This year featured much economic news, some concerning and some encouraging. Here are four of the economic stories that stood out in 2024.

This past year was an election year, and the economy was voters’ biggest concern. Anger about years of too-high inflation helped tilt the election in President-elect Donald Trump’s favor. Additionally, bitcoin had a banner year; the government fell further into fiscal trouble, and investors poured billions of dollars into artificial intelligence, betting that it is the future.

Inflation and the Fed

Inflation has gradually trended down from a peak of about 9% in 2022, but this past year, consumers still felt the pain from four cumulative years of fast-rising prices. To close out 2024, goods and services are now generally about 20% more expensive than when President Joe Biden entered office.

While inflation rapidly decelerated in the latter half of 2022 and in 2023, it declined this year, although not as fast as might have been hoped.

The Federal Reserve is targeting 2% inflation, and while inflation still isn’t there, the Fed has made progress in its goals.

Mark Hamrick, senior economic analyst at Bankrate, said there is much uncertainty in the months ahead.

“I think the path of inflation has been bumpy all along,” he told the Washington Examiner. “And, you know, it appears that perhaps the current part of the journey is a little more challenging for the Fed to get to its 2% target.”

There are a few gauges of inflation, but the consumer price index is the most closely watched one, and the personal consumption expenditures index is the one the Fed tracks.

CPI inflation was tracking at 3.1% in January and has now fallen to 2.7% after briefly dipping to 2.4% in September. PCE inflation began the year at 2.6% and has fallen to 2.3% after falling to a low of just under 2.1% in September.

The Fed raised interest rates to historic levels in response to inflation, with the central bank bringing its rate target to a peak of 5.25% to 5.50%. But the Fed finally cut interest rates in September, the first time in over four years. The Fed cut again in November and analysts expect more downward revisions in the year ahead.

Inflation was a top political consideration. Many voters said the past few years of high inflation was the biggest issue on their minds heading into the voting booth. The higher interest rate environment also made consumers like the economy was in bad shape, even as unemployment remained low and economic growth was hearty.

Fiscal outlook darkened

Also tied, in part, to the higher interest rates, the federal government’s fiscal outlook became even more uncertain in 2024.

The Congressional Budget Office estimated in October that the federal budget deficit for fiscal 2024 rose to $1.8 trillion, the highest in three years. That is an increase from $1.7 trillion the year before.

Interest costs continued to surge in 2024. Spending on interest on the public debt rose by $240 billion last year to a total of $950 billion.

Spending on Social Security also rose by about 8% because of cost-of-living increases raising the average benefit payment and a larger number of people receiving benefits.

Medicare spending also rose about 9% because of rising enrollment and higher payment rates for services.

Yields on 10-year and 5-year Treasuries have also been elevated despite the Fed cutting short-term rates. That means that spending on the interest on the federal debt is only set to increase, which raises cost of running deficits. That means that policies that add to deficits, such as Trump’s planned tax cut extensions next year, are more costly.

The total national debt of the U.S. hit $35 trillion in July and then, just a few months later, hit another milestone of $36 trillion. The federal debt per citizen has now climbed to about $107,000.

“We are only two months into the fiscal year, and we have already borrowed a staggering $622 billion, with $365 billion in the month of November alone,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. “Less than a month ago, our national debt reached a new high of $36 trillion, and the threat of even more debt looms large.”

Rising debt and deficits threaten popular programs like Social Security and Medicare, which millions of Americans rely on. The Medicare trust fund will be exhausted in 2036, and the combined Social Security trust fund will become exhausted in 2035, the program’s trustees projected in May.

Bitcoin boom

Bitcoin had a banner year, with its price rising from about $44,000 per coin at the start of 2024 to around $60,000 by mid-year and all the way up to over $100,000 in December.

For context, if someone would have converted their total $250,000 in savings and traditional investments into bitcoin at the start of the year, their nest egg would have grown to a staggering $603,000 — a 141% return on investment.

A big part of the bitcoin growth in 2024 came as a result of Trump besting Vice President Kamala Harris in the election. Cryptocurrency proponents see Biden, and by extension Harris, as hostile to the industry. But more than that, Trump embraced bitcoin on the campaign trail and groups associated with digital assets ended up supporting his election bid.

Since winning, Trump has tapped a crypto-friendly Securities and Exchange Commission chairman and treasury secretary. Trump also selected venture capitalist David Sacks as the first-ever “crypto czar.”

In good news for the industry that predated Trump’s win, the SEC finally allowed bitcoin spot ETFs in early 2024 after years of waiting from cryptocurrency advocates and hope from large institutions such as BlackRock and Fidelity that their applications would get approved.

Institutional acceptance increased for bitcoin this past year as well, further supporting the crypto space.

“I mean, now even Blackrock is recommending people have Bitcoin as part of their portfolios,” Brian Morgenstern, who is head of public policy at Riot Platforms, told the Washington Examiner. “So it’s a scarce asset with demand rapidly increasing.”

AI: the future?

