Recent data shows that 46,000 of the 617,000 bridges in the U.S. are in poor condition with 17,000 of those "at risk of collapse from a single hit." The situation came to the forefront after the Baltimore bridge collapsed in less than one minute after being hit by a 100,000 ton cargo ship on March 29, 2024. However, bridges are also susceptible to damage from hurricanes, earthquakes, and even extreme heat.
Category: 09. Fiscal Policy (short-run fluctuations)
A Global Tax on Billionaires is on the Agenda. Will it Ever Happen? (Macro News for March 2, 2024 – March 8, 2024)
G20 finance ministers began discussing a global minimum tax on billionaires at a summit held in Brazil last week. The billionaire tax has some precedent after these same nations agreed two years ago on a minimum 15% tax rate applied to multinational companies. Proponents of the billionaire tax point out that the super-rich often pay taxes below that of average workers.
U.S. National Debt Hits Record $34 Trillion (Macro News for January 6, 2024 – January 12, 2024)
At the end of December 2023, U.S. government debt topped $34 trillion and it will add another $1 trillion dollars to that total by the end of March 2024. The national debt includes all previous years of deficit spending funded by borrowing. While the amount is staggering and will continue to grow, the nation cannot quit borrowing given the current funding mandates.
House Passes Bill to Avoid Government Shutdown, Senate to Vote Next (Macro News for November 18, 2023 – November 24, 2023)
A bill that will provide stopgap funding and prevent a government shutdown passed the House and will now head to the Senate. The bill provides for full government funding through January 19, 2024 for the U.S. government and then reduces funding through February 2, 2024 unless a new bill is passed. The federal government will shut down on November 17, 2023 unless the appropriations bill passes.
Pearson Economic News 