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Money & The Economy

News on Finance, Money, markets and the economy

State Revenues In Trump Economy So Strong They’re Giving Money Back To Taxpayers

Several states are cutting taxes and putting money aside to protect themselves during future recessions as state economies continue to boom since President Donald Trump took office. Almost every U.S. state is experiencing a thriving economy; 48 states will meet or exceed revenue expectations, according to a survey from The National Conference of State Legislatures, The Wall Street Journal reported Thursday. ...

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Used Vehicle Price Index Slips for Fifth Consecutive Month

The used vehicle market slowed once again in January, marking the fifth consecutive month of decline. As a result, the Seasonally Adjusted Used Vehicle Price Index declined by 2.7 points, relative to December, to 117.2.  Despite the index’s sharp decline, it currently sits 2.3% above January 2018’s level, according to analysts at J.D. Power Valuation Services. Highlights from the free monthly ...

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Teens and Young Adults Continue to Put Off Career Decisions Even as They Go to College

Survey results from 2,000 high school and college-aged teens, and young adults, across the country shows that a significant portion of students continue to delay decisions on their career choice well into their sophomore year of college. The survey, conducted by Wakefield Research for Junior Achievement USA and The Hartford, is available in a report titled Insuring Career Success: Teen Perceptions of Career Selection. ...

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‘Truly Remarkable’: Detroit Scores First Major Auto Plant In Nearly A Generation

Fiat Chrysler announced Tuesday that the company opening a new auto assembly plant in southeast Michigan as part of a multi-billion expansion into the city of Detroit. The plant will provide roughly 6,500 jobs to the city and is considered a monumentally large commitment, especially given Detroit’s recent struggles. The Mack Avenue Engine factory will be converted to an assembly ...

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Green New Deal Could Cost Every US Household $65,000 A Year

Green New Deal trojan horse

The Green New Deal could cost up to $93 trillion over a decade, according to a new report by the right-leaning American Action Forum (AAF). That comes to an estimated cost $36,100 to $65,300 per American household per year to meet the Green New Deal’s goals, AAF reported Monday. Those goals include “net-zero” emissions, widespread high-speed rail, guaranteed jobs, universal ...

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Trump administration cancels $929 million for CA high-speed rail, seeks return of $2.5 billion already invested [full text of letter]

The U.S. Department of Transportation (USDOT) announced today that the Federal Railroad Administration (FRA) intends to cancel $929 million in Federal grant funds yet to be paid for the California High-Speed Rail project envisioned to connect the L.A. Basin to the San Francisco Bay Area. In addition, the Department announced it is actively exploring every legal option to seek the ...

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Congress Wants Thousands More Acres Under Federal Control, but US Can’t Afford It

A lengthy public lands package sitting in Congress adds hundreds of thousands of acres of federally protected wilderness without securing funding to manage it. The House is preparing to vote on a bipartisan land package next week that is roughly 660 pages and composed of 118 different bills. The Senate version passed its version, the most comprehensive land package in ...

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Report: Sales of New Homes Down 8% in January

Home for sale

Sales of new single-family homes fell 8 percent year over year in January, fifth consecutive month of year-over-year declines in new-home sales, according to Redfin (NASDAQ: RDFN), the next-generation real estate brokerage. But the size of the drop was smaller than in December in all regions except the West, where sales fell by more in January than they did a ...

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Late-Night Deal Breaks Deadlock Over Natural Gas Exports. The Trump Administration Is Ecstatic

Donald Trump success

The Federal Energy Regulatory Commission broke its deadlock over approving liquefied natural gas terminals. Commissioners hashed out a bipartisan agreement over how to account for greenhouse gas emissions. The Energy Department sees this as a major “breakthrough” for American energy. The Federal Energy Regulatory Commission (FERC) broke a two-year partisan deadlock Thursday night to approve a liquefied natural gas (LNG) ...

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US Oil Output Hits 12 Million Barrel-A-Day Milestone Way Ahead Of Schedule

Offshore oil rig

U.S. crude oil production hit 12 million barrels per day in mid-February, according to the Energy Information Administration’s (EIA) latest report. EIA’s weekly petroleum report, for the week ending February 15th, showed that crude output jump more than 1.7 million barrels per day compared to the same time in 2018 — from roughly 10.3 million barrels per day to 12 ...

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Southwest Grounds Hundreds Of Flights Amid Union Fight

Southwest Airlines saw an unusual spike in maintenance issues on its aircrafts “just days after our last negotiations session” with the Aircraft Mechanics Fraternal Association (AMFA). Southwest first noticed maintenance delays Feb. 12 concentrated in four locations, “despite no change in our maintenance programs, no changes in leadership, and no changes in our policies and procedures,” Chief Operating Officer Mike ...

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Tesla Loses Yet Another Top Executive

Tesla’s general counsel Dane Butswinkas is leaving his post in the electric car company after just two months on the job, Reuters reported. The former general counsel is one of dozens of top Tesla executives to leave the company in the past two years, according to Reuters Wednesday. Butswinkas is leaving the company to take up his former role as Tesla’s ...

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US Oil Production On Track To Hit Another Milestone

The United States is forecasted to reach another milestone in oil output next month thanks to rising production in the country’s biggest shale formations. The Energy Information Administration (EIA), a government agency that track U.S. energy production, is expecting the country’s seven major shale formations to increase output by 84,000 barrels per day in March. The increase will bring total oil ...

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Illinois Nearly Doubles Its Minimum Wage To $15

Democratic Illinois Gov. J.B. Pritzker signed a bill Tuesday raising the state’s minimum wage from $8.25 an hour to $15 by 2025, The Hill reported. Pritzker signaled Thursday that he would sign the bill after it passed the Illinois state House and Senate. “Phasing in the minimum wage over the next six years will put $6,300 a year into the ...

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While January Home Price Growth Edged Up Nationally, West Coast Saw Red

Home for sale

Homebuyers are in the strongest position in years Supply of homes for sale grows at fastest rate since May 2015 he housing market started off 2019 with buyers in a much better position than they were a year earlier, according to a report from Redfin, (www.redfin.com), the next-generation real estate brokerage. U.S. home-sale prices increased 2.9 percent in January compared to a ...

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