The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg: Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system.

By: The Editorial Board – wsj.com – March 12, 2023 This is a de facto bailout of the banking system, even as regulators and Biden officials have been telling us that the economy is great and there was nothing to worry about. The unpleasant truth—which Washington will never admit—is that SVB’s failure is the bill coming due for years of monetary and...

The comments were Powell’s first since inflation unexpectedly jumped in January, and marked a stark acknowledgement that the “disinflationary process” he spoke of repeatedly in a Feb. 1 news conference was not unfolding smoothly.

U.S. households are racking up credit card debt as they confront relentlessly high prices for everyday necessities, the New York Federal Reserve reported Thursday.

By: Daniel J. Pilla – nationalreview.com – January 27, 2023 In what is certainly the shortest bill regarding federal revenue that I’ve ever seen come out of the House of Representatives, the House voted to rescind much of the $80 billion funding granted to the Internal Revenue Service (IRS) by the Inflation Reduction Act of 2022. The bill, H.R. 9092, known...

By: The Editorial Board – wsj.com – Feburary 15, 2023 The nearby table shows how far the Biden revenue and outlay numbers exceed the U.S. historical norm. Revenues last year hit 19.6% of GDP, far above the 17.4% average over the last 50 years, and a share of the economy reached only in 1944, 1945 and 2000. The overall federal...

By: The Editorial Board – wsj.com – Feburary 14, 2023 The inflation rate for the last 12 months fell to 6.4%, which continues the trend of recent months after it reached a peak of 9.1% in June. But inflation remains stubbornly high and suggests that the Federal Reserve has been right in saying that it has more work to do....

Progressives and most Democrats want the $31.4 trillion federal debt ceiling raised without any Republican preconditions. Better yet, in their view, it should be completely eliminated.

By: The Editorial Board – wsj.com – January 25, 2023 The Government Accountability Office this week released a review of the Labor Department’s handling of $878 billion in unemployment insurance handouts from April 2020 to September 2022. Labor estimates that fraud in its normal unemployment program hit $8.5 billion from July 2020 through June 2021. That’s 8.6% of outlays. GAO...

Employee layoffs can be painful and disruptive for the affected employees and their families. But from an economic standpoint, they can be beneficial.