After the Supreme Court ruled on Friday to overturn Roe v. Wade, corporate giants from a range of industries pledged to provide support and financial assistance for employees — and, in some cases, their dependents — seeking abortions in states that outlaw the procedure. Millions of people seeking abortions could soon be forced to travel […]
Category: Business
Biden asks Congress to pause gas tax
President Biden will ask Congress on Wednesday to suspend the federal gas tax until September as Americans across the country grapple with soaring prices as the pump. The president will urge members of Congress to institute a three-month federal gas tax holiday without stripping money from the Highway Trust Fund that finances highways and mass […]
US ban on imports from China’s Xinjiang region started
Tough new US regulations on the import of goods from the Xinjiang region of China have come into effect. Under the rules, firms have to prove imports from the region are not produced using forced labour. US officials have said members of the minority Uyghur community in the region, who are predominantly Muslim, have been […]
Consumers are buying less and switching to store brands
Decades-high inflation is changing US consumers’ grocery habits. Kroger, the nation’s largest grocery store chain, said Thursday that budget-constrained shoppers were buying fewer items in stores, favoring Kroger’s cheaper store brands instead of name brands, and switching from beef to pork.“Rising inflation has consumers rethinking their shopping and eating habits,” Kroger (KR) CEO Rodney McMullen […]
Most Americans believe economy is now collapsing
More than half of Americans think the U.S. has already entered a recession, new polling shows. The latest IBD/TIPP Economic Optimism Index published on Friday found that 53 percent of Americans think the economy has gone into a recession, and 25 percent say they’re unsure. Only 20 percent believe the country is not in a […]
‘Almighty Crash’ imminent says top US Stock Broker
As inflation continues, the U.S. is heading towards a massive economic crash, according to stockbroker Peter Schiff. Schiff, who is the chief economist and global strategist of Euro Pacific Capital, took to Twitter on Thursday to voice his predictions for the U.S. economy. Many people have finally [given up] on the idea of a soft […]
Gas Pains! Biden shifts blame from Putin to Oil Companies
The White House on Wednesday shifted from blaming Russian President Vladimir Putin’s invasion of Ukraine to oil companies for record-high gas prices, calling on them to “be patriots” and do more to lower prices. The remarks came after President Biden on Wednesday called on U.S. oil refiners to produce more gasoline and diesel, saying their […]
Biden’s gas crisis solution: Threaten oil companies
Under intense political pressure to address soaring gasoline prices, President Biden is trying to push the nation’s largest refiners to do more to boost supplies and lower prices. In a letter to the companies on Wednesday, Biden said refiners are taking advantage of the crisis, seeing record-high profit margins at a time when inflation has […]
Stocks enter bear market on worries of drastic rate hikes
US stocks plunged into bear market territory Monday morning as Wall Street investors grew increasingly nervous about the prospect of even more harsh medicine from the Fed to take the sting out of inflation. The Dow (INDU) sank 750 points, or 2.4%, and the Nasdaq fell 3.7%. Friday’s miserable Consumer Price Index report showed US […]
Gulp! Gas prices hit $5 nationwide
The national average retail price for regular gasoline hit $5 per gallon on Saturday for the first time in over two decades, according to data from AAA. It’s the highest the group has seen gas prices rise since it started tracking the data in 2000, and it’s likely to get worse as oil demand continues […]
Global metals shortage sabotages the electric car revolution
Metals are quickly becoming the new oil as fossil fuels are phased out and replaced with clean energy and electric cars. The green energy transition relies on mining to produce enough lithium, cobalt, and nickel for the expected boom in solar panels, wind turbines, and electric car batteries over the next decade. The only problem […]
Inflation Hits 40-Year Record Again
resident Joe Biden’s inflation problem is not going away, with the annualized rate of U.S. inflation hitting 8.6 percent in May, according to new figures released by the Bureau of Labor Statistics on Friday after months of high inflation and a rising cost of living. The Bureau reported that May’s inflation represents “the largest 12-month […]