Miscellaneous

GDP up 6.9% in 4Q21

Update 583 — GDP up 6.9% in 4Q21:USICA Way to Maintain that Growth? An economy growing at 6.9 percent, annualized, in the final quarter of 2021. National unemployment is below four percent. Wages soaring. Labor mobility is like never before. All of this defies expectations, yielding, dare we say an unprecedented recovery so far. It’s no accident, …

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The Millionaire Majority

Update 582 — The Millionaire Majority:Stock Trades on Hill, MOCs on the Take Surprised to learn that a majority of members of Congress are millionaires? In fact, the median net worth of members of Congress who filed disclosures is now just over $1 million. Then maybe it’s not surprising that the STOCK Act — the law passed in …

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Skinny Budget, Heavy Lift?

Update 522 — Skinny Budget, Heavy Lift?President Outlines FY2022 Spending Plans Last Friday, the Biden administration released its “skinny budget,” the initial framework for its FY2022 discretionary funding request. Although not elaborate, the $1.52 trillion budget gives us the first clear glimpse into President Biden’s priorities.  The administration calls for increased spending levels across the …

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Senate Process SOP

Update 521 — Senate Process SOP:Real Reforms and Honorable Manchins Over time, policymakers in Washington have used the term “bipartisan” to describe bills. But the true meaning of the word has been clouded by the way Washington uses it and how folks elsewhere still understand it. Which bills it applies to — how it is …

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Bills Beyond Relief

Update 515: Bills Beyond Relief:Paying For the Road to Recovery Now that President Biden’s $1.9 trillion relief bill, the American Rescue Plan (ARP), has officially been signed into law and almost entirely deficit-financed, focus is shifting to a new multi-trillion dollar package centered on infrastructure: The Recovery Act. Some are calling for revenue offsets to …

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House OKs Biden Bill Intact

Update 512 — House OKs Biden Bill Intact$1.9 Trillion: What Will be Its Legacy, Impact? President Biden entered office seven weeks ago, promising a $1.9 trillion federal pandemic response to address unabated individual, family, and small business needs. He also promised stimulus aimed at an economy suffering 10 million jobs lost with millions more slipping …

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Recovery Still “Uncertain”

Update 508 — Recovery Still “Uncertain,”Powell Reminds Congress, Citing Jobs Lag In his first appearance before the 117th Congress, Federal Reserve Chair Jerome Powell presented the semi-annual Monetary Policy Report in hearings before Senate Banking yesterday and House Financial Services today.  Powell depicted an economy still suffering from the pandemic and warned of risk of …

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Ask Students, Is Debt Certain?

Update 506: Ask Students, Is Debt Certain?  Now for Something Completely Academic… Amid the impeachment trial in the Senate — with the defense just having rested its case — and unrelenting and unaddressed pandemic needs unabated in the country, we stop to look at a now-endemic economic crisis: the student debt burden. A $1.7 trillion problem, …

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