inflation
You can add the Internal Revenue Service to the ranks of federal agencies conceding that raining taxpayer money on all and sundry to offset the negative effects of pandemic-era closures didn't go as well as intended. Not only was a program meant to offset the cost of paying workers during lockdowns and voluntary social-distancing prone to being gamed, but the "vast majority" of claims submitted to the program show evidence of being fraudulent. The Tax Man Is Shocked To Discover FraudstersIn the course of a detailed review of the Employee Retention Credit, "the IRS identified between 10% and 20...
Reason
Republicans hold Merrick Garland in contempt. This has long been true, but on Wednesday the GOP-controlled House of Representatives made it official. In a near-total party-line vote, with only Rep. Dave Joyce (R–Ohio) crossing the aisle, House Republicans voted to hold the attorney general in contempt of Congress for refusing to release recordings of an interview President Joe Biden did with Special Counsel Robert Hur as part of the president's classified documents case. Back in February, Hur controversially declined to prosecute Biden for keeping classified documents at his private residence,...
Reason
You have a 15-character password, shield the ATM as you enter your PIN, close the door when you meet with your banker, and shred your financial statements. But do you truly have financial privacy? Or has someone else been sitting silently in the room with you this whole time? While you might feel you have secured your financial information, the government has very much wedged its way into the room. Financial privacy has practically vanished over the last 50 years. It's strange how quickly we have accepted the current state of financial surveillance as the norm. Just a few decades ago, withdraw...
Reason
Calls for more public school spending are growing louder in states like Texas, Pennsylvania, and New York. "You will see terrible cuts," warned Texas State Representative Jon Rosenthal, who is leading a group of Democratic lawmakers demanding that Gov. Greg Abbott call a special session to boost education funding in the state. Public school budgets are a mess heading into next school year but it's not for a lack of dollars—President Joe Biden's COVID-19 windfall for public schools is backfiring. During the pandemic, Congress doled out $190 billion in K-12 relief aid, which created a fiscal cli...
Reason
What pundits say: "Joe Biden is, at the moment, losing his reelection campaign," wrote The Atlantic's Annie Lowrey in a piece this week. "And he is doing so while presiding over the strongest economy the United States has ever experienced." Lowrey cites the low jobless rate—under 4 percent!—and higher wage growth than we experienced during Barack Obama's administration. "Inflation has cooled off considerably," she adds, "meaning that consumers' purchasing power is strong." This argument isn't unique. Pundits have, of late, been scratching their heads trying to figure out why President Joe Bide...
Reason
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