Artificial intelligence came to the fore in 2024 and dominated headlines. There was an increasing adoption in a wide array of industries and stocks associated with the nascent technology, which proved to be cash cows.

Nvidia, a U.S. computer and software company, has seen its stock outperform even bitcoin, posting behemoth 170% gains since just the start of the year. Just one daily rally in February resulted in 16.4% gains.

The rapid growth of Nvidia, which specializes in the chips behind AI, in 2024 was fueled by a boom in interest in AI and the semiconductor chips that are needed to make it run.

“Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries, and nations,” Jensen Huang, founder and CEO of Nvidia, said after a positive earnings report earlier this year.

Tools like ChatGPT also came into common usage. ChatGPT and platforms like it are able to tap into AI to perform complicated tasks, such as designing spreadsheets and solving complex equations. They are also able to perform more menial tasks like providing tweaks to recipes and scouring the internet for movie reviews.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

It is yet to be seen just how big the AI boom is. Some investors think 2024 marked the beginning of an AI revolution, while others contend there is an AI bubble, akin to the dot-com bubble, about to burst.

“I think there’s reason to believe that this is a very significant point in our history with respect to the emergence of new technology,” Hamrick said. “But that does not mean that everybody comes out a winner with respect to what they’re investing.”

2024-12-27 11:00:00, http://s.wordpress.com/mshots/v1/https%3A%2F%2Fwww.washingtonexaminer.com%2Fpolicy%2Ffinance-and-economy%2F3263386%2Ffour-biggest-economic-stories-2024%2F?w=600&h=450, This year featured much economic news, some concerning and some encouraging. Here are four of the economic stories that stood out in 2024. This past year was an election year, and the economy was voters’ biggest concern. Anger about years of too-high inflation helped tilt the election in President-elect Donald Trump’s favor. Additionally, bitcoin had,

This year featured much economic news, some concerning and some encouraging. Here are four of the economic stories that stood out in 2024.

This past year was an election year, and the economy was voters’ biggest concern. Anger about years of too-high inflation helped tilt the election in President-elect Donald Trump’s favor. Additionally, bitcoin had a banner year; the government fell further into fiscal trouble, and investors poured billions of dollars into artificial intelligence, betting that it is the future.

Inflation and the Fed

Inflation has gradually trended down from a peak of about 9% in 2022, but this past year, consumers still felt the pain from four cumulative years of fast-rising prices. To close out 2024, goods and services are now generally about 20% more expensive than when President Joe Biden entered office.

While inflation rapidly decelerated in the latter half of 2022 and in 2023, it declined this year, although not as fast as might have been hoped.

The Federal Reserve is targeting 2% inflation, and while inflation still isn’t there, the Fed has made progress in its goals.

Mark Hamrick, senior economic analyst at Bankrate, said there is much uncertainty in the months ahead.

“I think the path of inflation has been bumpy all along,” he told the Washington Examiner. “And, you know, it appears that perhaps the current part of the journey is a little more challenging for the Fed to get to its 2% target.”

There are a few gauges of inflation, but the consumer price index is the most closely watched one, and the personal consumption expenditures index is the one the Fed tracks.

CPI inflation was tracking at 3.1% in January and has now fallen to 2.7% after briefly dipping to 2.4% in September. PCE inflation began the year at 2.6% and has fallen to 2.3% after falling to a low of just under 2.1% in September.

The Fed raised interest rates to historic levels in response to inflation, with the central bank bringing its rate target to a peak of 5.25% to 5.50%. But the Fed finally cut interest rates in September, the first time in over four years. The Fed cut again in November and analysts expect more downward revisions in the year ahead.

Inflation was a top political consideration. Many voters said the past few years of high inflation was the biggest issue on their minds heading into the voting booth. The higher interest rate environment also made consumers like the economy was in bad shape, even as unemployment remained low and economic growth was hearty.

Fiscal outlook darkened

Also tied, in part, to the higher interest rates, the federal government’s fiscal outlook became even more uncertain in 2024.

The Congressional Budget Office estimated in October that the federal budget deficit for fiscal 2024 rose to $1.8 trillion, the highest in three years. That is an increase from $1.7 trillion the year before.

Interest costs continued to surge in 2024. Spending on interest on the public debt rose by $240 billion last year to a total of $950 billion.

Spending on Social Security also rose by about 8% because of cost-of-living increases raising the average benefit payment and a larger number of people receiving benefits.

Medicare spending also rose about 9% because of rising enrollment and higher payment rates for services.

Yields on 10-year and 5-year Treasuries have also been elevated despite the Fed cutting short-term rates. That means that spending on the interest on the federal debt is only set to increase, which raises cost of running deficits. That means that policies that add to deficits, such as Trump’s planned tax cut extensions next year, are more costly.

The total national debt of the U.S. hit $35 trillion in July and then, just a few months later, hit another milestone of $36 trillion. The federal debt per citizen has now climbed to about $107,000.

