The re-built Build Back Better Plan, now called the "Inflation Reduction Act," was signed into law Tuesday by President Biden, promising that inflation would eventually come down due to a combination of higher taxes, deficit reduction measures, and new revenue streams for green energy.
With inflation running out of control and higher prices squeezing family budgets, more Americans are turning to credit cards to bridge the gap. That's led to the biggest leap in credit card balances in 20 years.
A Commerce Department report out today shows the U.S. economy shrank from April to June for a second straight quarter. It contracted at a .9% annual pace, following a 1.6% drop in January through March.
Another month of surging prices has some economists worried about an impending recession. June's inflation report shows overall consumer prices rose 9.1 percent higher compared to a year ago.
Shares of Twitter slid more than 11% on the first day of trading after billionaire Elon Musk said he was abandoning his $44 billion bid for the company and the social media platform vowed to challenge Musk in court to uphold the agreement.
While Democrats hope abortion will be a major issue in the upcoming midterm elections, high inflation and the economy remain the top issue for voters with an overwhelming – and growing – majority of Americans say the U.S. is heading in the wrong direction.
Fewer Americans applied for jobless benefits last week as the U.S. job market remains robust despite four-decade high inflation and a myriad of other economic pressures.
Twitter's board of directors on Tuesday "unanimously recommended" to its shareholders that they vote to approve Tesla and Space X CEO Elon Musk's $44 billion offer to acquire the social media company.
With inflation now at 8.6% and food prices rising the fastest in 40 years, Americans are trying to find ways to get by, and that means less spending.
After a dismal start to the week on Wall Street, there are growing fears a recession could be coming, and a big decision anticipated Wednesday from the Federal Reserve is causing even more concern.