U.S. credit card balances failed to decline in the first three months of 2023 as Americans find themselves increasingly burdened by the relentless grip of chronic inflation. Total credit card debt stood at $986 billion in the first quarter, according to the Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit…
US Credit Card Debt Holds at Record High of Nearly $1 Trillion
May 15, 2023
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Oil Prices Rise as Concerns About US Economy Persist
May 15, 2023
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Business & Marketseconomic recessioneconomyenergyGold and CommoditiesMarketsoil pricesoil productionPolicies & ImpactsUS
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Oil prices rose during early Monday trading after a long streak of weekly declines, with the overall market sentiment expected to remain lukewarm due to worries about the state of the American economy. Brent crude oil prices were trading at $75.42 per barrel on Monday, as of 10:44 a.m. EST, up from its opening of…
Social Security Payment Increase Could Drop Significantly in 2024: Seniors Group
A nonpartisan seniors group warned that next year’s cost-of-living adjustment (COLA) for recipients will likely be smaller in 2024 than in 2023, meaning retirees will lose purchasing power. In a news release, The Senior Citizens League said that the COLA for 2024 could be approximately 3.1 percent for 2024, or down more than 5 percentage…
Vice Media Files for Chapter 11 Bankruptcy, the Latest in a String of Digital Media Setbacks
NEW YORK—Vice Media is filing for Chapter 11 bankruptcy protection, the latest digital media company to falter after a meteoric rise. Vice said Monday that it has agreed to sell its assets to a consortium of lenders—Fortress Investment Group, Soros Fund Management, and Monroe Capital—in exchange for $225 million in credit. Other parties will also…
Is Silver Still Undervalued Today?
Is silver undervalued? It’s a common question for new and seasoned investors alike. Like gold, silver is a safe-haven class investment. Unlike gold, silver’s value depends on a complex web of market factors. This can make it difficult to determine when it is a good time to buy silver. Is Silver Undervalued? The short answer…
IRS Takes Steps to Protect Identity of Workers to Deter Personal Threats
The Internal Revenue Service (IRS) on May 11 said it will start limiting workers’ personal identification information on communications with taxpayers in June to reduce threats aimed at IRS employees. The Treasury Department’s inspector general for tax administration said in a May 8 report (pdf) that it was “concerned that taxpayers and anti-government or anti-tax groups…
IRS to Hide Workers’ Identities From Taxpayers
The Internal Revenue Service (IRS) on May 11 said it will start limiting workers’ personal identification information on communications with taxpayers in June to reduce threats aimed at IRS employees. The Treasury Department’s inspector general for tax administration said in a May 8 report (pdf) that it was “concerned that taxpayers and anti-government or anti-tax groups…
Long-Term Inflation Expectations Reach 12-Year High
Commentary According to the University of Michigan, inflation expectations index for five to 30 years reached a 12-year high of 3.2 percent. At the same time, the consumer sentiment index declined to 63.5, compared to a pre-pandemic high of 300. The deterioration in the situation of consumers is evident. The official narrative is that inflation…
Biggest Fear Among US Business Leaders Is ‘Catastrophic’ Debt Default: White House Economic Adviser
May 15, 2023
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Business & MarketsCompaniesdebt defaulteconomyExecutive BranchinflationMarketsPoliticsrecessionUSUS News
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A key aide to President Joe Biden said Sunday that American business leaders’ chief concern is not inflation or recession but the looming threat of a “catastrophic” government debt default. Lael Brainard, director of the White House National Economic Council, told CBS’ “Face the Nation” on Sunday that the country’s top business leaders have told her…
Activist Investor Elliott Pushes for Changes at Goodyear
Activist investor Elliott Investment Management L.P. disclosed a large investment in Goodyear Tire & Rubber Co. on Thursday and said it wants the company to strengthen its financial position by refreshing the board, selling its stores, and conducting an operational review. Elliott holds a 10 percent stake in the 125-year-old company, making it one of…
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