“We are only two months into the fiscal year, and we have already borrowed a staggering $622 billion, with $365 billion in the month of November alone,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. “Less than a month ago, our national debt reached a new high of $36 trillion, and the threat of even more debt looms large.”

Rising debt and deficits threaten popular programs like Social Security and Medicare, which millions of Americans rely on. The Medicare trust fund will be exhausted in 2036, and the combined Social Security trust fund will become exhausted in 2035, the program’s trustees projected in May.

Bitcoin boom

Bitcoin had a banner year, with its price rising from about $44,000 per coin at the start of 2024 to around $60,000 by mid-year and all the way up to over $100,000 in December.

For context, if someone would have converted their total $250,000 in savings and traditional investments into bitcoin at the start of the year, their nest egg would have grown to a staggering $603,000 — a 141% return on investment.

A big part of the bitcoin growth in 2024 came as a result of Trump besting Vice President Kamala Harris in the election. Cryptocurrency proponents see Biden, and by extension Harris, as hostile to the industry. But more than that, Trump embraced bitcoin on the campaign trail and groups associated with digital assets ended up supporting his election bid.

Since winning, Trump has tapped a crypto-friendly Securities and Exchange Commission chairman and treasury secretary. Trump also selected venture capitalist David Sacks as the first-ever “crypto czar.”

In good news for the industry that predated Trump’s win, the SEC finally allowed bitcoin spot ETFs in early 2024 after years of waiting from cryptocurrency advocates and hope from large institutions such as BlackRock and Fidelity that their applications would get approved.

Institutional acceptance increased for bitcoin this past year as well, further supporting the crypto space.

“I mean, now even Blackrock is recommending people have Bitcoin as part of their portfolios,” Brian Morgenstern, who is head of public policy at Riot Platforms, told the Washington Examiner. “So it’s a scarce asset with demand rapidly increasing.”

AI: the future?

Artificial intelligence came to the fore in 2024 and dominated headlines. There was an increasing adoption in a wide array of industries and stocks associated with the nascent technology, which proved to be cash cows.

Nvidia, a U.S. computer and software company, has seen its stock outperform even bitcoin, posting behemoth 170% gains since just the start of the year. Just one daily rally in February resulted in 16.4% gains.

The rapid growth of Nvidia, which specializes in the chips behind AI, in 2024 was fueled by a boom in interest in AI and the semiconductor chips that are needed to make it run.

“Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries, and nations,” Jensen Huang, founder and CEO of Nvidia, said after a positive earnings report earlier this year.

Tools like ChatGPT also came into common usage. ChatGPT and platforms like it are able to tap into AI to perform complicated tasks, such as designing spreadsheets and solving complex equations. They are also able to perform more menial tasks like providing tweaks to recipes and scouring the internet for movie reviews.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

It is yet to be seen just how big the AI boom is. Some investors think 2024 marked the beginning of an AI revolution, while others contend there is an AI bubble, akin to the dot-com bubble, about to burst.

“I think there’s reason to believe that this is a very significant point in our history with respect to the emergence of new technology,” Hamrick said. “But that does not mean that everybody comes out a winner with respect to what they’re investing.”

