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    by Carrie Sheffield   Consumer confidence is still far below the record highs set under the Trump administration, and a new report by the Conference Board warns ongoing consumer doldrums about the future could spell future recession. The latest report released Tuesday by the Conference Board, a non-profit research organization funded by more than 1,000 corporations, found consumer confidence improved slightly in September for the second consecutive month due to jobs, wages and declining gas prices, but that “recession risks nonetheless persist” due to a sluggish uptick in the Expectations Index. The report also found ​​consumers were mixed about their short-term financial prospects, with 18.4% of consumers expecting their incomes to increase, up from 16.6% but conversely, 14.3% expecting their incomes to decrease, up from 13.9%. Just 20.8% of consumers said business conditions were “good,” up slightly from 19.0%., while 21.2% of consumers said business conditions were “bad,” down slightly from 22.6%. Consumer sentiment was sailing along record highs under the Trump administration, but now this latest Expectations Index still has us in recession territory. So despite spending trillions of...
    Despite Democrats being the culprits of rising inflation, the Biden administration’s messaging ploy to paint itself as the savior may be working in terms of deceiving its voter base ahead of the midterm elections, according to Washington Examiner Editor-in-Chief Hugo Gurdon. Appearing on Fox Business Friday, Gurdon told host Cheryl Casone that recent poll numbers suggest President Joe Biden’s approval rating is up among Democratic voters as Biden celebrates policies, such as the Inflation Reduction Act, that are disguised as helping the public while they instead increase spending. ELON MUSK AND JEFF BEZOS AMONG BILLIONAIRES WHO LOST $50B IN STOCK MARKET SLUMP “A lot of people will be looking through this,” Gurdon said. “They’ll be feeling the pain in their pocketbooks. They’ll be spending their money, but the Democrats and the Biden White House can say or believe that their falsehoods of this are working and may work in time for them to do better in November than they previously thought they would.” While Biden’s student loan forgiveness plan could add $1 trillion to...
    National debt is set to hit $31 trillion as early as this month – a new milestone showing the dire financial state of the U.S. as President Joe Biden continues to tout economic wins. While the massive boost in spending has quelled from the coronavirus pandemic, a result of multiple trillion-dollar aid packages, the economy has not recovered beyond the health crisis as anticipated. A debt calculator shows the $30.88 trillion as of Monday evening, with the figures ticking up every second by the thousands. Republicans have slammed Democratic initiatives from the current administration for tacking onto the debt at exponential levels – even in the midst of record-high inflation and gas prices and a recession with two consecutive quarters of negative GDP growth. Biden announced last month his administration's plan to wipe out $10,000 in student loan debt for borrowers making less than $125,000 individually or $250,000 jointly. That forgiveness amount would rise to $20,000 if the borrower was a recipient of a Pell Grant. While there are a range of estimates, one study suggests that taxpayers could end...
    In this article MMacy's Herald Square Flagship Department Store in Midtown Manhattan New York.Nicolas Economou | NurPhoto | Getty ImagesMacy's on Tuesday cut its full-year forecast, saying it anticipates deteriorating consumer spending on discretionary items like apparel that will force the department store chain to use heavy markdowns to move items off shelves. The warning comes even as the retailer reported a fiscal second-quarter profit and revenue that topped analysts' expectations. Macy's now sees fiscal 2022 revenue in a range of $24.34 billion to $24.58 billion, down from prior estimates of $24.46 billion to $24.7 billion. It puts its annual adjusted earnings per share in a range of $4.00 to $4.20, down from prior guidance of $4.53 to $4.95. Wall Street analysts had been looking for full-year guidance of $24.36 billion and $4.51 per share, according to Refinitiv consensus estimates. "We expect to come out of this uncertain period in a strong position with a healthy balance sheet," Chief Executive Officer Jeff Gennette said in a statement. Here's how Macy's performed in its fiscal second quarter compared with what analysts...
    VIDEO1:0601:06This simple rule can help you curb impulse spendingOne-Minute Money Hacks Impulse buys can quickly erode even the best financial plans. And yet, between sponsored posts on social media and "revenge spending," they are nearly impossible to avoid. As the cost of living surges and more Americans say they are stretched too thin amid concerns about a possible recession, they're dipping into their cash reserves and nearly half are falling deeper in debt. Still, 73% of adults said most of their purchases tend to be spontaneous, according to a survey by SlickDeals.net — a significant jump from 59% who said the same just one year ago. Shoppers now spend $314, on average, a month on impulse buys, up from $276 in 2021 and $183 in 2020, Slickdeals found.   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 debtPandemic shopping changes boosted impulse buysTo be sure, the pandemic has changed the way people spend money.  "Consumers abandoned ingrained shopping habits, hurtling ecommerce into hyperdrive," according to an analysis by McKinsey...
    The White House is riding high after cinching wins with a couple of big spending bills in Congress, with chief of staff Ron Klain comparing President Biden to the likes of FDR, Eisenhower and JFK.  'The president has delivered the largest economic recovery plan since Roosevelt, the largest infrastructure plan since Eisenhower, the most judges confirmed since Kennedy, the second largest health care bill since Johnson, and the largest climate change bill in history,' Klain told Politico Playbook.  'The first time we've done gun control since President Clinton was here, the first time ever an African American woman has been put on the U.S. Supreme Court,' he added. 'I think it's a record to take to the American people.'  This week Biden signed the $740 billion Inflation Reduction Act, which injected $433 billion in new spending on climate and health care into the economy. The bill was a. trimmed-down iteration of Biden's Build Back Better plan, a massive spending bill that was killed by Sen. Joe Manchin last December. Manchin had said he could not vote for such spending amid 40-year-high...
