation, but one store is making waves. San Francisco based shop, Falling Prices, is using a never-before-seen business model to lower prices. 1Falling Prices has 11 locations in California with more stores opening soonCredit: Getty It's a bargain hunter's dream with a twist. The store will lower prices every day of the week, until items are sold for just 25 cents. According to the store's website, they open on Tuesdays with every item priced at $6. On Wednesday, everything drops to $4 and on Thursdays, prices drop even to $2. Read more on shoppingFUEL HELP Walmart doubles gas discount for loyal shoppers to 10 cents a gallonCUT OFF Costco, Walmart and Kroger have purchase limits on certain items - see the list By Friday, prices are $1. On Saturday, everything left in the store is just 25 cents. According to CBS news, the store's merchandise is all brand new and comes as overstock from Amazon and Target. Part of the fun is items are all stuffed in large bins...
    CASH is being handed out to help millions of Americans fight rising inflation. The money comes in the form of rebates or under cash programs worth hundreds of dollars. 1Some states have approved and proposed tax rebates to provide aid for residents Though the dollar amount of the stimulus may not be as high as pandemic levels, this much-needed assistance has helped with soaring gas and grocery prices. Here's a look at how each government, from the federal and state levels, has been helping. State stimulus and rebate check programs The following five states have recently approved legislation for tax rebates. 1. Colorado This week, governor Governor Jared Polis announced that 3.1million Coloradoans would get tax rebates. Read More on Pandemic ReliefDOLLAR SIGNS Plans to hand millions $2,000 payouts to tackle cost of living crisisEASY MONEY New $1,000 payments proposed for THOUSANDS – see if you're eligible They are worth between $400 for individuals and $800 for joint filers. To qualify for the payments, you must be a “full-time” Colorado resident. They will be based on 2021 tax returns, which...
    Sean Gladwell | Moment | Getty Images Inflation is at a 40-year high. That means consumers are losing buying power at a faster-than-usual pace. Just how quickly is inflation eating away at your savings? The so-called rule of 72 can help gauge its long-term impact. This rule of thumb is generally applied to investment returns. It's a back-of-the-envelope calculation that approximates how many years it will take investors to double their money at a certain interest rate. Here's how it works: Divide 72 by the annual interest rate to determine the amount of time it takes for an investment to double.More from FA Playbook:Here's a look at other stories impacting the financial advisor business. Op-ed: How advisors can navigate investors through uncertainty Her dad died on 9/11. She became an advisor to help others like her How advisor firms are doubling down on efforts to up diversity For example, a mutual fund that yields 2% a year will double in 36 years. One with a 6% annual return will do so in 12 years. With inflation, the rule...
    On Tuesday’s broadcast of CNN’s “Don Lemon Tonight,” economist, Harvard Professor, Director of the National Economic Council under President Barack Obama, and Treasury Secretary under President Bill Clinton Larry Summers said that inflation will not “get that close to the 2% that is the Fed’s central objective.” And that while it’s not for certain, “probably early next year, the most likely thing is that you’ll see the economy will be very substantially slow and perhaps you’ll see a period of negative growth.” Summers stated, “I think what you’re most likely to see is interest rates rise to some point above 3%. I certainly think you’ll see inflation come down from 8%, but I don’t think it’s going to get that close to the 2% that is the Fed’s central objective. And I think some time, probably early next year, the most likely thing is that you’ll see the economy will be very substantially slow and perhaps you’ll see a period of negative growth. Which is, of course, the definition of a recession. I think that’s the most likely thing from...
    STIMULUS money is being handed out to help millions of Americans fight rising inflation. The money comes in the form of rebates or checks worth hundreds of dollars. 1Some states have proposed tax rebates to relieve their residents Though the dollar amount of the stimulus may not be as high as pandemic levels, this much needed assistance has helped with soaring gas and grocery prices. Here's a look at how each government, from the federal and state levels, have been helping. Let's start with the ones that have been approved. State stimulus and rebate check programs The following five states have recently approved legislation for tax rebates. Read More on Pandemic ReliefDOLLAR SIGNS Plans to hand millions $2,000 payouts to tackle cost of living crisisEASY MONEY New $1,000 payments proposed for THOUSANDS – see if you're eligible 1. Georgia Georgia residents who have filed their 2021 and 2022 tax returns will now be eligible for a one time rebate payment based on the following tax filing status: Single filers/married filing a separate return will receive $250 Head of household will...