, This year featured much economic news, some concerning and some encouraging. Here are four of the economic stories that stood out in 2024. This past year was an election year, and the economy was voters’ biggest concern. Anger about years of too-high inflation helped tilt the election in President-elect Donald Trump’s favor. Additionally, bitcoin had a banner year; the government fell further into fiscal trouble, and investors poured billions of dollars into artificial intelligence, betting that it is the future. Inflation and the Fed Inflation has gradually trended down from a peak of about 9% in 2022, but this past year, consumers still felt the pain from four cumulative years of fast-rising prices. To close out 2024, goods and services are now generally about 20% more expensive than when President Joe Biden entered office. While inflation rapidly decelerated in the latter half of 2022 and in 2023, it declined this year, although not as fast as might have been hoped. The Federal Reserve is targeting 2% inflation, and while inflation still isn’t there, the Fed has made progress in its goals. Mark Hamrick, senior economic analyst at Bankrate, said there is much uncertainty in the months ahead. “I think the path of inflation has been bumpy all along,” he told the Washington Examiner. “And, you know, it appears that perhaps the current part of the journey is a little more challenging for the Fed to get to its 2% target.” There are a few gauges of inflation, but the consumer price index is the most closely watched one, and the personal consumption expenditures index is the one the Fed tracks. CPI inflation was tracking at 3.1% in January and has now fallen to 2.7% after briefly dipping to 2.4% in September. PCE inflation began the year at 2.6% and has fallen to 2.3% after falling to a low of just under 2.1% in September. The Fed raised interest rates to historic levels in response to inflation, with the central bank bringing its rate target to a peak of 5.25% to 5.50%. But the Fed finally cut interest rates in September, the first time in over four years. The Fed cut again in November and analysts expect more downward revisions in the year ahead. Inflation was a top political consideration. Many voters said the past few years of high inflation was the biggest issue on their minds heading into the voting booth. The higher interest rate environment also made consumers like the economy was in bad shape, even as unemployment remained low and economic growth was hearty. Fiscal outlook darkened Also tied, in part, to the higher interest rates, the federal government’s fiscal outlook became even more uncertain in 2024. The Congressional Budget Office estimated in October that the federal budget deficit for fiscal 2024 rose to $1.8 trillion, the highest in three years. That is an increase from $1.7 trillion the year before. Interest costs continued to surge in 2024. Spending on interest on the public debt rose by $240 billion last year to a total of $950 billion. Spending on Social Security also rose by about 8% because of cost-of-living increases raising the average benefit payment and a larger number of people receiving benefits. Medicare spending also rose about 9% because of rising enrollment and higher payment rates for services. Yields on 10-year and 5-year Treasuries have also been elevated despite the Fed cutting short-term rates. That means that spending on the interest on the federal debt is only set to increase, which raises cost of running deficits. That means that policies that add to deficits, such as Trump’s planned tax cut extensions next year, are more costly. The total national debt of the U.S. hit $35 trillion in July and then, just a few months later, hit another milestone of $36 trillion. The federal debt per citizen has now climbed to about $107,000. “We are only two months into the fiscal year, and we have already borrowed a staggering $622 billion, with $365 billion in the month of November alone,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. “Less than a month ago, our national debt reached a new high of $36 trillion, and the threat of even more debt looms large.” Rising debt and deficits threaten popular programs like Social Security and Medicare, which millions of Americans rely on. The Medicare trust fund will be exhausted in 2036, and the combined Social Security trust fund will become exhausted in 2035, the program’s trustees projected in May. Bitcoin boom Bitcoin had a banner year, with its price rising from about $44,000 per coin at the start of 2024 to around $60,000 by mid-year and all the way up to over $100,000 in December. For context, if someone would have converted their total $250,000 in savings and traditional investments into bitcoin at the start of the year, their nest egg would have grown to a staggering $603,000 — a 141% return on investment. A big part of the bitcoin growth in 2024 came as a result of Trump besting Vice President Kamala Harris in the election. Cryptocurrency proponents see Biden, and by extension Harris, as hostile to the industry. But more than that, Trump embraced bitcoin on the campaign trail and groups associated with digital assets ended up supporting his election bid. Since winning, Trump has tapped a crypto-friendly Securities and Exchange Commission chairman and treasury secretary. Trump also selected venture capitalist David Sacks as the first-ever “crypto czar.” In good news for the industry that predated Trump’s win, the SEC finally allowed bitcoin spot ETFs in early 2024 after years of waiting from cryptocurrency advocates and hope from large institutions such as BlackRock and Fidelity that their applications would get approved. Institutional acceptance increased for bitcoin this past year as well, further supporting the crypto space. “I mean, now even Blackrock is recommending people have Bitcoin as part of their portfolios,” Brian Morgenstern, who is head of public policy at Riot Platforms, told the Washington Examiner. “So it’s a scarce asset with demand rapidly increasing.” AI: the future? Artificial intelligence came to the fore in 2024 and dominated headlines. There was an increasing adoption in a wide array of industries and stocks associated with the nascent technology, which proved to be cash cows. Nvidia, a U.S. computer and software company, has seen its stock outperform even bitcoin, posting behemoth 170% gains since just the start of the year. Just one daily rally in February resulted in 16.4% gains. The rapid growth of Nvidia, which specializes in the chips behind AI, in 2024 was fueled by a boom in interest in AI and the semiconductor chips that are needed to make it run. “Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries, and nations,” Jensen Huang, founder and CEO of Nvidia, said after a positive earnings report earlier this year. Tools like ChatGPT also came into common usage. ChatGPT and platforms like it are able to tap into AI to perform complicated tasks, such as designing spreadsheets and solving complex equations. They are also able to perform more menial tasks like providing tweaks to recipes and scouring the internet for movie reviews. CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER It is yet to be seen just how big the AI boom is. Some investors think 2024 marked the beginning of an AI revolution, while others contend there is an AI bubble, akin to the dot-com bubble, about to burst. “I think there’s reason to believe that this is a very significant point in our history with respect to the emergence of new technology,” Hamrick said. “But that does not mean that everybody comes out a winner with respect to what they’re investing.”, , , https://www.washingtonexaminer.com/wp-content/uploads/2024/12/economic-stories-2024.webp, Washington Examiner, Political News and Conservative Analysis About Congress, the President, and the Federal Government, https://www.washingtonexaminer.com/wp-content/uploads/2023/11/cropped-favicon-32×32.png, https://www.washingtonexaminer.com/feed/, Zach Halaschak,

Vice President Kamala Harris’s housing plan involves pushing for the construction of millions of new homes while incentivizing the construction of homes for first-time buyers.

Harris is set to unveil her economic and affordability plan Friday, but the details of what her economic policy agenda might look like are beginning to emerge. As part of the plan, she will call for the construction of 3 million new housing units over the course of her first term in office, according to Harris campaign officials.

