Economy
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You had a miserable 2025 because of tariff inflation. The Iran war will be even worse, top economist says
“This will be indeed the golden age of America,” President Donald Trump proclaimed on April 2, 2025, better known as Liberation Day. On that day, the president lauded tariffs as a way to “make America wealthy again.” Americans invested in the market lost about 10% of their wealth as the market reeled with one of
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‘Any semblance of fiscal responsibility’ was abandoned two decades ago, says budget watchdog, and challenges Congress to cut deficit levels by half
The the Committee for a Responsible Federal Budget (CRFB) has blasted policymakers for abandoning “any semblance of fiscal responsibilty,” as well as disregarding loose targeting, to keep the U.S. federal budget in a balanced order. With the national debt now outgrowing the size of the U.S. economy, budget watchdog the CRFB has renewed its call
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Trump’s former AI czar says the quiet part out loud on the economy: ‘Stopping progress in AI would be equivalent to halting the US economy’
President Donald Trump has framed the current state of the U.S. economy as a “golden age,” and in some ways he’s right. The stock market is at record highs, and economic growth has chugged along adequately. And depending on who you ask, it’s all being supported by one growing industry: AI. “Polls may show that
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America is lucky it’s no longer a manufacturing powerhouse—it’s what’s protecting the U.S. economy from the worst of the oil shock, top economist says
Americans are reeling from the effects of the Iran war—now entering its ninth week—in which the chokehold on the Strait of Hormuz has effectively stopped the flow of more than 20% of the world’s energy supply and has sent countries globally scrambling to find alternatives. In the U.S., average gas prices exceed $4.45—some even touch
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BofA throws cold water on AI apocalypse panic: 60% of today’s jobs didn’t exist in 1940
The doomsday crowd may want to check its history books. As fears of an AI-driven jobs apocalypse intensify across boardrooms, union halls, and college campuses, Bank of America’s global research team is urging a reality check. In a report published April 28, BofA economists argue that the “Armageddon narrative” around artificial intelligence “sits uneasily with both
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As economic despair mounts, Russian official admits the country has had enough of Putin’s war on Ukraine. ‘We can’t even take one region’
Vladimir Putin is losing the Russian people as the economy and his war machine go in reverse amid withering Ukrainian attacks. On the economic front, Putin himself recently revealed that GDP contracted in the first two months of the year. And on the Ukraine front, Russian forces suffered a net loss of territory last month
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Basic goods in Cuba are increasingly sold in U.S. dollars as economy collapses. ‘Everything is scarce here — everything — even that wretched bread’
José Luis Amate López hasn’t had a customer in almost two weeks, not counting the scrawny brown kitten that slinks around the bodega where he works in central Havana. The shelves once laden with goods during his childhood sat nearly empty in late April, with barely anything to offer the 5,000 clients who depend on
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America got rich and got sad. A top economist says 2020 broke something that hasn’t healed
Sam Peltzman is, by his own description, “a fossil from the last millennium.” The Ralph and Dorothy Keller Distinguished Service Professor Emeritus of Economics at the University of Chicago Booth School of Business — one of the most cited economists of the past half century — he works without research assistants, answers to no grant
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The US is in a league of its own when it comes to its debt burden, as rating agencies bemoan ‘long-running deterioration’ in fiscal governance
The U.S. is now unmatched in a regrettable category. Among rich and spend-happy nations that are globally seen as safe investments, the U.S. beats out the competition when it comes to the size of its debt burden, as the nation’s public liabilities have exceeded the size of its economy for the first time since World
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Fed whisperer splits on Powell: A+ as steward, but ‘I don’t think you could give him high marks on the economy’
After 30 minutes of fielding questions, Jerome Powell put his glasses in his suit pocket, told reporters “I won’t see you next time,” and walked out of his 66th and final press conference as Federal Reserve chair on Wednesday. He didn’t linger for the journalists’ tepid applause. Many of those journalists in the room will