    During an interview aired on Friday’s edition of Bloomberg’s “Wall Street Week,” economist, Harvard Professor, Director of the National Economic Council under President Barack Obama, and Treasury Secretary under President Bill Clinton Larry Summers argued that “we’re actually closer to being back” to the inflation levels of the 1970s than most realize. Summers stated, “Look, there’s been an effort, as there always is when you have inflation, to dismiss it as due to specific or temporary factors. That is much more wrong than right. You can see it when you take out all the extreme observations in both directions…you can see it, as I’ve emphasized, by looking at the wages, which are the ultimate source of costs in the economy. We’ve got a pretty fundamental inflation problem in our country. You know, David, I saw something recently that brought this home to me. People think of us as having had 13%, 14% inflation in the 1970s. But that’s only because of the way it was calculated then. If you use the same way we calculate inflation now, it got just...
    THOUSANDS of Americans could benefit from new $1,000 payments to offset inflation. The one-time payments, if passed, will go to county employees in Wisconsin. 1Residents of Dane County, Wisconsin could benefit from the payments Dane County Executive Joe Parisi presented the plan along with county supervisors on April 4. The payments would cost an estimated $3million, according to Madison.com. "I'm hoping this one-time payment will help all of our workers navigate the price hikes we are all experiencing at the grocery stores, gas stations and other goods and services families depend upon," Parisi said in a memo. He added that he felt confident that the newly-elected County Board members would pass the plan. READ MORE WISCONSIN STORIESGIVE YOU THE CREEPS House hunter finds home online but spots something VERY creepy in ad TRAGIC HIKE Doctor, 26, fell to her death from waterfall when ground collapsed beneath her The plan would provide the full $1,000 payment to county workers who are employed full-time. Those who are employed part-time would receive prorated payments. County employees who are on limited-term employment will receive...
    INFLATION soared again in March, rising to 8.5%, the highest inflation rate since December 1981, according to new data from the Bureau of Labor Statistics. Last month, inflation hit a 40-year high of 7.9% for the year ending February 28, 2022, and continued to climb in March. 1Inflation continued to climb in March, fueled by skyrocketing gas prices The BLS measures inflation through the consumer price index (CPI), which tracks price changes in staple consumer spending categories. Prices surged in nearly every spending category, but energy costs have experienced the most dramatic rises. Russia's invasion of Ukraine contributed to this spike in March. Oil prices rose 22.3% in the month, and gasoline prices were up by 18.3% as consumers continue to face high prices at the pump. READ MORE ON RISING PRICESCRUNCH TIME Rising gas and food prices could cost households $3,000 extra this yearINTEREST-ING What is inflation and what is the current US rate? Over the past year, gas rose by 38%. Food prices rose 1% in March and are up 8.8% in the last year, while housing...
    WASHINGTON (AP) — Seven months before he faces a critical test from voters in the midterm elections, President Joe Biden is turning his focus to kitchen-table issues as he struggles to get credit for a recovering economy. Since Biden took office last year, job growth has been vigorous and steady — as he told the country Friday after the March jobs report showed the addition of 431,000 jobs and the unemployment rate falling to a low 3.6%. But those same remarks were also tempered by his recognition that food and gas prices are too high and inflation is at its worst level in a generation. For Biden, convincing Americans of the progress made in the economic recovery only serves as a salient reminder of how much further the country has to go. “Our economy has gone from being on the mend, to being on the move,” Biden said, even as he acknowledged Americans are not ready for a victory lap. “I know that this job is not finished: We need to do more to get prices under control.” At times,...
