President Joe Biden signaled Monday that he would be open to sending Americans gas rebate cards to help offset soaring gas prices in the U.S. Speaking to reporters in Rehoboth Beach, Delaware, the president said the rebate cards are “part of what we’re considering, that’s part of the whole operation,” according to CNN. Biden also […]
Tag: recession
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 […]
Joe Biden: ‘Inflation not my fault”
President Joe Biden has said high inflation is not his fault and that a recession is not inevitable, in a new interview he gave to the Associated Press (AP) and which was published on Friday. Biden reportedly became somewhat defensive when asked about inflation, which stood at an annualized rate of 8.6 percent in May, […]
‘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 […]
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 […]
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 […]
1970’s style ‘Stagflation’ is looming
As U.S. gas prices reached an all-time high, the World Bank issued a warning that a combination of rising inflation and a slowdown in economic growth could lead the global economy into 1970s-style “stagflation.” The price of gas in the U.S. hit $4.91 per gallon on Tuesday, according to AAA. On the same day, the […]
Gas prices surge 25 cents in a week, $6 a gallon by July
The gas price spike keeps getting worse. The national average jumped to $4.87 a gallon on Monday, according to AAA. That’s up 25 cents in the past week and 59 cents in the past month.There are now 10 states where the average price of gasoline is $5 a gallon or higher, with the latest being […]
‘Brace yourself’ an economic ‘hurricane’ is coming
JPMorgan Chase CEO Jamie Dimon warned of a looming economic “hurricane” caused by an increasingly hawkish Federal Reserve, rising inflationary pressures and the Russian invasion of Ukraine. Dimon – who said at the beginning of May there were storm clouds forming on the economic horizon – ratcheted up his warning on Wednesday, citing fresh challenges […]
It’s True! Inflation Has Gone Up Every Month of Joe Biden’s Presidency
With inflation reaching double digits in some cities across America, U.S. President Joe Biden has been excoriated for rising rates throughout his presidency. The impact of the conflict in Ukraine war on the prices of gasoline, food and other necessities, among other factors, has led to inflation rate rises of 8.5 per cent in the […]