Throughout the COVID-19 pandemic, the Federal Reserve Bank and Congress have taken unprecedented steps to stabilize the economy after entire industries and sectors ground to a halt last year amidst the public health crisis. The Fed has kept interest rates near zero, created lending programs to pump trillions of dollars into the economy, and bought…
Australia Will Recover From Lockdowns, but at the ‘Expense of People’: Shark Tank Investor
August 9, 2021
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AustraliaAustralia COVID-19Business & EconomyCCP VirusEconomiesInternationaljobkeeperSteve BaxterSydney LockdownsTechTech NewsWorld
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Tech investor and star of reality TV series Shark Tank, Steve Baxter, says Australia’s economy will weather the repeated COVID-19 lockdowns, but argues that the restrictions will leave a permanent scar on communities and small businesses. Speaking to The Epoch Times, Baxter said that while economic recovery was likely, he was doubtful whether the same…
Saudi Oil Giant Aramco Sees Half-Year Earnings Climb to $47 Billion
DUBAI, United Arab Emirates—Saudi Arabia’s oil-producing company, Aramco, announced Sunday a net income of around $47 billion for the first half of the year, double what it earned over the same period last year when the coronavirus grounded travel and pummeled global demand for oil. This puts Aramco back squarely where it was before the…
India Should Take Beijing’s Place in Global Supply Chains: Former Prime Minister
August 8, 2021
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Asia & PacificAustraliaAustralia-IndiaBusiness & EconomyChinaChina-Australia RelationsEconomiesIndiaInternationalInternational RelationsTony AbbottWorld
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Former Australian Prime Minister Tony Abbott has called on India to take its “rightful place” among democratic nations and replace China in vital global supply chains. “The answer to almost every question about China is India,” the former prime minister wrote in an op-ed published in The Australian. “Although currently not as rich as China,…
Cryptocurrency Negotiators at ‘Impasse’ Over Tax Reporting Rules
By Laura Weiss From CQ-Roll Call Senators hit a roadblock Thursday night on adjustments to the bipartisan infrastructure package’s cryptocurrency reporting rules as the White House weighed in to push a smaller change. The bill’s lead negotiators, Sen. Kyrsten Sinema (D-Ariz.) and Sen. Rob Portman (R-Ohio), joined with Sen. Mark Warner (D-Va.), on an amendment…
Bipartisan Infrastructure Bill to Give ‘No Significant’ Boost to Economy: Wharton Study
August 6, 2021
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Bipartisan infrastructure billBusiness & Economycongresseconomic growthEconomieseconomyGDPPoliticsUSUS News
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An expert analysis shows that the $1 trillion bipartisan infrastructure bill now winding its way through the Senate would have “no significant effect” on economic growth, delivering a counterpoint of sorts to the White House view that the deal “will generate significant economic benefits.” The University of Pennsylvania’s Penn-Wharton Budget Model (PWBM), released Aug. 5,…
American Employers Added 943,000 Jobs in July
America’s private employers in July added 943,000 jobs—a proxy for new hires—in a sign that the U.S. economy enjoyed a solid burst of job growth as the labor market recovery continues. The Labor Department’s jobs report, released Friday, shows that nonfarm payroll employment rose by 943,000 in July, topping the 850,000 jobs U.S. employers added in June….
Fed Vice Chair Sees Interest Rate Liftoff as Early as 2023
A key Federal Reserve official said Wednesday that the economic conditions for raising interest rates could be met by the end of 2022, paving the way for a liftoff of the Fed’s benchmark rate from its current level of near zero. Federal Reserve Vice Chair Richard Clarida, the Fed’s second-in-command, said in a webcast discussion hosted…
Bipartisan Infrastructure Bill Would Add $256 Billion to Deficits: CBO Score
The Congressional Budget Office (CBO) has released its much-anticipated score for the bipartisan infrastructure plan now under consideration in the Senate, estimating the package would add $256 billion in deficits over ten years, countering negotiators’ claim it would be fully paid for. “The Congressional Budget Office estimates that over the 2021-2031 period, enacting Senate Amendment 2137…
Bipartisan Infrastructure Bill Would Add $256 Billion to Deficits: CBO
The Congressional Budget Office (CBO) has released its much-anticipated score for the bipartisan infrastructure plan now under consideration in the Senate, estimating the package would add $256 billion in deficits over ten years, countering negotiators’ claim it would be fully paid for. “The Congressional Budget Office estimates that over the 2021-2031 period, enacting Senate Amendment 2137…
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