Biden

Biden’s Been Working OT on the Railroad

Update 635 — Democrats Dodge a Bullet:Biden’s Been Working OT on the Railroad Yesterday, President Biden announced a tentative agreement between major freight rail carriers and unions representing the nation’s freight workers. The announcement came just one day before a strike shutting down the freight rail system. Disruptions to shipments caused by a strike could …

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Rapid Return to Pre-COVID Fiscal Status

Update 610 — CBO: A Mean ReversionRapid Return to Pre-COVID Fiscal Status Yesterday’s CBO report projects this year’s deficit will fall by $1.7 trillion — the single largest nominal one-year reduction in the federal deficit in American history. The deficit this year will be lower than CBO projected it would be before the passage of the American …

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Fiscal Policy Landscape

Update 608 — Fiscal Policy Landscape:Supps, Reconciliation, Payfors on Horizon Congress’s fiscal debate is currently being dominated by responses to a series of crises at home and abroad. Over the next few weeks, Congress will actively consider a range of supplemental spending bills from a Ukraine aid package, to bills addressing the baby formula shortage, restaurant aid, …

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Inflation Eases an Inch

Update 607 — Inflation Eases an InchBut Hits Home(s): Prices, Sales, Rents The main takeaway from yesterday’s CPI report: inflation remains high, though decelerating marginally. CPI increased for consumer goods by 0.3 percent in April, down from the 1.2 percent increase in March. Increases in prices for food, airline fares, new vehicles, and shelter contributed …

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Legislative High Season

Update 604 — Legislative High Season:100-Day Roadmap for Econ. Policy Bills Congress settles back after recess this week, facing a packed to-do list and a ticking clock. The appropriations process for FY2023 is under way. Again, Democrats’ immediate priority is reconciliation. Negotiations with Sen. Manchin focus now on climate and health provisions, but we saw …

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Tax as a Class Act

Update 603 — Tax as a Class Act:Code’s Impact on Income Inequality This past Monday marked the end of tax filing season for 2022. Average Americans again find themselves paying a higher rate than wealthier filers. OMB estimates that the 400 wealthiest Americans pay an average tax rate of only 8.2 percent, widening inequality. Paying a higher tax …

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Fighting Inflation by Relieving Costs

Update 602 — Symptom vs. Disease:Fighting Inflation by Relieving Costs There is a difference between battling inflation, which is the Fed’s errand, and battling its effects, which is more of a fool’s errand. With prices up 8.5 percent from a year ago and midterm primary season starting next month, the temptation is to focus on easing costs …

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Decision Ahead on Student Loans

Update 601 —  Degrees of Debt:Decision Ahead on Student Loans The CPI Report for March, released yesterday, showed prices rose by 8.5 percent during the last 12 months. Energy prices moderated markedly during March. Some predict this will represent the high-water mark of an inflation rate that will remain elevated through the fall.  The Biden …

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 Eyes on the Pump Price

Update 599 — Eyes on the Pump Price:Energy Costs and Biden’s Inflation Fight Hearings on the Hill this week focused on elevated gas prices Americans are facing at the pump, causing and affecting elevated energy prices amounting to a third of headline inflation. President Biden has taken up the battle against inflation. Some responses he has …

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Biden FY23 Budget

Update 597— Biden FY 23 Budget:Balance, Parity in Appeal to Center President Biden submitted his FY23 budget saying that budgets are statements of values. The statement here is muted, with an increase in domestic spending and an increase in military spending by about 10 percent, a puzzling nod to austerity of all things, investments in …

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