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Major reason for lack of supply: Americans keep spending
Detroit: Take a step back from pick-over store shelves, stalled container ships, and empty auto showrooms, and you’ll find the root cause of a shortage of everything you want to buy. Bought more stuff. With cash from stimulus checks, booming stock markets and increased home equity, households feel free to spend again. And as consumer demand drives the majority of the economy, the recovery continues to move forward. Add to that the fact that companies are ordering more and more materials and parts so that they don’t run out, and you almost end up with a demand that is exacerbating the supply crunch.
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Biden signs $1T infrastructure bill with bipartisan audience
WASHINGTON: President Joe Biden has signed his $1 trillion infrastructure deal into law on the lawn of the White House, arming Republican lawmakers in what could be one of the last shows of bipartisanship ahead of the 2022 midterm elections. could. The president is expected to use the law to build back his popularity, which has taken a hit amid rising inflation and an inability to fully address public health and economic risks from COVID-19. Biden says, my message to the American people is: America is moving forward again. He is also promising people that your life is about to change for the better.
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Roads, Transit, Internet: What’s in the Infrastructure Bill?
WASHINGTON: President Joe Biden has money for roads, bridges, ports, rail transit, safe water, the power grid, broadband Internet and more, in a $1 trillion public-action plan to be signed into law on Monday. This is a historic investment and the money promises to reach almost every part of the country. The White House estimates that the investment will add about two million jobs per year over the coming decade. The bill will provide $110 billion to repair the nation’s old highways, bridges and roads. According to the White House, a total of 173,000 miles of US highways and major roads and 45,000 bridges are in poor condition.
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Democrats push for paid family leave ahead of crucial vote
WASHINGTON: House Speaker Nancy Pelosi surprised advocates and even many of her Democratic colleagues when she revived a long-sought family and medical leave plan, saying it would help the House largely socialize. And environmental spending will be part of the bill. Ahead of the final votes in the House and Senate, supporters are trying to keep it in the bill. And his efforts have focused largely on Democratic Sen. Joe Manchin, a man from West Virginia. Munchkins Democratic allies and advocacy groups that support paid leave are lobbying home and business senators in Washington.
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Washington seeks more than $38 billion from opioid distributors
Seattle: Washington Attorney General Bob Ferguson has filed a lawsuit against the states’ three largest drug distributors. The trial began on Monday after Ferguson rejected the half-billion-dollar settlement. He says he should be held accountable for his role in the opioid crisis. His gamble is not without risk, as losses by three California counties in a similar case this month show. The Attorney General’s Office in 2019 authorized McKesson Corp., Cardinal Health Inc. and sued Amerisourcebergen Corp., alleging they made billions from the opioid epidemic by shipping huge amounts of prescription painkillers to the state when they should have known those drugs were fueling addiction. Companies deny wrongdoing.
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Charities see more crypto donations. Who is benefiting?
NEW YORK: With the biggest cryptocurrencies flirting with record highs in value, they are fast becoming a major source of revenue for charities. However, the number of charities that accept virtual currencies, which are known for their volatility, remains limited. According to CoinGecko pricing, the crypto world recently surpassed $3 trillion in value. Virtual currencies are attractive to charity because they allow donors to bypass the capital gains tax on the appreciated assets they give. Donors will also be eligible for income tax deduction. Many large charities and aid organizations have established ways to accept crypto contributions. But experts say smaller organizations are lagging behind.
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The film crew union narrowly approved the contract with the producers
Los Angeles: Crew members of the film industry have voted little to approve a pair of contracts with Hollywood producers. The vote announced on Monday comes after a standoff that nearly led to a strike that halted production across the US. The popular vote of the members was within one percentage point. Many members of the International Alliance of Theatrical and Stage Employees felt that the two deals did not go far enough on issues such as long workdays, which could lead to fatigue which could be dangerous. The union represents approximately 150,000 behind-the-scenes workers, including stagehands, cinematographers, camera operators and makeup artists.
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E-commerce mattress maker Casper sold for about $308 million
New York: E-commerce mattress maker Casper is being acquired and taken private for about $308 million. Shares of Casper Sleep Inc. closed up 88.5% at $6.69 on Monday. Durational Capital Management will pay $6.90 per share for Caspers stock. The New York City company went public in February 2020 and had a rough start. After being valued at more than $1 billion as a private company, it began selling shares early last year for $14.50, which put its value as a public company at about $575 million. He was nearing his peak. At the close of trading on Friday, a share of Casper could be had for $3.55.
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The S&P 500 fell 0.05 points to less than 0.1% to 4,682.80. The Dow Jones Industrial Average fell less than 0.1% to 12.86 points at 36,087.45. The Nasdaq fell less than 0.1% to 7.11 points at 15,853.85. The Russell 2000 Index of Small Companies fell 10.84 points, or 0.4%, to 2,400.93.
Disclaimer: This post has been self-published from the agency feed without modification and has not been reviewed by an editor
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