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Hulk Hogan: America 'thriving economy' under Trump

Wrestling legend Hulk Hogan doesn’t often comment on the economy, but at the Republican National Convention, the Hulkster delivered a surprising and impassioned speech about former president Donald Trump and touched upon some pressing issues in America’s economy. In his speech, Hogan compared the U.S. economy under Trump to its current state under President Joe Biden. “Back then we had a thriving economy, we had strong borders, we had safe streets, we had peace and respect around the world,” Hogan said, reflecting on the Trump era. He expressed his dissatisfaction with the changes under the Biden administration, stating, “But then we lost it all in the blink of an eye. Crime is out of control, the border is out of control, the price of food and gas and housing is out of control.”

By Jing Pan | 07.19.24

Wrestling legend Hulk Hogan doesn’t often comment on the economy, but at the Republican National Convention, the Hulkster delivered a surprising and impassioned speech about former president Donald Trump and touched upon some pressing issues in America’s economy. In his speech, Hogan compared the U.S. economy under Trump to its current state under President Joe Biden. “Back then we had a thriving economy, we had strong borders, we had safe streets, we had peace and respect around the world,” Hogan said, reflecting on the Trump era. He expressed his dissatisfaction with the changes under the Biden administration, stating, “But then we lost it all in the blink of an eye. Crime is out of control, the border is out of control, the price of food and gas and housing is out of control.”

By Jing Pan | 07.19.24

Mortgage rate trends this week

Thirty-year fixed mortgage rates rates decreased, down from an average of 6.89% last week, to 6.77%. “Mortgage rates are headed in the right direction and the economy remains resilient, two positive incremental signs for the housing market," says Sam Khater, chief economist at housing giant Freddie Mac. "However, homebuyers have yet to respond to lower rates, as purchase application demand is still roughly 5 percent below Spring, when rates were approximately the same. This is not uncommon: sometimes as rates decline, demand weakens, and the apparent paradox is driven by buyers making sure rates don’t decline further before they decide to purchase.”

By Leslie Kennedy | 07.18.24

Thirty-year fixed mortgage rates rates decreased, down from an average of 6.89% last week, to 6.77%. “Mortgage rates are headed in the right direction and the economy remains resilient, two positive incremental signs for the housing market," says Sam Khater, chief economist at housing giant Freddie Mac. "However, homebuyers have yet to respond to lower rates, as purchase application demand is still roughly 5 percent below Spring, when rates were approximately the same. This is not uncommon: sometimes as rates decline, demand weakens, and the apparent paradox is driven by buyers making sure rates don’t decline further before they decide to purchase.”

By Leslie Kennedy | 07.18.24

Illinois homeowners receive tax bills over $10K

Cook County, Ill. isn’t just famous as the setting of CBS’s hit television show “The Good Wife.” It’s also making headlines for its property taxes. FOX 32 Chicago spoke with several residents facing skyrocketing property tax bills, some reaching more than $10,000. Clarence Covington is one of those people. He said the property tax bill for his home in Madison, Ill. is $11,029.41. “They need to stop targeting the middle class and the poor,” he told FOX 32. “Let the rich and the 1% start paying their fair share of taxes. It’s draining us ... It’s no wonder so many people are moving out of Illinois.” The news station reports that a third of the nearly two million Cook County properties are missing exemptions on their tax bills, such as those for seniors or veterans. Other residents believe their properties were reassessed incorrectly. Cook County Assessor Fritz Kaegi has another explanation. He said homeowners’ tax bills are so high all of a sudden because the taxes on commercial properties have gone down — and now residents need to make up the difference.

By Sabina Wex | 07.17.24

Cook County, Ill. isn’t just famous as the setting of CBS’s hit television show “The Good Wife.” It’s also making headlines for its property taxes. FOX 32 Chicago spoke with several residents facing skyrocketing property tax bills, some reaching more than $10,000. Clarence Covington is one of those people. He said the property tax bill for his home in Madison, Ill. is $11,029.41. “They need to stop targeting the middle class and the poor,” he told FOX 32. “Let the rich and the 1% start paying their fair share of taxes. It’s draining us ... It’s no wonder so many people are moving out of Illinois.” The news station reports that a third of the nearly two million Cook County properties are missing exemptions on their tax bills, such as those for seniors or veterans. Other residents believe their properties were reassessed incorrectly. Cook County Assessor Fritz Kaegi has another explanation. He said homeowners’ tax bills are so high all of a sudden because the taxes on commercial properties have gone down — and now residents need to make up the difference.

By Sabina Wex | 07.17.24

Biden threatens landlords' tax break

President Joe Biden is proposing a 5% cap on yearly rent increases in an effort to address America’s surging housing costs. Biden’s plan applies to major landlords who own more than 50 units, which represents about half of all rental properties across the U.S. There would be an exception for new construction and substantial renovation or rehabilitation. The current president claims this proposal would go into effect if he is reelected for another term. “I’m sending a clear message to corporate landlords: If you raise rents more than 5%, you should lose valuable tax breaks,” Biden posted on X. “Families deserve housing that’s affordable — it's part of the American dream.”

