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US Renew News: Where Facts Make a Difference (Check Out Our News Coverage Below)

ECONOMIC POLICIES, ANALYSIS, AND RESOURCES

The Economic and Trade Policy Domain tracks and reports on policies that deal with budget, taxation, and finance issues. The domain tracks policies emanating from the White House, Congress, the Department of Commerce and the Department of Treasury.

Latest Economic and Trade Policy Posts

Optimistic Economic Outlet Coupled with Caution

Brief #127 – Economic Policy
By Rosalind Gottfried

There are positive indications of economic growth in the fourth quarter of the year and, while economists are optimistic, citizens are less so. The economy grew by .5% in the third quarter, and the fourth quarter is predicted to be strong. The October jobs report was encouraging. New jobs reached 531,000 and after adjustments in the August and September figures, the average for the three months was 442,000. October unemployment was down to 4.6% from 4.8%.

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Supply Chain and Customer Service Shortages: The Real Drivers of Inflation

Brief #126 – Economic Policy
By Rosalind Gottfried

There are some indications that the economy is strong. The US economy is expected to grow at 6% this year and fall to 3.9% for 2022, a greater rate than for most years since the turn of the century. Economists are predicting a steady expansion of the economy for the second half of 2021. The unemployment rate is under 5%, marking only 17 months to recover that rate since the pandemic started. Unemployment is currently at 4.8% which is down from 5.2% in August.

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A Primer on the Debt Ceiling Crisis

Brief #125 – A Primer on the Debt Ceiling Crisis
By Rosalind Gottfried

The deadline for Congress to pass a Bill to fund the government past the current fiscal year deadline of September 30th is fast approaching. The Republicans blocked a bill which would extend government spending and suspend the debt ceiling. The House passed the bill providing for government spending through December and suspending the debt ceiling through December 2022, after the mid-term elections.

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Reducing Persistent Child Poverty

Brief #124 – Economic Policy
By Rosalind Gottfried

Child poverty persists in the US at a much greater rate than in other comparable countries. Among the countries in The Organization for Economic Co-operation and Development (OECD), the US is on a par with Mexico, Chile, Turkey, and Spain on the low end of expenditures to combat child poerty. In contrast, Finland, Denmark, Poland and Spain evidence the highest spending. In spite of having the highest GDP of any country, and one of the highest per capita incomes, the US spends 1% of its GDP on family benefits in contrast to the 3.5% spent by France. As a result, 14.4% of the country’s children live in poverty. This translates into 1 in 4 Black children; 1 in 5 Hispanic children; and one in 12 non-Hispanic white children.

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Taxes and Tribulations – Brief on Biden Tax Plans

Brief #123 – Economic Policy
By Tyler-Joseph Ballard

A $3T USD budget shortfall in 2020 and the current deficit for 2021 of another $3T USD leaves the current administration in a considerable bind. The Biden administration’s proposed tax plans — The American Jobs Plan and the American Families Plan — impose considerable tax hikes for corporations and top earners while providing increased child and dependent tax credits.

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Should We Be Concerned About Inflation?

Brief # 117 – Economic Policy
By Rosalind Gottfried

Inflation occurs when the value of money decreases, largely due to increases in prices which are not matched by rises in income. With the vaccine rollout, people are emerging from their pandemic cocoons and demands for goods and services are surging. High demand, coupled with reduced supplies, is causing prices to rise.

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The Unemployment Disconnect in California

Brief # 120 – Economic Policy
By Patrick Dwire

As restaurants, hotels and entertainment venues begin to open up in California as the state officially re-opens with virtually no Covid restrictions, many of these employers are having trouble finding workers. Low-income workers are getting blamed for not jumping at these job openings, which seems to lead many Republican policy makers immediately to the conclusion that unemployment benefits must be too generous.

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Biden Seeks Mandatory Global Taxation Level For Multinationals

Brief # 119 – Economic Policy
By Rosalind Gottfried

Under current international tax rules, multinationals generally pay corporate income tax where production occurs rather than where consumers or, specifically for the digital sector, users are located. However, some argue that through the digital economy, businesses (implicitly) derive income from users abroad but, without a physical presence, are not subject to corporate income tax in that foreign country.

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