Economics professor: Interest rates likely will continue to rise into 2023, lead to job losses

While high rates of inflation have hit the entire nation hard, some regions have experienced it more intensely. WalletHub reported Thursday that the Minneapolis-St. Paul-Bloomington, MN-WI, metropolitan statistical area has experienced the 16th highest rise in inflation, based on two Consumer Price Index metrics: latest month versus two months prior and latest month versus one year ago. The metrics received equal weight in the report.

Unemployment rate rose in October

Newly released federal data show the economy created more jobs than expected but unemployment rose in October. The U.S. Bureau of Labor Statistics released the data, which showed the economy added 261,000 jobs in October, higher than the Dow Jones estimate of 205,000 new jobs.

Rhode Island putting federal, state funds to address housing crisis

A mixture of federal and state funding are being used to address Rhode Island’s housing situation. More than $166 million will be put to work to support the construction and preservation of affordable housing in the state, Gov. Dan McKee said. RIHousing has now opened a competitive funding round that will be used for financing those efforts throughout the state.

Rhode Island’s Minimum Wage Among the Highest in the Nation

With decades-high inflation eroding incomes, families around the country are struggling to make ends meet. The problem is especially pronounced for those in minimum wage jobs, as the federal minimum wage stands at $7.25 an hour – and in 20 states, the minimum wage matches the federal figure.

South Quay Terminal project to support Rhode Island’s Blue Economy

A program designed to bring jobs and advance Rhode Island’s economy broke ground Monday morning.

Gov. Dan McKee said the first phase of the South Quay Marine Terminal will create good-paying jobs and advance the state’s Blue Economy. The project, when finished, will serve as a staging area for the state’s wind turbine plan and will be a central hub for the region’s offshore wind economy.

Reed: Rhode Island to receive $48M in federal funding for highway projects

Federal funding to help Rhode Island fix bridges and roads is on the way. U.S. Sen. Jack Reed, D-RI, has announced the state will receive an additional $48.5 million to repair highway infrastructure through the Federal Highway Administration’s redistribution of funds for the month of August.

States reach $438.5M settlement with e-cig company Juul

Electronic cigarette company Juul will pay out $438.5 million to 33 states as part of a proposed settlement following a two-year investigation into the company’s marketing practices.

Judge issues permanent injunction on Biden ban on new oil and gas leasing on federal lands, waters

A federal judge sided with Louisiana Attorney General Jeff Landry and 12 other plaintiff states in a Louisiana-led lawsuit, issuing a permanent injunction against the Biden administration’s moratorium on new oil and gas leases on federal lands and water.U.S. District Court Judge Terry Doughty issued the permanent injunction, declaring that the president exceeded his authority when halting oil and gas leasing and drilling permits.

Feds: Food prices continued to surge in July, but overall inflation held steady

Consumer prices remained high in July but showed only a slight increase from June, a pause from months of surging prices. The Bureau of Economic Analysis Friday released the Personal Consumption Expenditure Index data, a key marker of inflation closely watched by the U.S. Federal Reserve when it makes its interest rate decisions.

Online portal to help Rhode Islanders with Child Tax Rebate

A new one-stop website has been created to help Rhode Islanders navigate the 2022 Child Tax Rebate. The Rhode Island Division of Taxation has set up an online portal to give guidance to families in the state to take advantage of the rebate of $250 for up to three children, Gov. Dan McKee said.

Breeze, up and coming budget airline, chooses Providence

T.F. Green International Airport was announced today as a base of operations for Breeze Airways, the young budget airline announced in multiple places. The Providence airport will become the home of 20 routes, with an estimated 20 departures weekly 16 months from now. That number goes to 44 by 2027, multiple outlets said.

9.1% INFLATION SHOCK! Recession Already Here? The Lesson …

Today’s shocking federal data showing a 9/1% year-over-year inflation rate should come as no surprise to anyone with a basic understanding of money-supply economics. The LESSON that all lawmakers – state and federal – should keep in mind is that indiscriminate or wasteful government spending leads to increases in the money supply and the velocity […]

This is What the Average Rhode Island Household Pays in Bills Every Month

The cost of living in the United States is well below the cost of living in several other developed countries, including the Nordic nations as well as New Zealand and Australia. Still, living expenses in the U.S. are higher than in much of the world.

U.S. Treasury Secretary says recession is not inevitable, CEOs say it is on the way

U.S. Treasury Secretary Janet Yellen’s says that a recession is not inevitable, comments that have been met with skepticism by business leaders.

Over $10 billion in fraudulent pandemic relief funds returned to federal government

(The Center Square) – Ahead of a congressional subcommittee hearing being held Tuesday, the Select Subcommittee on the Coronavirus Crisis announced that over $10 billion worth of fraudulent payments made through federal pandemic relief programs has been recovered and returned to the federal government. “These relief programs were vital to helping Americans in need during […]

Americans expect more inflation, not confident in economy

Americans expect inflation to get worse and are not confident in the U.S. economy, according to a new survey. The Federal Reserve Bank of New York’s Center for Microeconomic Data released its “Survey of Consumer Expectations” Monday, which found Americans expect more inflation over the next year.