The push for more housing comes amid a bruising housing shortage in the United States that has featured decades of undersupply. Harris’s plan appears to build off President Joe Biden’s previous call for the construction of 2 million new homes.

Harris will also unveil a new tax incentive for builders that will reward them for building homes for first-time homebuyers, although there are little details about that plan as of Thursday evening.

Harris will also pitch a $40 billion fund to help local governments find solutions to housing undersupply. Biden had proposed a $20 billion fund to do the same thing.

During this year’s State of the Union address, Biden proposed providing a $5,000 tax credit for middle-class first-time homebuyers for two years, which he described as a form of mortgage relief. He also pitched a $10,000 credit for those who sell their starter homes.

But critics of that plan contend that doing so would backfire by increasing demand and putting upward pressure on home prices.

Harris is now proposing that families who have paid their rent on time for two years and are first-time homebuyers receive up to $25,000 in down-payment assistance, with more generous support for first-generation homeowners.

Biden has also pushed for Congress to make it so corporate landlords have to cap rent increases on existing units at 5% or lose prized tax breaks, something that Republicans in Congress would certainly not support.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

That proposal would apply only to corporate landlords with over 50 units in their portfolios and would cover more than 50 million units across the country, according to the White House.

Also on Thursday, Harris unveiled a plan to target food inflation at the grocery store. As part of it, Harris would try to enact the “first-ever federal ban on corporate price-gouging,” something that critics argue would not work and could lead to food shortages.

2024-08-15 22:58:00, http://s.wordpress.com/mshots/v1/https%3A%2F%2Fwww.washingtonexaminer.com%2Fpolicy%2Ffinance-and-economy%2F3123612%2Fharris-propose-construction-3-million-new-homes-economic-agenda%2F?w=600&h=450, Vice President Kamala Harris’s housing plan involves pushing for the construction of millions of new homes while incentivizing the construction of homes for first-time buyers. Harris is set to unveil her economic and affordability plan Friday, but the details of what her economic policy agenda might look like are beginning to emerge. As part of,

Vice President Kamala Harris’s housing plan involves pushing for the construction of millions of new homes while incentivizing the construction of homes for first-time buyers.

Harris is set to unveil her economic and affordability plan Friday, but the details of what her economic policy agenda might look like are beginning to emerge. As part of the plan, she will call for the construction of 3 million new housing units over the course of her first term in office, according to Harris campaign officials.

The push for more housing comes amid a bruising housing shortage in the United States that has featured decades of undersupply. Harris’s plan appears to build off President Joe Biden’s previous call for the construction of 2 million new homes.

Harris will also unveil a new tax incentive for builders that will reward them for building homes for first-time homebuyers, although there are little details about that plan as of Thursday evening.

Harris will also pitch a $40 billion fund to help local governments find solutions to housing undersupply. Biden had proposed a $20 billion fund to do the same thing.

During this year’s State of the Union address, Biden proposed providing a $5,000 tax credit for middle-class first-time homebuyers for two years, which he described as a form of mortgage relief. He also pitched a $10,000 credit for those who sell their starter homes.

But critics of that plan contend that doing so would backfire by increasing demand and putting upward pressure on home prices.

Harris is now proposing that families who have paid their rent on time for two years and are first-time homebuyers receive up to $25,000 in down-payment assistance, with more generous support for first-generation homeowners.

Biden has also pushed for Congress to make it so corporate landlords have to cap rent increases on existing units at 5% or lose prized tax breaks, something that Republicans in Congress would certainly not support.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

That proposal would apply only to corporate landlords with over 50 units in their portfolios and would cover more than 50 million units across the country, according to the White House.

Also on Thursday, Harris unveiled a plan to target food inflation at the grocery store. As part of it, Harris would try to enact the “first-ever federal ban on corporate price-gouging,” something that critics argue would not work and could lead to food shortages.

, Vice President Kamala Harris’s housing plan involves pushing for the construction of millions of new homes while incentivizing the construction of homes for first-time buyers. Harris is set to unveil her economic and affordability plan Friday, but the details of what her economic policy agenda might look like are beginning to emerge. As part of the plan, she will call for the construction of 3 million new housing units over the course of her first term in office, according to Harris campaign officials. The push for more housing comes amid a bruising housing shortage in the United States that has featured decades of undersupply. Harris’s plan appears to build off President Joe Biden’s previous call for the construction of 2 million new homes. Harris will also unveil a new tax incentive for builders that will reward them for building homes for first-time homebuyers, although there are little details about that plan as of Thursday evening. Harris will also pitch a $40 billion fund to help local governments find solutions to housing undersupply. Biden had proposed a $20 billion fund to do the same thing. During this year’s State of the Union address, Biden proposed providing a $5,000 tax credit for middle-class first-time homebuyers for two years, which he described as a form of mortgage relief. He also pitched a $10,000 credit for those who sell their starter homes. But critics of that plan contend that doing so would backfire by increasing demand and putting upward pressure on home prices. Harris is now proposing that families who have paid their rent on time for two years and are first-time homebuyers receive up to $25,000 in down-payment assistance, with more generous support for first-generation homeowners. Biden has also pushed for Congress to make it so corporate landlords have to cap rent increases on existing units at 5% or lose prized tax breaks, something that Republicans in Congress would certainly not support. CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER That proposal would apply only to corporate landlords with over 50 units in their portfolios and would cover more than 50 million units across the country, according to the White House. Also on Thursday, Harris unveiled a plan to target food inflation at the grocery store. As part of it, Harris would try to enact the “first-ever federal ban on corporate price-gouging,” something that critics argue would not work and could lead to food shortages., , , https://www.washingtonexaminer.com/wp-content/uploads/2024/08/harris-housing-plan.webp, Washington Examiner, Political News and Conservative Analysis About Congress, the President, and the Federal Government, https://www.washingtonexaminer.com/wp-content/uploads/2023/11/cropped-favicon-32×32.png, https://www.washingtonexaminer.com/feed/, Zach Halaschak,

