– Bitcoin sees rally going above $20,000 for first time since November
– The World Economic Forum in Davos kicked off to discuss the future of the world economy
– Treasury warns that US will reach debt ceiling limit on Thursday
– Inflation fell 0.1 percent in December, bringing annualised rate down to 6.5 percent.
– Many now look to the Federal Reserve to see how it will respond to faling inflation.
– BLS reports an average increase of 0.4 percent in real wages for all workers in December.
– IRS delays implementation of $600 reporting requirement for those whose business is paid through Venmo or PayPal.
– Markets respond positively to news of decreasing consumer prices
– The relationship between increasing interest rates and the Mega Millionsjackpot
– The more generous SNAP benefits provided to vulnerable families early in the pandemic will return to their previous amount in February 2023
FINANCIAL NEWS
Why is Bitcoin going up? Crypto prices rally after tough 2022
LATEST NEWS
How are the rich getting richer? The world’s top 1% has increased their fortune by $26 trillion
LATEST NEWS
Is it good to buy when the housing market crashes?
WORLD NEWS
What is the 2023 Davos World Economic Forum? Who attends and when and where is it?
FINANCIAL NEWS
What credit score is needed for a debt consolidation loan?
FINANCIAL NEWS
Can you cash a check if you don’t have a bank account in the US?
We all know that receiving and cashing a check when you have a bank account is very easy. Simply walk into the bank and the money will be deposited into your account.
However, it’s a bit more difficult for people who do not have a bank account. It is estimated that 4.5% of US households do not have a checking or savings account according to the Federal Deposit Insurance Corporation’s survey. This equates to 5.9 million people.
Fortunately there are options available for those without a bank account to cash checks, though it may come at a cost. It is worth researching in your locality which is the cheapest option.
Oliver Povey takes a look.
Debt ceiling: what's it all about?
Across this week we're going to be discussing aspects related to the US debt ceiling so, in case you're not au fait with the term, here's a little summary.
The debt ceiling is a legislative limit on the amount of national debt that the United States government is authorized to borrow. It is, effectively, intended to ensure that the government does not spend more than it can afford, but it has been a source of political controversy in recent years as lawmakers debate whether or not to raise the limit.
The debt ceiling does not limit the amount of money the government can spend, but rather the amount it can borrow to finance that spending. The United States Congress has the power to raise or lower the debt ceiling, and it has been raised many times in the past.
You could say it's like a credit card limit for the government. Just like you have a limit on how much money you can borrow on your credit card, the government also has a limit on how much money it can borrow. Sometimes they raise it because the government needs to borrow more money to pay for things like schools, roads, and the military. It has caused some problems in the past when Congress doesn't agree — yeah, that happens quite a bit — on whether or not to raise it.
Since the modern debt ceiling was first established in 1917, Congress has raised the limit more than 100 times. The frequency of increases has varied over time, with some periods seeing multiple increases in a single year and others going several years without any change.
A government shutdown or defaults on debt payments are what we all want to avoid.
Get used to high inflation, says UBS CEO at Davos
Ralph Hamers, the CEO of finance giant UBS has been speaking at Davos and says he believe that the era of higher inflation than we've been used to in the past "is here to stay."
Is it really a 'Fair' Tax Act?
While US Representative Andrew Clyde promotes the simplicity of the Fair Tax Act, saying that it will be 'eliminating the need for the IRS and establishing a fair system for all Americans,' not everyone agrees.
Joey Palimeno calls it a 'handout to the wealthy' that would 'cripple the middle and working class.'
'Talk about making inflation worse,' he continues, 'this bill would increase the cost of everything we buy, the wealthy would do great.
LATEST NEWS
What are the differences, pros and cons between 401K, IRA and pension?
Employer-sponsored retirement plans like 401(k)s and pensions are becoming more common. Successful savers may utilize either method to maximize employer contributions and other retirement advantages as they prepare for retirement. So what are the distinctions between these two pension programs?
Inflation Reduction Act hailed at Davos
The Inflation Reduction Act has received mixed reviews from some in the European Union. While the commitment to transition to clean energy is welcomed, there are fears that it will put European companies at a disadvantage. The Prime Minister of Spain has called on the continent to look into similar legislation for the trading bloc.
