The I.R.S. Warns of Messy Tax Filing Season

The agency, which has been hobbled by paperwork backlogs and short staffing, said tax filers should expect a lower level of service this year.

#coronavirus-2019-ncov, #federal-taxes-us, #income-tax, #internal-revenue-service, #stimulus-economic, #united-states-politics-and-government

Here Are 10 of the Worst Predictions About 2021

Bitcoin, Tesla, the Suez Canal, the Mars helicopter — people got a lot wrong.

#coronavirus-2019-ncov, #electric-and-hybrid-vehicles, #inflation-economics, #internal-sub-only-nl, #stimulus-economic, #unemployment, #united-states-economy

Democrats Blast Corporate Profits as Inflation Surges

Politicians are placing more blame on greedy companies as prices stay high. But booming consumer demand is enabling firms to charge more.

#american-rescue-plan-2021, #coronavirus-aid-relief-and-economic-security-act-2020, #corporations, #inflation-economics, #interest-rates, #price-gouging, #prices-fares-fees-and-rates, #stimulus-economic, #united-states-economy

What We Learned About the Economy in 2021

For once, the government tried overheating the economy. For better and worse, it succeeded.

#american-rescue-plan-2021, #inflation-economics, #labor-and-jobs, #polls-and-public-opinion, #prices-fares-fees-and-rates, #shortages, #stimulus-economic, #united-states-economy, #wages-and-salaries

The New Pentagon Papers: Civilian Casualties

Readers call for Pentagon accountability for the killing of civilians. Also: Julian Assange; Republican hypocrisy; two-family homes.

#affordable-housing, #american-rescue-plan-2021, #assange-julian-p, #civilian-casualties, #classified-information-and-state-secrets, #real-estate-and-housing-residential, #stimulus-economic, #united-states-defense-and-military-forces, #united-states-politics-and-government, #war-crimes-genocide-and-crimes-against-humanity

Fed Could Raise Rates 3 Times in 2022, Speeds End of Bond-Buying

Federal Reserve officials suggested as many as three interest rate increases in 2022 as the economy heals and inflation persists.

#coronavirus-2019-ncov, #federal-reserve-system, #inflation-economics, #interest-rates, #labor-and-jobs, #powell-jerome-h, #quantitative-easing, #stimulus-economic, #united-states-economy

Republicans Who Assailed Biden’s Stimulus Bill Are Embracing the Money

Republican governors who criticized the $1.9 trillion Covid relief bill as wasteful are championing state projects funded by the money.

#american-rescue-plan-2021, #biden-joseph-r-jr, #budgets-and-budgeting, #coronavirus-2019-ncov, #democratic-party, #desantis-ron, #dewine-mike, #ducey-doug-1964, #federal-aid-us, #federal-budget-us, #gianforte-greg-1961, #noem-kristi, #republican-party, #stimulus-economic, #united-states-politics-and-government

How Tech is Helping Poor People Get Government Aid

Even as the government expanded aid programs, many people faced barriers to using them. That problem is now being addressed with apps and streamlined websites.

#chen-jimmy, #civilla, #code-for-america, #coronavirus-2019-ncov, #food-stamps, #mobile-applications, #mobile-commerce-and-payments, #poverty, #propel-inc, #states-us, #stimulus-economic, #united-states-economy, #united-states-politics-and-government, #welfare-us

Why the November Jobs Report Is Better Than It Looks

The number of jobs added was below expectations, but otherwise the report shows an economy on the right track.

#federal-reserve-system, #labor-and-jobs, #quantitative-easing, #shortages, #stimulus-economic, #unemployment

A Top Official Says the Fed Will ‘Grapple’ With a Faster Bond-Buying Taper

The president of the New York Federal Reserve said Omicron could prolong supply and demand mismatches, causing some inflation pressures to last.

