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News & Articles By Franz Walker
07/19/2021
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By Franz Walker
Federal government set records for taxes, spending and deficit through May
The government set new records for the taxes it collected, the spending it engaged in and the deficit it ran for the first eight months of fiscal year 2021, according to the Department of Treasury‘s Monthly statement. From October 2020 through May 2021, federal taxes hit a record $2.6 trillion while federal spending climbed to $4.7 trillion. […]
06/29/2021
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By Franz Walker
America’s richest have obtained 16 times more wealth than bottom 50% combined
Data released by the Federal Reserve on Monday, June 21, shows that the wealthiest 1 percent of Americans have 16 percent more wealth than the bottom 50 percent combined. A previous report from the Fed showed that, overall, wealth across all U.S. households increased during the first quarter. The net worth of households and nonprofits rose to […]
06/24/2021
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By Franz Walker
Food prices on the rise in America as companies look to cover higher production costs
Across America, the food on people’s plates is getting more expensive as food companies pass along higher costs to consumers. A number of food makers, including General Mills, Campbell Soup, Unilever and J.M. Smucker are raising prices at supermarkets. Meanwhile, restaurants like Chipotle and Burger King are raising menu prices. According to company executives, prices are only going to increase […]
06/14/2021
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By Franz Walker
US dollar weakened during the pandemic – but its problems started long before that
The Wuhan coronavirus (COVID-19) is devastating the American economy, resulting in the U.S. dollar steadily losing value. But the dollar’s current decline in value traces its roots to more than just the pandemic. After an initial spike, the value of the dollar has been falling steadily since the pandemic took hold in the U.S. last March. It’s […]
02/16/2021
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By Franz Walker
American cities were unprepared for financial fallout from coronavirus shutdowns
The majority of American cities were unprepared for the financial fallout brought about by statewide shutdowns in response to the Wuhan coronavirus (COVID-19) pandemic last year. This is according to a report published by the nonprofit organization Truth in Accounting (TIA). For its annual assessment, the TIA surveyed the fiscal health of the 75 largest […]
01/29/2021
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By Franz Walker
China’s economy is beating the world even with the coronavirus
When the Wuhan coronavirus (COVID-19) pandemic broke out in China early last year, many expected the world’s second-largest economy to take a hit, especially after other countries started putting restrictions on travel from China. But the opposite has happened, economists say that China is now set to report a gross domestic product (GDP) increase of 2.1 percent […]
09/23/2020
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By Franz Walker
BLOWOUT: Coronavirus relief spending will cause federal debt to increase to 104 percent of GDP by next year
The ongoing Wuhan coronavirus (COVID-19) pandemic, including federal relief efforts to blunt its impact on the economy, will cloud the U.S.’s long-term fiscal outlook for decades to come. This analysis comes from the Congressional Budget Office (CBO), which released new forecasts Monday, showing that federal debt will likely surge to 104 percent in 2021 and be nearly twice […]
08/06/2020
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By Franz Walker
Investors are shunning the dollar and turning to gold
The price of gold hit an all-time high this past Wednesday. A weakening dollar injected new momentum into a rally initially driven by uncertainty about the world economy. Prices of the yellow metal have risen for 13 of the past 14 days. A 1.1 percent gain led it to an all-time high of $2,040 a troy ounce. In […]
07/13/2020
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By Franz Walker
OECD urges governments to scale back coronavirus-related wage subsidies
The Organization for Economic Cooperation and Development (OECD) is now asking governments to stop wage subsidies meant to keep workers employed to encourage these workers to move out of shrinking sectors. This is despite the organization still encouraging governments to continue paying unemployment benefits. Founded in 1961, the 37-member OECD’s job is to stimulate economic progress and world […]
06/15/2020
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By Franz Walker
Coronavirus recession will hurt low-income and emerging market economies for years
As the world starts to recoup its losses over the economic carnage brought on by measures to stop the Wuhan coronavirus (COVID-19), it’s becoming clear that recovery will not be easy. A new study from the World Bank states that low-income and emerging market economies will remain deeply damaged five years after the pandemic. The ongoing coronavirus pandemic has already […]
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