Markets in Turmoil

Top economists this week say it's certain the United States will face a recession in the next year. It's a blow to President Joe Biden, who's making moves to lower gas prices right before the mid-term elections. 


The IRS is helping Americans protect their income from rapidly rising food, gas, and energy prices, that have already taken a chunk out of their pockets. 

 The price of shrimp is displayed at a market in Philadelphia, Thursday, June 16, 2022. (AP Photo/Matt Rourke, File)

U.S. consumer prices shot up 8.2% in September, compared to a year earlier, according to the government's latest monthly consumer price index out today.

The US stock market plunged in September as investors grow increasingly worried about the economy. (AP Photo/Julia Nikhinson)

"The economic situation continues to deteriorate. We've had 8 consecutive quarters of real incomes declining for families in this country and that amounts to nearly a $5,000 paycut for families," said Joel Griffith with the Heritage Foundation. 


The Dow Jones Industrial Average sank more than 1,250 points Tuesday, its steepest sell-off in more than two years after a government report showed that inflation is maintaining a surprisingly strong grip on the U.S. economy.


There's a new development that could affect American pocketbooks in a major way. It's a brewing railroad strike that would send shock waves through the economy if it's not averted.


Federal Reserve Chair Jerome Powell delivered a stark message Friday: The Fed will likely impose more large interest rate hikes in the coming months and is resolutely focused on taming the highest inflation in four decades. 


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 trader works on the floor at the New York Stock Exchange in New York, June 16, 2022. (AP Photo/Seth Wenig)

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.