#coronavirus-2019-ncov, #coronavirus-omicron-variant, #economic-conditions-and-trends, #federal-open-market-committee, #federal-reserve-bank-of-new-york, #inflation-economics, #labor-and-jobs, #powell-jerome-h, #quantitative-easing, #shortages, #stimulus-economic, #united-states-economy, #williams-john-c

Powell Says Fed Could Finish Bond-Buying Taper Early

The Federal Reserve could pull back economic support faster as inflation lasts, and its chair signaled that for now the Omicron variant is a “risk.”

#banking-and-financial-institutions, #federal-reserve-system, #inflation-economics, #powell-jerome-h, #quantitative-easing, #senate-committee-on-banking, #stimulus-economic, #united-states-economy, #united-states-politics-and-government

How the $4 Trillion Flood of Covid Relief Is Funding the Future

From broadband to transportation to high-tech medical manufacturing, benefits from America’s pandemic money infusion will linger.

#2021-tech-and-design, #american-rescue-plan-2021, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #factories-and-manufacturing, #federal-aid-us, #stimulus-economic, #united-states-economy, #united-states-politics-and-government

Joe Biden’s Infrastructure Bill Is a Big Success

Voters may pummel Democrats next year but future generations will be grateful. 

#american-rescue-plan-2021, #biden-joseph-r-jr, #child-tax-credits-and-stipends, #consumer-behavior, #coronavirus-2019-ncov, #democratic-party, #inflation-economics, #infrastructure-public-works, #infrastructure-investment-and-jobs-act-2021, #labor-and-jobs, #law-and-legislation, #stimulus-economic, #united-states, #united-states-economy, #united-states-politics-and-government, #wages-and-salaries

Mortgage Bills Are Coming Again. $10 Billion in Aid May Arrive First.

The federal Homeowner Assistance Fund aims to help those still struggling as forbearance periods come to an end. But the assistance isn’t limited to mortgage payments.

#american-rescue-plan-2021, #commerce-department, #foreclosures, #mortgages, #real-estate-and-housing-residential, #stimulus-economic, #united-states-economy

How America’s Pandemic Economic Response Fought the Last War

A focus on the challenges of the Great Recession has fueled some of the challenges of this crisis.

#biden-joseph-r-jr, #federal-reserve-system, #inflation-economics, #shortages, #stimulus-economic, #two-thousand-tens-decade, #united-states-economy, #united-states-politics-and-government

Japan’s Economy Shrinks, but Outlook Is Warm as Virus Ebbs

The coronavirus and supply chain issues stymied growth in the third quarter, but high vaccination rates and low numbers of virus cases point to a recovery.

#coronavirus-2019-ncov, #economic-conditions-and-trends, #japan, #stimulus-economic

Stocks Soar in India, Luring Investors at Home and Abroad

The second-most populous country is enjoying some of the world’s strongest stock market returns. Pro-growth policies and gnawing questions about China have helped.

#coronavirus-2019-ncov, #economic-conditions-and-trends, #india, #indian-rupee-currency, #modi-narendra, #paytm-payments-bank-ltd, #reserve-bank-of-india, #stimulus-economic, #stocks-and-bonds

The Congressional Black Caucus Was Key to the Infrastructure Vote

Speaker Nancy Pelosi sent the chairwoman of the caucus, Representative Joyce Beatty of Ohio, to announce a key deal, understanding that the lawmaker had more influence at that point than she did.

#american-jobs-plan-2021, #biden-joseph-r-jr, #bridges-and-tunnels, #congressional-progressive-caucus, #democratic-party, #house-of-representatives, #infrastructure-public-works, #law-and-legislation, #republican-party, #stimulus-economic, #united-states-economy, #united-states-politics-and-government

What Jerome Powell Didn’t Do: Lay the Groundwork for Higher Rates

He said high inflation was mostly a result of pandemic effects like supply network disruptions, a problem he thinks the Fed can’t fix.

#banking-and-financial-institutions, #credit-and-debt, #inflation-economics, #interest-rates, #powell-jerome-h, #quantitative-easing, #stimulus-economic, #united-states-economy

What to watch at the Fed’s meeting Wednesday.