    Visitor spending climbed to record heights this summer at theme parks in the United States despite lower attendance compared to pre-pandemic levels as America’s playlands continue to recover from the reverberating impacts of COVID-19 closures. Recently released quarterly reports from Disney, Universal, SeaWorld, Six Flags and Cedar Fair paint a financial picture of increased visitor spending despite lagging attendance levels. SEE ALSO: What to expect at the D23 Expo from Disney theme parks Disney theme parks have seen increased guest spending as a result of higher hotel rates and the introduction of the Genie+ line-cutting service. Average daily attendance at Disney theme parks in the United States has been slightly below 2019 levels during the first three quarters of 2022. Among the reasons for lower attendance at Disney’s U.S. theme parks: The slow return of international visitors after COVID-19 park closures and advance reservation systems that manage capacity. Six Flags has seen visitor spending increase more than 50 percent compared to pre-pandemic levels. Attendance at Six Flags parks was lower in the second quarter of 2022 due to a number...
    How much was former President Donald Trump’s endorsement, plus 27 years as a television news anchor, worth to Kari Lake in her successful bid for the Republican nomination for governor of Arizona? Millions. Lake bested wealthy businesswoman Karrin Taylor Robson 47.9% to 43.2% in the Arizona GOP gubernatorial primary despite being outspent 18 to 1 on radio and broadcast and cable television. Lake spent just shy of $827,000 on the air, according to the most recently available figures, while Taylor Robson blanketed the airwaves with $15.3 million in campaign advertising. Lake also got clobbered by Taylor Robson on total spending, $18.4 million to $3.6 million. “Kari Lake had so many built-in advantages over the rest of the field,” Barrett Marson, a Republican operative in Phoenix, said Wednesday. “I don’t think any amount of ground game, any amount of money, or any substantial policy differences could have stopped a Trump-backed media star.” Marson, an ally of term-limited Gov. Doug Ducey (R), who endorsed Taylor Robson, supported former GOP Rep. Matt Salmon, who ended his gubernatorial campaign before the Aug. 2 primary....
    A disagreement on a key tax provision in Senate Democrats' new spending agreement could once again derail key points of President Joe Biden's agenda. West Virginia Democratic Senator Joe Manchin said his fellow moderate, Senator Kyrsten Sinema, has 'an awful lot' included in the $740 billion package during an interview on ABC News' This Week. Someone close to Sinema, however, told NBC News that the legislation 'includes a tax provision she has been clear and consistent with opposing.' They also said the Arizona Democrat is 'not upset' she was not included in the recent negotiations, despite reports that suggest she was blindsided when it was unveiled in the Senate last week. Manchin and Sinema were responsible for tanking several of Biden's legislative attempts, including their party's $1.75 trillion progressive-backed Build Back Better agenda, as well as efforts to pass voting rights legislation and to codify abortion rights. Talks on passing a budget bill via reconciliation - which would allow it to pass via a simple majority rather than the normal 60-vote threshold - were thought to be dead in the...
    NEW YORK (AP) — American Express’ profits fell 14% in the second quarter, the company said Friday, as higher expenses more than offset record spending on its network by its cardmembers. AmEx had profit of $1.96 billion, or $2.57 a share, down from $2.28 billion, or $2.80 a share, in the same period a year earlier. That topped the $2.42 that Wall Street was looking for, according to FactSet. The New York company saw a massive surge of spending on its proprietary cards in the quarter, up 30% from a year ago, a surge that the company attributed to higher travel and entertainment spending. Spending on AmEx’s corporate cards also increased, a notable trend since companies had still be reluctant to pay for employee travel in an age of remote work and post-pandemic travel behavior. But the jump in card spending was negatively impacted by two different factors. AmEx set aside $410 million in the quarter to cover potentially bad loans, compared to the $606 million the company released from its loan-loss reserves in the same period a...
    Georgia's senior congressman, who is considered by his own party to be one of the most vulnerable House Democrats in the midterm elections, continues to dole out campaign funds to a private golf resort at the center of a long-running Ethics Committee investigation. The independent Office of Congressional Ethics found in January 2020 that there was "substantial reason to believe" that 14-term Rep. Sanford Bishop (D-GA) may have violated House rules and federal law by improperly spending more than $90,000 in campaign and taxpayer funds for "fuel, golf expenses, meals, travel, tuition and entertainment." Much of the payments were directed toward Green Island Country Club, a private golf resort in Columbus, Georgia, that hosted a regular PGA Tour golf tournament from 1970 to 1990. Bishop, who was first elected to Congress in 1992, admitted wrongdoing during interviews with OCE investigators. He reimbursed his campaign $66,320 in July 2020, according to Federal Election Committee records. That same month, he also reimbursed the U.S. Treasury $16,088 for his improper use of taxpayer funds to host private Christmas parties. ...
    Centrist Sen. Joe Manchin (D-WV) has thrown cold water on top Democrats' hopes to use a budget reconciliation bill to address issues including climate change and unwinding key parts of the GOP’s landmark tax reform bill. However, Democratic lawmakers hope a narrower bill can be enacted ahead of a tough election year. And that might just help the Democrats politically, rather than a broader, social spending measure that is popular with the party's left-wing activist base but looks questionable to much of the voting public, considering that inflation is the highest in 40 years. Top members of the party had been praising renewed talks between the West Virginia centrist Democrat and Senate Majority Leader Chuck Schumer (D-NY) on a budget reconciliation bill that would allow the party to bypass the filibuster in the Senate after Manchin killed a broader social spending bill that progressives supported late last year. WORSENING INFLATION A NEW HEADACHE FOR DEMOCRATS TRYING TO AVOID MIDTERM DISASTER But the news that inflation numbers had hit 9.1%, a 40-year high, has led to the...
