ECONOMY

The Fed's mistakes that led to this inflation mess

4:28pm June 24, 2022

Inflation has reached levels not seen since 1981. Could the Federal Reserve have acted sooner? One former Fed official points to some human errors he says led to the inflation mess we're in today.

Last year, President Biden announced "Build Back Better World," meant to compete with China's Belt and Road Initiative. This year at the G-7, Biden will unveil the first projects.

Biden said the G-7 would counter Chinese influence. This year, he'll try again

3:42pm June 24, 2022

by Tamara Keith

At the last G-7, President Biden announced a plan for the West to counter China's influence in low- and middle-income countries. But not much has happened since. This year, there's a relaunch.

Economy

The Fed's latest interest rate hike has some congressional lawmakers worried

5:09am June 24, 2022

The chairman of the Federal Reserve acknowledges combating inflation with higher interest rates could lead to a recession. He argues a bigger risk would be to let high inflation become entrenched.

Russia's economy is weathering sanctions, but tough times are ahead

5:25pm June 23, 2022

NPR's Mary Louise Kelly speaks with Russian political scientist Ilya Matveev about the impact of sanctions on the Russian economy.

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Economy

Some economists say cutting gas taxes would have minimal benefits for consumers

6:56am June 23, 2022

President Biden wants to cut federal gasoline taxes for three months. NPR's Leila Fadel talks to economist Allison Schrager of the Manhattan Institute about alternatives to curbing gas prices.

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Tens of millions of Americans are making painful sacrifices due to health care debt

4:58pm June 22, 2022

by Noam Levey

More than a 100 million people in the U.S. are burdened by medical debt. An investigation by NPR and Kaiser Health shows the painful sacrifices many are making to pay their medical and dental bills.

High gas prices are hurting small businesses that need big vehicles

4:40pm June 22, 2022

by David Schaper

The high pump prices are hurting small businesses, like landscapers, plumbers and carpet cleaners who often rely on gas guzzling vehicles to serve their customers.

President Biden pitched a three-month break on the federal fuel tax to help American drivers face the highest inflation in four decades, but critics said the proposal is unlikely to work.

Biden wants a gas tax holiday. Some economists say that's a bad idea

3:17pm June 22, 2022

by Franco Ordoñez

Biden wants Congress to give people a break on the federal gas tax for the summer. But economists say that won't translate into big savings at the pump — and could hurt efforts to curb inflation.

Marilynn Malerba stands next to a photograph of late Chief Ralph Sturges at tribal offices in Uncasville, Conn., on March 4, 2010. On Wednesday, President Biden announced his intent to appoint her U.S. treasurer in a historic first.

Marilynn Malerba could soon be the first Native American to serve as U.S. treasurer

2:43pm June 22, 2022

by Rachel Treisman

Malerba, the lifetime chief of the Mohegan Indian Tribe, would be the first Native woman to have her signature on U.S. currency. She'd also lead the Treasury's new Office of Tribal and Native Affairs.

Jerome Powell, Chairman, Board of Governors of the Federal Reserve System testifies before the Senate Banking, Housing, and Urban Affairs Committee on June 22, 2022 in Washington, DC.

Powell says recession 'a possibility' but not likely

2:23pm June 22, 2022

by Scott Horsley

Federal Reserve chairman Jerome Powell vowed to bring inflation back down to 2%. Some lawmakers worry the Fed's efforts to control inflation could tip the economy into recession.