enters a recession in 2023, a divided Congress will struggle to pass a fiscal stimulus bill, which will leave the Federal Reserve as the main institution responsible for setting economic policy in the country,” said Brian Gardner, Stifel's chief Washington policy strategist.Īnd we already know from Fed Chairman Jerome Powell that the Fed is firmly focused on pushing inflation back to its 2% target, from 7.7% in October, even if it’s “painful for the public that we serve,” Powell said in September. If a recession comes next year, as most economists predict, Americans may be on their own. If a recession comes, don't expect stimulus "Bottom line is, nothing's going to happen in the next two years, with a divided Congress," Munnell said, referring to Social Security changes. Since Republicans will not have control of the Senate, it's unlikely that cuts to Social Security benefits will materialize, said Alicia Munnell, director of the Center for Retirement Research at Boston College. But even if the GOP had gained control of both chambers, President Joe Biden indicated he would have prevented any cuts from occurring. Analysts explain inflation's drastic impact.īecause not all states have expanded Medicaid, more than 2 million low-income Americans fall into what is called the “Medicaid gap.” Those people are too poor to qualify for subsidies for health insurance through the Affordable Care Act exchange, but earn too much to qualify for Medicaid.Ī June report published by the Social Security Board of Trustees found that the funds will be depleted by 2035. Healthy prices: Health care costs are about to skyrocket. Profiting from illness: Sick profits: Private equity’s stealthy takeover of health care in multiple cities, specialties All low-income residents in the state have access to either Medicaid or subsidies to help them purchase private coverage through the Affordable Care Act exchange. Lawmakers in North Carolina supported Medicaid expansion during the 2022 session, but the state's two legislative chambers couldn't agree on the specifics. Wisconsin is the only non-Medicaid-expansion state that doesn’t have a coverage gap, though. In Georgia, Democratic Senator Raphael Warnock and Republican challenger Herschel Walker will face a runoff in December after neither reached a majority.The win makes South Dakota the seventh Republican-controlled state in the past five years to expand the low-income insurance program at the ballot box, and now leaves only 11 states that haven’t expanded Medicaid: Texas, Florida, Georgia, Pennsylvania, North Carolina, South Carolina, Alabama, Tennessee, Mississippi, Kansas, Wyoming, and Wisconsin.It means the race will proceed to ranked choice voting later this month. Exactly who will win in Alaska's US Senate contest isn’t clear, but it will be a Republican, with Trump-backed Kelly Tshibaka and incumbent Senator Lisa Murkowski in a tight race with neither on track to win a majority.The remaining undecided senate races include Alaska, Nevada and Arizona.Republicans need a net gain of five seats to control the House of Representatives and just one seat to win back the Senate. Republicans are likely to take back control of the House of Representatives, while control of the Senate still hangs in the balance.
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