President Biden plans to visit Nevada and Arizona this week to champion his economic policies and attack Republicans on immigration and abortion as he seeks to shore up a crucial but wavering Latino electorate in the two battleground states. Mr. Biden will begin his trip on Tuesday in Reno, Nev., where he plans to promote […]
Read MoreTag: United States Economy
Biden’s Climate Law Has Created a Growing Market for Green Tax Credits
The climate law that President Biden signed in 2022 has created a large and growing market for companies to buy and sell clean-energy tax credits, new Treasury Department data suggests, creating opportunities for start-ups to raise money for projects like wind farms and solar panel installations. The market also provides new opportunities for large companies […]
Read MoreFed Meets Amid Worries That Inflation Progress Might Stall
Slowing America’s rapid inflation has been an unexpectedly painless process so far. High interest rates are making it expensive to take out a mortgage or borrow to start a business, but they have not slammed the brakes on economic growth or drastically pushed up unemployment. Still, price increases have been hovering around 3.2 percent for […]
Read MoreEmail ‘Mistake’ on Inflation Data Prompts Questions on What Is Shared
One afternoon in late February, an employee at the Bureau of Labor Statistics sent an email about an obscure detail in the way the government calculates inflation — and set off an unlikely firestorm. Economists on Wall Street had spent two weeks puzzling over an unexpected jump in housing costs in the Consumer Price Index. […]
Read MoreWhy Are Americans Still Down on the Economy?
Are you better off today than you were four years ago? Honestly, I didn’t think Republicans were going to try replaying Ronald Reagan’s famous line, since so much of the G.O.P.’s 2024 strategy depends on a sort of collective amnesia about the last year of Donald Trump’s presidency. Is it really a good idea to […]
Read MoreWe’re Not Burdens on Society. We’re Engines of Economic Progress.
History is being made on the Rio Grande. Hundreds of thousands of migrants braved the journey across it last year, setting records and contributing to an urgent border crisis. As spectacle, it has been transfixing. Yet misconceptions abound. It’s as if the sight of a migrant scaling a wall or wading ashore is now a […]
Read MoreIt Sucks to Be 33
The Daily is made by Rachel Quester, Lynsea Garrison, Clare Toeniskoetter, Paige Cowett, Michael Simon Johnson, Brad Fisher, Chris Wood, Jessica Cheung, Stella Tan, Alexandra Leigh Young, Lisa Chow, Eric Krupke, Marc Georges, Luke Vander Ploeg, M.J. Davis Lin, Dan Powell, Sydney Harper, Mike Benoist, Liz O. Baylen, Asthaa Chaturvedi, Rachelle Bonja, Diana Nguyen, Marion […]
Read MoreMalaysia Rises as Crucial Link in Chip Supply Chain
Construction cranes still surround the brand-spanking new plant in Kulim’s industrial park in Malaysia. But inside, legions of workers hired by the Austrian tech giant AT&S are already gearing up to produce at full capacity by year’s end. Outfitted in head-to-toe coveralls, with oversized safety glasses and hard hats, they’re reminiscent of the worker bees […]
Read MoreInflation Ticked Up Last Month, Backing the Fed’s Caution on Rate Cuts
Inflation sped up slightly in February on an overall basis and a closely watched measure of underlying price increases was firmer than economists had expected. The fresh data underscores that fully returning inflation to a normal pace is likely to be a bumpy process — and backs up the Federal Reserve’s decision to proceed carefully […]
Read MoreBiden Budget Lays Out Battle Lines Against Trump
President Biden in his budget this week staked out major economic battle lines with former President Donald J. Trump, the presumptive Republican presidential nominee. The proposal offers the nation a glimpse of the diverging directions that retirement programs, taxes, trade and energy policy could take depending on the outcome of the November election. During the […]
Read MoreWhat Happened to Our Covid Social Safety Net?
