Inflation decelerated in July to 8.5% year over year following June’s peak of 9.1%, according to the Bureau of Labor Statistics report out Wednesday. A dip in energy prices helped cool the consumer price index, which has hovered at four-decade highs all year. Overall consumer prices were flat for the month of July from June,…

Is the U.S. in a recession? The tools we’ve used in the past to answer that question may no longer provide the answer. Inflation remains a big problem. The GDP has also contracted for two consecutive quarters. But we also had a blockbuster July jobs report that put unemployment at levels not seen since 1969.…

Top Headlines August 5th, 2022: Sen. Sinema to vote yes on spending bill – Sen. Kyrsten Sinema (D-AZ) announced Thursday night she is on board with Senate democrats’ $430 billion Inflation Reduction Act after securing some minor changes to the legislation. “We have agreed to remove the carried interest tax provision, protect advanced manufacturing, and…

The Federal Reserve’s battle against inflation is in full swing. The Fed has already raised interest rates four times in as many months as the inflation rate has soared to 9.1%. While the U.S. has not officially entered a recession, the national economy has shrunk for two consecutive quarters. Straight Arrow News contributor Larry Lindsey…

When it comes to the federal budget, government projections rarely match up with reality. As the federal budget for fiscal year 2023 and beyond gets ironed out, some economists are crying foul. Two federal agencies create federal budget projections: the Congressional Budget Office (CBO) and the Office of Management and Budget (OMB). The CBO scores Congress’ budget.…

A week ago, U.S. Senate Majority Leader Chuck Schumer (D-NY) and Sen. Joe Manchin (D-WV) announced an agreement on a bill that will invest roughly $300 billion in deficit reduction and $369 billion in energy and climate change programs. Dubbed the Inflation Reduction Act, Democrats are racing to ready the bill for a vote even…

The economy has technically been shrinking all year, but what about Wall Street? After the busiest business week of the summer, now more than half of the country’s largest companies have reported second quarter earnings. Here’s what we have learned from them so far. #1: Big Oil strikes gold The two largest U.S. oil companies,…

In early July, Texas Gov. Greg Abbott (R) enlisted the Texas National Guard to arrest and bus illegal Mexican immigrants back to entry points along the border. More recently, Abbott sent thousands of migrants to Washington, D.C. to prove a point about President Joe Biden’s lax immigration policies. Straight Arrow News contributor Ruben Navarrette argues…

Last week, we learned the U.S. economy likely shrank for the second consecutive quarter as the advanced government estimate of gross domestic product came in at -0.9%. Now, the country has been thrust into a politically-heated debate: Are we in a recession? The Biden administration and political appointees say no. “That doesn’t sound like a…

Chinese President Xi Jingping warned President Joe Biden not to “play with fire” over Taiwan in a two hour call Thursday between the two leaders. Xi’s comments came as House Speaker Nancy Pelosi departed for a tour of Asia Friday, where a possible visit to Taiwan remains uncertain. “Those who play with fire will perish…