The U.S. budget deficit through the first three months of this budget year is up 11.8% from the same period a year ago, putting the country on track to record its first $1 trillion deficit in eight years. In its monthly budget report, the Treasury Department said Monday that the...
Video: All You Need to Know About State Budget in 2 Minutes
A few things about summertime in California have become utterly predictable: cineplex superheroes, beach crowds, and a record-setting state budget. Two years ago, we told you the state’s budget hit $180 billion—and that with that money you could buy the Los Angeles Lakers 60 times over. Last summer, the state budget set...
Trump’s Record $4.7 Trillion Budget Relies on Strong Growth
WASHINGTON — President Donald Trump proposed a record $4.7 trillion federal budget for 2020 on Monday, relying on optimistic 3.1 percent economic growth projections alongside accounting shuffles and steep domestic cuts to bring future spending into promised balance in 15 years. The deficit is projected to hit $1.1 trillion in...
Why Your Paycheck Isn't Keeping Pace With Inflation
The Republican Party trumpeted the $1,000 bonuses that some of America's largest companies said they were giving rank-and-file employees following the passage of the GOP tax cuts. The party's public relations effort made for good headlines. But the reality was a different story. People working for Walmart, Lowe's and Home...
With Deficit Ballooning, Trump Wants More Tax Cuts
The Congressional Budget Office and other nonpartisan analyses project that President Donald Trump's tax cuts passed in December will add more than $1 trillion to the deficit over the next decade. For those keeping track at home, fortune.com reports that the U.S. deficit — relative to the economy’s size — is...
Pelosi Is the Gift That Keeps on Giving for '18 GOP Hopes
Fresh off her failure to protect illegal immigrants, House Minority Leader Nancy Pelosi has her sights set on the 2018 midterms. And she’s not shy about it: “I just want the Democrats to have the gavel. It doesn’t have to be me, but I’m good at what I do.” Republicans beg...
Pelosi Is the Gift That Keeps on Giving for '18 GOP Hopes
Fresh off her failure to protect illegal immigrants, House Minority Leader Nancy Pelosi has her sights set on the 2018 midterms. And she’s not shy about it: “I just want the Democrats to have the gavel. It doesn’t have to be me, but I’m good at what I do.” Republicans beg...
The Fed Ignores Inflation at Its Peril
It is often said that policymakers who forget history are bound to repeat it. One wonders whether the same might be said of the Federal Reserve in its seeming current disregard of the lessons from the country’s previous inflationary episodes. Despite the growing number of reasons to be concerned that...
The Fed Ignores Inflation at Its Peril
It is often said that policymakers who forget history are bound to repeat it. One wonders whether the same might be said of the Federal Reserve in its seeming current disregard of the lessons from the country’s previous inflationary episodes. Despite the growing number of reasons to be concerned that...
Why GOP Tax Plan Can Help Put American Youths Back to Work
Republican lawmakers voted this week on their tax plan after reconciling differences between the Senate and House versions and met their Christmas deadline of turning it into law. During the ongoing debate over its merits, many have focused on the “winners” and “losers” in terms of who will have to...