As 2025 approaches, America’s fiscal health is in serious trouble with a ballooning federal debt exceeding 100% of the GDP.
Read MoreNational Debt Grew by $2.5 Trillion in 2024; Projected to Rise
Tag: GDP
U.S. Economic Growth Was Weaker than Expected in Third Quarter
The U.S. economy grew at a rate of 2.8% in the third quarter of 2024, according to Bureau of Economic Analysis (BEA) statistics released Wednesday.
The growth in the third quarter comes after a better-than-expected 3.0% growth rate in the second quarter of 2024, according to the BEA. Economists forecast that GDP would increase by about 3.0% in the third quarter, according to Forecast.com.
Read MoreEconomic Growth, Consumer Spending Rises Three Percent in Second Quarter
Gross domestic product rose at an annual rate of 3% in the second quarter of 2024, showing economic growth and increased consumer spending, according to a report.
The report, released by the U.S. Bureau of Economic Analysis, shows gross domestic product over the last five years.
Read MoreCommentary: Massive Tax Hikes Coming Without GOP Sweep in 2024 Elections
The Tax Cuts and Jobs Act (TCJA) signed into law by President Donald Trump on Dec. 22, 2017, provided across-the-board income tax cuts for all income levels as well as significant tax relief for American taxpayers. However, most of the tax relief expires on Dec. 31, 2025, which will result in significant tax hikes for most Americans in 2026.
Republican presidential candidate Donald Trump and Republicans in Congress are calling for new legislation in 2025 to make the TCJA tax cuts permanent. But this will only be possible with three election results this November: (1) Trump wins the presidency; (2) Republicans gain majority control of the Senate; and (3) Republicans maintain majority control of the House of Representatives. Failure to achieve a victory sweep for the presidency and both houses of Congress would be devastating for Americans’ pocketbooks, given Democrat animus towards extending the TCJA tax cuts.
Read MoreCommentary: Energy Innovation Is Key to Prosperity
In a recent report, “Powering Human Advancement,” The Heritage Foundation laid bare the truth that the driving force behind wealth creation and raising human development standards is the innovative harnessing of energy.
As historian Vaclav Smil sees it, “Energy is the only universal currency.”
Read MoreEconomist: ‘True’ Federal Debt Masked by Draining U.S. Treasury
The federal debt continues to climb to unprecedented levels, but the “actual, true” debt is higher if the Treasury weren’t being drained, a national economist says.
Citing Bureau of the Fiscal Service data, E. J. Antoni, Ph.D., an economist at the Heritage Foundation, argues that as the federal debt increases, the “true daily deficit” is being masked by the amount of cash being drained from the U.S. Treasury by Treasury Department Secretary Janet Yellen.
Read MoreAmericans are Getting Poorer While Prices Keep Going Up
Americans’ real weekly earnings dropped sharply in April and still remain well below their level when President Joe Biden first took office, according to data from the Bureau of Labor Statistics (BLS).
Real average weekly earnings fell to $1,191.93 in April, declining by 0.4% in the month and 4.8% compared to the start of Biden’s term in January 2021, according to data calculated by the Daily Caller News Foundation from the BLS. Prices have risen over 19% since Biden first took office and 3.4% in the last year, degrading the value of Americans’ wages.
Read MoreInflation Stays High as Rising Prices Continue to Squeeze Americans
Inflation ticked down slightly year-over-year in April but still remained high as rising prices continue to take a toll on average Americans’ finances, according to the latest Bureau of Labor Statistics (BLS) release on Tuesday.
The consumer price index (CPI), a broad measure of the prices of everyday goods, increased 3.4% on an annual basis in April and 0.3% month-over-month, compared to 3.5% in March, according to the BLS. Core CPI, which excludes the volatile categories of energy and food, remained higher, rising 3.6% year-over-year in April, compared to 3.8% in February.
Read MoreMass Migration Not Delivering Economic Benefits, Study Finds
Mass migration has not delivered significant GDP growth per capita for the United Kingdom, but it has increased strain on the country, according to a new study.
While illegal immigration recently hit record highs in the United States, legal immigration poses a significant issue for the U.K., where legal migration levels are more than 25 times the level of illegal levels, according to a report Wednesday from the Centre for Policy Studies, a U.K. think tank and advocacy group.
Read MoreAmericans Less Confident About Economy, Poll Shows
Americans are less confident about the economy, according to a new survey.
Gallup’s recently released economic confidence rating dropped from March to April as inflation remains elevated. Just after the polling was conducted from April 1-22, the federal government released underperforming Gross Domestic Product data.
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