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Money & The Economy

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California Faces New Energy Crisis After State’s Largest Utility Files For Bankruptcy

California faces a new energy crisis with the bankruptcy of its biggest utility, Pacific Gas & Electric. PG&E has at least $30 billion in liabilities stemming from deadly wildfires sparked by its equipment. The bankruptcy raises questions about grid reliability, power prices and state green energy goals. Pacific Gas & Electric’s (PG&E) bankruptcy filing Monday will force California officials to ...

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Drug Pricing War Leads CVS And Walmart To Part Ways

Walmart and CVS Health’s pharmacy benefit management (PBM) division announced they’re parting ways Tuesday, meaning that most people who have CVS Health drug plans will no longer be able to pick up their prescriptions at Walmart locations. The split was brought on by a pricing dispute. Walmart maintained that CVS was trying to control where customers filled their prescriptions, according ...

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US-China Truce Improves Ratings in Forex Markets

The US forex market jumped Tuesday on hopes of a truce between the United States and the Republic of China. Furthermore, the presidential assurances that he won’t impose a national emergency helped calm the situation. The market was cautious as everyone was expecting president trump to invoke his executive powers and order the construction of a border wall, even as ...

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Despite Tariffs, American Farmers Still Support Trump

American farmers are sticking behind President Donald Trump despite a trade agenda that makes selling produce to foreign countries more difficult and less profitable, Bloomberg reported. The United States’s ongoing trade war with China is a primary concern for U.S. farmers that sell crops, especially soybeans, overseas. While Trump’s view on and use of tariffs are not popular in the ...

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Fiat Chrysler Slapped With $650 Million Fine For Emissions Scandal

Fiat Chrysler has agreed to pay over half a million dollars in fines for using illegal software that produced inaccurate emissions tests results. In a massive settlement Thursday that involves the Justice Department, the Environmental Protection Agency, and the state of California, Fiat Chrysler will adhere to a number of penalties for violating the Clean Air Act and California state ...

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Ford Is Slashing Jobs And Cutting Production But Not In The US

Ford Motor Company is overhauling its operations in Europe, potentially cutting thousands of jobs, closing factories and shutting down production of unprofitable vehicle models, The Wall Street Journal reports. The company’s reorganization comes as traditional car manufacturers struggle to clear new hurdles such as environmental policies against combustion engines and growing investment in electric vehicles. Troubled Brexit negotiations are also ...

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The Next Phase Of The US-China Trade Negotiations Begins

One tumultuous chapter of trade deliberations between the U.S. and China has ended, with both sides now hopeful that a far-reaching deal can be made before an imminent tariff deadline. Negotiations between U.S. and Chinese trade officials, which began Monday in the Commerce Ministry in Beijing, finally concluded on Wednesday as both sides sought to inch closer to an understanding ...

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20 Percent Of Millennials Expect To Die Before Ever Paying Off Their Debt

One in five Millennials believe their only respite from debt will be death, according to a new report from Northwestern Mutual. The Millennial generation, defined by this study as Americans between 18 and 34 years old, average $32,000 in individual debt, excluding home mortgages, CNBC reported Wednesday. More than 40 percent of the study’s Millennial respondents said they didn’t know when they would be ...

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Customers Are Paying Nearly 100% Of Seattle’s New Soda Tax, Study Says

Seattle soda drinkers are paying nearly every penny of a tax on sugary drinks that the city council put in place in January 2018, according to a new study. University of Washington researchers studied the effects of the soda tax on the prices of taxed and untaxed drinks at various types of stores. The study found that, on average, 97 percent ...

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US Steel Prices Dip Below Pre-Tariff Levels

The price of steel in the United States has fallen below levels prior to President Donald Trump’s announcement of a 25 percent tariff on imported steel in March 2018, according to benchmark prices compiled by S&P Global Platts. The price of steel jumped considerably after Trump announced the tariffs, rising to a peak of $920 per ton in July. Since ...

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New York City’s Minimum Wage Increase Is Crushing Small Businesses

New York City skyline

New York City hiked its minimum wage for the third time in three years on Jan. 1 and small business owners are struggling to adapt to the steadily increasing labor costs. New York City’s minimum wage rose to $15 an hour for all employers with more than 10 employees at the start of 2019. Small businesses have set about adapting ...

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Conservatives Give Congress Their Top Ten Energy Priorities In 2019

The free-market think tank Competitive Enterprise Institute (CEI) released its conservative list of demands for policymakers on energy and environment issues in the 116th Congress Tuesday. CEI’s list contains ten policy goals to promote accessible and affordable energy by repealing and opposing burdensome regulations, encouraging fossil fuel energy development and cutting subsidies and other market-distorting programs in the energy industry. ...

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Starbucks Plans To Sell Mixed Drinks In Upscale Cafes; Faces Challenges From Within

Starbucks CEO Kevin Johnson is scaling back the vision of his predecessor to revamp the coffee chain’s sales and expansion goals through opening hundreds of high-end coffee shops, The Wall Street Journal reports. Starbucks founder and former CEO Howard Schultz envisioned opening 1,000 Starbucks Reserve cafés that would sell more-expensive coffee, cocktails and artisanal baked goods. Schultz also wanted to ...

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Tax Refunds Will Be Paid During Shutdown, White House Says

The White House’s Office of Management and Budget said tax refunds will still be paid out by the IRS, despite the ongoing partial government shutdown. OMB deputy director Russ Vought told The Daily Caller during a Monday meeting that the White House would work quickly to make the process as “painless as possible” for taxpayers. During a government shutdown, the IRS is usually ...

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Taxing The Rich Probably Isn’t Enough To Fund Ocasio-Cortez’s ‘Green New Deal.’ Who Else Would See Higher Taxes On?

Rep. Ocasio-Cortez’s call for “60 or 70 percent” top tax rates likely won’t pay for a “Green New Deal.” Democrats will likely have to come up with other ways, including a possible carbon tax, to pay for it. Many trillions of dollars will be needed to meet the Green New Deal’s goal of 100 percent green energy. New York Democratic ...

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