Sylvan Lane
Local 22 & Local 44
Washington, DC, United States
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Past articles by Sylvan:
Fact-checking Biden’s claims on the economy in the State of the Union
President Joe Biden was eager to highlight the rapid rebound from the COVID-19 recession and tout recent progress bringing down inflation during his State of the Union address Tuesday night. Here’s a look at what Biden said as well as the full picture behind the president’s economic claims. Deficit The Department of the Treasury’s seal […] → Read More
White House launches plan to expand affordable housing, prevent evictions
The Biden administration on Wednesday announced several steps meant to ensure access to affordable housing and protect renters from eviction. The measures unveiled Wednesday are part of the White House’s broader attack on the national affordable housing crisis, which has left millions of Americans struggling to find safe and secure housing within their budgets. The […] → Read More
Retail sales slumped in December as Americans braced for slower economy
Americans pulled back their spending at stores and restaurants in December amid the mounting toll of high inflation and concerns about the future of the economy, according to data released Wednesday by the Census Bureau. U.S. retailers and restaurants made $677.1 billion in sales in December, down 1.1 percent from a revised November sales total […] → Read More
Why China’s potential economic rebound could boost the US
China could bounce back from its pandemic reopening swoon both stronger and sooner than expected, offering a rare source of optimism for the U.S. economy amid rising recession fears. The Chinese economy grew just 3 percent in 2022 and rose at an annual rate of 2.9 percent in the fourth quarter, according to statistics released […] → Read More
Trump blasts Democrats, Supreme Court after House releases tax returns
Former President Trump ripped Democratic lawmakers Friday for releasing several years of his tax returns, warning of dire consequences for the nation while touting his ability to avoid paying income taxes. “The Democrats should have never done it, the Supreme Court should have never approved it, and it’s going to lead to horrible things for […] → Read More
Fed, Wall Street ‘in a brawl’ over inflation cure
The Federal Reserve and the stock market are butting heads over the central bank’s efforts to fight inflation. Stocks capped a steep two-day sell-off on Friday, wiping out gains from a rally earlier in the week driven by hopeful economic news. Inflation as measured by the consumer price index had fallen for the fifth straight […] → Read More
FTX founder Sam Bankman-Fried arrested in Bahamas
The founder and former CEO of the bankrupt cryptocurrency platform FTX, Sam Bankman-Fried, was arrested Monday in the Bahamas and will be indicted in the U.S. as soon as Tuesday morning, according to U.S. and Bahamian authorities. The attorney general for the Bahamas said in a statement Monday that the Royal Bahamas Police Force arrested Bankman-Fried […] → Read More
FTX founder Bankman-Fried agrees to testify at House hearing on collapse
The founder and former CEO of bankrupt cryptocurrency platform FTX on Friday said he will testify before a House committee next week despite his initial reluctance. In a Friday tweet, Sam Bankman-Fried announced he would testify before the House Financial Services Committee at its Tuesday hearing on the collapse of FTX. “I still do not […] → Read More
House panel wants answers from Bankman-Fried on FTX collapse
House lawmakers have dozens of questions for former FTX CEO Sam Bankman-Fried, whose cryptocurrency empire went bankrupt last month amid allegations of fraud. The first one is whether he’ll actually show up to answer them. The leaders of the House Financial Services Committee are pushing Bankman-Fried to testify at a Dec. 13 hearing about the […] → Read More
Thanksgiving inflation gobbles up budgets
High inflation is hitting the Thanksgiving spread. Food prices rose almost 11 percent over the 12 months ending in October, according to the Labor Department’s consumer price index (CPI), while groceries, which exclude restaurants, specifically were 12.4 percent more expensive from the same time a year ago. And some Thanksgiving staples are even more expensive […] → Read More
Federal Reserve hikes interest rates by 75 basis points for fourth time this year
The Federal Reserve on Wednesday hiked interest rates by three-quarters of a percentage point, pressing even harder on the brakes of the economy in a scramble to slow inflation. The Federal Open Market Committee, the panel of Fed officials responsible for monetary policy, boosted the central bank’s baseline interest rate range to a span of […] → Read More
Why a top Democrat is concerned with the Fed’s rate hikes
The top Democrat on the Senate Banking Committee warned Federal Reserve Chair Jerome Powell on Tuesday not to push the U.S. economy into recession with overzealous interest rate hikes meant to fight inflation. In a Tuesday letter to Powell, Sen. Sherrod Brown (D-Ohio) urged the Fed chief and his colleagues to “not lose sight of […] → Read More
Older Americans at greater risk as potential of recession looms
Older Americans may face greater risks than their younger counterparts if the U.S. economy slips into a recession. The combination of high inflation, rising Federal Reserve interest rates, a slowin… → Read More
Shaky US economy faces new threats from Europe
Misery loves company. The economy is no exception. As the U.S. fights stubbornly high inflation and braces for the aftereffects of interest rate hikes, American consumers are also facing headwinds from Europe and the United Kingdom. Months of soaring energy prices driven in part by the war in Ukraine have wreaked havoc on the Eurozone, […] → Read More
Why the Fed is pushing unemployment higher
Federal Reserve Chairman Jerome Powell said Wednesday it will be almost impossible for the central bank to beat inflation without hundreds of thousands of Americans losing their jobs. Fed off… → Read More
Weekly jobless claims rise by 27,000
New jobless claims jumped higher during the first week of June, according to data released Thursday by the Labor Department. In the week ending June 4, initial applications for unemployment insuran… → Read More
World Bank slashes growth forecast, warns of stagflation
The World Bank slashed its forecast for global economic growth Tuesday and warned the world could face “a protracted period of feeble growth and elevated inflation” due largely to the fallout from … → Read More
Five key things to know about the economy this week
A raft of new data and studies released this week offer some clear looks at aspects of a turbulent economy that has added to political headwinds for Democrats. The economy remains strong by almost … → Read More
Economy adds 390K jobs in May, unemployment holds at 3.6 percent
The U.S added 390,000 jobs and the unemployment rate held even at 3.6 percent in May, according to data released Friday by the Labor Department. The May jobs report was largely in line with economi… → Read More
Why a May jobs slowdown may not be bad news for Biden
The May jobs report set to be released Friday morning will likely show employment growth slowed last month from the torrid pace the U.S. has seen since the start of the recovery from the coron… → Read More