HomeCategory Economy

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The Congressional Budget Office reports that the 35-day partial government shutdown, the longest in history, cost the economy $3 billion that won’t be recovered. The Internal Revenue Service was among the agencies affected. Because it had to cut down compliance activities during the shutdown, the government’s tax revenue will be $2 billion lower this fiscal year. The CBO does not estimate indirect costs that were certainly related to the shutdown, such as risks to the health of...

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Senate Minority Leader Chuck Schumer of New York has tapped Stacey Abrams, who recently narrowly lost a bid to be governor of Georgia, to present the official Democratic response to President Trump’s State of the Union address on February 5. “Stacey Abrams offers a welcome, stark contrast to President Trump’s politics of division and lack of leadership as American families are still feeling the impacts of his self-imposed shutdown,” Schumer said in a statement. “Stacey Abrams...

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New research from the National Association of Realtors found that existing home sales have hit a three year low. 2018 was the worst year for sales of previously-owned homes since 2015. The month of December 2018 was especially bad for the housing market. Sales of previously-owned homes, which make up the vast majority of housing sales, were down 6.4% for the month and 10.3% lower than December 2017. At the same time, stocks fell the most in almost...

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Tens of thousands of Los Angeles public school teachers have spent the school week outside of the classroom and on the picket lines. The more than 30,000 educators on strike are demanding smaller class sizes, increased staffing and higher teacher salaries. Many Los Angeles classrooms have more than 40 students to a single teacher. The current cap for high school class sizes in L.A. is 46. Aerial footage shows massive teacher strike as tens of...

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With the stock market more volatile than ever and the biggest overall drop in 2018 in a decade, concerns in the U.S. are growing over contracting economic growth and the economy slowing down. Across the Atlantic, Europeans are facing similar realities: Breitbart reports that German factory orders dropped, a good indicator of the overall economic conditions in the eurozone. The Brexit situation is far from resolved with it looking more and more likely the United Kingdom will...

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Global temperature data shows that 2018 was one of the warmest years on record in decades. According to The Daily Caller, scientists expect 2018 to rank as the fourth-warmest on record in terms of surface temperature data. The average global temperature for 2018 is expected to be about 1.4 degrees F above the average of 57.5 degrees. While most surface temperature surface temperature datasets will show that we had the fourth warmest year, satellite data of...

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The Chinese economy is slowing down, which is a double-edged sword for the U.S. On the one hand, President Trump thinks the economic slowdown in the world’s second largest economy gives him more leverage in ongoing U.S.-China negotiations over trade and tariffs. On the other hand, whether we like it or not, there are some interconnections between our economy and U.S. stock market and economies abroad. Trump’s tariffs may drive China to the negotiating table,...

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Appearing on Fox News, Rudy Giuliani argued that the publisher of Wikileaks, Julian Assange, had not done “anything wrong” and should not face criminal charges or jail time for publishing stolen information. Assange has been indicted in the U.S. for disseminating classified information, but details of the charges are under seal. Assange faces unrelated charges in the EU for sexual assault of a minor. Giuliani, the former New York mayor who currently serves as President...

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Nancy Pelosi is officially back in charge in the House of Representatives and the Democrats voted Thursday to re-open the government without meeting President Trump’s demand for $5B for the border wall. Senate Majority Leader Mitch McConnell isn’t even willing to bring the bill up for a vote in the Senate so things are still at an impasse. In the meantime, the Smithsonian Museums in Washington and the National Zoo are officially out of money...

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With Elizabeth Warren’s jump into the Democrat presidential nominating campaign on New Year’s Eve, another left-wing candidate has emerged to support a radical program to raise taxes and give health care to every individual in America. Warren’s announcement video touted her endorsement of “Medicare for All,” a proposal popular among Democrats to expand Medicare so that every individual in America is covered by a federal health insurance program. The idea has caught on among the...