The Federal Reserve is expected to announce plans at 2 p.m. Wednesday to slow its bond buying while leaving interest rates near zero. But the focus is on what comes next.

#banking-and-financial-institutions, #federal-open-market-committee, #federal-reserve-system, #inflation-economics, #interest-rates, #powell-jerome-h, #prices-fares-fees-and-rates, #quantitative-easing, #shortages, #stimulus-economic, #united-states-economy

As the Fed Prepares to Slow Support, Attention Shifts to Rate Increases

The Federal Reserve is expected to announce a plan to taper off its bond buying. With inflation surging, economists’ eyes are already turning to rates.

#federal-reserve-system, #inflation-economics, #interest-rates, #labor-and-jobs, #powell-jerome-h, #prices-fares-fees-and-rates, #stimulus-economic, #united-states, #united-states-economy

Even With a Dream Job, You Can Be Antiwork

The pandemic has prompted a dawning realization that we are way too obsessed with our jobs.

#labor-and-jobs, #politics-and-government, #shortages, #stimulus-economic, #strikes, #wages-and-salaries

Joe Manchin Doesn’t Like What Joe Biden Is Doing

Why is that?

#american-jobs-plan-2021, #american-rescue-plan-2021, #biden-joseph-r-jr, #child-tax-credits-and-stipends, #coronavirus-aid-relief-and-economic-security-act-2020, #democratic-party, #infrastructure-public-works, #labor-and-jobs, #manchin-joe-iii, #roosevelt-franklin-delano, #stimulus-economic, #united-states-politics-and-government, #wages-and-salaries

Where Biden Is Most Vulnerable

He said he knew how to get things moving. But we’re stalled.

#american-rescue-plan-2021, #biden-joseph-r-jr, #coronavirus-aid-relief-and-economic-security-act-2020, #democratic-party, #internal-sub-only, #polls-and-public-opinion, #states-us, #stimulus-economic, #united-states, #united-states-politics-and-government

As Democrats Trim Spending Bill, Some Americans Fear Being Left Behind

President Biden had an ambitious agenda to remake the economy. But under the duress of negotiations and Senate rules, he has shelved a series of proposals, some of them indefinitely.

#american-families-plan-2021, #american-jobs-plan-2021, #biden-joseph-r-jr, #democratic-party, #global-warming, #house-of-representatives, #immigration-and-emigration, #infrastructure-public-works, #labor-and-jobs, #law-and-legislation, #minimum-wage, #real-estate-and-housing-residential, #senate, #stimulus-economic, #taxation, #united-states-economy, #united-states-politics-and-government, #wages-and-salaries

Racial Bias Skewed Small-Business Relief Lending, Study Says

Black business owners were more likely to get Paycheck Protection Program loans from online lenders than from banks, according to new research.

#algorithms, #banking-and-financial-institutions, #coronavirus-aid-relief-and-economic-security-act-2020, #cross-river-bank, #discrimination, #howell-sabrina-t, #independent-community-bankers-of-america, #minorities, #race-and-ethnicity, #research, #small-business, #stimulus-economic, #united-states-economy

Man Who Faked Suicide to Avoid Covid-19 Fraud Charges Is Sentenced

Prosecutors said David A. Staveley, who cut off his electronic monitoring bracelet and left suicide notes with friends and relatives, was sentenced to 56 months in prison.

#andover-mass, #coronavirus-2019-ncov, #david-andrew-butziger, #david-staveley, #frauds-and-swindling, #justice-department, #paycheck-protection-program, #small-business, #stimulus-economic, #suicides-and-suicide-attempts

Weak Employment and Rising Prices Raise the Stakes for the Fed

The disappointing payrolls report for September came at a high-pressure moment for the central bank, as it balances inflation with missing jobs.

#coronavirus-2019-ncov, #federal-reserve-system, #inflation-economics, #interest-rates, #labor-and-jobs, #powell-jerome-h, #prices-fares-fees-and-rates, #quantitative-easing, #stimulus-economic, #unemployment, #united-states-economy

Economic and Earnings Concerns Begin to Weigh on Stocks

After having few cares about the markets all year, investors are getting nervous as the Fed signals that harsher policies are on the way.

