Biden’s $5.79 Trillion 2023 Budget Proposal Biden’s $5.79 trillion 2023 fiscal budget proposal has finally made its appearance, with an anticipated $4.64 trillion in revenues, and a deficit of $1.15 trillion. That’s down from a $1.4 trillion deficit estimated for 2022 and $2.8 trillion 2021 deficit.—forbes.com What is the $5.79 trillion number in the news … Continue reading The Federal Budget in Fiscal Year 2023

The Federal Reserve is fighting inflation with the first interest rate rise since 2018 and signals that six more rises are likely in 2022. Some critics say the long delay in seeing the inflation problem will make it difficult for the Fed to avoid a recession.—The Australian Financial Review What was the U.S. inflation rate … Continue reading The Fed’s Challenge in 2022

The unemployment rate decreased from 4.0 percent in January 2022 to 3.8 percent in February. And the Consumer Price Index increased, year over year, by 7.9 percent in February, up from 7.4 percent in January.—Bureau of Labor Statistics More Data The Federal Reserve Bank of New York’s estimate of the expected inflation rate is 5.8 … Continue reading Unemployment and Inflation in 2022

In January 2022, disposable personal income increased $19.8 billion and personal consumption expenditure increased $337.2 billion from the previous month.—Bureau of Economic Analysis. What is real disposable personal income? Disposable personal income is an income earner’s aggregate income minus taxes plus transfer payments. Real disposable personal income is disposable personal income measured in the prices … Continue reading Personal Income and Outlays at the Start of 2022

The ruble crashed by more than 40 percent after trading began today [February 28, 2022] amid unprecedented international sanctions against Russia’s financial system over Vladimir Putin’s invasion of Ukraine. Russia’s central bank more than doubled interest rates to 20 percent and banned foreigners from selling securities.—The Guardian What is the ruble? The ruble is the … Continue reading The Russian Ruble and Its Crash

In late 2021, the Organisation for Economic Co-operation and Development (OECD) forecasted that the global economy would grow by 4.5 percent in 2022, and that consumer prices would rise by 4.2 percent. But due to the Russo-Ukrainian War, the OECD now forecasts that global economic growth will be 1.1 percentage points lower and inflation will … Continue reading The Global Economic Impact of the Russo-Ukrainian War

The imposition of severe economic and financial sanctions on Russia have had limited effects on global financial markets with the worst of the damage being limited to Russian markets.—Barron’s Russia and the Rest of the World in 2020 What was Russia’s investment and saving in 2020? Look at the data table, which describes the state … Continue reading Russia’s Loanable Funds Market

In 2021, Bank of America earned record income. In the same year, CEO Brian Moynihan received a base salary of $1.5 million and $30.5 million in stock options. Other Bank of America employees also received stock options.—Marketwatch.com What is a stock option? A stock option is the right to buy a company’s stock at a … Continue reading Principals and Agents at Bank of America

Ukraine’s government has set up official wallets that can accept and make payments in nine cryptocurrencies including Bitcoin and Ethereum. Ukrainian law now permits crypto exchanges to operate regulated by the National Bank of Ukraine (the country’s central bank) to protect against fraud.—Financial Times What is a cryptocurrency? A cryptocurrency is a digital currency that … Continue reading Ukraine’s Embrace of Cryptocurrencies

India enjoyed 12.7 percent growth in its gross domestic product (GDP) in 2021. The Organisation for Economic Co-operation and Development (OECD) says this growth was “mainly driven by fixed investment and private consumption.”– World Economic Forum  This table documents some data about India’s economy: What is the distinction between economic growth and a business cycle … Continue reading The World’s Fastest Growing Economy in 2021