In some good news for Vice President Kamala Harris and the economy, annual inflation fell to 2.9% in July — now marking four months of disinflation.

The one-tenth of a percentage point decline in the consumer price index comes as most economists expected that annual inflation would remain at 3%, the same as the month before.

Notably, inflation is now the lowest it has been since March 2021, shortly after President Joe Biden was sworn in.

On a month-to-month basis, inflation rose 0.2%.

Inflation is the biggest concern facing voters, so the White House and Harris campaign are undoubtedly breathing a sigh of relief that there wasn’t an unexpected uptick. Republicans have worked hard to tie Harris to the economy.

The Federal Reserve, which has raised interest rates to their highest level since the turn of the century, will also be pleased to see inflation continuing its descent back to earth. Continued declines may allow the Fed to cut, which would be good news for consumers and the labor market.

The elephant in the room recently has been the lackluster July employment report.

The economy added 114,000 jobs in July, far fewer than expected, and the unemployment rate rose two-tenths of a percentage point to 4.3%, the Bureau of Labor Statistics reported. That was a pretty big miss from expectations that more jobs would be added and the unemployment rate would remain at 4.1%.

If the labor market begins to start softening even more it could force the Fed’s hand in cutting rates, something that would be bad news if the inflation rate isn’t moving down.

Notably, the employment report also triggered a recession indicator known as the Sahm rule. That indicator is triggered when the three-month moving average of the unemployment rate rises half a percentage point relative to its minimum point over the past year. It has signaled the start of all post-war recessions.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

Ahead of the Wednesday CPI report, investors and economists were predicting the Fed would cut rates at its September meeting, but were split on by how much. Some expect a standard 0.25-percentage point cut while others were anticipating a bigger half percentage point revision.

All economic data will be closely watched leading up to the election. Democrats and the Biden administration have worked to emphasize bright spots in the economy, like robust economic output, while Republicans have blamed too-high inflation on the administration, and in turn, on Harris.

2024-08-14 12:33:00, http://s.wordpress.com/mshots/v1/https%3A%2F%2Fwww.washingtonexaminer.com%2Fpolicy%2Ffinance-and-economy%2F3120437%2Finflation-falls-for-fourth-month-in-a-row-now-at-2-9%2F?w=600&h=450, In some good news for Vice President Kamala Harris and the economy, annual inflation fell to 2.9% in July — now marking four months of disinflation. The one-tenth of a percentage point decline in the consumer price index comes as most economists expected that annual inflation would remain at 3%, the same as the month before. Notably, inflation is now the lowest it,

In some good news for Vice President Kamala Harris and the economy, annual inflation fell to 2.9% in July — now marking four months of disinflation.

The one-tenth of a percentage point decline in the consumer price index comes as most economists expected that annual inflation would remain at 3%, the same as the month before.

Notably, inflation is now the lowest it has been since March 2021, shortly after President Joe Biden was sworn in.

On a month-to-month basis, inflation rose 0.2%.

Inflation is the biggest concern facing voters, so the White House and Harris campaign are undoubtedly breathing a sigh of relief that there wasn’t an unexpected uptick. Republicans have worked hard to tie Harris to the economy.

The Federal Reserve, which has raised interest rates to their highest level since the turn of the century, will also be pleased to see inflation continuing its descent back to earth. Continued declines may allow the Fed to cut, which would be good news for consumers and the labor market.

The elephant in the room recently has been the lackluster July employment report.

The economy added 114,000 jobs in July, far fewer than expected, and the unemployment rate rose two-tenths of a percentage point to 4.3%, the Bureau of Labor Statistics reported. That was a pretty big miss from expectations that more jobs would be added and the unemployment rate would remain at 4.1%.

If the labor market begins to start softening even more it could force the Fed’s hand in cutting rates, something that would be bad news if the inflation rate isn’t moving down.

