Top American economist Larry Summers is sounding the alarm on rising U.S. inflation, saying that it is ticking up quicker than he originally expected.
Inflation is increasingly a more concerning and larger threat as consumer prices continue to rise, former National Economic Council Director and Treasury Secretary Larry Summers told Axios on Monday. He also criticized the Federal Reserve’s policies, suggesting that its decision to keep interest rates low could harm the economy.
“Data are pointing more towards higher inflation than I expected, and sooner,” Summers told Axios. “With more inflation signs sooner than I would have expected.”
President Biden has just unveiled a new $2.3 trillion “infrastructure” plan, but a shockingly large portion of this bill is actually unrelated to infrastructure.
The plan includes massive subsidies for corporations as well as state and local governments, and comes right after the administration’s proposed increase in the corporate tax rate, which would raise the rate from 21 percent to 28 percent.
There’s $300 billion for manufacturing, $100 billion for electric utilities, $100 billion for broadband, $174 billion for electric vehicles, and a whole lot more. A significant portion of this spending is directed at subsidizing big corporations.
Citizens opposing Mayor John Cooper’s property tax hike and war against bars and restaurants filed a petition to recall him and seven Metro Council members Monday.
Restore Nashville and Re-open Nashville, were among the groups that held the “Recall Mayor Cooper Petition Kickoff Rally” Monday at Public Square Nashville.
Stop Mayor Cooper was another group on Facebook organizing the rally.
Minneapolis Mayor Jacob Frey gave his preliminary 2021 budget address Friday, in which he suggested how the city could improve its finances after restrictions put in place to slow the COVID-19 pandemic battered tax revenue.
Fifty-five percent of the city’s ongoing general fund revenue is gathered from sources other than property taxes, Frey said, sources he added that are projected to drop next year by $32.5 million.
The City Council of Hermantown, a Duluth suburb, wants state lawmakers to approve a resolution to place a half-cent sales tax increase on the November ballot.
Council members this week passed a resolution 4-1 to consider increasing the city’s sales tax by 0.5 percent for 20 years.