    The Biden administration continues promoting a nearly $2 trillion spending bill passed with zero Republican support despite criticism that the legislation played a big role in fueling inflation. President Joe Biden spoke in Cleveland on Wednesday about how funds from the American Rescue Plan will shore up multiemployer pension plans. But the bill has become sharply divisive in economic circles, with some saying it contributed up to half of today's 8.6% inflation. PUBLIC WANTS BIDEN TO PRIORITIZE INFLATION OVER RUSSIA: POLL "The American Rescue Plan massively overstimulated the economy and caused inflation," said Douglas Holtz-Eakin, president of the conservative think tank American Action Forum. "It was a major fiscal policy error. One of the worst in my lifetime." While it might be expected that conservatives would bash the bill — the Biden administration's only bill passed on a partisan basis via reconciliation — criticisms have emerged from Democrats as well. Larry Summers, who served in the Clinton and Obama administrations, blasted the bill as the "least responsible" economic policy he'd seen in 40 years...
    A data center.Erik Isakson | DigitalVision | Getty Images The chances for a recession are still being debated and inflation looks to be stubbornly high for at least the rest of this year, but when it comes to technology spending for companies it's full steam ahead. A new CNBC Technology Executive Council survey shows that more than three-quarters of tech leaders expect their organization to spend more on technology this year. No one said they'll be spending less. Tech leaders say if they've learned anything from past downturns it's that technology is not a cost center but rather a business driver. The areas where they're focusing investments include cloud computing, machine learning and artificial intelligence, and automation. "In other cycles we've seen in the past, tech investment was one of the first casualties," said Nicola Morini Bianzino, chief technology officer at professional services giant EY. "But after the pandemic, people realized that in a down, or even potentially recessionary, environment, we still need to keep our technology investments." Danny Allan, chief technology officer at data protection firm Veeam, said that,...
    MARK Zuckerberg has revealed a big financial flaw in his metaverse project plans. The billionaire and Meta, formerly Facebook, CEO made the revelation at the company's annual meeting. 1The metaverse probably won't be making Zuckerberg money for a very long timeCredit: Reuters Zuckerberg said his metaverse project will lose a "significant" amount of money for the next three to five years. According to Bloomberg, he told shareholders: "We want to get the hardware to be as affordable as possible for everyone, and make sure the digital economy grows." This means the CEO plans to throw a lot of money at the metaverse without getting much back at first. He thinks a lot of people will eventually be immersed in his virtual world within the next 10 to 15 years, where they will start spending money and living their everyday lives. Read more on Mark ZuckerbergDARK WORLD Female avatar was sexually assaulted in Mark Zuckerberg's Horizon metaverseZUCKER-BOOGIE Eagle-eyed sleuths spot 'sweaty Zuckerberg' dancing at 'party' 13 years ago The Facebook founder spent around $10billion (£8billion) on his metaverse project in 2021...
    SACRAMENTO, Calif. -- Despite announcing a record-smashing budget surplus of nearly $100 billion on Friday, California Gov. Gavin Newsom's plan to spend that money would likely push the state toward a "fiscal cliff" next year that could require billions of dollars in budget cuts, a state analyst said Monday.Newsom's latest budget proposal, known as the "May Revision," would leave the state $3.4 billion over a constitutional limit on spending this year and more than $20 billion over the limit next year, according to an analysis by the nonpartisan Legislative Analyst's Office."The Governor's May Revision does not have a plan to address this roughly $25 billion requirement," the Legislative Analyst's Office wrote in a report released Monday. "As a result, the state would very likely face a significant budget problem next year, which could require reductions to programs."Newsom boasted during a news conference on Friday that his spending plan would leave the state with $37.1 billion in reserves. But the LAO notes nearly $10 billion of that money is in a special public education account that can't be used to help...
    EDDIE HOWE will take a leaf out of ex-Newcastle owner Mike Ashley’s transfer manual for his shopping this summer. But before the Toon Army has a collective heart attack, fans need not worry about the Magpies’ going back to the bad old days of tight-fisted recruitment. 2Newcastle boss Eddie Howe has been nominated for Premier League Manager of the SeasonCredit: PA 2Howe has stated that he will take a leaf out of former owner Mike Ashley's transfer manualCredit: PA Boss Howe does admit, however, that one of his key priorities during the summer window is to lower the average age of the Newcastle squad. Ashley infamously put a block on most deals for players aged in their late-20s or 30s because it reduced the re-sale value of his assets. Howe’s philosophy is more to do with football welfare than economics. He said: “I am aware that we have a number of players who are of a certain age — 30 or above — and you have got to be careful. READ MORE IN FOOTBALLPOOL PARTY How Chelsea can beat Liverpool in...
    The U.S. director of national intelligence, Avril D. Haines, said, “Putin most likely also judges that Russia has a greater ability and willingness to endure challenges than his adversaries, and he is probably counting on U.S. and E.U. resolve to weaken as food shortages, inflation, and energy prices get worse.” Haines delivered these remarks as Russia appeared to be nearing the fulfillment of one its stated goals of the invasion: taking control of the Donbas region in eastern Ukraine. However, Haines suggested that taking control of Donbas and other regions in eastern Ukraine is likely neither to satisfy Putin nor bring the war to a close. Haines suggested that Putin likely wants to claim territory that stretches across Ukraine’s Black Sea coast but that this goal will take much longer to achieve. On Tuesday, the U.S. House of Representatives voted to send Ukraine $40 billion in aid. PBS reported that the massive spending package was passed 368-57 and splits the money evenly between defense spending for Ukraine and humanitarian programs.