#company-reports, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-reserve-system, #mutual-funds, #stimulus-economic, #stocks-and-bonds, #united-states-economy

S.B.A. Overpaid $4.5 Billion on ‘Illogical’ Small Business Grant Claims

A program gave money to 700,000 self-employed people who improperly claimed to have as many as a million employees, according to an inspector general’s report.

#cardin-benjamin-l, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-aid-us, #frauds-and-swindling, #small-business, #small-business-administration, #stimulus-economic, #united-states-economy, #united-states-politics-and-government, #ware-hannibal

The Stock Market’s Hot Summer Became a Swoon. Where Does It Go Next?

Inflation and supply chain problems have been a concern since the pandemic began. But action by the Federal Reserve and pressure on corporate profits put those worries in sharp focus.

#company-reports, #coronavirus-2019-ncov, #federal-reserve-system, #standardpoors-500-stock-index, #stimulus-economic, #stocks-and-bonds, #united-states-economy

The Economy Looks Solid. But These Are the Big Risks Ahead.

One concern is that political leaders will mismanage things in the world’s largest and second-largest economies.

#china, #china-evergrande-group, #economic-conditions-and-trends, #shutdowns-institutional, #stimulus-economic, #subprime-mortgage-crisis, #united-states-economy, #united-states-politics-and-government

Wonking Out: This Might Be China’s ‘Babaru’ Moment

Evergrande may not be another Lehman, but so what?

#china, #china-evergrande-group, #economic-conditions-and-trends, #internal-sub-only, #japan, #stimulus-economic

Could This Covid Wave Reverse the Recovery? Here’s What to Watch.

Some businesses are still hurting, and federal aid has wound down. But economists see sources of resilience and signs of strength.

#consumer-behavior, #coronavirus-2019-ncov, #coronavirus-delta-variant, #coronavirus-reopenings, #federal-reserve-system, #small-business, #stimulus-economic, #united-states-economy

Cuts to Biden’s Spending Bill Shouldn’t Harm Disabled Americans

Proposed cuts to President Biden’s spending bill would hurt disabled and older Americans who have supported progressive agendas for decades.

#democratic-party, #disabilities, #house-of-representatives, #law-and-legislation, #senate, #stimulus-economic

Federal Reserve Signals It May Soon Slow Bond Purchases

The Federal Reserve said it could soon slow its large-scale purchases of government-backed debt and indicated it might raise interest rates in 2022.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #inflation-economics, #interest-rates, #quantitative-easing, #stimulus-economic, #united-states-economy

Does the U.S. Economy Still Need Booster Shots?

This week, the Federal Reserve may hint at an answer.

#federal-reserve-system, #interest-rates, #internal-sub-only, #powell-jerome-h, #quantitative-easing, #recession-and-depression, #stimulus-economic, #stocks-and-bonds

Unemployment Benefits Expire for Millions Without Pushback From Biden

The president has encouraged some states to continue helping the long-term unemployed, but administration officials say it was time for enhanced federal aid to end.

#american-rescue-plan-2021, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-aid-us, #labor-and-jobs, #stimulus-economic, #unemployment-insurance, #united-states-economy

August Jobs Report is Concerning News for Fed

The Federal Reserve and White House had hoped for strong job gains, and the August report did not deliver. That makes coming numbers critical.

#federal-reserve-system, #interest-rates, #labor-and-jobs, #powell-jerome-h, #quantitative-easing, #stimulus-economic, #unemployment

The Economy Is Booming but Far From Normal, Posing a Challenge for Biden

High inflation, ghostly downtowns and a resurgent virus have rattled consumers and created new obstacles as the president tries to push his broader economic agenda.

