Money and Computing
February’s Hot Data Releases: Governor Christopher J. Waller, Federal Reserve Board Frames a Few of the Issues Around Inflation and the Economic Outlook
"Retail sales for January also came in much stronger than expected, suggesting the economy was slowing less than it had appeared just a month earlier, a picture that was confirmed by data on personal spending, which represents almost 70 percent of gross domestic product. Continuing progress on inflation depends on lowering demand and moderating economic activity, and the retail sales and spending data suggest that progress on reducing aggregate demand may have stalled. Whether or not subsequent data confirm the setback in progress last month, the FOMC will do what is needed to reduce inflation to the Committee's 2 percent objective over time. It is possible there may be some bumps on that path, but I assure you, the FOMC's dual mandate objectives will be achieved." more »
Kaiser Health News*: May 11th Era of ‘Free’ Covid Vaccines, Test Kits, and Treatments Is Ending. Who Will Pay the Tab Now?
"Medicare beneficiaries, those enrolled in Medicaid — the state-federal health insurance program for people with low incomes — and people with" Affordable Care Act coverage will continue to get Covid vaccines without cost sharing, even when the public health emergency ends and the government-purchased vaccines run out. Many people with job-based insurance will also likely not face copayments for vaccines, unless they go out of network for their vaccinations. People with limited-benefit or short-term insurance policies might have to pay for all or part of their vaccinations. And people who don’t have insurance will need to either pay the full cost out-of-pocket or seek no- or low-cost vaccinations from community clinics or other providers. If they cannot find a free or low-cost option, some uninsured patients may be forced to skip vaccinations or testing." more »
Congressional Budget Office: Federal Budget Deficit Totals $1.4 Trillion in 2023; Annual Deficits Average $2.0 Trillion Over the 2024–2033 Period
"The cumulative deficit over the 2023–2032 period that we now project is $3 trillion larger than we projected last May, mainly because of newly enacted legislation and changes to the economic forecast that boost interest costs and spending on mandatory programs. Federal debt held by the public is projected to rise from 98 percent of GDP in 2023 to 118 percent in 2033 — an average increase of 2 percentage points per year. Over that period, the growth of interest costs and mandatory spending outpaces the growth of revenues and the economy, driving up debt. Those factors persist beyond 2033, pushing federal debt higher still, to 195 percent of GDP in 2053. The increase in mandatory spending is driven by rising costs for Social Security and Medicare. Total discretionary spending falls in relation to GDP. As the cost of financing the nation’s debt grows, net outlays for interest increase substantially." more »
National Institutes of Health: Half of Adults Treated at Hospitals for COVID-19 Experienced Lingering Symptoms, Financial Difficulties, Physical Limitations Months After Discharge
"Many adults experience problems like coughing, chest pain, and fatigue six months after their stay.
About half of adults treated at hospitals for COVID-19 have experienced lingering symptoms, financial difficulties, or physical limitations months after being discharged, according to a National Institutes of Health-supported study published in JAMA Network Open. After six months, more than 7 in 10 adults surveyed in the study experienced cardiopulmonary problems, such as coughing, rapid or irregular heartbeat, and breathlessness, while about half had fatigue or physical limitations – all symptoms associated with long COVID(link is external). Additionally, more than half of the adults said they faced financial challenges." more »