For the fiscal year through May, tax revenues of $217 billion were overwhelmed by government spending of $363 billion, creating a fiscal-year-to-date deficit of $146 billion.
Just one month after Seattle voted unanimously to pass a head tax on businesses such as Starbucks and Amazon, the City Council repealed it by a vote of 7-2, noting that the head tax (not surprisingly) hurts businesses.
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.
The United States has asked OPEC producers to increase oil production by about one million barrels a day after Trump complained about “artificially very high” oil prices.
Forty-six percent of Bay Area residents surveyed said they are likely to move out of the area in the next few years, and 61 percent of those plan to leave California.
Though jobs are plentiful, some economists are predicting a downturn, which recalls the truism that economic forecasting makes weather forecasting look good.
The improving U.S. economy appears to be having another ameliorative effect: Talk of the "blue wave" in the Novmber elections has all but disappeared.
Illinois has dropped from the fifth most-populous state in the union to sixth, due largely to the state taxing them out of their homes.
Financial expert John Mauldin believes that actions the Federal Reserve will likely take to deal with inflation from government overspending will soon cause a massive recession. by Bob Adelmann