#american-rescue-plan-2021, #biden-joseph-r-jr, #consumer-behavior, #coronavirus-2019-ncov, #coronavirus-delta-variant, #coronavirus-reopenings, #labor-and-jobs, #stimulus-economic, #united-states-economy, #united-states-politics-and-government

Biden, Needing a Win, Enters a Sprint for his Economic Agenda

As his poll numbers slide, the president and his aides have mounted an aggressive pitch in Congress and around the country for his spending plans on infrastructure and more.

#american-jobs-plan-2021, #american-rescue-plan-2021, #coronavirus-aid-relief-and-economic-security-act-2020, #law-and-legislation, #stimulus-economic, #tax-cuts-and-jobs-act-2017, #united-states-economy, #united-states-politics-and-government

Biden Enters a Sprint for his Economic Agenda

As his poll numbers slide, the president and his aides have mounted an aggressive pitch in Congress and around the country for his spending plans on infrastructure and more

#american-jobs-plan-2021, #american-rescue-plan-2021, #coronavirus-aid-relief-and-economic-security-act-2020, #law-and-legislation, #stimulus-economic, #tax-cuts-and-jobs-act-2017, #united-states-economy, #united-states-politics-and-government

Banks Are Bingeing on Bonds, but Not Because They Want To

Banks are awash in deposits, and their customers are taking out fewer loans. So they have little choice but to buy up government debt, even if it means skimpy profits.

#bank-of-america-corporation, #banking-and-financial-institutions, #credit-and-debt, #government-bonds, #interest-rates, #mt-bank-corporation, #stimulus-economic, #united-states-economy, #wells-fargocompany

The Pandemic Is Testing the Federal Reserve’s New Policy Plan

Year 1 of the Fed’s framework, unveiled at its Jackson Hole conference in 2020, has included high inflation and job market healing. Now comes the hard part.

#coronavirus-2019-ncov, #federal-reserve-system, #government-bonds, #inflation-economics, #interest-rates, #labor-and-jobs, #powell-jerome-h, #stimulus-economic, #unemployment, #united-states-economy, #wages-and-salaries

This Is a Terrible Time for Savers

In an upside-down world of financial markets, expected returns after inflation are at record lows.

#content-type-service, #federal-reserve-system, #inflation-economics, #interest-rates, #personal-finances, #savings, #stimulus-economic, #stocks-and-bonds, #united-states-economy

One Number to Gauge Where the Economy Is Headed

The yield on the 10-year Treasury note is often a reliable indicator of how Wall Street views the prospects of economic growth — especially when other data points send confusing signals.

#inflation-economics, #stimulus-economic, #stocks-and-bonds, #united-states-economy

Biden Is Asking for $4 Trillion. Congress Shouldn’t Give It to Him.

The president’s economic plan would risk making inflation worse.

#biden-joseph-r-jr, #federal-budget-us, #federal-reserve-system, #inflation-economics, #stimulus-economic, #united-states-economy, #united-states-politics-and-government

Senators and Biden Aides Struggle to Save Bipartisan Infrastructure Deal

A looming deadline and a last-minute need for a new revenue source are complicating a deal that was announced nearly a month ago.

#american-jobs-plan-2021, #biden-joseph-r-jr, #democratic-party, #federal-budget-us, #house-of-representatives, #inflation-economics, #infrastructure-public-works, #republican-party, #senate, #stimulus-economic, #united-states-economy, #united-states-politics-and-government

States and Cities Scramble to Spend $350 Billion Stimulus

The Biden administration is betting on the funds to keep the recovery humming, but Republicans say the money is being wasted.

#american-jobs-plan-2021, #american-rescue-plan-2021, #biden-joseph-r-jr, #coronavirus-2019-ncov, #stimulus-economic, #united-states-economy, #united-states-politics-and-government

U.S. Deficit Expected to Hit $3 Trillion in 2021, Budget Office Says

Stimulus spending will help fuel economic growth and erase pandemic job losses, according to a new report from the Congressional Budget Office.

#biden-joseph-r-jr, #congressional-budget-office, #coronavirus-2019-ncov, #federal-budget-us, #inflation-economics, #stimulus-economic, #united-states-economy, #united-states-politics-and-government