CBS News reports, Oil giants rake in record profits as energy prices remain high (excerpt): Oil companies are reporting surging profits as energy prices remain elevated. Exxon Mobil broke records with its profits in the third quarter, raking in $19.7 billion in net income, a nearly $2 billion increase from its second quarter. The Irving, … Read more
NBC News reports, Chief Justice Roberts temporarily blocks release of Trump’s tax records to House Democrats: Chief Justice John Roberts on Tuesday temporarily blocked a congressional committee from accessing former President Donald Trump’s tax records. Trump, unlike other recent presidents, has refused to make his tax returns public amid scrutiny of his business affairs, and … Read more
The New York Times reports, Republicans Denounce Inflation, but Few Economists Expect Their Plans to Help: Republicans are riding a wave of anger over inflation as they seek to recapture the House and the Senate this fall, hammering Democrats on President Biden’s economic policies, which they say have fueled the fastest price gains in 40 … Read more
Update to President Biden Assails Big Oil For Price Gouging Profits. Sarah Jones reports, Factcheckers Agree With Katie Porter And Her Whiteboard That Corporate Profits Drive Inflation Price Increases: Katie Porter’s whiteboard got factchecked, and guess what. She is correct that corporate profits are behind inflation. “Claim: On average, 11.4% of inflationary price increases became … Read more
“After refusing for months to divulge what they’d do if they regained control of Congress, Republicans have finally revealed some of their economic agenda.” Catherine Rampell writes, Republicans’ secret economic agenda? A global financial crisis. Unfortunately, it might involve causing a global financial crisis, based on recent interviews with some GOP congressmen. Poll after poll … Read more