Category: Economy

Government Releases Another Batch of Data That Wipes Out Previous Economic Gains

South Carolina Sun Staff
People moving refrigerator

New orders for manufactured durable goods, which serve as an indicator for longer-term investments from businesses and consumers, had a huge downward revision for January, following similar revisions seen in jobs data.

Orders for durable goods increased 1.4 percent in February to $277.9 billion, but January’s gains were revised down to -6.9 percent from an initial estimate of -6.1 percent, taking a huge chunk out of previously reported gains, according to data from the U.S. Census Bureau. The revisions for durable goods orders mirror revisions in employment figures, which have repeatedly reported high growth figures that are later revised down, most recently being revised down for January by 124,000 while job growth for February was reported as 275,000.

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Voters ID Inflation, Immigration as Top Concerns Ahead of Presidential Election

The Center Square
People in grocery checkout line

Likely voters are focused on inflation and price increases, illegal immigration and the economy as incumbent President Joe Biden and former President Donald Trump prepared for a rematch of 2020 in November. 

The Center Square Voters’ Voice Poll, conducted in conjunction with Noble Predictive Insights, found that given a range of options to identify their top concerns, likely voters said inflation/price increases (45 percent), illegal immigration (44 percent) and the economy/jobs (24 percent) were the issues that matter most to them. 

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State Financial Officers Urge Treasury to Terminate Internal Revenue Service’s ‘Direct File’ Program

Just the News

A group of 21 state financial officers on Monday urged the Department of the Treasury to terminate the IRS’s Direct File pilot program, contending that its shortcomings were likely to lead to problems for filers, cause needless confusion, and result in lost state revenues.

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Possible Bankruptcy for EV Maker Fisker as Industry Hit with Declining Consumer Interest

Just the News
Fisker electric vehicle on beach with people playing

Electric-vehicle startup Fisker may file for bankruptcy as the declining pace of consumer demand weighs upon the struggling company.

In a March 15 8-K filing with the Securities and Exchange Commission, the company warned investors that “Fisker did not make a required interest payment of approximately $8.4 million payable in cash on March 15, 2024 (the “Interest Payment”) with respect to Fisker’s unsecured 2.50% convertible notes” and that “the Company has a 30-day grace period to make the Interest Payment.”

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Congress Probing Whether IRS Plyng AI to Invade Americans’ Financial Privacy

Just the News
Jim Jordan and Harriet Hageman

The House Judiciary Committee has opened an inquiry to whether the IRS is using artificial intelligence to invade Americans’ financial privacy after an agency employee was captured in an undercover tape suggesting there was a widespread surveillance operation underway that might not be constitutional.

Committee Chairman Jim Jordan, R-Ohio, and Rep. Harriet Hageman, R-Wyo., sent a letter last week to Treasury Secretary Janet Yellen demanding documents, and answers as to how the agency is currently employing artificial intelligence to comb through bank records to look for possible tax cheats. 

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Existing Home Sales Jump 9.5 Percent in February

The Center Square
House for Sale

Existing home sales increased 9.5% in February to a seasonally adjusted annual rate of 4.38 million, marking the largest monthly increase since February 2023, but overall sales declined 3.3% from the previous year, according to the National Association of Realtors.

Total existing home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – jumped 9.5% from January to a seasonally adjusted annual rate of 4.38 million in February. Year-over-year, sales slid 3.3% (down from 4.53 million in February 2023).

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Commentary: Biden EPA’s Latter-Day Prohibition Targets Auto Industry

South Carolina Sun Staff
Tesla Factory

Not since Prohibition has the federal government sought to ban a product as popular as the internal combustion engine.

This week, the Environmental Protection Agency released its final emissions standards rule, requiring that 70% of new vehicle sales be pure battery-powered electric or hybrids by 2032.

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Progressives, Conservatives Not Happy with EPA’s New Rule on Vehicle Emissions

The Center Square
President Biden driving and electric vehicle

The U.S. Environmental Protection Agency said Wednesday it is finalizing more protective emissions standards that it called the “strongest ever” for light-duty and medium-duty vehicles that it claims will reduce air pollution and be phased in from 2027 through 2032.

In a news release, the EPA claimed the standards would result in a reduction of 7 billion tons of carbon emissions and have a net benefit of $100 billion in terms of public health benefits as well as reduced fuel costs and maintenance and repair costs for drivers.

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Poll: 60 Percent of Independents Disapprove of Biden’s Job as President

The Center Square

A majority of Americans disapprove of the job President Joe Biden is doing, according to a new poll.

The Center Square Voter’s Voice poll released Wednesday asked voters, “When it comes to President Joe Biden, do you approve or disapprove of how he’s handling his job?”

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