    WASHINGTON (AP) — US economy shrank at a 1.4% annual rate last quarter despite solid spending by consumers and businesses. Copyright © 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
    In this article BACVIDEO1:5901:59'Don't fight the U.S. consumer' — Bank of America CEO says spending is healthy despite roaring inflationMad Money with Jim CramerBank of America CEO Brian Moynihan told CNBC's Jim Cramer on Tuesday that Americans are spending heartily, even as inflation continues to roil the economy. "In the month of March '22 versus March '21, the consumer … spent about 13% more than they did last year," Moynihan said Tuesday in an interview on "Mad Money."  "But importantly, in the first couple weeks in April, that number's moved back to 18%, indicating faster spending in consumers," he added. Consumer prices increased 8.5% year-over-year in March, revealing price jumps for everyday items not seen since the 1970s and early '80s. The producer price index showed an 11.2% increase in March from the year prior. Moynihan said that consumers have bulked up their bank accounts since pre-pandemic times, driving their increased spending. He added that while some investors might take on an approach of 'don't fight the Fed,' he has a different take. "Don't fight the U.S. consumer. They are...
    BEIJING (AP) — China’s economic growth edged up to a still-weak 4.8% over a year earlier in the first three months of 2022 as spreading coronavirus outbreaks prompted shutdowns of major industrial cities. Growth crept up from the previous quarter’s 4%, when the economy was slammed by tighter government controls on use of debt by China’s vast real estate industry, official data showed Monday. Compared with the previous quarter, as other major economies are, growth slipped to 1.3% in January-March from 1.4% in the previous quarter. First quarter growth was below the ruling Communist Party’s official target of 5.5% for the year, which forecasters have said will be hard to hit without heavy government spending on stimulus. Retail spending, factory output and investment in factories, real estate and other fixed assets rose. “The national economic recovery was sustained and the operation of the economy was generally stable,” said a government statement. Copyright © 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
    A massive spending deal needed to avert a government shutdown includes an amendment barring the use of federal funds for abortion procedures, despite calls from the Democratic majority to eliminate the policy. The omnibus bill unveiled overnight by Democrats includes the Hyde Amendment, a federal policy named for the late GOP Rep. Henry Hyde of Illinois that prohibits the use of taxpayer funds to pay for elective abortion procedures. The policy was enacted in 1976, three years after the Supreme Court’s 1973 Roe v. Wade decision, which legalized abortion nationwide. The provision is not permanent law but has been enacted on an annual basis in various pieces of legislation by both Republicans and Democrats. LAWMAKERS NEAR DEAL ON CATCH-ALL SPENDING BILL TO AVOID GOVERNMENT SHUTDOWN To reach a deal on spending legislation and avert a government shutdown, Republicans and Democrats agreed to leave some more controversial measures for debate at a later time. In the 1990s, exceptions to the Hyde Amendment were added for cases involving rape, incest, or a risk to the mother's life....
    SINCE Sir Alex Ferguson left Manchester United in 2013, their 'noisy neighbours' have become the dominant footballing force in the city. Manchester City proved they were leaps and bounds ahead of the Red Devils with a comprehensive 4-1 victory over their rivals at the Etihad on Sunday. 1Man City have far eclipsed rivals Man Utd since Fergie departed the club And that result was indicative of how things have gone for the two clubs since Ferguson lifted United's last Premier League title in 2013. In that time, City have clinched four titles and are in pole position to secure a fifth this season. Manuel Pellegrini won the Prem in 2016, before Pep Guardiola's reign of dominance began as he clinched three more in 2018, 2019 and 2021. In that time, United's closest title tilt came last season when they still finished a sizeable 12 points behind City. Their average points since the start of the 2013/14 season also differ drastically - with City managing 84 to United's 69. Add to that the number of major trophies won in total and...
    PHILADELPHIA (CBS) — It’s two days out from Valentine’s Day, and the rush for flowers is on. Florists in the Philadelphia area said they are ready, even amid a severe supply chain crunch. Doors opened at 8 a.m. Saturday at Stein Your Florist Company, and customers were already in and out when CBS3 was there. READ MORE: Delivery Driver Shot Multiple Times In South Philadelphia Drive-By: PoliceWith the Super Bowl on Sunday, a lot of customers will pick up their flowers today. Monday will be the last-minute mad rush. READ MORE: Man Dead After Shooting Outside Burlington County Shopping CenterRoses are a hit, as usual. They also have exotic flowers and other delights for people to choose from. Stein has been around for 135 years, so they’ve had some practice with Valentine’s Day. The store planned six months ahead for this big day, starting right after Christmas. Current owner Patrick Kelly worked with the Steins for 40 years and said they can usually gauge how much to order based on consumer spending. This year has been a...
    WE all know one – the person that has been exposed to Covid several times but has yet to catch it. Their sense of taste has remained intact and they have not suffered a sniffle, let alone a fever or a hacking cough. 4Madeleine Black has repeatedly dodged Covid 4Her husband Steven and daughters Anna, Mimi and Leila have all tested positive But how? Even when they have been cooped up with infected family members. Madeleine Black, 56, from Glasgow, has repeatedly dodged Covid even though husband Steven, 58, a managing director, and her three daughters Anna, 28, Mimi, 25, and Leila, 20, have all tested positive. Madeleine, an author who also hosts the Unbroken: Healing Through Storytelling podcast, says: “My eldest daughter Anna caught Covid at the very start of the pandemic in February 2020. “We were never tested but as far as I know I never caught it and since then, I’ve been lucky enough to avoid Covid on many occasions. “My husband Steven tested positive in September 2021 and he wasn’t very well for several days. “He...
    VIDEO4:2304:23The consumer is incredibly resilient despite omicron fears, says SW Retail Advisors's WidlitzFast Money By many measures, 2021 saw a record-spending holiday season despite ongoing supply chain problems, inflation and a new Covid-19 variant. Holiday sales are on track to grow as much as 11.5% over 2020, according to a projection by the National Retail Federation. About 30% of Americans said they overspent during the gift-giving season, according to a post-holiday survey by WalletHub. Although omicron drove a new wave of infections, more than half, or 56%, said Covid did not affect their plans, the survey found. For most shoppers, increasing their spending also meant relying more on credit cards or buy now, pay later financing to spread out their expenses. More from Personal Finance:10 things that will be more expensive in 2022Your best money moves before interest rates riseDo you think you have a spending problem? As a result, roughly 36% of consumers went into debt, owing an average of $1,249, according to a separate survey by LendingTree. Buy now, pay later has exploded in popularity with the rise in...
