More Americans are struggling financially as savings are significantly down and debt and delinquencies are up compared to four years ago.
Savings and disposable income are significantly down when comparing federal data under the Trump and Biden-Harris administrations.
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Federal data released Friday showed that inflation remains elevated. The figures came out on the heels of other data showing the U.S. Gross Domestic Product underperformed in the first quarter of this year.
Both the inflation and GDP data points raised concerns among economists and renewed criticism of President Joe Biden among Republicans.
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Newly released inflation data breaks down how much prices have increased in each state.
The U.S. Bureau of Economic Analysis released new data Wednesday for how the Personal Consumption Expenditure, a key marker of inflation, rose in each state last year. According to the BEA, PCE is a measure of the prices Americans pay for goods and services.
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It is growing relentlessly. The U.S. trade deficit, the gap between what the nation imports and exports in goods and services, increased to $67.4 billion in December, an increase of $6.4 billion from $61.0 billion in November, revised, according to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis. The month-over-month figures on the deficit are part of a long-term trend in America.
For 2022, the deficit in goods and services hit $948.1 billion, rising $103.0 billion from 2021. “Exports were $3,009.7 billion, up $453.1 billion from 2021. Imports were $3,957.8 billion, up $556.1 billion from 2021,” the Census Bureau and BEA reported.
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The U.S. trade deficit increased to its highest recorded level in 2022, thanks in part to a surging trade deficit with China.
The U.S. registered a roughly $948.1 billion goods and services deficit for the year, including a $382.9 billion goods deficit to China, the U.S. Bureau of Economic Analysis (BEA) revealed Tuesday. This 12.2% surge over 2021 marks an all-time U.S. trade deficit record, The Wall Street Journal reported.
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Virginia’s outdoor recreation economy grew 20.9 percent in 2021, adding $9.4 billion and making up 1.6 percent of Virginia’s gross domestic product (GDP), according to a November report from the U.S. Bureau of Economic Analysis (BEA).
“I’m thrilled to see this level of economic growth of Virginia’s outdoor recreation. I’m looking forward to continuing my work in Washington to ensure that our outdoorsmen and women have the opportunities and resources they need to continue enjoying their time in our great outdoors for generations to come,” Representative Rob Wittman (R-VA-01) said in a newsletter Friday.
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The U.S. Bureau of Economic Analysis released its quarterly Gross Domestic Product data Thursday which the economy grew in the third quarter of 2022 by 2.6% at an annualized rate.
“The increase in real GDP reflected increases in exports, consumer spending, nonresidential fixed investment, federal government spending, and state and local government spending, that were partly offset by decreases in residential fixed investment and private inventory investment,” BEA said.
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