    AFTER months of back and forth, lawmakers have put together a milestone tax cut package. The plan, announced by Maryland leaders on Monday, looks to save seniors up to $1,750. 1Seniors stand to see huge tax returns in 2023 Governor Larry Hogan, who promised tax cuts on the campaign trail, described the deal as “major and long-overdue relief”. The plan has bipartisan support. “This bipartisan agreement helps hundreds of thousands of seniors on fixed incomes who are struggling with inflation,” House Speaker Adrienne A. Jones told the Washington Post. All together, the package contains $1.86billion in tax cuts. Read More in TaxGAS RELIEF Low-income Americans could get $240 payments every three months under proposalHELPING HAND New tax rebates worth up to $500 to go to MILLIONS of Americans Who will qualify? Those 65 and older may qualify. There is an income cap - single people earning $100,000 or less will get a $1,000 tax break. Couples earning $150,000 or less will get a $1,750 tax break. Most read in MoneyDOUBLE CHECK TWO SSI payments worth $1,682 to...
    On Tuesday’s broadcast of CNN’s “Situation Room,” Sen. Joe Manchin (D-WV) said that he doesn’t see gas prices or inflation decreasing “at all.” And argued that “you’ve got to get your financial house in order” and ensure American energy independence. Host Wolf Blitzer asked, “The president is also blaming the high gas prices right now — and the inflation — he’s blaming Russia, labeling it Putin’s price hike. Can the White House really though, claim Putin is solely responsible? Because prices, as you know, have been rising long before the Russian invasion.” Manchin responded, “Well, no doubt about it, that’s made a great increase, as far as in the price of fuel at the pump. But the inflation is what’s killing all of us. I can tell you, inflation is hurting every West Virginian. And everybody that goes to the store or drives to work or whatever is seeing it directly affecting their decisions they’re making and how they’re providing for their family. Inflation is the one killer. It is a tax. Inflation is a tax, no matter how you...
    On Thursday’s broadcast of CNBC’s “Closing Bell,” Treasury Secretary Janet Yellen said that “We’re likely to see another year in which 12-month inflation numbers remain very uncomfortably high.” But cautioned there is a large amount of uncertainty due to the conflict in Ukraine and expressed confidence in the Federal Reserve “to make a meaningful difference going forward.” Co-host Sara Eisen asked, “Already had been happening and is happening in the U.S., when it comes to rising prices from everything from wages to rents to food prices, I think your expectation previously is that inflation would come down in the second half of this year to normal levels. Have you revised those expectations, where do you think we’ll be at the end of the year?” Yellen responded, “So, I think there’s a lot of uncertainty that is related to what’s going on with Russia and Ukraine and I do think that it’s exacerbating inflation. I don’t want to make a prediction exactly as to what’s going to happen in the second half of the year. We’re likely to see another year...
    President of European Central Bank, Christine Lagarde, attends a news conference following a meeting of the governing council in Frankfurt, Germany February 3, 2022.Michael Probst | Pool | Reuters FRANKFURT — The European Central Bank is set for a cautious approach with its monetary policy meeting this week as Russia's invasion of Ukraine impacts, and potentially derails, many of the policy plans it had for the rest of the year. The meeting, which ends Thursday, comes exactly two weeks after President Vladimir Putin initiated the unprovoked attack on Russia's neighbor. The financial world has changed dramatically since. Oil and gas prices have surged and European banking shares have lost all and more of their gains of the last year.  In a nutshell, the situation is extremely unpredictable. But one thing is certain, inflation will be pushed even higher and growth will be impacted by supply issues and high commodity prices.  Against this backdrop, the ECB is set to stay put and opt for a wait-and-see approach.  "Energy prices and inflation will be pushed higher, while growth will weaken," said Dirk...
    The national average price for diesel fuel on Wednesday reached an all-time record high, impacting 3.5 million American truckers throughout the nation. Rising 84 cents in one week, Wednesday’s national average hit $4.883, up 13 cents overnight, according to AAA. Diesel transports about 70 percent of the nation’s freight tonnage, as just about all highway trucks are fueled by diesel engines, according to Diesel Technology Forum. About 3.5 million truck drivers and 711,000 trucking companies rely on diesel. The record-high diesel prices will likely increase the cost of everyday products, such as clothing, produce, paper products, building materials, and vehicles. The impact on everyday items will also increase the record-high inflation. New inflationary numbers will be reported Thursday. White House press secretary Jen Psaki told reporters on Wednesday she is not expecting Thursday’s inflation number to be positive for American workers. Inflation is already at a 40-year-high. “I want to know what specifically the administration has done, they’ve been working on that has worked to bring down inflation,” a reporter asked. “We don’t have the data…we expect to see a high headline...