    BRIAN Laundrie had $20,000 in his bank account when he died even though he allegedly spent $1,000 on Gabby Petito's credit card after her death. The 23-year-old was named a person of interest in Gabby’s murder in late August but disappeared himself and was found dead of an apparent suicide on October 22. 3Police alleged Gabby' Petito's credit card was used by Brian LaundrieCredit: Social Media - Refer to source 3Laundrie returned home without Gabby after going on a trip of a lifetimeCredit: Social Media - Refer to source In July vlogger Gabby, 22, set off on a trip of a lifetime as she drove across the country with high school sweetheart and fiancé, Laundrie. Yet Laundrie returned home alone in the van in September they were traveling in. After hiring a lawyer and refusing to talk, he then vanished too — five days before Gabby’s remains were found in a shallow grave in Bridger–Teton National Forest in Wyoming.  While he was missing or potentially dead, it emerged Laundrie allegedly used an "unauthorized" Capital One debit card “in the District...
    WASHINGTON (AP) — U.S. consumer confidence rose this month as Americans shrugged off concerns about rising prices and COVID’-19’s highly contagious omicron variant. The Conference Board, a business research group, said Wednesday that its consumer confidence index — which takes into account consumers’ assessment of current conditions and the their outlook for the future — rose to 115.8 in December, the highest reading since July. In November, it registered 111.9. Consumers’ view of current conditions dipped slightly, but their outlook for the next six months brightened. Their expectations for inflation actually dropped this month — perhaps because gasoline prices have fallen in recent weeks — even though the government reported that prices rose in November at the fastest year-over-year rate since 1982. “Despite high inflation and the rising Omicron wave, consumers are bullish on 2022,” said Robert Frick, economist with Navy Federal Credit Union. “This reflects growing economic momentum, as job openings remain high and prices are dropping at the pump. This is further evidence that consumer spending will keep rising and be the main factor fueling the expansion.”...
    Sen. Joe Manchin (D-WV) is followed by reporters as he leaves a caucus meeting with Senate Democrats at the U.S. Capitol Building on December 17, 2021 in Washington, DC.Anna Moneymaker | Getty Images The Senate will vote on President Joe Biden's sweeping social safety net and climate policy bill in January despite Sen. Joe Manchin's opposition to it. "Senators should be aware that the Senate will, in fact, consider the Build Back Better Act, very early in the new year so that every Member of this body has the opportunity to make their position known on the Senate floor, not just on television," Senate Majority Leader Chuck Schumer wrote to Democrats on Monday. "We are going to vote on a revised version of the House-passed Build Back Better Act – and we will keep voting on it until we get something done," he said.CNBC PoliticsRead more of CNBC's politics coverage: Sen. Joe Manchin likely just killed Biden's Build Back Better Act Goldman cuts GDP forecast after Sen. Manchin says he won't support Biden's 'Build Back Better' plan Sens. Elizabeth...
    PHILADELPHIA (CBS) — Several police communication dispatchers and a clerk that work for the Philadelphia Police Department were indicted for allegedly spending pandemic unemployment assistance money they weren’t eligible to receive. The employees were charged with theft of government funds, wire fraud, and mail fraud, according to a release. Below, are the eight employees who were charged: 25-year-old Shannon Reynolds 45-year-old Monica Pelzer 28-year-old Yarelis Feliciano  32-year-old Najah Harrell 28-year-old Korey Kinard 23-year-old Keely Maude  50-year-old Tashika White 55-year-old Paulette Johnson READ MORE: North Philadelphia Pays Tribute To George Floyd With 'Never Forgotten' MuralThe FBI and Philadelphia Police Corruption Task Force, along with other officials, started a criminal investigation into the allegations in early November. The investigation revealed that the employees were employed by the City of Philadelphia and received and spent PUA money they were not entitled to, according to the release.  READ MORE: Donavan Crawford Charged With Murder After Ex-Girlfriend Gunned Down In Front Of 4-Year-Old Twins In West PhiladelphiaPhiladelphia Police commissioner Danielle Outlaw will suspend the eight employees for 30 days with the intent to...
    TOKYO (AP) — Asian shares were mostly lower Wednesday despite a rally on Wall Street after virtual talks between President Joe Biden and China’s Xi Jinping. Japan’s benchmark Nikkei 225 fell 0.4% to 29,688.33. South Korea’s Kospi fell 1.2% to 2,962.42. Australia’s S&P/ASX 200 lost 0.7% to 7,369.90. Hong Kong’s Hang Seng fell 0.4% to 25,621.91, while the Shanghai Composite edged up 0.5% to 3,537.32. The online talks between Biden and Xi late Monday U.S. time appeared to signal a step in the right direction but they did not yield any major steps toward resolving longstanding disputes over trade and other issues. “Any concrete development from the meeting still awaits to be seen, but the amiable approach thus far in addressing issues from both parties pares down the risks of political tension in markets,” said Yeap Jun Rong, market strategist at IG in Singapore. Stocks closed higher on Wall Street as investors reviewed solid earnings reports from big retailers and a surprisingly strong report on consumer spending. The government reported that Americans largely shrugged off higher prices...
