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The Latest Breaking News from Dean Baker

GOP plots wealth redistribution for rich

The cost of tariffs will eclipse any tax cuts most households see, experts say

Salon

Did Donald Trump impose ‘the largest tax hike in our lifetime’?

Tariffs act as a tax on imports, raising prices for consumers. They might be the highest since 1951.

Al Jazeera

'Grieving': US Federal Workers Thrown Into Uncertain Job Market

Unprecedented cuts to the US government overseen by President Donald Trump's billionaire advisor Elon Musk are sending thousands of federal workers and contractors back to the labor market -- but experts warn that hiring is low at this time.

International Business Times

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Johnson prays for a GOP budget miracle

House Speaker Mike Johnson asked supporters to pray for a budget proposal that would slash social welfare spending

Salon

Medicaid might pay for Trump's tax cuts

House Republicans want to pay for their tax cuts by cutting social services used by the working class

Salon

Fact check: Are weekly wages in the US ‘lower than 50 years ago’?

No. Senator Sanders’s data relies on a blip in 1973. Economists show wages are actually higher now than 50 years ago.

Al Jazeera

‘We deserve more’: US workers’ share of the pie dwindles

Bureau of Labor Statistics releases latest estimate of how much labor receives of national income, showing bleak decline

The Guardian - US

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Ady Barkan, activist who championed health care reform, dies of ALS at 39

The activist and attorney had long fought for progressive causes. After his ALS diagnosis in 2016, Barkan became a leading voice in the fight for health care reform — even as his health deteriorated.

WEKU

In the US, higher interest rates are forcing people to cut back

Americans are feeling pinch of high interest rates, forcing them to hold off purchases of homes, cars, even groceries.

Al Jazeera

Is the US interest rate tightening cycle finally over?

Even as US Fed raised its interest rates again on Wednesday, analysts are split if there will be another hike this year.

Al Jazeera

Employers slowed hiring but still added a solid 209,000 jobs in June in sign of economy’s resilience

The June hiring figure showed a small increase, but many companies like Rockford-based firm Fehr Graham are still looking to staff up.

Chicago Sun-Times

Vacant skyscrapers, empty trains: can San Francisco once again reinvent itself?

The economic challenges of the city’s downtown have sparked speculation of a so-called ‘doom loop’. But some say its emptiness may be part of the solution

The Guardian - US

Michael Hiltzik: The omnibus bill will help you save for retirement, though Wall Street will get its cut

The average American's path to retirement security has long been a steep uphill climb. The omnibus spending bill President Biden signed on Dec. 29 will make the journey easier.

Los Angeles Times

U.S. Economy, S&P 500 Face Hard Landing — Unless The Federal Reserve Does This

With wage growth far too hot, the Federal Reserve may need to implicitly hike its 2% inflation target to avoid a hard landing for the economy.

Investors Business Daily

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Tribune News Service

Congress sticks with Twitter instead of flocking to other social media, for now

WASHINGTON — When Elon Musk took over Twitter a few weeks back, the online vultures began to circle. Pundits signed up for competing platforms like Mastodon and Post, and then tweeted to ask their followers to join them. Online communities held impromptu funerals for the app as Musk laid off…

Roll Call

Congress sticks with Twitter, not flocking to other social media — for now

Whatever happens to Twitter under Elon Musk, communications directors on Capitol Hill are hanging around to find out.

Salon

Haberman ripped for holding Trump scoop

Haberman accused of saving scoops for her upcoming book "Confidence Man"

Axios

A recession would be worse than this

With inflation, there are winners and losers. With a recession, everyone loses.

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Salon

Economists: More rate hikes won't help

After June's inflation numbers, the Fed is likely to push rates higher — at the risk of sparking a recession

Los Angeles Times

Rampant inflation, anxiety stymie Biden effort to focus on strong economic growth

WASHINGTON — It’s a maxim in politics: Bad economic news trumps the good. And that is what scares President Joe Biden and the Democrats.

People

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