It’s a riddle that economists have struggled to decipher. The U.S. economy seems robust on paper, yet Americans are dissatisfied with it. But hardly anyone seems to have paid much attention to the whirlwind experience we just lived through: We built a real social safety net in the United States and then abruptly ripped it […]
Read MoreBiden’s Budget Calls for Tax Increases on Corporations and the Wealthy
The budget that President Biden released on Monday projects to cut deficits by $3 trillion over a decade, and it does so with an approach that has become familiar: tax increases for companies and the wealthy. The president previewed several of the proposals in his State of the Union speech last week and contrasted them […]
Read MoreBiden’s Budget Underscores Divide With Republicans and Trump
President Biden proposed a $7.3 trillion budget on Monday packed with tax increases on corporations and high earners, new spending on social programs and a wide range of efforts to combat high consumer costs like housing and college tuition. The proposal includes only relatively small changes from the budget plan Mr. Biden submitted last year, […]
Read MoreBiden Budget Will Underscore Divide With Republicans and Trump
President Biden on Monday will propose a budget packed with tax increases on corporations and high earners, new spending on social programs, and a wide range of efforts to combat high consumer costs like housing and college tuition. The new spending and tax increases included in the fiscal 2025 budget stand almost no chance of […]
Read MoreWhy It’s Hard to Explain Joe Biden’s Unpopularity
Joe Biden is one of the most unpopular presidents in modern American history. In Gallup polling, his approval ratings are lower than those of any president embarking on a re-election campaign, from Dwight Eisenhower to Donald Trump. Yet an air of mystery hangs around his lousy polling numbers. As The Washington Free Beacon’s Joe Simonson […]
Read MoreU.S. Employers Add 275,000 Jobs in Another Strong Month
If the economy is slowing down, nobody told the labor market. Employers added 275,000 jobs in February, the Labor Department reported Friday, in another month that exceeded expectations even as the unemployment rate rose. It was the third straight month of gains above 200,000, and the 38th consecutive month of growth — fresh evidence that […]
Read MoreDon’t Be Fooled by a Big Jobs Gain
March 5, 2024, 1:29 p.m. ET March 5, 2024, 1:29 p.m. ET “I was a little disappointed that Katie Porter chose to run,” Karl Rubin, an emeritus professor of math, told me on the patio of a community center on the campus of the University of California, Irvine, on Monday morning. He said that Porter, […]
Read MoreThe School Issues We’re Battling Over Aren’t the Ones That Matter
A Florida school district, facing pressure about “nudity” in schools, removed from shelves a picture book that showed an illustration of a goblin’s bare bottom. Some students were saved from debauchery when school officials colored in a pair of pants on the goblin. That’s a particularly nutty example, from the newsletter “Popular Information” (the school […]
Read MoreFed Chair Powell Still Expects to Cut Rates This Year, but Not Yet
Jerome H. Powell, the chair of the Federal Reserve, said on Wednesday that he thinks the central bank will begin to lower borrowing costs in 2024 but that policymakers still needed to gain “greater confidence” that inflation was conquered before making a move. “We believe that our policy rate is likely at its peak for […]
Read MoreBrighter Economic Mood Isn’t Translating Into Support for Biden
Eight months before the election, Americans feel slightly better about the state of the economy as inflation recedes and the labor market remains stable, but President Biden doesn’t appear to be benefiting. Among registered voters nationwide, 26 percent believe the economy is good or excellent, according to polling in late February by The New York […]
Read MoreIs New York City Back? Not for Everyone.
Nearly four years after the coronavirus pandemic hit, New York City is back in many ways. As of September, New York City had the most jobs ever recorded. Tourism has mostly rebounded, with 62 million visitors last year. Subway ridership is still short of prepandemic levels, but has risen to nearly four million on weekdays. […]
Read MoreTrump’s Tax Cut Fueled Investment but Did Not Pay for Itself, Study Finds
The corporate tax cuts that President Donald J. Trump signed into law in 2017 have boosted investment in the U.S. economy and delivered a modest pay bump for workers, according to the most rigorous and detailed study yet of the law’s effects. Those benefits are less than Republicans promised, though, and they have come at […]
Read MoreHow 33-Year-Olds, the Peak Millennials, Are Shaping the U.S. Economy
I have covered economics for 11 years now, and in that time, I have come to the realization that I am a statistic. Every time I make a major life choice, I promptly watch it become the thing that everyone is doing that year. I started college in 2009, in the era of all-time-high matriculation […]
Read MoreThe U.S. Economy Is Surpassing Expectations. Immigration Is One Reason.
The U.S. economic recovery from the pandemic has been stronger and more durable than many experts had expected, and a rebound in immigration is a big reason. A resumption in visa processing in 2021 and 2022 jump-started employment, allowing foreign-born workers to fill some holes in the labor force that persisted across industries and locations […]
Read MoreFor Michigan’s Economy, Electric Vehicles Are Promising and Scary
Last fall, Tiffanie Simmons, a second-generation autoworker, endured a six-week strike at the Ford Motor factory just west of Detroit where she builds Bronco S.U.V.s. That yielded a pay raise of 25 percent over the next four years, easing the pain of reductions that she and other union workers swallowed more than a decade ago. […]
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