On March 9, the Biden administration released its $6.9 trillion fiscal year 2024 budget request. At $6.9 trillion, it is the largest budget request in US history. That’s not surprising, though, as the budget goes up almost every year. President Biden touted his latest budget saying it would be good news for most Americans. But the… Continue Reading
Category Archives: Economy & Markets
Economy On Solid Ground Or Headed For Recession?
The US economy as measured by Gross Domestic Product rose 2.1% in 2022. While that was down from the red-hot pace of 5.9% in 2021, 2.1% growth is still a solid number. The question is, what happens in 2023? Most forecasters continue to predict we’ll see a recession later this year. The only question in… Continue Reading
Inflation Eases In March, But Still Way Too High
The Labor Department reported yesterday that US inflation as measured by the Consumer Price Index eased to an annual rate of 5% in March from a year earlier, its lowest level in nearly two years. But underlying price pressures remained elevated despite the Federal Reserve’s campaign to slow rapid price increases. Core prices, a measure… Continue Reading
Nervous Depositors Pull Money From Regional Banks
Federal Reserve data showed that bank customers collectively pulled nearly $100 billion from accounts for the week ended March 15, as Silicon Valley Bank and Signature Bank failed, in a sign they are less confident with regional institutions. This despite the fact that the Federal Deposit Insurance Corporation (FDIC) guaranteed all deposits at the two… Continue Reading
Biden Wants Tax Hike On High Earners To Keep Medicare Solvent
President Biden is proposing to extend the solvency of the Medicare national healthcare program by 25 years with an increased tax rate on high income earners. Medicare, of course, is the federal health program which cares for Americans 65 and older. Over 18% of Americans are covered by Medicare. The Medicare trust fund is set… Continue Reading