Fifty-six percent of Americans say President Joe Biden’s 40-year-high inflation has caused them hardship, up from 49 percent in January and 45 percent in November, a Gallup poll found this week. For the full article, click here.
Inflation
Larry Summers urges Fed to admit unemployment will rise, end ‘confusion’
The Federal Reserve is causing “confusion” among investors by avoiding a clear declaration that unemployment is likely to rise during its fight against inflation, according to ex-Treasury Secretary Larry Summers. For the full article, click here.
Biden’s cabinet hitting the road to promote Inflation Reduction Act
Key members of President Biden’s cabinet are going on tour in a bid to promote the $737 billion energy, climate and health care legislation passed by Congress last week. For the full article, click here.
Bad Faith: What’s REALLY Going On With The Inflation Reduction Act? (w/ Matt Bruenig)
BREAKING: GDP Shrank 0.9% in Q2, Marking Second Consecutive Quarter of U.S. Economy Contraction
It’s official: We’re in a recession. But it could have been worse. On Thursday, the U.S. Bureau of Economic Analysis revealed that the U.S. gross domestic product (GDP) shrank another 0.9% in the second quarter of 2022. For the full article, click here.
Janet Yellen says inflation ‘unacceptably high’ after alarming June data
Treasury Secretary Janet Yellen admitted Thursday that inflation is “unacceptably high” in her first public comments since the release of federal data showing prices surged by a four-decade high of 9.1% in June. For the full article, click here.