Economy

Inside world of small businesses keeping Lagos night economy alive

As darkness gradually envelopes the skies, Kabir Adamu begins to set up his makeshift kiosk ahead of the day’s business. Some young men in loose ties walked lazily past Mr Adamu’s tables as he struggled to put on two rechargeable lamps, unperturbed by the cacophony of voices from passers-by and commuters.

Once switched on, he directed the two lamps towards his barbecued meat, sandwiched in the midst of onions and cucumber. Some metres away from Mr Adamu’s Suya spot, a generating set comes alive, providing better illumination for him and other petty traders and commuters alike.

The time was 8:45pm

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Biden misunderstands basic economics | TheHill

According to the law of supply and demand, when the government prints or borrows trillions of dollars, the value of the dollar declines, and prices rise. That is called inflation.

According to President Biden, when the government prints or borrows trillions of dollars, the value of the dollar doesn’t decline, and prices decrease. That is called, to borrow a Biden-ism, malarkey.

Per the president, “My Build Back Better plan will be a force for achieving lower prices for Americans looking ahead. It’s another reason why these investments are so important.”

So, showering the economy with $6 trillion in

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Canceling student loan debt will barely boost the economy, but a targeted approach could help certain groups

At the end of June 2021, 43 million borrowers – or about 14% of all adults in the U.S. – owed approximately US$1.59 trillion in outstanding federal student loans. Although in many cases the media has focused on borrowers with extremely large balances – such as the orthodontist who owes over $1 million in student loans – the average balance is a more modest $39,351 per borrower with an average monthly payment of $393 per month. The standard repayment period for $39,351 in student loans is 20 years.

The amount of student debt outstanding varies greatly based on the type

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Lebanon’s hospitals fear new COVID wave as economy begins to collapse

Lebanon”s deepening economic crisis has piled pressure on hospitals, leaving them ill-equipped to face any new wave of the coronavirus, a top hospital director has warned.

Already struggling with shortages of medicine and an exodus of staff abroad, the country’s health facilities are now also having to contend with almost round-the-clock power cuts.

“All hospitals…are now less prepared than they were during the wave at the start of the year,” said Firass Abiad, the manager of the largest public hospital in the country battling COVID-19.

“Medical and nursing staff have left, medicine that was once available has run out,” and

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Opinion | Biden Is Asking for $4 Trillion. Congress Shouldn’t Give It to Him.

Prices are rising rapidly, and elevated inflation is likely to remain through at least the next year. Congress shouldn’t make matters worse by signing a $4 trillion check for President Biden’s economic plan, which Democratic leaders are looking to push through even without Republican support.

The payments to households and other spending on social programs that the plan calls for would increase demand at a time when it is already strong. More demand in the face of limited supply would increase inflationary pressures, threatening the longevity of the current economic expansion.

Relative to the same month the year before,

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Does America face a slowdown in economic growth?

IT WAS INEVITABLE that global economic growth would slow from the breakneck pace set as economies recovered from the pandemic. Lately, investors have begun to worry about something worse: that America’s economy, which has led the rich-world rebound, could decelerate sharply. As well as supply bottlenecks and the withdrawal of economic stimulus, the country, like many others, now faces the ultra-infectious Delta variant. A painful slowdown remains unlikely. But the renewed spread of the virus is the biggest of those three dangers.

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Economists clash over inflation tied to Biden’s $3.5T spending plan

Economists are sharply divided over whether President Biden’s $3.5 trillion infrastructure package will exacerbate inflation pressures that are already the most severe in decades. 

Senate Democrats are currently drafting the human infrastructure package that they hope to ram through via budget reconciliation, a process that would allow them to pass the legislation with a simple majority rather than the 60 votes needed to avoid a Republican filibuster.  

The $3.5 trillion in spending would add to the almost $6 trillion that has already

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The rapid growth the U.S. economy has seen is about to hit a wall

A National Park Service worker replaces a flag at the Washington Monument which reopened today following a six month closure due to COVID-19 safety measures, in Washington U.S., July 14, 2021.

Kevin Lemarque | Reuter

The U.S. economy is expected to post another roaring growth spurt in the second quarter, before a slow and steady dose of reality starts to sink in.

Gross domestic product is projected to accelerate 9.2% for the April-to-June period, according to a FactSet survey. The Commerce Department will release its first estimate for second-quarter GDP on Thursday.

In a pre-pandemic world, that would have put

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Virus resurgence menaces economy just as rescue programs unravel

Biden — whose Gallup approval rating dropped to 50 percent this week, its lowest yet — is already drawing attacks from Republicans over the issue. Rep. Kevin Brady of Texas, the top GOP tax writer in Congress, said the president has focused too much on pushing his “$4 trillion spending binge” and not enough on the virus.

Jason Furman, a former top economic adviser to President Barack Obama who is close to the current White House economic team, said the West Wing is very aware of the risks to the economy from the spike in Covid cases.

“Any problem that

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