U.S. gross domestic product, or GDP, grew more rapidly than expected in the third quarter of 2023. The U.S. Commerce Department announced GDP increased by 4.9% on an annual basis. A survey of economists previously forecast that real GDP growth would be 4.7%. Real GDP measures the inflation-adjusted total value of all final goods and services produced in the U.S. during a given period.
Tag: government spending
US Deficit Widens by $85 Billion in December (Macro News for January 14, 2023 – January 20, 2023)
The 2022 U.S. government calendar year deficit was $1.42 trillion. December's deficit was $85 billion and fiscal year 2023, which began in October, has already posted a $421.41 billion deficit in the first quarter. The December 2022 deficit was almost four times bigger than the $21.3 billion deficit posted the previous December.
What the Pro-Business Tax Agenda is Chasing in a Changing Congress (Macro News for December 10, 2022 – December 16, 2022)
Political experts expect the divided Congress will thwart any substantial pro-business tax moves. However, many pundits believe that House Republicans will attempt to make some "positioning moves" that will help them establish a "pro-business agenda" prior to the next presidential election.
A Plan to Tax the Rich to Fund Electric Cars Defeated by California Voters (Macro News for November 5, 2022 – November 11, 2022)
California's focus on environmental issues pushed numerous changes to business policies and consumer freedoms over the past several decades. However, the newest environmental initiative, Proposition 30, failed to gain voter support. Proposition 30 would have taxed incomes greater than $2 million by another 1.75% and used the money to provide incentives for consumers to buy electric vehicles and install EV chargers. Most of these incentives were directed toward low income households. About 20% of the funds would have been used for wildfire prevention and training firefighters.
Pearson Economic News 