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A look at how federal plans could make the costs of housing more affordable?
As renters and would-be homeowners struggle with the high cost of housing, the Biden administration has announced policies to address this strain on household budgets. That includes $100 million in funding for a program to incentivize affordable housing production and streamlining loan application processes to expedite building more housing. Some of those proposals – such […]
Senators urge better access to disability payments for Long COVID patients
Seven U.S. senators have called on the Social Security Administration to make it easier for people with long COVID to access disability benefits, actions that disability rights advocates and patients say are desperately needed. In a letter released Monday, they said the agency should make the process more transparent, track and publish data on long […]
Study says undocumented immigrants paid almost $100 billion in taxes
A new study shows that undocumented immigrants paid nearly $100 billion in federal, state and local tax revenue in 2022 while many are shut out of the programs their taxes fund. The findings run counter to anti-immigrant rhetoric that undocumented immigrants are “destroying” social programs. In 40 states, undocumented immigrants paid higher tax rates than […]
U.S. home prices hit a record high as sales fell. Here’s how housing experts explain the trend
U.S. median home prices hit a record high for the second month in a row as sales continued to fall, according to a report released this week, as potential buyers continue to lie in wait for lower mortgage rates. Existing home sales fell 5.4% in June and median home sales reached its highest level on […]
Black voters key to electing Biden in 2020. Money woes make some question their support in 2024.
The economy is top of mind for caregiver and driver Jennifer Garner as the U.S. heads toward the November presidential election. Garner, 46, lives in Cleveland and can bring in about $800 a week working extra hours at both jobs. But between debt payments on $56,000 in student loans and $1,300 in rent — among […]
March jobs report shows strong labor market with job gains in health care and government
The sturdy labor market continued to chug along in March, with an unemployment rate of 3.8%, marking the 26th straight month of an unemployment rate under 4%. The economy added 303,00 jobs, according to the monthly report released by the Bureau of Labor Statistics on Friday. Economists, researchers, and policy experts say that the strong […]
Experts say the economy is getting better, but consumers don’t feel that way. Here’s why.
Americans are still worried about their financial stability even as their recession fears lessen. High prices at the grocery store and consumers’ memories of their pre-pandemic budgets may be playing a role. Here’s what financial and economic experts have to say about what economic indicators tell us about people’s perception of the economy. The Consumer […]
Fed declines to cut interest rates, saying it’s not clear inflation has slowed enough yet
The Federal Reserve declined Wednesday to cut interest rates, saying it remains uncertain inflation is slowing enough, but some economists warned the financial regulators risk waiting too long to make cuts. Fed Chairman Jerome Powell said the Fed has a lack of sufficient data that inflation is slowing enough to justify taking the pressure off […]
Looking toward November, Biden targets ‘shrinkflation’ in State of the Union speech
The White House retweeted Cookie Monster about it. The president made his own Super Bowl video about it. And then President Joe Biden made it a point in his State of the Union speech: “Shrinkflation” must be stopped. Biden said Thursday during his annual address that he is taking on corporations that are making more […]
When will housing affordability improve? Spoiler alert: It will take some time
Inflation is slowing and job growth has surged, but many Americans still feel the burden of expensive housing – fueled in part by high demand, low inventory and mortgage rates. Home prices across the U.S. rose 5.5% over the past year as of December 2023 and they are projected to increase 2.8% year over year […]
Fed keeps interest rates same, as expected, with changes likely months away
The Fed held key interest rates steady again Wednesday, as expected, and signaled that a decision that could affect everything from credit card rates to the housing market to new business creation could still be months away. It was the fourth consecutive time the central bank has left the rate unchanged since its September 2023 […]
Overdraft fees, late fees could be slashed as White House continues attack on junk fees
The cost of overdrawing your bank account could ease considerably under a rule proposed recently by the Consumer Financial Protection Bureau. The proposed regulation is in line with a larger effort that the Biden administration has championed the past few years to crack down on “junk fees,” which are tacked onto everything from ticket prices […]