Economy

Dollar Tree has pulled eggs from its shelves as prices skyrocketed approximately 60 percent since the fall, the news coming as people struggle to make ends meet in President Joe Biden’s (D) economy. “The chain, which is increasingly a go-to grocery destination for cash strapped shoppers, has roughly 8,000 Dollar Tree stores across the United States and Canada. Its spokesperson said it does not anticipate being able to bring eggs back into its stores for sale until later this fall,” Reuters reported Tuesday. The price for eggs hit an average of $5 a dozen during the first month of this year, and the price hike was due to a global outbreak of the avian flu. Egg prices so high, Dollar Tree pulls them from shelves completely https://t.co/grLGgKf047 pic.twitter.com/ZY09vOCSF4 — New York Post (@nypost) March 20, 2023 One social media user commenting on the news wrote , “Going to have to rename it 5 dollar tree at this rate.” “Build back better,” another person … [Read more...] about Dollar Tree Pulls Eggs from Shelves as Prices Soar in Biden’s Economy

COLOMBO, Sri Lanka — Out of fuel and struggling to contain a deepening economic crisis , Sri Lanka on Friday ordered government employees to work from home to reduce the rush on public transport. The government of President Gotabaya Rajapaksa, who has faced months of sustained protest over mismanagement of the economy, told the employees of the state and education sectors to not show up to the office for two weeks, according to a statement from the Ministry of Public Administration. Workers deemed essential were exempted. Sri Lanka already had reduced working days by declaring Friday a holiday and by urging government employees “to engage in home gardening or cultivating short-term crops during these days on which the offices are closed” to help overcome the food shortage. The work-from-home announcement described the new order as a response to “the situation, where it has become difficult to satisfy transport requirements.” A shortage of foreign cash reserves for … [Read more...] about Fuel-Starved and Stuck in Crisis, Sri Lanka Orders Work From Home

U.S. inflation accelerated in January despite efforts by the Federal Reserve to bring tame price hikes with higher interest rates. The consumer price index, which measures what consumers pay for goods and services, rose 0.5 percent in January compared with a month earlier. The index had increased by one-tenth of a point in December after rising two-tenths in November. The previous months were revised up from earlier reports that had the index falling 0.1 percent in December and rising 0.1 percent in November. Over the last 12 months, the consumer price index is up 6.4 percent, down from 6.5 percent in December and 7.1 percent in November. Economists had forecast the index rising 0.4 percent for the month and 6.2 percent from a year ago, according to Econoday. Core prices, a measure that excludes food and energy prices, rose 0.4 percent compared with December. Compared with a year ago, core CPI is up 5.6 percent. Bother were slightly higher than forecast. In December, core … [Read more...] about Bidenflation Accelerated in January

The Federal Deposit Insurance Corporation (FDIC) extended the bidding period for the Silicon Valley Bridge Bank after “substantial interest from multiple parties” and will continue to operate the bank to “stabilize” the institution and “market the franchise.” The FDIC extended the bidding process for the bank so the agency could “explore all options in order to maximize value and achieve an optimal outcome” after “substantial interest from multiple parties.” To expand the pool of potential bidders, bidding parties are now allowed to submit separate bids for Silicon Valley Bridge Bank, N.A., and its subsidiary Silicon Valley Private Bank. CONTAGION: Customers Line Up Outside First Republic Bank to Withdraw Money After SVB Collapse Credit: @Dr_PhillipB via Spectee /TMX The FDIC also said it would allow non-banks to partner with banks to submit bids for the bank or parts of the bank. As well, non-bank financial companies are explicitly invited to bid on asset portfolios. … [Read more...] about FDIC Extends Bidding Period for Silicon Valley Bridge Bank

One of the most historically unusual aspects of the Biden administration has been the harmonious relations between the president and progressive activists. Historically , progressives generally spend most of their time complaining about Democratic presidents, both because they are temperamentally prone to negativity and because they believe in the tactical value of holding presidents’ feet to the fire. President Biden has enjoyed unusually warm support from the left. But that may be coming to an end. Reporters have detected a pattern in three of the administration’s recent moves. Biden is declining to block a bill in Congress overriding a liberalization of the D.C. criminal code, angering both advocates of D.C. sovereignty and anti-police activists. He approved a plan to allow ConocoPhillips to drill oil in Alaska. And he is signaling an intent to reinstate family detention along the southern border in order to deter migrants. Another perhaps even more significant sign comes … [Read more...] about Why Joe Biden’s Honeymoon With Progressives Is Coming to an End

San Francisco has an estimated 3,900 buildings that have the same vulnerability as many of the structures in Turkey and Syria that collapsed during the recent 7.8 magnitude earthquake. The buildings, which are mostly commercial but also include residential structures, are made of non-ductile concrete, said Brian Strong, who heads a city planning office that is developing a yet-to-be-finalized retrofit program to boost the safety of concrete buildings. Neighborhoods with the largest concentration of non-ductile concrete buildings include the downtown area, South of Market and the Tenderloin, said Strong, who runs the Office of Resilience and Capital Planning. “There should not be the kind of reaction that there has been over the last week of ‘Well, (Turkey is) a developing country, we have better codes, we have better construction practices, we could never get an earthquake that large.’ None of that is true. We have all of the same issues that they have there,” said David … [Read more...] about About 3,900 San Francisco buildings are made in the same way as Turkish ones flattened in the earthquake