Economy
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‘Cut up the credit cards:’ Congress is getting brutal about ‘embarrassing’ $31 trillion national debt
The value of debt held by the public has officially surpassed the size of the U.S. economy, and members of Congress are increasingly sounding the alarm over the fiscal trajectory of their nation. As of March 31, debt held by the public stood at $31.27 trillion, while nominal GDP over the prior 12-month period was…
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‘The national debt is now larger than the economy’: Watchdog marks 100% of GDP milestone for $39 trillion burden
The United States has crossed a grim threshold: the national debt now exceeds the size of the entire American economy. As of March 31, debt held by the public stood at $31.27 trillion, while nominal GDP over the prior 12-month period was an estimated $31.22 trillion — pushing the debt-to-GDP ratio to 100.2%, according to…
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For years, the risk Jamie Dimon was most concerned about was geopolitics. His answer has shifted
When Jamie Dimon is asked about the greatest risk he sees to the global economy, his answer for years has been “geopolitics.” It’s been with good reason. In the past handful of years, Russia invaded Ukraine, a major conflict broke out between Israel and Palestine, and the U.S. and Israel then launched attacks on Iran,…
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U.S. GDP rebounds from lackluster end to 2025, grows at 2% rate in first quarter
The U.S. economy accelerated at the start of 2026, expanding at a modest 2% pace from January through March after recovering from last fall’s 43-day federal government shutdown. But the outlook is clouded by the Iran war. The Commerce Department reported Thursday that gross domestic product — the nation’s output of goods and services —…
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The biggest jump in 3 years: gas’ effect on core inflation in March revealed
A key inflation measure jumped in March as gas prices soared, the latest sign that the Iran war is pushing up the cost of living and delaying any interest rate cuts by the Federal Reserve. An inflation gauge monitored by the Fed rose 0.7% in March from February, up sharply from the previous month, the…
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The global economy has a month—eight weeks at most—to avoid a recession, warns top economist
The countdown is on: The global economy has four weeks, eight at most, if it is to avoid plunging into a recession. That’s the warning from Mohamed El-Erian, the former CEO of PIMCO, who served as chair of President Obama’s Global Development Council. This week, El-Erian said the globe will “avoid a recession, provided—and here’s the…
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The debt crisis Congress has been ignoring could cost the average U.S. household $18,000 a year, according to a Brookings analysis
An excellent new study from the non-partisan Brookings Institution provides an ultra-sobering view of the potential tax increase U.S. families face in taming the runaway debt and deficits crisis that’s been near-roundly ignored in Congress and the White House. We all know the hit to either incomes, shopping tabs, social programs, or a blend of…
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The national debt fix would cost $827 billion—roughly what America spends on its entire military, economists warn
The U.S. would need to cut spending or raise taxes by $827 billion, roughly what it spends on defense, just to keep the national debt burden from doubling by 2054, according to a new report. A report published Wednesday from think tank Cato Institute finds that to maintain the 98% debt-to-GDP ratio figure that the…
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Hilton’s CEO says the economy is actually C-shaped to the benefit of the middle class. Most of his competitors disagree
A cursory glance at today’s travel landscape can be a blinding look at the world of high-end indulgence. From airlines cutting economy seats to the sudden disappearance of affordable hotel rooms, the hospitality and travel sectors are pivoting to treat the high-spending consumer as the only guest who matters. The sector has been a prominent…
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FedEx and UPS are pledging to give their tariff refunds back to consumers, and the sum will likely top $5 billion
The day after the Supreme Court’s decision striking down President Donald Trump’s tariffs under the International Emergency Economic Powers Act (IEEPA), Commerce Secretary Scott Bessent offered bleak odds of consumers receiving refunds for the $166 billion in tariff revenue collected: “I got a feeling the American people won’t see it.” But after the U.S. Customs…