Americans are saddled with the most credit card debt in decades as a new report issued Thursday found that its nearing the $1 trillion mark. A report from the Federal Reserve Bank of New York found that “credit card balances increased by $61 billion to reach $986 billion, surpassing the pre-pandemic high of $927 billion” in…
The Case for Risking Default on the Debt
February 16, 2023
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administrative stateAnalysisBusiness & MarketsBusiness Columnistsdebt ceilingdebt defaultFederal Reserveinflationnational debtOpinionpublic debttaxesU.S. economy
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Commentary The same old game is starting all over again. The big spenders in Congress and the administrative state are demanding an increase in the debt limit. Republicans aren’t happy about it. They are demanding some fiscal responsibility. The negotiations begin. But the cards are stacked, and why? Because the bad guys in this drama…
New York Factory Activity Contracts Less Than Expected in February, NY Fed Says
The New York Federal Reserve said on Wednesday its barometer of manufacturing activity in New York State contracted for a third straight month in February, but not by as much as economists had expected as orders and shipments stabilized. The regional Fed’s “Empire State” index on current business conditions rose to -5.8 this month from…
You Call This Easing Inflation?
February 14, 2023
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AnalysisBusiness & MarketsBusiness Columnistsconsumer price indexCPIFederal ReserveGreat ResetinflationOpinionrecessionU.S. economy
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Commentary Here’s a thing I like to do on the day of Labor Department data releases. I read the actual release and look at the data and trend lines, then look at the details and see what’s driving the trend. I make a general judgment and write an imaginary headline. Then I check in the…
Minimum Wage and the Fed’s Biggest Fear
Commentary How does the minimum wage affect the Fed’s biggest fear? I touched on this subject previously as the Fed began its rate-hiking campaign. However, while the issue of the “millions of people” who aren’t paid a “living wage” for work makes headlines, the actual numbers are pretty underwhelming. As of the end of 2021,…
Strong January Jobs Report Means Fed Raises Rates Higher Than Forecast, Says Atlanta Fed Chief
February 7, 2023
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Business & Marketseconomic policieseconomyFederal Reserveinflationinterest ratejobs reportMarketsPolicies & ImpactsRaphael BosticrecessionUS
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It appears that the stronger-than-expected U.S. jobs report last week likely means that the Federal Reserve may be open to raising the interest rate higher than planned, said a member of the Fed board. Federal Reserve Bank of Atlanta president Raphael Bostic, in an exclusive interview with Bloomberg News on Jan. 6, said that the…
Fed Chair Powell Says ‘Long Way to Go’ in Inflation Fight, Calls US Debt ‘Unsustainable’
The United States is watching disinflation travel through the national economy, but “it has a long way to go” before price stability is achieved, says Federal Reserve Chair Jerome Powell. Speaking at the Economic Club of Washington on Tuesday, the Fed chair acknowledged that the country is in the “very early stages of disinflation.” However,…
The Aid Trap
February 6, 2023
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ChinaChina Business & EconomyeconomicsFederal Reserveforeign aidNorthern CaliforniaOpinionRegional & State NewsState NewsUSViewpoints
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Commentary When rich nations fall into recession, their governments do what they can—but after 100 years of socialism (the entire 20th century), those governments know now not to intervene in the economy. To prevent a financial crisis, yes, they loan money to banks, but otherwise, they stay back. Poor nations haven’t learned this. Recession or…
US Money Supply Shrinks for First Time Since Fed Started Sharing Data
The U.S. money supply has contracted for the first time since the Federal Reserve started publishing this data in January 1960. According to the latest data presented by the Board of Governors of the Federal Reserve System, the M2 money-supply growth rate tumbled by 1.3 percent year over year in December, down from 0.01 percent…
US Money Supply Shrinks for 1st Time Since Fed Started Sharing Data
The U.S. money supply has contracted for the first time since the Federal Reserve started publishing the data in January 1960. According to the latest data presented by the Board of Governors of the Federal Reserve System, the M2 money-supply growth rate tumbled by 1.3 percent year-over-year in December 2022, down from 0.01 percent in…
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