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Powell signals higher interest rates. Here’s why Friday’s jobs report will affect Fed’s decision.
Federal Reserve Chairman Jerome Powell said this week that interest rate increases could be higher and come faster if Friday’s unemployment data shows the nation’s labor market isn’t cooling off. Stock indexes fell after his comments. That’s been a familiar pattern over the past year as the federal bank has tried to combat inflation. A […]
Proposed federal rule would lower credit card late fees
As Americans continue to struggle with high credit card rates, the Consumer Financial Protection Bureau has proposed a rule to help lessen some of their financial burden — in the form of lower late fees. The new rule would limit late fees to $8. Currently credit card companies can charge as high as $41 — […]
Child poverty dropped to a record low last year. A new report shows how to keep it that way.
The expanded child tax credit that families received in 2021 helped reduce child poverty across the country, but particularly in the South where families lack a sufficient safety net, according to a paper released on Wednesday. The report by the Hamilton Project, the Brookings Institution’s economic policy initiative, comes as some Democrats appear ready to […]
Food sanitation company fined $1.5 million for illegal child labor
A company responsible for cleaning meatpacking plants across the country has paid $1.5 million in civil penalties for making children as young as 13 work in dangerous conditions. The fine, announced Friday by the U.S. Department of Labor, followed an investigation by the agency into Packers Sanitation Services Inc., at 13 plants in eight states, […]
Rural hospitals gird for unwinding of pandemic Medicaid coverage
Donald Lloyd, CEO and president of St. Claire HealthCare in Morehead, Kentucky, has spent more than a year dealing with higher costs for food and medical supplies for his regional hospital. Now he’s trying to prepare for another financial hit — the loss of Medicaid reimbursements for treating people in rural Appalachia. “We are all […]
States criticized for spending federal relief funds on tax cuts, prisons
As states plan how they’ll spend the $25 billion remaining in federal COVID relief funds, some also are facing criticism and renewed scrutiny over how they allocated money already received from the American Rescue Plan Act. Of the $198 billion authorized by Congress in 2021, $173 billion already has been appropriated by states, the District […]
States that limit business with banks that ‘boycott’ fossil fuels could pay high cost
Republican state policymakers’ efforts to boost fossil fuels by prohibiting their governments from doing business with companies that take sustainability into consideration has the potential to cost states millions, according to a study released Thursday. Researchers looked specifically at the possible effects on Florida, Kentucky, Louisiana, Missouri, Oklahoma and West Virginia if they passed Texas-like […]
Here’s what you need to know about new workplace protections for pregnant, nursing workers
The $1.7 trillion federal spending bill President Joe Biden signed at the end of December ushers in expanded protections for workers who are pregnant or nursing. Proponents of the Pregnant Workers Fairness Act and the PUMP for Nursing Mothers Act — both included as amendments to the spending bill — say the measures clarify rights […]
Child poverty rates highest in states that haven’t raised minimum wage
Of the 20 states that have failed to raise the minimum wage above the federal $7.25 an hour standard, 16 have more than 12% of their children living in poverty, according to a States Newsroom analysis of wage and poverty data. Anti-poverty advocates say that’s a sign that there’s an urgent need for lawmakers to […]
Voters embraced affordable housing initiatives. Advocates say Congress should do the same.
Voters in Colorado approved a statewide affordable housing initiative in November; while voters in nine cities across the country OK’d measures to finance the construction of affordable housing, preserve existing rental properties and support renters. But as housing costs soar, analysts and advocates say more needs to be done and argue that federal action is […]
Here’s why food prices remain stubbornly high even as inflation cools
Shoppers hoping for a little relief at the grocery store for their holiday meals will be disappointed by the Consumer Price Index released Tuesday. The CPI shows inflation cooling but food prices — particularly for some holiday staples — remain high. The CPI increased 0.1% in November, which was lower than some economists expected. Over […]
Here’s when drug prices will start to decrease for Medicare recipients
Starting next month, a $35 cap on insulin prices will go into effect for millions of Medicare recipients. The lower pricing is one of the first of several policy measures Americans will see in the coming months and years under the Inflation Reduction Act signed into law in August. The bill also requires pharmaceutical companies […]