When it comes to creating energy security through clean sources, not since the Paris Accord has there been such an important climate agreement according to the head of the International Energy Agency Fatih Birol.
SOCIAL SECURITY
Supplemental Security Income Program: Can I apply at the same time as the SNAP benefit?
Can I apply for SNAP if I am a recipient of Supplemental Security Income (SSI)? What does the Social Security Administration say? We explain…
FINANCIAL NEWS
What credit score is needed for a debt consolidation loan?
Borrowers looking to get a better interest rate and manage monthly payments may consider consolidating their loans, but it depends on your credit score.
What will be discussed at WEF in Davos
After two years of pandemic-related disruption, Davos returns with its usual format of a week-long winter summit. This year’s World Economic Forum Annual Meeting will run from Monday 16 to Friday 20 January.
A statement on the organisation’s website explains: “The world today is at a critical inflection point. The sheer number of ongoing crises calls for bold collective action.”
“It will provide a platform to engage in constructive, forward-looking dialogues and help find solutions through public-private cooperation.”
FINANCIAL NEWS
Why is Bitcoin going up? Crypto prices rally after tough 2022
Cryptocurrency markets have started the year on the front foot after plunging during 2022. The price of Bitcoin, the most widely-used digital token, has risen by around 26% since the turn of the year and hit $21,000 for the first time since 7 November.
This rise could be a sign that confidence is returning to the market after a tumultuous year beset with interest rate hikes and cryptocurrency scandals.
Where will Bitcoin prices go in 2023?
What next for the world's most popular cryptocurrency? On the basis of recent years' experiences, it's really anyone's guess.
In the first 18 months of the pandemic the cryptocurrency world exploded into the mainstream with a flood of new investors pouring money into the markets. But after extraordinary gains, taking Bitcoin up to $64,000 in late 2021, the comedown has been swift.
BTC lost around a two-thirds of its value in 2022 and rocked confidence in crypto more boradly. But, with the US looking like it's finally emerging from a spell of sustained high inflation, there are hopes that Bitcoin could bounce back this year.
We need to learn. We need to reform some internal aspects of our industrial policies such as state aid, reducing bureaucracy and trying to send a message for the industry worldwide that’s it’s Europe, and of course Spain, that is a good place to locate.
Spanish PM at Davos says Europe must study Biden's Inflation Reduction Act
Spanish Prime Minister Pedro Sanchez told CNBC Monday that the European Union has something to learn from Washington and its new policies to fight inflation. Despite a mixed review from the continental bloc, Sanchez has come out publicly in support of the bill. Spain has some of the lowest inflation in the EU27 at 5.8%.
The legislation, which was approved by lawmakers in August and includes a record $369 billion in spending on climate and energy policies, has received a mixed response from the 27 EU nations.
LATEST NEWS
What power does the World Economic Forum have?
The World Economic Forum (WEF) is an annual gathering in Davos, Switzerland, attended by corporate and political elites, where pressing topics affecting the global economy are discussed. Issues of politics, economy, society and the environment are all included in this category. But does the shindig of movers and shakers in the Alps have any realy power?
LATEST NEWS
How are the rich getting richer? The world’s top 1% has increased their fortune by $26 trillion
Countries pumped companies with money as the pandemic spread, aiming to keep their values from plummeting. Interest rates were nearly zero for much of 2020 and 2021helped inflate asset prices, the sort of thing billionaires have in abundance. These actions combined allowed the world’s richest to vastly increase their wealth at a time where many didn’t know if their job would still be there when they could stop isolating. In one example, the wealth of UK billionaires grew by 20% in the last two years as well as the number increasing from 147 in 2020 to 177 today.
Good morning and welcome to AS USA
Confidence is building that inflation is coming down and that the Federal Reserve will further slow the pace of interest rate hikes. Markets have reacted positively and Bitcoin, after a year of its value plummeting, is seeing a rebound. Follow along with the latest financial news and information on what is being done to help Americans cope with inflation.
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