Economic News Thread | 3Q Annual GDP 2.8%

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In its efforts to modernize, the agency this year also launched a program called Direct File, which allows people with very simple W-2s to calculate and submit their returns directly to the IRS. The IRS said in April that those using the program claimed more than $90 million in refunds.

While the program included 12 participating states in the 2024 tax filing season, more states have joined in for the 2025 tax season, including Maryland, Oregon, New Jersey, Pennsylvania, New Mexico, Connecticut, North Carolina, Wisconsin, and Maine...”
 


“…
American and overseas companies have committed nearly half a trillion dollars to build new factories for electric vehicles, semiconductors and other products in the U.S., according to real estate analytics firm Green Street.

Investors are planning to acquire or build warehouses, hotels, office buildings and apartments near coming factories across the Sunbelt and Rust Belt, where most of these so-called onshoring projects are under way. They are wagering that as new manufacturing hubs come online and create jobs they will produce a “multiplier effect,” with growing employment increasing demand for homes, shopping and more.

“Competition for land has become pretty intense,” said Mehtab Randhawa, global head of industrial research at JLL.

… The Infrastructure Investment and Jobs Act of 2021, in which the federal government has pledged to spend more than $1 trillion, has helped spur some of this new manufacturing activity.

Still, higher interest rates, an uncertain market for EVs and production delays hitting some new plants are among the obstacles. Many factories are years away from completion and developers will likely try to time the market. Cities and small towns also need to boost their infrastructure to support higher electricity and water use.

It is possible that many semiconductor and EV projects won’t pan out, and many are already taking longer to build than initially envisioned. …”
 

Americans’ incomes have finally returned to their pre-pandemic peak.

Median household income rose to $80,610 in 2023, essentially the same as it was in 2019, the Census Bureau reported Tuesday.

The typical household’s income rose 4% from 2022, driven primarily by an increase in workers’ earnings. This was the first statistically significant annual increase in inflation-adjusted median household income since 2019, the Census Bureau said.
 
Sounds like fake news. I was told we are headed for a depression the likes of which the world has never seen!
 
nycfan said:
Also

“…
In its efforts to modernize, the agency this year also launched a program called Direct File, which allows people with very simple W-2s to calculate and submit their returns directly to the IRS. The IRS said in April that those using the program claimed more than $90 million in refunds.

While the program included 12 participating states in the 2024 tax filing season, more states have joined in for the 2025 tax season, including Maryland, Oregon, New Jersey, Pennsylvania, New Mexico, Connecticut, North Carolina, Wisconsin, and Maine...”
Click to expand...
Great. I know this was tried years ago and Intuit turbo tax spent tons of money lobbying against it.
 
heelinhell said:

Americans’ incomes have finally returned to their pre-pandemic peak.

Median household income rose to $80,610 in 2023, essentially the same as it was in 2019, the Census Bureau reported Tuesday.

The typical household’s income rose 4% from 2022, driven primarily by an increase in workers’ earnings. This was the first statistically significant annual increase in inflation-adjusted median household income since 2019, the Census Bureau said.
Click to expand...
Pay Me Damon Wayans GIF by For(bes) The Culture
 


Reform or collapse — Xi chose communist dogma over the Chinese economy and here is a chart of the direct impact of the expansion of authoritarianism in China …
 
Who knows less about economics...Trump or JV Vance ?

www.rawstory.com

J.D. Vance's latest 'doom and gloom' claim leaves even some conservatives stunned

Sen. J.D. Vance (R-OH) left many observers -- including several conservatives -- stunned on Thursday when he seemed to suggest the United States of America was not a prosperous nation.During an appearance on CNBC, Vance made the case that America was ill-served by having immigrants come into the...
www.rawstory.com www.rawstory.com
 
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