INSUBCONTINENT EXCLUSIVE:
nowhere near rising as fast as inflation.With soaring inflation, the Fed resorted to desperate measures on Wednesday and increased its
benchmark interest rate to 0.75 percentage-point, the largest hike since 1994.Experts say the shadow of a recession is hanging over the
Lower-income and vulnerable Americans are especially the ones who get most hurt by a recession because they tend to be the first fired from
their jobs when the economy slows.Biden outlined some of the hard choices he has faced, claiming the United States needed to stand up to
operation in Ukraine would have prevented the crisis in Eastern Europe.Instead, the United States -led NATO military alliance chose to
continue its eastward expansion toward Russian borders, a decision that triggered Moscow to demand security guarantees, which the Kremlin
ultimately did not receive
led to gas prices to sky rocket back home in America; creating a real political risk for Biden and the Democrats during an election year for
result, nationally, gas now costs an average of $5 per gallon, close to $2 higher than a year ago
In California, a gallon of gas now costs more than $6, up from just over $4 a year ago.Biden has pleaded with oil companies to increase
world are taking a hit, one of the most unique factors in the United States is that hugely-profitable corporations with significant market
power are using inflation as a cover for raising their prices.Oil and gas giants are the classic example and they are making record
to ease the burden on consumers at the gas pump, but rather to increase its stock buybacks
Fed and the President, along with bailing out other large banks when they are in trouble and similar measures that serve the super-rich
lowest rating for his administration.Overall, only about 2 in 10 adults said the United States is heading in the right direction or that
heading in the right direction, down from 49 percent in April.The tightening of the Fed policy has caused financial markets to slump and led
percentage points after an alarming surge in inflation in the month of May came unexpected
level since December 2020
The Nasdaq Composite plunged by more than four percent, bringing the index down by more than 30 percent for the year to date
The Dow sank by 741 points, or 2.4 percent to close below 30,000 for the first time since January 2021.At a press conference, the Central
which causes them to cut back on purchases of everything, which is causing the economy to slow.In the face of rising costs, there are
department, retail spending fell for the first time this year in May
Home sales have fallen for three consecutive months and consumer confidence hit a record low between May and June.In a new report, Feeding
America, the nationwide network of 200 food banks, says more than 53 million Americans turned to food banks, food pantries, and meal
community food programs have become an essential piece of a household's food budget, especially now when we face new challenges with
to make sure that the people using our services have a seat at the table and their voices are heard," she noted.