Notably, the employment report also triggered a recession indicator known as the Sahm rule. That indicator is triggered when the three-month moving average of the unemployment rate rises half a percentage point relative to its minimum point over the past year. It has signaled the start of all post-war recessions.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

Ahead of the Wednesday CPI report, investors and economists were predicting the Fed would cut rates at its September meeting, but were split on by how much. Some expect a standard 0.25-percentage point cut while others were anticipating a bigger half percentage point revision.

All economic data will be closely watched leading up to the election. Democrats and the Biden administration have worked to emphasize bright spots in the economy, like robust economic output, while Republicans have blamed too-high inflation on the administration, and in turn, on Harris.

, In some good news for Vice President Kamala Harris and the economy, annual inflation fell to 2.9% in July — now marking four months of disinflation. The one-tenth of a percentage point decline in the consumer price index comes as most economists expected that annual inflation would remain at 3%, the same as the month before. Notably, inflation is now the lowest it has been since March 2021, shortly after President Joe Biden was sworn in. On a month-to-month basis, inflation rose 0.2%. Inflation is the biggest concern facing voters, so the White House and Harris campaign are undoubtedly breathing a sigh of relief that there wasn’t an unexpected uptick. Republicans have worked hard to tie Harris to the economy. The Federal Reserve, which has raised interest rates to their highest level since the turn of the century, will also be pleased to see inflation continuing its descent back to earth. Continued declines may allow the Fed to cut, which would be good news for consumers and the labor market. The elephant in the room recently has been the lackluster July employment report. The economy added 114,000 jobs in July, far fewer than expected, and the unemployment rate rose two-tenths of a percentage point to 4.3%, the Bureau of Labor Statistics reported. That was a pretty big miss from expectations that more jobs would be added and the unemployment rate would remain at 4.1%. If the labor market begins to start softening even more it could force the Fed’s hand in cutting rates, something that would be bad news if the inflation rate isn’t moving down. Notably, the employment report also triggered a recession indicator known as the Sahm rule. That indicator is triggered when the three-month moving average of the unemployment rate rises half a percentage point relative to its minimum point over the past year. It has signaled the start of all post-war recessions. CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER Ahead of the Wednesday CPI report, investors and economists were predicting the Fed would cut rates at its September meeting, but were split on by how much. Some expect a standard 0.25-percentage point cut while others were anticipating a bigger half percentage point revision. All economic data will be closely watched leading up to the election. Democrats and the Biden administration have worked to emphasize bright spots in the economy, like robust economic output, while Republicans have blamed too-high inflation on the administration, and in turn, on Harris., , , https://www.washingtonexaminer.com/wp-content/uploads/2024/08/july-inflation-cpi.webp, Washington Examiner, Political News and Conservative Analysis About Congress, the President, and the Federal Government, https://www.washingtonexaminer.com/wp-content/uploads/2023/11/cropped-favicon-32×32.png, https://www.washingtonexaminer.com/feed/, Zach Halaschak,

In some good news for the Fed and Vice President Kamala Harris, inflation, as measured by the producer price index, declined to 2.2% for the year ending in July.

The numbers were released on Tuesday the Bureau of Labor Statistics. The decline is welcome news for the economy, which has been strained under the burden of inflation.

The downward dip was expected. Most forecasters anticipated annual inflation would fall from 2.6% to 2.3%, so the numbers bode well for the Fed and consumers.

On a month-to-month basis, the wholesale price index rose 0.1%.

The producer price index is not as closely watched as the consumer price index, which is the most tracked inflation gauge. The new CPI numbers for July are set to be released on Wednesday, but in June, CPI inflation fell by 0.3-points to 3%.

That 3% level represented three straight months of disinflation.

The Federal Reserve, which has raised interest rates to their highest level since the turn of the century, will also be pleased to see inflation continuing its descent toward the central bank’s 2% target. Continued declines may allow the Fed to cut rates sooner than expected, which would be good news for consumers and the labor market.

The likelihood of rate cuts increased greatly after the most recent employment report as well. After the lackluster jobs report, investors now think the Fed will make a big cut at its next meeting in September.

The economy added 114,000 jobs in July, far fewer than expected, and the unemployment rate rose two-tenths of a percentage point to 4.3%, the Bureau of Labor Statistics reported. That was a pretty big miss from expectations that more jobs would be added and the unemployment rate would remain at 4.1%.

The report also triggered a recession indicator called the Sahm rule. That is when the three-month moving average of the unemployment rate rises half a percentage point relative to its minimum point over the past year. The indicator has signaled the start of all post-war recessions.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

When the Fed conducts monetary policy, it typically moves rates gradually by a quarter of a percentage point each meeting. But the surprising jobs report put some pressure on the central bank and Chairman Jerome Powell for an outsized rate revision, perhaps by a half of a percentage point.

The economy has been the No. 1 issue on voters’ minds this election cycle, with Republicans hammering Harris for the country’s too-high inflation by tying her to the Biden administration’s stewardship of the economy.