    VIDEO3:1703:17Bank of Thailand says it isn't likely to see developed markets' high inflationStreet Signs Asia Inflation in Thailand will largely be "contained" because the price pressures in the country are not as broad-based compared to some developed markets, said the governor of Bank of Thailand. Sethaput Suthiwartnarueput said overall inflation rate will remain within the central bank's target range of between 1% and 3%. Even though inflation for January came in at about 3.2%, "we still think that it's likely to be contained and that we're not likely to see the kind of high inflation rates that we've seen in developed country markets," the governor told CNBC's "Streets Signs Asia" on Monday. The main reason is that inflation pressures are concentrated largely in areas such as the "energy space and with certain kinds of important food prices, like pork," he explained. On Wednesday, the Thai central bank kept its key interest rate unchanged at a record low of 0.5%, and said in a statement the economy will continue to recover and the fast spreading omicron variant "would exert limited pressure on the...
    The Netflix film Don’t Look Up is about a group of experts who detect a looming disaster but cannot summon an adequate public response because of the fecklessness of a populist president and the greed of her corporate allies. If we were to change the movie to reflect our current inflation crisis, it would be the experts who told us not to pay any attention to the looming disaster. Which is slightly more frightening, in my view. The Bureau of Labor Statistics reported Wednesday that consumer prices rose seven percent in 2021, the biggest annual gain since 1982. Food prices are up 6.5 percent, household furniture up 7.4 percent, appliances up six percent, tools and hardware up 7.2 percent, clothing up 5.8 percent, and cars up 12 percent. Everywhere you look, prices are up. The time has passed when inflation could be written off as transitory or artificially elevated by shortages in a few items. Inflation is everywhere and it has staying power. So why didn’t the Federal Reserve see this coming? A year ago, the Federal Reserve was forecasting...
    THIS is how millions of Americans could see monthly checks of worth $1,657 and $251 thanks to new cash boosts coming in 2022. Social Security recipients will receive an annual cost of living adjustment of 5.9% next year, the largest increase since 1982 - but it comes amid soaring inflation. 1Citizens are able to pocket new financial booster checks The spike will boost retirees' monthly payments by $92 to an estimated average of $1,657 for 2022. It's the largest adjustment that today's beneficiaries have seen, Mary Johnson, Social Security and Medicare policy analyst for The Senior Citizens League told CNN. The roughly 70 million people who get Social Security, including retirees, Americans with disabilities and others, receive a cost of living adjustment, or COLA, each year. It's based on a one-year increase in inflation and is designed to help beneficiaries cope when prices rise. In 2021, the adjustment was 1.3% which translated into a roughly $20 a month increase for retired workers. But recipients should think twice before going on a spending spree amid soaring inflation because higher prices will wipe out part of...
    People walk past the New York Stock Exchange in the Manhattan borough of New York, November 10, 2020.Carlo Allegri | Reuters The bond market is signaling that interest rates are about to rise on Main Street. Treasury yields are pushing higher at the fastest new year pace in 20 years. The closely-watched benchmark 10-year Treasury yield was as high as 1.71% Tuesday, after ending 2021 at 1.51% Friday afternoon. The 10-year yield is important since it influences lending rates for mortgages and many other business and consumer loans. When bonds sell off, yields, or interest rates, go higher. "The year has really started off with a bang here," said Robert Tipp, head of global bonds and foreign exchange for PGIM Fixed Income. "The market's been getting kind of bounced back and forth between the downside risks to the economy from Covid ...and then ping ponging back to the other side, which is the economy continues to do pretty well. Inflation is high and the Fed is on track to raise rates." The Federal Reserve cleared the way for higher interest...
    XiFotos | E+ | Getty Images Inflation is not just a day-to-day worry for Americans. It is now also their top risk for retirement. A survey from Allianz Life Insurance Company of North America finds that 25% of Americans see rising inflation as the single greatest risk to their retirement plans. That's up from 8% who said they saw higher prices as a risk to their retirements in 2020. Inflation also tops other retirement risks people are concerned about in 2021, like outliving their money, which was cited by 8%; increased health-care costs, also 8%; and job security, 7%. More from Personal Finance:Why January is one of the best times to look for a new job Monthly child tax credit payments could expire soon How to make the most of your year-end bonus Inflation rose 6.8% in November from one year ago in the fastest acceleration since 1982, according to Consumer Price Index data released last week. Much of that increase in the index, which tracks the prices of consumer goods and services, was driven by soaring food and energy...
