With inflation and the economy on the minds of many, President Joe Biden announced on Wednesday new steps that he says will lead to lower gas prices. Biden said he will release more supply from the U.S.’s energy stockpile and will also take action to encourage more domestic oil production. Once again, he took oil companies to task for not lowering costs for consumers. Gas prices in New Jersey average about $3.70 a gallon for regular, according to AAA.
The costs of climate change continue to escalate; a new report found that New Jersey has faced more than $59 billion in losses since 1980 due to hurricanes, winter storms, fires and flooding. The report by the nonpartisan environmental advocacy group E2 also found that Ocean County is one of the most vulnerable counties in the entire U.S. in terms of risk of future economic losses.
Demand for mortgages has dropped to a 25-year low, as higher interest rates continue to dissuade potential homebuyers. And the Mortgage Bankers Association says refinancing demand has fallen 86% compared to this time last year. New housing construction fell more than expected in September and homebuilders’ confidence has fallen for 10 straight months.
With inflation at its highest level in 40 years, the IRS is making adjustments for the 2023 tax year. It’s raising the standard deductions and also shifting tax brackets, meaning tax filers would be able to keep more of their money. But keep in mind you won’t see the impact until you file your tax return in 2024.
