Category: Economy

The debt ceiling currently sits at $41.1 trillion, and as of mid-July 2026 we've already borrowed $39.4 trillion of it. That leaves roughly $1.7 trillion of headroom — and at the pace Washington has been adding debt lately, that room runs out faster than most people expect. I wrote the…

The national unemployment rate was 4.2% in June 2026, and the economy added just 57,000 jobs that month — well below expectations, with leisure and hospitality actually losing jobs while healthcare and professional services kept growing. It's a mixed, uneven labor market, and it makes the question of where the…

What a whirlwind the United States Presidential Election was! It sparked record interest in the Presidential Debates and polls predicted the highest turnout rate of voters in the history of our Presidential Elections.   Trump was the third Presidential candidate in US history to win the election after losing the…

According to an analysis conducted by two former census bureau officials median income for the average American is still around 6 percent lower (after adjusting for inflation) than when the recession began. So if you feel poorer today than you did a few years ago you are not alone. The…

[Latest Update]  As many had predicted, the debt Super Committee has failed to come up with a deficit reduction plan. Basically the not-so-super members failed to get past party line bickering and will now face the prospect of justifying to an angry public why they could not compromise. Further, the…

[2013 Update] As I was updating this article, originally written in mid-2011 following the first debt ceiling deal, I got a major sense of deja-vu. After 18 months we are back in the same place with a dysfunctional Congress who barely passed legislation to avert the fiscal cliff.  But it's…

The US Bureau of Economic Analysis has released the 2010 Gross Domestic Product (GDP) figures which showed a 2.6% average increase across the nation. As the graphic below shows 48 states and Washington DC experienced real GDP growth, led by the eastern seaboard states. Texas, North Dakota and Oregon were…

[Update - No New Taxes with Tax Extensions Approved] President Obama has now signed into law a bill that covers a temporary extension of all the bush-era tax cuts. The new bill also contains extensions to some of the 2008 stimulus tax breaks, and even has some new tax cuts. With…

[Updated] Approved! Congress and the President have approved the financial reform bill (detailed below) that would revamp the nation's financial regulatory system. It will allow for the creation of a consumer financial protection bureau at the Federal Reserve, give regulators new powers to liquidate failing financial firms whose collapse would threaten the economy and…

Some worrying commentary from FDIC chairman Sheila Bair indicating that the economy and housing market are still a long way from recovered and that the potential run up in financial shares of late could just as easily reverse course in the later half of this year. The remarks were prompted…

2021 Update - Given the chip shortage and surge in new and used car prices, no government programs were put in place as part of the various stimulus packages to support the Automotive industry. There are however Electric Vehicle (EV) credits and tax breaks in the bi-partisan infrastructure bill. [2020…

[2013 Update] As part of the deal to avert the fiscal cliff, legislated under the American Taxpayer Relief Act (ATRA) of 2012, certain energy tax credits were extended into 2013.  You can read this article for an overview of these credits and other 2013 income tax related changes. The$500 tax credit for installing…

Under the Biden administration’s nearly $2 trillion stimulus package, also known as the American Rescue Plan (ARP), provisions have been added to provide relief for many Americans to save on private health Insurance if they are out of a job, and on COBRA benefit from their employer or getting insurance via…