    Americans largely shrugged off higher prices last month and stepped up their spending at retail stores and online, providing a boost to the economy. Retail sales rose 1.7 percent in October from September, a 16.3 percent increase from a year ago, the U.S. Commerce Department said Tuesday.  That's the biggest monthly gain since March and up from 0.8 percent in the previous month. Much of the sales increase also reflected higher prices.  Tuesday's retail sales figures aren't adjusted for inflation, which rose 0.9 percent on the month in October and 6.2 percent from a year ago, the government said last Wednesday.  Retail sales rose 1.7 percent in October from September, a 16.3 percent increase from a year ago, the U.S. Commerce Department said Tuesday Consumers are seen in a Walmart in Vernon Hills, Illinois earlier this year. Americans largely shrugged off higher prices last month and stepped up their spending at retail stores and online RELATED ARTICLES Previous 1 Next Thanksgiving just got more expensive: Tyson Foods will hike... Gas prices hit $4.84 a gallon...
    Almost half of Americans believe President Joe Biden hasn’t accomplished very much, if anything at all, during his presidency, according to a WaPo-ABC News poll released Sunday. Of the 1,001 adults polled, 63% thought Biden had achieved “not very much” or “little or nothing” thus far, with 45% answering the latter. The figure is far greater than that of former Presidents Donald Trump, Barack Obama and Bill Clinton at similar points in their presidencies, Politico reported. The poll was conducted after the House passed the Bipartisan Infrastructure Bill (BIF), which devotes approximately $1.2 trillion towards improving roads, bridges, ports, waterways, rural broadband access and more over the next decade. The poll also showed that 51% of respondents would choose Republican House candidates over Democrats in their own jurisdictions, the highest percentage for the party since the poll first asked the question 40 years ago, Politico reported. This makes the figure higher than 2014, 2010 or 1994, which were GOP wave years. U.S. President Joe Biden speaks during a cabinet meeting in the Cabinet Room of the White House November 12,...
    House Democrats this week plan to take up and pass a $1.75 trillion social welfare spending bill that they hope will provide a positive jolt to the party’s sagging poll numbers and boost momentum for the measure to pass the Senate later this year. The Build Back Better framework is the central element of President Joe Biden’s economic agenda. It would provide an array of new government programs and payments, including an extension of the child tax credit, free preschool and child care for many families, and expanded healthcare subsidies. The measure would also implement new policies aimed at converting the nation’s energy grid to green sources. House Democrats intend to pass the bill with a simple majority and no help from GOP lawmakers. Republicans unanimously oppose the bill and say it is economically reckless and will further aggravate the nation’s rising inflation crisis. Democrats are poised to consider the bill after President Biden signs into law a $1.2 trillion infrastructure measure that will pay for roads, bridges, water projects, and broadband expansion. Biden will sign...
                        Richmond voters decided against the One Casino + Resort proposal 51.44 percent to 48.56 percent of votes in Tuesdays’ referendum, according to unofficial results at The Virginia Public Access Project. That’s despite $1.9 million in funding for the campaign, and major endorsements including Mayor Levar Stoney, rapper Missy Elliott, and actor Jamie Foxx. Democratic gubernatorial candidate Terry McAuliffe endorsed the casino, and his opponent governor-elect Glenn Youngkin approved of the proposal. Senator Tim Kaine (D-Virginia) was the only major figure to speak against the proposal. “They had everything you could want. Massive endorsements from everybody, all the big shots,” Paul Goldman said. “Close to double the money per voter that the governor’s campaigns were spending, and they were breaking all the records. So with massive amounts of money, all the support you want, they had every celebrity they could telling people that it was wrong to oppose it. You know what they said, ‘How could you oppose this’, implying that you were bigoted if you did. They did...
    Secretary of Transportation Pete Buttigieg defended Democrats and the Biden administration despite the fact that they are moving to drop paid family leave from their spending package. Buttigieg, who just came off of paternity leave for the adoption of his newborn twins, was confronted by CNN’s Dana Bash with footage of his saying paid leave is long overdue for most Americans. “What do you say to the more than 100 million Americans who don’t have access to the kind of paid family leave you just benefited from and don’t understand why the administration didn’t fight harder to keep it in the bill?” Bash asked. Buttigieg maintained that the Biden administration believes in paid family leave, but he pivoted to say the bill does allow financial support for American families who need assistance with child care. Bash acknowledged his point, but she asked him how Democrats can keep on fighting for paid family leave if they are about to head into an election year. Buttigieg stood by his view that the bill still represents “the most important pro-family legislation of my...
    Congressional Democrats signaled Wednesday they would ditch plans for paid family and medical leave in an effort to secure an elusive deal to push through a massive spending bill. It marked the latest attempt to bridge the divide between liberals and moderates but would come at the cost of one of President Biden's key campaign pledges. During another day of frenetic activity, the two moderate holdouts, Sens. Joe Manchin and Kyrsten Sinema, met with Biden aides on Capitol Hill before saying they were confident of 'progress.' Three sources familiar with discussions told Politico that Senate Democrats were dropping paid family and medical leave from the reconciliation bill. The White House is pressing Democrats to come together around a set of plans with a $1.75 trillion price tag before the end of the week, a move that would also unlock the president's stalled $1 trillion infrastructure bill.  Discussions on Wednesday centered both on how to trim the cost of the bill and how to generate funding.  Earlier White House Press Secretary Jen Psaki said Biden supported a Senate Democratic plan to tax billionaires...
    A Russia woman has welcomed 21 surrogate babies in just over a year with her millionaire husband - and insists she's still a 'hands-on mother' despite spending £67,700 every 12 months on 16 nannies. Kristina Ozturk, 24, who is originally from Moscow, wants a staggering 105 biological children with her wealthy hotel owner husband Galip Ozturk, 57, who she met while holidaying in the coastal town of Batumi in Georgia. The couple have so far paid €168,000 (£142,000) to surrogates between March 2020 and July this year, and spend $96,000 (£67,700) a year on 16 live-in nannies.  However, speaking to Fabulous, Kristina, who also lives with her six-year-old daughter Vika from a previous relationship, insisted: 'I’m with the kids all the time, doing all the things that mums normally do.' The parent - who reportedly lives in a three-storey mansion with her family - previously said she and Galip opted to use surrogate mothers because they wanted to have as many children as quickly possible. Their first child Mustafa was born on March 10 2020 while their most recent addition, and 21st child together Judy, is just three...
