Category: Economics

Jobless claims unexpectedly jump to 774,000, much worse than expected

Economists had forecast a decline to 680,000 from the previous week’s 719,000. This is the second consecutive week in which initial jobless claims moved up in contradiction to expectations. The upper end of the range of forecasts in the Econoday survey was 705,000.

Suez canal snafu costs $10 billion a day

A massive container ship remains stuck in the Suez Canal for a sixth day on Sunday — hiking the estimated economic damage from the resulting shipping logjam to $60 billion.

The crisis is causing commercial losses of about $9.6 billion a day as ships that should have been heading between Europe and Asia stay immobilized, according to economic estimates calculated by Bloomberg.

Pete Buttigieg says Biden weighing ‘mileage tax’ on drivers. ‘I think that shows a lot of promise’

U.S. Department of Transportation Secretary Pete Buttigieg said Friday President Biden is weighing a “mileage tax” on drivers as a way to help pay for his forthcoming infrastructure plan that could cost upwards of $3 trillion.

Payback time: Biden to propose first major tax hike since 1993

Joe Biden is planning to propose the first substantial federal tax hike since 1993 for Americans to help pay for his long-term economic program after he signed the largest stimulus package in U.S. history with a price tag of $1.9 trillion.

Four people familiar with discussion told Bloomberg that Biden is expected to propose a series of tax increases, including repealing parts of Donald Trump’s 2017 tax law that resulted in most Americans seeing more in their paychecks, to help fund the latest proposal.

Stanford medical professor: Lockdowns “worst public health mistake in last 100 years

Bhattacharya is one of the co-authors of the Great Barrington Declaration, which has received over 13,000 signatures from medical and public health scientists.

The declaration states that “lockdown policies are producing devastating effects on short and long-term public health,” citing “worsening cardiovascular disease outcomes, fewer cancer screenings and deteriorating mental health – leading to greater excess mortality in years to come.”

Mayor Lightfood considering $94 million property tax increase, gas tax hike and layoffs

Chicago Mayor Lori Lightfoot is considering a $94 million property tax increase, layoffs for more than 300 city workers and a gas tax hike as part of her plan to close a $1.2 billion budget deficit, sources told the Tribune.
Lightfoot also is considering about $500 million in refinancing city debt to help close the deficit, sources said.