The Latest Breaking News from Larry Summers

It's a sign of fears that the plan could alienate swing voters in November.

"Student loan relief would lead some people to spend more," warns Obama economic advisor and Harvard economist Jason Furman

He risks leaving progressive and working-class Democrats unsatisfied.

Joe Biden is expected to reveal the future of student debt soon, as the current pause in federal loan payments expires Sept. 1.

One of the most conspicuous parts of the tax-and-spending package known as the Inflation Reduction Act is vastly expanded funding for the Internal Revenue Service. The promised flood of cash — an additional $80 billion over 10 years, compared with baseline annual spending of around $15 billion — raises some…

WASHINGTON — President Joe Biden raised the final pillar of his economic agenda with the Senate’s passage of a breakthrough climate and tax package, sealing a legacy that risks being undermined by an inflation surge he’s blamed for sparking.

Senate Majority Leader Chuck Schumer has repeatedly said Democrats are on track to pass the Inflation Reduction Act in the coming days, but a few roadblocks still stand in the way.

Most Americans believe so.

What we'll face amounts to a stagflationary debt crisis, combining the worst of the 1970s and 2008, Nouriel Roubini said.

Inflation picked up speed in June, rather than slowing.

Goldman Sachs sees GDP growth of just 0.9% for all of 2022, down from their previous forecast of 1.3%.