By Serah Louis | 07.17.24

President Joe Biden is proposing a 5% cap on yearly rent increases in an effort to address America’s surging housing costs. Biden’s plan applies to major landlords who own more than 50 units, which represents about half of all rental properties across the U.S. There would be an exception for new construction and substantial renovation or rehabilitation. The current president claims this proposal would go into effect if he is reelected for another term. “I’m sending a clear message to corporate landlords: If you raise rents more than 5%, you should lose valuable tax breaks,” Biden posted on X. “Families deserve housing that’s affordable — it's part of the American dream.”

By Serah Louis | 07.17.24

What is the current US inflation rate?

The current annual inflation rate is 3.0%, compared to 3.3% last month. Inflation decreased 0.1% month-over-month in June, after zero change in May, according to the latest report from the U.S. Bureau of Labor Statistics released on July 11, 2024. Back in June 2022, inflation hit a 40-year high of 9.1%.

By Dina Al-Shibeeb | 07.15.24

The current annual inflation rate is 3.0%, compared to 3.3% last month. Inflation decreased 0.1% month-over-month in June, after zero change in May, according to the latest report from the U.S. Bureau of Labor Statistics released on July 11, 2024. Back in June 2022, inflation hit a 40-year high of 9.1%.

By Dina Al-Shibeeb | 07.15.24

Yellen dismisses notion of grocery ‘sticker shock’

Treasury Secretary Janet Yellen dismissed any notions of sticker shock in U.S. grocery stores — despite prices soaring by 25% in over four years. “Have you been to the grocery store lately?” Yahoo Finance senior reporter Jennifer Schonberger asked the Treasury Secretary during an interview in June. “I sure have, I go every week,” Yellen replied. “It’s sticker shock isn’t it?” Schonberger prompted — at which point, Yellen can be heard muttering “No” — while the Yahoo reporter continued: “When you look at shipping costs, those have come down, global food commodity prices have also come down, but food prices still remain high.” Here’s what the Treasury Secretary had to say about food price inflation, while millions of Americans are struggling to fund their weekly grocery bills and feed their families.

By Bethan Moorcraft | 07.12.24

Treasury Secretary Janet Yellen dismissed any notions of sticker shock in U.S. grocery stores — despite prices soaring by 25% in over four years. “Have you been to the grocery store lately?” Yahoo Finance senior reporter Jennifer Schonberger asked the Treasury Secretary during an interview in June. “I sure have, I go every week,” Yellen replied. “It’s sticker shock isn’t it?” Schonberger prompted — at which point, Yellen can be heard muttering “No” — while the Yahoo reporter continued: “When you look at shipping costs, those have come down, global food commodity prices have also come down, but food prices still remain high.” Here’s what the Treasury Secretary had to say about food price inflation, while millions of Americans are struggling to fund their weekly grocery bills and feed their families.

By Bethan Moorcraft | 07.12.24

Gov't forecast to spend $892B on debt net interest

The U.S. is projected to spend a staggering $892 billion on net interest payments in the current fiscal year — 36% more than the previous year — according to an updated outlook from the Congressional Budget Office released in June. This would surpass defense spending, which is projected to be $849 billion — and come close to spending for Medicare at $903 billion. Debt is “not free anymore,” Kenneth Rogoff, an economics professor at Harvard University, told CNN. “In the 2010s, a lot of academics, policymakers and central bankers came to the view that interest rates were just going to be near zero forever and then they started thinking debt was a free lunch,” he said. Interest rates on debt have been on the rise since 2022. “That was always wrong-headed because you can think of government debt as holding a flexible-rate mortgage and, if the interest rates go up sharply, your interest payments go up a lot. And that’s exactly what’s happened all over the world.”

By Serah Louis | 07.12.24

The U.S. is projected to spend a staggering $892 billion on net interest payments in the current fiscal year — 36% more than the previous year — according to an updated outlook from the Congressional Budget Office released in June. This would surpass defense spending, which is projected to be $849 billion — and come close to spending for Medicare at $903 billion. Debt is “not free anymore,” Kenneth Rogoff, an economics professor at Harvard University, told CNN. “In the 2010s, a lot of academics, policymakers and central bankers came to the view that interest rates were just going to be near zero forever and then they started thinking debt was a free lunch,” he said. Interest rates on debt have been on the rise since 2022. “That was always wrong-headed because you can think of government debt as holding a flexible-rate mortgage and, if the interest rates go up sharply, your interest payments go up a lot. And that’s exactly what’s happened all over the world.”

