Inflation Hits 3.8% as GDP Slows and CNN Poll Shows Voters Turning on Trump over Rising Costs
U.S. first‑quarter 2026 GDP was revised down to a 1.6% annualized pace, below the previously reported 2.0% and expectations. Inflation accelerated, with the personal consumption expenditures index rising 3.8% year‑over‑year, the highest level since May 2023. Consumer spending growth slowed to 1.4% and the personal savings rate slipped to 2.6%, signaling mounting household strain. The data give new Federal Reserve Chair Kevin Warsh his first major inflation test and add political pressure on the Trump administration as voters cite rising costs.
Trump Admin Says New FAFSA Fraud Tool Blocked $60 Million in Fake Student Loan Applications
The Department of Education launched a new risk‑assessment tool on April 26 that embeds real‑time identity screening into the FAFSA process. Within weeks the system flagged roughly 300,000 suspicious applications, preventing about $60 million in fraudulent student‑loan requests. Officials say the initiative...
Warren Clashes with Kevin Warsh over Assets and Fed Independence at Heated Senate Hearing
Senator Elizabeth Warren confronted Trump‑backed Fed nominee Kevin Warsh at the Senate Banking Committee hearing, demanding detailed disclosure of his more than $100 million in assets and proof of independence from the White House. Warsh, a former Fed governor, cited a...
Medicare Advantage Changes Could Cut Extra Benefits but Speed up Care Approvals for Millions Under New Bill
Lawmakers introduced the bipartisan Medicare Advantage Improvement Act of 2026 to tighten oversight of private Medicare plans. The bill would force insurers to answer standard prior‑authorizations within 72 hours and urgent requests within 24 hours, and ban coverage criteria stricter than traditional...
New Senate Report Warns Medicare Premiums Could Double by 2035, Squeezing Social Security Checks
A Senate Joint Economic Committee report warns that Medicare Part B premiums could climb from about $2,200 today to $4,500‑$5,000 per year by 2035, effectively doubling costs for seniors. The surge reflects projected Medicare spending growth, with premiums automatically adjusted to...
Treasury Hikes I Bond Rate to 4.26%, Fixed Portion Stays Same. What It Means for Savers
The U.S. Treasury lifted the Series I savings‑bond composite rate to 4.26%, up from 4.03%. The fixed‑rate component, however, remains unchanged at 0.9% for bonds issued through October 2026. I Bonds continue to offer inflation‑linked returns, tax‑free state and local treatment,...
Social Security Insolvency Timeline Moves Closer Again, Now Forecast for 2032
The Congressional Budget Office now projects that the Social Security Old‑Age and Survivors Insurance Trust Fund will be exhausted by 2032, a year earlier than its 2023 forecast. The acceleration stems from higher inflation‑driven cost‑of‑living adjustments and weaker payroll‑tax revenue....
IRS Says Average Tax Refunds Rise to $2,290; Higher than Last Year Due to Trump’s Tax Law
Early IRS data shows the average 2026 tax refund has risen to $2,290, an 11 % increase over the previous year. The surge is linked to President Trump’s One Big Beautiful Bill, which introduced retroactive tax cuts and seven new deductions while withholding tables...
New York City Mayor Mamdani Eyes 9.5% Property Tax Hike that Could Affect Middle-Class Residents
New York City Mayor Zohran Mamdani unveiled a $127 billion preliminary budget that includes a 9.5% property‑tax increase to address a projected $5.4 billion shortfall. The hike would affect over 3 million residential units and more than 100 000 commercial buildings and can be...
Trump Administration CFPB Pullback Cost Americans $19 Billion, Report Says
A Senate‑staff report estimates that the Trump administration’s scaling back of the Consumer Financial Protection Bureau cost U.S. consumers roughly $19 billion in lost relief. The agency’s enforcement slowdown, abandoned overdraft‑fee caps and a blocked credit‑card‑late‑fee rule account for the bulk...