    MINNEAPOLIS (WCCO) — Consumers plan to spend an average of nearly $1,000 for themselves and their families this holiday season, according to a survey from the National Retail Federation. According to NRF, that’s on par with consumer spending last year — despite the continued supply chain issues experienced this year. “Every year retailers plan their seasonal inventory, staffing and product promotions well in advance for the busy holiday season,” NRF President and CEO Matthew Shay said. “Consumers are ready to celebrate, and gift-giving is high on the list. The retail industry is working diligently with ports, labor, shippers and transportation providers as well as government officials to overcome supply chain challenges and make sure consumers have access to the gifts they want to give and, just as important, receive.” Additionally, 90% of American adults plan to celebrate winter holidays, including Hanukkah, Kwanzaa and Christmas. That’s up from 87% last year. Read more here.   More On WCCO.com: ‘Best Small Cities In America’: 2 Minnesota Communities Make The Top 50 List Mohamed Noor Resentenced To 57 Months...
    New York (CNN Business)Prices on consumer goods are rising in the United States and tangled supply chains are making it harder for shoppers to always get exactly what they want. But these factors are not yet slowing down US shoppers.Consumers are still dishing out on sporting goods, clothing, furniture, and groceries and spending at bars and restaurants, data from the Commerce Department showed Friday.Retail sales in September grew 0.7% from the month earlier, beating economists' forecast for a 0.2% decline. Retail sales in August were also revised upward to a 0.9% monthly increase, up from a previous estimate of 0.7%.The data are promising signs about consumers heading into the winter and pivotal holiday shopping stretch for retailers, despite higher prices, shortages and Covid-19 cases."Consumer spending has been remarkably resilient throughout [the pandemic], especially on goods," Ted Rossman, senior industry analyst at CreditCards.com, said in an email to clients Friday. "Many Americans have already started their holiday shopping and retailers should have a strong holiday season"
    WASHINGTON (AP) — U.S. consumer spending accelerated in August amide a surge in COVID-19 cases, even as soaring demand and snarled supply chains kept inflation high. Consumer spending rose 0.8% in August, up from a decline of 0.1% in July. Income rose by a smaller 0.2%, the Commerce Department reported Friday. That suggests consumers dug into their savings to fuel more spending on items like clothes and groceries, and to spend more online, even as the delta variant caused them to pull back on traveling and eating out. Consumer prices increased 0.4% in August from July, the same increase as the previous month. In the past year, inflation rose 4.3%, up slightly from the previous month and the highest in more than three decades. Supply shortages of everything from computer chips to furniture to paint and chemicals have driven up prices as the economy’s rebound from the pandemic recession caught many companies flat-footed. Federal Reserve Chair Jerome Powell said Thursday that supply chain disruptions, such as jammed ports on the West Coast and factory shutdowns in...
    New York (CNN Business)US retail sales increased last month as consumers continued to dish out on clothing, furniture and groceries despite rising cases of the Covid-19 Delta variant. Sales beat economists' expectations, increasing 0.7% in August from the month prior, the Census Bureau said Thursday. Economists surveyed by Refinitiv had forecast a 0.8% drop for the month.It's a promising sign about consumer appetite heading into the winter and pivotal holiday shopping stretch for retailers.Shoppers "still have cash on hand. We have more jobs in the economy. Everything still looks pretty good for consumer spending, particularly in the near term," said Gus Fauher, the chief economist at PNC Financial. "Consumers will be spending a lot."Retailers and logistics companies are preparing for the holiday rush by staffing up and racing to bring in extra inventory to stock shelves.Read More"We're going to see strong demand through the rest of this year," Walmart (WMT) CEO Doug McMillon said at an investor conference last week. "I think customers, families want to celebrate Christmas. They want to have a Thanksgiving."Retail sales this holiday season will increase...
    Retailers can look forward to a rebound in holiday shopping season this year despite the COVID-19 Delta variant's impact on the U.S. economy. U.S. consumers will spend up to 9% more this holiday period compared to 2020, when consumers spent a total of $1.2 trillion during the key shopping period between November and the end of the year, according to a forecast from Deloitte. That would be an improvement over holiday spending over the last two years, when sales grew less than 6% in 2020 and just over 4% the previous year. "This year's range is considerably higher. What we might find with the Delta variant is that folks will perhaps spend more online versus in brick-and-mortar stores," said Deloitte Vice Chairman Rod Sides. Holiday travel expected to riseConsumers are also prepared to travel more for the holidays this year, spending more on airline tickets and hotel rooms. Many people stayed home during the same period in 2020, which came before COVID-19 vaccinations were approved for emergency use. "Over the past four to five years, travel has become a...
    White House senior adviser Cedric Richmond said on Sunday that President BidenJoe BidenMilley says civil war 'likely' in Afghanistan Southeastern parts of Louisiana could have power restored as late as Sept. 29 It's time to transform our unemployment system MORE's administration will push ahead with its pursuit of a proposed $3.5 trillion spending package despite recent hesitations voiced by a key moderate Democrat in the Senate.  "Senator Manchin is a valued partner. We're going to continue to work with him," Richmond said during an appearance on ABC's "This Week" when asked about a warning from Sen. Joe ManchinJoe ManchinFive tax issues to watch as Democrats craft .5T bill Abortion rights groups want Biden to use bully pulpit after Texas law Presented by Schneider Electric — Overnight Equilibrium/Sustainability —Mars rover drills first successful sample MORE (D-W.Va.) that he would not support the package. "But we're also going to continue to push our agenda. And part of this ... is just the sausage-making process at the end. It just happens. And this is happening in public view," Richmond added. "But it's not abnormal for this to happen in...