Lawmakers pressure Treasury secretary on soaring gas prices, inflation

U.S. Treasury Secretary Janet Yellen testified before the Senate Finance Committee Tuesday where lawmakers grilled her on the rising federal debt, energy costs and soaring inflation. Gas prices have hit record highs almost daily over the past month, with the national gas price average for regular unleaded gas nearing $5 per gallon. Federal data shows that in the last 12 months, food prices have risen about 10%, energy prices have risen more than 30%, and prices overall have risen at the fastest rate in decades.

Steady climb to $5: Gas prices spike again Saturday

If recent trends continue – and there’s no reason to think they won’t – several other states will join the $5 club soon, including Indiana, Pennsylvania, Maine, Massachusetts, Rhode Island and others.

Gas prices hit new record high on Memorial Day

he cost of gasoline hit a new record high on Monday as many Americans kicked off the summer season traveling over Memorial Day weekend. The average price of a gallon of gasoline climbed to $4.62 a gallon Monday, up about a penny from Sunday and $1.58 higher than last Memorial Day, when the average cost was $3.04.

Here’s How Many People Are Quitting Their Jobs in Rhode Island

In what has been dubbed the Great Resignation, Americans have been quitting their jobs in record numbers in recent months – a trend that shows no signs of slowing. According to the Bureau of Labor Statistics, over 4.5 million Americans quit their job in March 2022, the most ever recorded in a single month, and up from 4.4 million quits in February.

This Is the Income a Family Needs to Cover Normal Living Expenses in Rhode Island

We all require a certain amount of money each month to pay for normal living expenses, and in recent months, that amount has gotten much higher. Whether at the pump or the grocery store, Americans are being hit with a severe case of sticker shock.

Is the U.S. in a recession? Many analysts think so

Then White House Press Secretary Jen Psaki said in October that inflation increases “will be transitionary.” But today, they have surpassed 40-year highs, and many believe the U.S. is already entering a recession or soon will be. Billionaire entrepreneur Elon Musk said the U.S. is probably already in a recession in a discussion with the hosts of the All-In podcast.

Here’s How Rich Rhode Island Residents Are Compared to the Nation

The United States is in a period of historic inflation. The consumer price index rose by 8.5% over the 12 months ending in March 2022, the fastest increase in over four decades. Though it is not keeping pace with inflation, income is also on the rise in the United States.In Rhode Island, per capita income stands at $64,156, slightly lower than the national figure and the 18th highest among states.

How the Homeownership Rate in Rhode Island Compares to Other States

The American housing market took off during the early months of the COVID-19 pandemic. The homeownership rate – or the share of housing units occupied by their owner – jumped by 2.6 percentage points from the first quarter to the second quarter of 2020, by far the largest increase ever recorded. By the end of 2020, there were 2.1 million more homeowners in the United States than there were a year earlier. In Rhode Island, the homeownership rate stands at 61.6%, lower than the national average.

New study shows which states are best for working moms

WalletHub has ranked Massachusetts, Connecticut, and Rhode Island as the three best states for supporting working mothers in its 2022’s Best & Worst States for Working Moms. Vermont ranked seventh in the report, which indicates that 68% of women with children under the age of 18 are in the work force since 2021.

How Much Food Costs in Rhode Island, Compared to the Nation

Inflation is surging in the United States – in large part because of rising food prices. In cities across the country, food today is 8% more expensive on average than it was a year ago, and American families are feeling the pinch. According to the Economic Policy Institute, a nonprofit think tank, a family of four – two adults and two children – can expect to pay an estimated $9,835 on food in 2022.

Discounting Drugs from the Great White North

As it currently stands, the price point for Canadian generics (the same drug without the name brand) is, on average, 38% lower than the comparable brand price in Canada. In stark contrast,  generic prices within the United States were 74% lower than the comparable U.S. brand price. Comparing the two, patients who purchase drugs in America are paying up to 88% over their Canadian counterparts.

REPORT: Teacher Unions Unlawfully Collecting Dues?

Are Rhode Island Teacher Unions Unlawfully Collecting Dues? Unconstitutional Provisions Discovered in Many CBAs School District Employees Not Being Informed of Their Rights Providence, RI – A report released today by the RI Center for Freedom & Prosperity detailed how over 1-in-4 reviewed school district Collective Bargaining Agreements (CBA), put into place since the landmark2018 […]

Grover Norquist on Taxes #InTheDugout

Grover Norquist is the president of Americans for Tax Reform (ATR), a taxpayer advocacy group he founded in 1985 at the request of President Reagan. ATR works to limit the size and cost of government and opposes higher taxes at the federal, state, and local levels. In this clip from the #InTheDugout podcast, he tells […]


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