Big in Business: Gas tax hikes coming to a state near you
A dozen states are considering raising gas taxes. That's after close to twenty other states have instituted hikes in recent years to pay for infrastructure. CBO data shows that even as inflation-adjusted federal spending on infrastructure fell 14% between 2010 and 2014, state and local spending fell even faster. That both sources of funding appear set to rise can only be a positive for economic growth.
Fake data accusations overblown? So says High Frequency Economics' Jim O'Sullivan, who argues in a research note that the uproar over a proposed change by the Trump Administration in how the U.S. Trade Representative compiles trade-deficit data is making a mountain of a molehill. O'Sullivan says that this is about making more data available that will paint a more sophisticated picture of U.S. trade, not asking the Census Bureau to stop reporting official trade deficits.
Earnings to watch: 1) Toll Brothers, which reports before the bell, illustrates headwinds the homebuilding sector still faces. 2) The stock market values Tesla Motors at $45 billion, or $5 billion less than Ford and $12 billion less than GM. That's despite selling just 76,000 vehicles last year to Ford's 2.6 million and GM's 3 million.