A recent survey found that more Americans are worried about rising inflation and the impact it will have on their finances. Of those polled, 82% said they worry that inflation will have a negative impact on their purchasing power in the next six months. In other news, Goldman Sachs said investors are being complacent about recession risks as markets remain vulnerable.

 

CNBC/Lorie Konish
Americans are anxious about a recession as inflation cuts into their spending power

As experts debate whether the U.S. is on the brink of an economic downturn, many Americans are already bracing themselves for a recession.

To that point, 66% of Americans worry that a major recession is right around the corner, up from 48% who said the same a year ago, according to a survey by Allianz Life Insurance Company of North America.

One big reason is that people fear high inflation, which has pushed prices higher for goods and services.

The survey found 82% worry inflation will have a negative impact on their purchasing power in the next six months. Moreover, the same share of respondents said they expect inflation to get worse over the next 12 months.

Continue reading, here.

 

Business Insider/Harry Robertson
Goldman Sachs says investors are being complacent about recession risks as the stock market rallies

Investors are being complacent about the risks of a recession and markets remain vulnerable to inflation and weak growth, according to analysts at Goldman Sachs.

Stocks have rallied sharply in recent weeks as investors have bet that slowing economic growth will mean central banks hold off on rapid interest-rate increases.

The S&P 500 jumped more than 9% in July, with technology stocks — which tumbled in the first half of the year — faring particularly well.

Yet Goldman’s analysts, led by Cecilia Mariotti, urged caution in a note on Monday.

Keep reading, here.

 

Fox Business/Thomas Catenacci
Most Americans will feel tax pain from Dem inflation bill despite Biden’s past promises: analysis

The vast majority of Americans will pay more in taxes as a result of Democrats’ inflation bill despite President Biden’s pledge not to raise taxes on those making under $400,000 per year.

The Inflation Reduction Act — unveiled Wednesday by Sen. Joe Manchin, D-W.Va., and endorsed by Biden — would increase tax revenue by $16.7 billion from Americans earning less than $200,000 a year, according to a nonpartisan analysis from the Joint Committee on Taxation (JCT) published Friday. Nearly every tax bracket would pay more in taxes with those making below $10,000 per year seeing the largest uptick, the analysis showed.

You can read the full article, here.

 

 

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