On January 16, 2025, Senator Ted Cruz (R-TX) reintroduced the bipartisan "No Tax on Tips Act," aiming to exempt gratuities from federal income taxation.
Mass deportations proposed by President-elect Donald Trump could deliver a significant blow to Mexico’s economy, warns Ismael Plascencia López, a specialist with the Northwest Mexico Federation of Economists.
The Federal Reserve made its third consecutive interest rate cut on Wednesday, reducing its benchmark rate by a quarter of a percentage point. The move, widely anticipated by investors and financial markets, brings the federal funds rate to a target range of 4.25 percent to 4.50 percent. Since beginning its rate cuts in September, the Fed has now lowered rates by a total of 100 basis points, or one percentage point.
California lost 156,300 jobs in the first half of 2024, according to the latest federal quarterly payroll data, contradicting Governor Gavin Newsom’s optimistic claims about job growth in the state. While Newsom’s office had highlighted preliminary job survey data, which often overestimates employment numbers, the finalized payroll data shows a starkly different picture. In January, California’s payroll data counted 18,037,900 jobs, but by June, that number had dropped to 17,881,600, reflecting a significant job loss.
A recent Reuters/Ipsos poll reveals that most Americans oppose higher tariffs on imported goods if they lead to increased consumer prices. The findings highlight the political risks surrounding President-elect Donald Trump's plan to impose steep import tariffs aimed at boosting American industry and curbing illegal activities such as fentanyl trafficking.
Inflation rose in November at the fastest pace in four months, marking the second straight month of acceleration. The Department of Labor reported Wednesday that the consumer price index (CPI) increased by 2.7% over the past year, matching economists' forecasts. Core inflation, which excludes food and energy prices, climbed 3.3% year-over-year.
Joe Biden delivered remarks on his administration’s economic record Tuesday at the Brookings Institution, making the questionable assertion that President-elect Donald Trump will inherit a “strong economy.” Biden expressed hope that the incoming administration would “preserve and build” on his policies.
The U.S. economy added 227,000 jobs in November, surpassing economists’ forecast of 215,000, the Department of Labor reported Friday. The unemployment rate edged up slightly to 4.2%, as more individuals entered the workforce.
President-elect Donald Trump has issued a stark warning to BRICS nations over their ongoing efforts to reduce reliance on the U.S. dollar. Trump threatened to impose a 100% tariff on goods from BRICS members if they move forward with plans to establish a rival currency or abandon the dollar as the dominant international reserve currency.
