The House Democrats approved the $1.9 trillion covid spending bill on Wednesday, clearing the last hurdle before the legislation lands on Biden's desk for signing.
 
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Breitbart Business Digest
March 10, 2021
 

Today's Top Stories From the Breitbart News Desk

The House Democrats approved the $1.9 trillion covid spending bill on Wednesday, clearing the last hurdle before the legislation lands on Biden's desk for signing. Perhaps the most extraordinary aspect of the bill is that it survived intact despite the destruction of any rational basis for many of its provisions. For example, the bill sends $350 billion to states and cities despite the fact that widespread fears of state tax revenues suffering severe declines turned out to be wrong. In fact, tax revenue fell just four-tenths of a percentage point, and some states saw huge gains. New York's tax revenue, for instance, fell by less than 2 percent or around $1.5 billion. It is set to take in $23.5 billion from the bill.

On Wall Street today, Roblox went public. Anyone with young children is probably familiar with the gaming platform. It's a sort of online arcade in which youngsters can choose from more than 20 million unique games, many of which allow them to interact with other players. A lot of children play the games while video chatting with their friends who are also playing. Players pay for vehicles, clothing, and even new hairstyles for their avatars using a digital currency called Robux. In other words, kids get to trade their parents' real money for fake video game currency that can be used to buy virtual items. We closed the real stores, and kids flocked to virtual shops. After its debut on Wednesday, the company is valued at about $40 billion.

GameStop had a wild day. Shares jumped at the open, crashed 40 percent midday, and then rose again. By the end of the day, shares were up 7.3 percent to $265 and were headed higher in after-hours trading. Shares were at $124 a week ago.

Alex Marlow & John Carney
Breitbart News Network

 
 

TOP STORY

 
State Revenues Held Up Much Better Than Expected in Pandemic
The pandemic was supposed to be a catastrophe for state government tax revenues. As it turns out, for many states it was a non-event. State government revenues declined by just four-tenths of a percentage point in the aggregate, according to data from the Urban Institute compiled by the Wall Street Journal. Some states were hit hard because their economies are based around parts of the economy especially hard hit by the pandemic. The state with the biggest revenue decline was Alaska, where the economy is heavily dependent on oil extraction. Tax revenue fell nearly 40 percent in 2020 compared with a year earlier. [Click here for more]
 

IN OTHER STORIES...

Consumer Prices Crept Up in February
The cost of U.S. consumer goods and services rose in February at the fastest pace in six months, data from the Department of Labor showed Wednesday. The gain in prices was largely driven by a rise in gasoline prices. Prices for services excluding energy fell 0.7 percent. [Click here for more]
 
White House Hails ‘COVID Relief’ Bill as ‘the Most Progressive Bill in American History’
White House Press Secretary Jen Psaki hailed the $1.9 trillion bill that passed Wednesday, ostensibly for coronavirus relief, as “the most progressive bill in American history.” The Civil Rights Act of 1964; the Social Security Act of 1935; the Affordable Care Act of 2010 — all paled in comparison to the “American Rescue Plan Act of 2021,” a bill that passed along party lines that was originally touted as an emergency bill to deal with the COVID-19 pandemic, but became much more. [Click here for more]
 
Pandemic Price Wreck: Men’s Suits and Women’s Dresses
Suits for men and dresses for women have been among the hardest-hit categories of consumer goods in the pandemic. The lack of demand for suits and dresses is evident in the Consumer Price Index for each of the categories. The price index for men’s suits, sports coats, and outerwear is down 16.8 percent compared with a year ago. It fell 0.4 percent in Feburary after dropping 0.8 percent in January. [Click here for more]