    "Sunday Night in America" host Trey Gowdy told President Biden to "switch parties" and experience what "nonstop negative press looks like" if he's unsatisfied with the current media coverage of his administration. The Fox News host on Sunday tore into the White House for reportedly begging news organizations to give Biden more "favorable" press coverage as his failures surrounding inflation and gas prices continue to dominate national headlines. "When I first read this I literally thought it was a joke," Gowdy told viewers. WHY TARGETING TRUMP BY GOING EASY ON BIDEN IS INSANE FOR JOURNALISTS: KURTZ  "Democrats complaining about media coverage? I’m sure journalists do not enjoy writing negative stories about a Democratic president and in their defense, they have no experience writing negative stories about Democratic presidents," he said, "because they have never said anything critical about President Obama." Critics denounce media's coverage of President Biden's chaotic withdrawal from Afghanistan. (Getty Images)  (Photo by Mark Makela/Getty Images  |  Photo by SHAKIB RAHMANI/AFP via Getty Images) "Apparently, they believe that mainstream media is too critical when it comes to reporting on Joe Biden," Gowdy added, emphasizing the brazenness of their request. "Then...
    On Friday’s “PBS NewsHour,” New York Times columnist David Brooks argued that we have “an overheating economy” but President Joe Biden isn’t to blame for inflation. Brooks said, “I don’t think he’s to blame for the inflation rates. I think that’s mostly the supply chain issues and other things, and the fact that we have a booming economy. So, we’re in an overheating economy. And you could make the argument that we shouldn’t have passed that infrastructure bill, but that is not affecting the economy right now. It’s too soon. And so you can make the argument we shouldn’t be spending more money because the economy’s overheating. But I don’t think he’s to blame. What disturbs me is, people have become so disabused, so cynical, that they see the negative and they don’t see the positive. So, as Jared Bernstein — he’s right. There’s a lot of really great news, and there’s a lot of bad news. But people are so — have reached a point of disillusionment about our country and our system that they focus on the negative.” Follow Ian Hanchett...
    VIDEO1:5501:55Federated's Phil Orlando makes case for six rate hikes between 2022 and 2024Trading Nation A long-time market bull is tempering his outlook due to inflation. Federated Hermes' Phil Orlando expects the Federal Reserve will lift interest rates six times over the next two years to tame massive price increases from vehicles to shelter to food. "Our best guess is that we will see two quarter point rate hikes out of the Fed in the second half of next year, and perhaps another four quarter point rate hikes over the course of calendar '23," the firm's chief equity strategist told CNBC's "Trading Nation" on Wednesday. Orlando, whose has $634 billion in assets under management, is concerned about the latest inflation numbers. Both personal consumption expenditures and CPI are accelerating at their fast paces in three decades. The Commerce Department reported last week prices for personal consumption expenditures or Core PCE increased 4.1% in October from a year ago. The inflation gauge, which is most relied on by the Fed, does not include food and energy. The consumer price index or CPI...
    Elsewhere, he conceded that "expectations of continued volatility and uncertainty related to the COVID-19 pandemic, inflation, and other macroeconomic factors" drove the decision. It's obvious to most that America's rapidly changing economic landscape under the Biden administration was a factor in the decision. Even NPR acknowledged that soaring inflation likely played a major role. "Each year, the value of a dollar is eroded by inflation, making a dollar price commitment more difficult to maintain," the news agency remarked, noting, "Last month, inflation reached the highest rate since 1990." "Dollar Tree's rivals have been veering away from strict $1 prices — or even $5, in the case of Five Below" for quite some time, it added. "Now, the final stickler is conceding." For the last three decades, the discount chain battled through various periods of rising inflation, but the economic struggles currently hitting corporate America under President Biden proved to be the final straw for the one-dollar holdout. Earlier this month, the Bureau of Labor Statistics reported that the Consumer Price Index for October recorded a 6.2% increase over the last...
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