By Serah Louis | 07.12.24

Seattle resident, BF break up due to bad economy

Love is a fickle thing. But it gets even worse in a precarious economy. An anonymous person wrote into The Cut’s advice column, Going Through It, about how the uncertain economy led to their recent breakup with their boyfriend. The Seattle-based reader, who calls themselves “Broken Up,” explained that their boyfriend quit his job last year and has been working five jobs to make ends meet. The job market in Seattle isn’t panning out for the boyfriend, so he decided to move back to Las Vegas to be with his family. The couple decided to break up rather than do long distance, partly due to the cost of flying back and forth to see each other. “It really hurts to know the only reason this is happening is because of this s---ty economy and s---ty job market,” Broken Up writes. “It feels so unfair for something that was going really well to just end for reasons beyond my control.” But Broken Up isn’t the only one whose relationship has been affected by money.

By Sabina Wex | 07.12.24

Love is a fickle thing. But it gets even worse in a precarious economy. An anonymous person wrote into The Cut’s advice column, Going Through It, about how the uncertain economy led to their recent breakup with their boyfriend. The Seattle-based reader, who calls themselves “Broken Up,” explained that their boyfriend quit his job last year and has been working five jobs to make ends meet. The job market in Seattle isn’t panning out for the boyfriend, so he decided to move back to Las Vegas to be with his family. The couple decided to break up rather than do long distance, partly due to the cost of flying back and forth to see each other. “It really hurts to know the only reason this is happening is because of this s---ty economy and s---ty job market,” Broken Up writes. “It feels so unfair for something that was going really well to just end for reasons beyond my control.” But Broken Up isn’t the only one whose relationship has been affected by money.

By Sabina Wex | 07.12.24

Miami seniors struggling with affordable housing

Affordable housing is a lifeline for many U.S. seniors struggling to get by on fixed retirement incomes. But that lifeline is not indefinite. It can be hoisted up or dropped down, as one senior living community in South Florida recently found out the hard way. When Tucker Tower opened in Palmetto Bay in March 2024, local seniors and community leaders were thrilled. The 120-unit building is designed specifically to give older Floridians access to affordable housing. But within a few short months, residents had already been alerted to a rent increase on July 1, in some cases by as much as $138 a month. Tucker Tower resident Georgina Milhet told CBS News she couldn’t sleep after the rent hike notice mid-way through her lease, adding: “I'm on the verge of crying… what was done is not fair.” But the Housing Trust Group, which owns and operates the affordable housing community, said the notice was delivered by the book and according to federal regulation. Here’s what happened.

By Bethan Moorcraft | 07.11.24

Affordable housing is a lifeline for many U.S. seniors struggling to get by on fixed retirement incomes. But that lifeline is not indefinite. It can be hoisted up or dropped down, as one senior living community in South Florida recently found out the hard way. When Tucker Tower opened in Palmetto Bay in March 2024, local seniors and community leaders were thrilled. The 120-unit building is designed specifically to give older Floridians access to affordable housing. But within a few short months, residents had already been alerted to a rent increase on July 1, in some cases by as much as $138 a month. Tucker Tower resident Georgina Milhet told CBS News she couldn’t sleep after the rent hike notice mid-way through her lease, adding: “I'm on the verge of crying… what was done is not fair.” But the Housing Trust Group, which owns and operates the affordable housing community, said the notice was delivered by the book and according to federal regulation. Here’s what happened.

By Bethan Moorcraft | 07.11.24

Ex-John Deere worker warns of mass layoffs impact

Founded by John Deere in 1837, Deere & Co (DE) has grown into a leading manufacturer of agricultural, construction, and forestry machinery, known for its iconic green and yellow equipment. But it’s not always sunshine and rainbows, as the company announced it will be laying off nearly 600 employees across three U.S. factories in Illinois and Iowa. The workers will be out of a job by the end August. Retired Deere employee Chris Laursen is concerned about the direction his former employer is taking. “There's going to be a significant impact to the small towns here around Iowa that have manufacturing facilities for John Deere here,” he told Fox Business. “Already this year they’ve laid off almost 1,000 workers. More cuts are expected at the end of July, and you know, it's going to be devastating for a lot of these small communities.”

By Jing Pan | 07.10.24

Founded by John Deere in 1837, Deere & Co (DE) has grown into a leading manufacturer of agricultural, construction, and forestry machinery, known for its iconic green and yellow equipment. But it’s not always sunshine and rainbows, as the company announced it will be laying off nearly 600 employees across three U.S. factories in Illinois and Iowa. The workers will be out of a job by the end August. Retired Deere employee Chris Laursen is concerned about the direction his former employer is taking. “There's going to be a significant impact to the small towns here around Iowa that have manufacturing facilities for John Deere here,” he told Fox Business. “Already this year they’ve laid off almost 1,000 workers. More cuts are expected at the end of July, and you know, it's going to be devastating for a lot of these small communities.”

By Jing Pan | 07.10.24