2024-08-13 12:33:00, http://s.wordpress.com/mshots/v1/https%3A%2F%2Fwww.washingtonexaminer.com%2Fpolicy%2Ffinance-and-economy%2F3118877%2Finflation-dropped-to-2-2-in-july-in-producer-price-index%2F?w=600&h=450, In some good news for the Fed and Vice President Kamala Harris, inflation, as measured by the producer price index, declined to 2.2% for the year ending in July. The numbers were released on Tuesday the Bureau of Labor Statistics. The decline is welcome news for the economy, which has been strained under the burden of inflation. The downward dip was,

In some good news for the Fed and Vice President Kamala Harris, inflation, as measured by the producer price index, declined to 2.2% for the year ending in July.

The numbers were released on Tuesday the Bureau of Labor Statistics. The decline is welcome news for the economy, which has been strained under the burden of inflation.

The downward dip was expected. Most forecasters anticipated annual inflation would fall from 2.6% to 2.3%, so the numbers bode well for the Fed and consumers.

On a month-to-month basis, the wholesale price index rose 0.1%.

The producer price index is not as closely watched as the consumer price index, which is the most tracked inflation gauge. The new CPI numbers for July are set to be released on Wednesday, but in June, CPI inflation fell by 0.3-points to 3%.

That 3% level represented three straight months of disinflation.

The Federal Reserve, which has raised interest rates to their highest level since the turn of the century, will also be pleased to see inflation continuing its descent toward the central bank’s 2% target. Continued declines may allow the Fed to cut rates sooner than expected, which would be good news for consumers and the labor market.

The likelihood of rate cuts increased greatly after the most recent employment report as well. After the lackluster jobs report, investors now think the Fed will make a big cut at its next meeting in September.

The economy added 114,000 jobs in July, far fewer than expected, and the unemployment rate rose two-tenths of a percentage point to 4.3%, the Bureau of Labor Statistics reported. That was a pretty big miss from expectations that more jobs would be added and the unemployment rate would remain at 4.1%.

The report also triggered a recession indicator called the Sahm rule. That is when the three-month moving average of the unemployment rate rises half a percentage point relative to its minimum point over the past year. The indicator has signaled the start of all post-war recessions.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

When the Fed conducts monetary policy, it typically moves rates gradually by a quarter of a percentage point each meeting. But the surprising jobs report put some pressure on the central bank and Chairman Jerome Powell for an outsized rate revision, perhaps by a half of a percentage point.

The economy has been the No. 1 issue on voters’ minds this election cycle, with Republicans hammering Harris for the country’s too-high inflation by tying her to the Biden administration’s stewardship of the economy.

, In some good news for the Fed and Vice President Kamala Harris, inflation, as measured by the producer price index, declined to 2.2% for the year ending in July. The numbers were released on Tuesday the Bureau of Labor Statistics. The decline is welcome news for the economy, which has been strained under the burden of inflation. The downward dip was expected. Most forecasters anticipated annual inflation would fall from 2.6% to 2.3%, so the numbers bode well for the Fed and consumers. On a month-to-month basis, the wholesale price index rose 0.1%. The producer price index is not as closely watched as the consumer price index, which is the most tracked inflation gauge. The new CPI numbers for July are set to be released on Wednesday, but in June, CPI inflation fell by 0.3-points to 3%. That 3% level represented three straight months of disinflation. The Federal Reserve, which has raised interest rates to their highest level since the turn of the century, will also be pleased to see inflation continuing its descent toward the central bank’s 2% target. Continued declines may allow the Fed to cut rates sooner than expected, which would be good news for consumers and the labor market. The likelihood of rate cuts increased greatly after the most recent employment report as well. After the lackluster jobs report, investors now think the Fed will make a big cut at its next meeting in September. The economy added 114,000 jobs in July, far fewer than expected, and the unemployment rate rose two-tenths of a percentage point to 4.3%, the Bureau of Labor Statistics reported. That was a pretty big miss from expectations that more jobs would be added and the unemployment rate would remain at 4.1%. The report also triggered a recession indicator called the Sahm rule. That is when the three-month moving average of the unemployment rate rises half a percentage point relative to its minimum point over the past year. The indicator has signaled the start of all post-war recessions. CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER When the Fed conducts monetary policy, it typically moves rates gradually by a quarter of a percentage point each meeting. But the surprising jobs report put some pressure on the central bank and Chairman Jerome Powell for an outsized rate revision, perhaps by a half of a percentage point. The economy has been the No. 1 issue on voters’ minds this election cycle, with Republicans hammering Harris for the country’s too-high inflation by tying her to the Biden administration’s stewardship of the economy., , , https://www.washingtonexaminer.com/wp-content/uploads/2024/08/ppi-inflation-july.webp, Washington Examiner, Political News and Conservative Analysis About Congress, the President, and the Federal Government, https://www.washingtonexaminer.com/wp-content/uploads/2023/11/cropped-favicon-32×32.png, https://www.washingtonexaminer.com/feed/, Zach Halaschak,