By Do-Hyun (Kyle) Hong On April 12th, the U.S. Department of Labor reported that the Consumer Price Index has risen by 8.5% from the previous year (Cox). This is the fastest annual gain since 1981 when the Fed had to raise the interest rate to nearly 20% under Paul Volcker’s leadership. Furthermore, the Department of…
Author: MJE
Higher Gas Prices are Felt More Than at the Pump
Written by Josh Ravichandran The price of gasoline within the United States has hit a record high with the average price of gasoline reaching $4.173 a gallon according to AAA. U.S. crude oil futures reached a price of $119.40–a 59% increase from the start of this year. In addition, US oil refineries have limited production…
The Future Costs of Declining College Enrollment Rates
Written by Malak Kalasho From individual higher earning potential and better job security to overall higher levels of economic growth and social development, the benefits of higher education are endless for both individual college graduates and society at large. For decades, the U.S. economy and American society have benefited from increased levels of educational attainment;…
The Deadweight Loss of College General Education Requirements
Written By Nicolas Costa The vast majority of college students are familiar with general education requirements. Most colleges require students to take a particular selection of classes across several disciplines, regardless of their major. At the University of Michigan, the College of Literature, Sciences, and the Arts (LSA) requires students to take many classes in…
Forecasting the forecast: How the CBO deters congress from investing in the future
Written by Ethan Messeri The first thing that many people think about when an idea gets proposed as a bill is “How much will it cost?”. Truth be told, no one really knows the answer to this question. Economic fortune telling is incredibly hard, and a change in policy can ripple out so far that…
Rising Economic Inequality in the US: Key Statistics and Root Causes
Written by Malak Kalasho Since its beginning, the United States has prided itself on being the land of opportunity, a place in which all individuals have the opportunity to succeed. Many people continue to refer to it as such, but a closer look at wealth and income distribution in the U.S. tells a different story.…
Debt vs. Diploma?
Written by Vignesh Swarnam The American Dream was one formed on the very foundations of “life, liberty, and the pursuit of happiness”. The American Dream was a beacon for social mobilization and American progress. There were many “dominoes” that make up the American Dream from having a stellar education, being a homeowner, and retiring comfortably.…
How Labor Markets Determine the Minimum Wage Impact
Written by Ryan Erickson One proposed element of the American Rescue Plan Act from March 2021 was raising the federal minimum wage from $7.25 to $15 per hour by 2025. The provision ultimately was not allowed in the reconciliation process used to pass the act. Notably, Republican senators Mitt Romney and Tom Cotton countered the…
The Consequences of the Chaotic Housing Market
Written by Jimmy Hefter As the economy is starting to bloom again in a post-pandemic society, there are major consequences on the housing market. To increase demand during the COVID-19 pandemic, the Federal Reserve slashed mortgage-interest rates. This significantly increases the aggregate demand for housing, as the money people have to spend in the future…
Why are Americans Quitting Their Jobs In Record Numbers?
Written by Nabil Chamra In both August and September of this year, there were record numbers of Americans who left their jobs. 4.27 million people quit their jobs in August, a record at the time before it was broken by the revelation that 4.43 million people quit their jobs in September (Casselman). At face value,…