Don’t look now, but U.S. labor markets appear to be churning in the wrong direction, as the unemployment rate jumped to 3.9 percent in February, and the unemployment level hit a new high for this cycle at almost 6.5 million, up 760,000 from its low this cycle of 5.7 million in Dec. 2022, according to the latest data from the Bureau of Labor Statistics.
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The U.S. government and those of other countries could be using higher inflation to lessen the value of growing public debt resulting from increased spending during the COVID-19 pandemic, according to a new analysis by a Harvard economist working with The Heritage Foundation.Â
The study covers government spending from 2020 through 2022, the high point of the pandemic, and looked at the U.S. and 20 other economies in the Organization for Economic Cooperation and Development, or OECD.Â
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The federal debt increased by $6,238,231,285,652.06 between Jan. 20, 2021, the day President Joe Biden was inaugurated, and Jan. 2, 2023, the last day for which the debt has been reported.
That equals $47,462.84 for each of the 131,434,000 households that the Census Bureau estimates were in the United States in 2023.
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The conservative House Freedom Caucus slammed House Speaker Mike Johnson’s proposed top-line spending deal with Senate Democrats as a “total failure,” arguing the potential agreement costs about $68 billion more than the Louisiana Republican said it would.
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House Speaker Mike Johnson on Sunday said Congressional leaders reached a topline spending deal to avert a federal government shutdown by providing funding through the rest of the fiscal year.
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