Two more economic markers this week raised concerns about the state of the U.S. economy, even as gas prices rise, inflation soars, and the invasion of Ukraine further threatens the supply chain.
Under the legislation, oil companies that produce or import at least 300,000 barrels of oil per day will be hit with a tax worth 50% of the difference between the current cost of oil and the average cost between 2015-2019.
President Joe Biden emphasized in his State of the Union address on Tuesday that he would fight inflation by enacting a policy that economists generally agree would exacerbate inflation.
Gallup’s new poll found that 55% of those surveyed disapprove of Biden’s handling of Russia, with only 37% approving. The poll found 62% of voters disapprove of Biden’s work on the economy since he took office.
The report says that 61% of Americans are living paycheck to paycheck, an increase of 7 points since May 2021. The report also found 54% of Baby Boomers and seniors are living paycheck to paycheck.
In his State of the State address, which was delivered before the Legislature at the DoubleTree in Manchester, Sununu acknowledged the challenges the Granite State has faced from the pandemic over the past two years, but said the state has emerged in a stronger position.
Vermont is face-to-face with the opportunity to infuse federal American Rescue Plan Act (ARPA) dollars into transformational projects throughout the state. This is a once in a lifetime moment.
“Five dollar a gallon for gas is on our horizon, and many middle-class families are stretching to pay drastically higher heating bills,” said Daniel Turner, founder and executive director for Power The Future.
Our federal government has a predilection to spend like there’s no tomorrow, with little provocation. This makes inflation itself a pseudo-tax. Who is to say the government won’t dole out more money just because everything is more expensive? Which would create more inflation.
Vermont is awarding taxpayer money to schools that push their student populations to have some of the highest COVID vaccination rates, but many schools continue to experience significant outbreaks of the virus.
The governor said in a news release the rates are dropping for a record sixth consecutive year and employers will be paying 41% less than they paid in 2016. The rate decrease will go into effect April 1 and will save employers more than $8 million in premiums this year alone.
As inflation continues to raise concerns about the state of the economy, new polling shows voters are doubtful about whether President Joe Biden is taking the issue seriously enough.