    The White House is striking a conciliatory tone with Sen. Joe Manchin despite the West Virginia Democrat threatening the passage of President Joe Biden's infrastructure, climate change, and social welfare spending packages. Manchin is "an important partner" to the Biden administration, according to top spokeswoman Karine Jean-Pierre. BIDEN COULD BE SETTING DEMOCRATS UP FOR DISAPPOINTMENT ON ABORTION AMID TEXAS FUROR "The president firmly believes that critical investment in our future should be paid for, and, if we do, economists tell us that they should not increase the inflation risk in this country," Jean-Pierre told reporters Friday. Biden is hoping Congress will partly fund the $3.5 trillion Democrats-only reconciliation bill, which includes proposals such as clean energy tax credits and free community college, by "making corporations and the wealthiest Americans pay their fair share," according to Jean-Pierre. "This is an important part of the president's economic policy," she said. "The best way to reduce costs that are hitting families' pocketbooks, childcare, prescription drugs, tuition, elder care, is to pass the president's bill 'Back Better Agenda,' which will cut these costs...
    TEN of the 14 flops involved in Arsenal's humiliation at Manchester City were at the club under Arsene Wenger - despite more than £400million of investment. Legendary boss Wenger left the Emirates under a cloud after 22 years in charge when he was pushed aside. 10Only Bernd Leno, Kieran Tierney, Cedric Soares and Martin Odegaard arrived post-Arsene Wenger and played at the Etihad - including the subs 10 But eight of his signings started the 5-0 thumping on Saturday. And all three subs that came off the bench were Wenger additions, too. Arsenal, however, have splashed out an eye-watering £420.2m on transfer fees in the three years since his departure under Unai Emery and Mikel Arteta. A total of 24 different players have come into the Emirates - with seven separate loan arrivals and three on free transfers. CURRENT CROP But only Bernd Leno, Cedric Soares, Kieran Tierney and Martin Odegaard played at the Etihad but were not part of the club when Wenger was in charge. The rest of Arteta's men have been with Arsenal for years. 10Martin...
                        Live from Music Row Tuesday morning on The Tennessee Star Report with Michael Patrick Leahy – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 a.m. to 8:00 a.m. –host Leahy welcomed Grassroots Engagement Director of Americans for Prosperity-Tennessee Grant Henry in studio to weigh in on the trillions of dollars being spent on so-called infrastructure and the price of inflation. Leahy: Andy Ogles, the mayor of Maury County, and Grant Henry, grassroots director for the Americans for Prosperity of Tennessee. Good morning, Andy. Ogles: Good morning. How are you? Leahy: We’re great. Grant Henry! Henry: How’s it going, y’all?  Good morning, everyone. Leahy: He’s gonna bring it, folks. He’s gonna bring it! What have you got? What have you got? Henry: I want to start with a headline here from The Tennessee Star. Of course, here’s the headline, if you want to follow on commentary, Inflation hits 5.3 percent in July as the $1.2 trillion infrastructure bill easily passes with a $3.5 trillion stimulus expected in September....
    (CNN) — Two new studies published Tuesday show White people dominate health care spending across the United States, despite decades of efforts to equalize health care access. The studies, published in the Journal of the American Medical Association, show per-person health care spending increased with age for every racial and ethnic group, but White individuals spent the most per-person than any other group. READ MORE: Clifford Knight Found Guilty Of First-Degree Murder In 2020 Shooting Near University of Maryland Baltimore For one study, a team at the Institute for Health Metrics and Evaluation at the University of Washington’s School of Medicine examined breakdowns of health care spending covering 7.3 million visits, hospital admission and prescriptions between 2002 and 2016. They found that in 2016, Whites accounted for 72% of the estimated $2.4 trillion in health care spending, while only making up 61% of the US population. In the same year, Black individuals made up 12% of the population but accounted for 11% of spending, and Hispanic individuals made up 18% of the population and but received 11% of total spending....
    (CNN)Two new studies published Tuesday show White people dominate health care spending across the United States, despite decades of efforts to equalize health care access.The studies, published in the Journal of the American Medical Association, show per-person health care spending increased with age for every racial and ethnic group, but White individuals spent the most per-person than any other group. For one study, a team at the Institute for Health Metrics and Evaluation at the University of Washington's School of Medicine examined breakdowns of health care spending covering 7.3 million visits, hospital admission and prescriptions between 2002 and 2016. They found that in 2016, Whites accounted for 72% of the estimated $2.4 trillion in health care spending, while only making up 61% of the US population. In the same year, Black individuals made up 12% of the population but accounted for 11% of spending, and Hispanic individuals made up 18% of the population and but received 11% of total spending. Black or Other? Doctors may be relying on race to make decisions about your healthAmerican Indian, Native Hawaiian, and...
    President Joe Biden promised he would not raise taxes on anyone earning less than $400,000 a year to help pay for his agenda, but recent polling suggests voters remain skeptical. Suspicions that Biden may raise taxes on a larger swathe of the electorate open a lane of attack as the cost of sweeping new federal spending comes due. In an August survey by Scott Rasmussen and RMG Research, 61% of registered voters said they believed the Biden administration would raise taxes on middle-class Americans, even as they were reminded of the president’s pledge. Twenty-seven percent said they believed a tax increase was unlikely, while 12% said they were unsure. 'THE CONCERN RIGHT NOW IS IT'S AUGUST': CALIFORNIA DEMOCRATS WATCHING RECALL WONDER WHEN BIDEN WILL STUMP FOR NEWSOM Most Republicans (83%) said they thought tax hikes were on the horizon, and nearly half of Democrats agreed. Voters who identified with Biden's party were split, with 47% saying a tax increase was likely and 44% saying it was not. Forty-four percent of independents said they expected tax increases, compared to...
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