In the first nine months of the present fiscal year, total federal revenues were $2.54 trillion, while total federal spending was $3.15 trillion, leaving a deficit of $607 billion. That’s 16-percent higher than it was at the same time a year ago.
Federal Reserve Chairman Jerome Powell suffers from the same disease infecting all those on the board: the hubris that they really know what's best for the economy.
With the Fed likely to raise overnight bank lending rates by one quarter of one percent on Wednesday, observers are increasingly concerned that those increases may throttle Trump’s roaring economy just as it’s beginning to hit its stride.
This year’s Tax Freedom Day, which “represents how long Americans as a whole have to work in order to pay the nation’s tax burden,” falls on April 19 according to the Tax Foundation.
The Fed will make eight quarter-point rate hikes between now and the end of the year 2020 in order to stave off predicted inflation.