Why Are Gas Prices Rising in 2022?
The U.S. surpassed its record high for gas prices in March 2022. Since then, pricing continues to climb, leaving many people wondering if it will ever stop. So, why are gas prices rising so rapidly? Several factors currently affect the price of gas, including crude oil costs, the Russian invasion of Ukraine, and significant breaks […]
Mortgage Rate Forecast: How High Will Interest Rates Go?
Experts in the industry estimate that the 30-year rate on a fixed-rate mortgage will reach 4.8 to 5.5% by the end of 2022. In May 2022, the average was already at 5.27%, a 10-year high driven by rising inflation and increases in the Federal Reserve’s federal funds rate. Mortgage rate forecasts from the first half of […]
Why Are Used Trucks So Expensive? When Will Prices Drop Again?
Shopping for a used car or truck has never felt more daunting. Prices are at record highs, no matter what make or model you might be seeking. Why are used trucks so expensive across the board? Pandemic-related shortages hit auto manufacturing harder than most industries. With fewer new cars, more people are buying used. Trucks […]
What Is the Congressional Budget Office?
The Congressional Budget Office (CBO) is a federal agency that’s not tied to one political party. Its main job is to assist in analyzing the federal budget and potential legislation that’s being discussed in the House and Senate. The CBO looks into how a new budget and legislation affect the country’s economic future. While it’s […]
What Is Mandatory Spending?
Every year, the congressional budget office, Congress, and the president work together to create a federal budget. Within the government’s budget, money is allocated for net interest on the federal deficit, discretionary spending, and mandatory spending. Within the mandatory spending category, the federal government uses funds to ensure important programs continue to function and assist […]
The National Debt Explained
The national debt is the amount of money the United States owes to lenders. The concept is similar to personal debt — when the government spends more than it makes, it adds to its debt levels. Growing Debt in the U.S. According to the U.S. Treasury, the U.S. national debt was at over $25.6 trillion on May […]