If you’re on Social Security there is good news, and some not quite so good news, in the latest official inflation report out from Uncle Sam on Tuesday. The good news is that you’re on track for the biggest annual cost of living adjustment next year in over a decade. Based on the U.S. Labor Department’s consumer price data for August, Social Security is on track to hike benefits 5.9% for 2022 when it makes the official announcement next month.
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- Washington Examiner
China is warning local governments to prepare for "a possible storm" if property giant Evergrande defaults.
Angela Merkel has been in a particularly high-powered job for a notably long time—and she’s made surprisingly few enemies. As chancellor of Germany for the past 16 years, Merkel, who leaves office following a general election this weekend, has garnered respect from around the European Union, in which she has played a guiding role, and elsewhere in the world. Driving Germany’s climate change and energy policies and forming part of the global vanguard on financial crises, migration, and most recently the coronavirus pandemic, Merkel ends her tenure with higher global popularity ratings than her world-leader counterparts in the US, France, Russia, and China.
- Business Insider
6 photos and stats that put into perspective the sheer size of Evergrande, China's embattled real-estate giant that has $300 billion in debt
Evergrande, China's second-largest property developer, is $300 billion in debt. That's equivalent to 2% of China's GDP.
At an eerily quiet construction site in eastern China's Suzhou, worker Li Hongjun says property developer Evergrande's debt crisis means he will soon run out of food. Christina Xie, who works in export in the bustling southern city of Shenzhen, fears Evergrande has swallowed her life savings. The pair, united like legions of others by their connections to the vast China Evergrande Group, show the scale of the challenge facing the Chinese government in managing its financial woes, although economists downplay the risk of a "Lehman moment" style collapse.
President Biden bit off too much, too fast in trying to ram through what would be the largest social expansion in American history, top Democrats privately say.Why it matters: At the time Biden proposed it, he had his mind set on a transformational accomplishment that would put him in the pantheon of FDR and JFK. Get market news worthy of your time with Axios Markets. Subscribe for free.Democrats, controlling two branches of government, saw a once-in-a-lifetime opening. In retrospect, some top a
- Yahoo Finance
Congress is running out of time to resolve the government debt showdown or risk defaulting on its debt.
The U.S. economy is not going to return to normal anytime soon and won't look the same as it did before coronavirus, a senior Federal Reserve official says.
- Hartford Courant
Thousands in Connecticut are being asked to pay back $8.6M in unemployment overpayments received during the pandemic. Lawmakers want the bills to be waived.
Democratic lawmakers are calling for the state Department of Labor to stop trying to get money back from thousands of workers who lost their jobs in the pandemic but who may have been overpaid in unemployment benefits. At a state Capitol press conference Thursday Sen. Julie Kushner and Rep. Robyn Porter, the co-chairs of the legislature’s Labor and Public Employees Committee, said the state ...
- Business Insider
The GOP wants to force Democrats to raise the debt ceiling alone, but there's no guarantee Democrats can pull it off. The stakes are economic chaos.
- The Week
They could use their congressional majorities to pass some laws
- Yahoo Finance
Gary Cohn, the former director of the National Economic Council, warns COVID-19 pandemic benefit programs contribute to the current labor shortage.
- NBC News
The developer’s predicament could deal a serious blow to the world’s second-biggest economy as Beijing faces what may be one of its largest defaults.
- National Review
First-time filings for unemployment benefits jumped to the highest level in a month last week, coming in well ahead of the 320,000 claims that Dow Jones predicted.
In its bid for IMF support, Lebanon must address a question it has evaded since the economy imploded two years ago: how should it distribute the huge losses caused by its financial collapse? When a plan was drawn up last year that identified a $90 billion hole in the financial system, it was shot down by banks which complained it made them foot too much of the bill and by the ruling elite who had driven Lebanon into its crisis. Since then, Lebanon has sunk deeper into trouble with no plan and no government until its fractious sectarian politicians ended a year of bickering and agreed a new cabinet this month.
A senior South Korean official on Thursday called for greater efforts to manage the country's excessive borrowing, saying problems at China Evergrande served as an example of the debt issues economies could face as they scale back stimulus. Lee Eog-weon, a vice finance minister, said South Korea should "pre-emptively manage default risks that could arise from excessive leveraging and risk-taking," citing a potential Evergrande default as the kind of incident that could arise as central banks globally unwind pandemic-era monetary policy.
- The Guardian
Opposition from Mitch McConnell means the spending package is dead and the US faces a shutdown and default Mitch McConnell, Senate minority leader, has said that Republicans will block a key spending package. Photograph: Michael Reynolds/EPA Top Republicans in the Senate are poised to block a key spending package advanced by Democrats in a move that could precipitate the dual fiscal crises of a government shutdown and an unprecedented US default on its colossal debt obligations. The House has ap
- The Fiscal Times
Two former Treasury secretaries who served in Republican administrations reportedly attempted to intervene in the long-simmering standoff over the debt limit, meeting with current Treasury Secretary Janet Yellen and Senate Minority Leader Mitch McConnell (R-KY) in recent weeks in an attempt to find some kind of compromise. According to The Washington Post’s Jeff Stein Wednesday, the talks involving the Bush administration’s Henry Paulson and the Trump administration’s Steven Mnuchin did not prod
- Los Angeles Times Opinion
Half of U.S. families struggle to make ends meet, yet their incomes aren't low enough to meet the official federal poverty threshold.
The White House is expected to ask federal agencies to prepare for a possible U.S. government shutdown as health authorities struggle with the COVID-19 pandemic and Democrats and Republicans fight over a funding agreement, government officials said on Thursday. The U.S. Senate is days away from voting on a measure to suspend the $28.4 trillion debt ceiling and keep federal agencies operating after Sept. 30, the end of the fiscal year.. The White House Office of Management and Budget expects Congress will act in a bipartisan fashion to extend government funding "especially as we continue to confront the pandemic and power an economic recovery," OMB spokesperson Abdullah Hasan said in response to questions.
The missed payments don't yet count as a default, but they renew fears that Evergrande is so strapped for cash that it's on the brink of collapse.