Showing posts with label US economy. Show all posts
Showing posts with label US economy. Show all posts
Sunday, December 15, 2024
Thursday, December 12, 2024
The Lincoln Project: Message
Under Trump Mk2, we will witness the USA being turned into a full-on plutocracy. Trump is the mega-billionaires' fool. And they’ll play him like one, too. We will soon witness the superrich getting richer and richer, and the impoverishment of ordinary Americans. How the American electorate could have fallen for this undemocratic cr** is beyond my comprehension. Moreover, if I am not greatly mistaken, after Trump, America will never be the same again.
By the way, when it comes to economics, Trump is clueless. Trump thinks that Wall Street rising and rising is indicative of the economy burgeoning and booming This is nonsense. Wall Street is like a casino. It is perfectly possible for the superrich to be making gazillions for themselves on the stock market even when the economy is faltering, even when the workers and middle class are struggling to survive.
We can look forward to a rough ride. – © Mark Alexander
Tuesday, December 03, 2024
Wednesday, November 20, 2024
The Ring of Fire: MAGA Judge Kills Overtime Pay for 4 Million Workers
The world had better STOP looking toward America for LEADERSHIP. That country is not a LEADER in anything much of any IMPORTANCE. The country has grown too big for its boots, or as an American might say, too big for its britches. The country pretends to be a Christian nation, but in actual fact, it is nothing of the sort. The nation is BACKWARD. “BIGLY”! We in Europe should stop looking Westward to the USA for inspiration; instead, we should start looking Eastward. We Europeans could teach Americans a whole lot. Let Americans suck up all that Trump has to offer them. Let them enjoy the bumpy ride ahead of them. They need to fasten their seatbelts. They will get no sympathy for their suffering from me; and they should get none from you, either. They will deserve all they will have to suffer through. The USA can no longer show the world the way forward. Good night, America! It's been nice knowing you. — © Mark Alexander
Thursday, October 24, 2024
Steve Rattner: Trump’s Mass Deportation and Trade War Plans Will Tank the Economy
Wednesday, January 31, 2024
Tuesday, September 19, 2023
What Donald Trump & Joe Biden Get Wrong about the UAW* Strike & USA's Economic Future | The Warning
* United Automobile Workers
Wednesday, August 02, 2023
US Stripped of Top Rating by Fitch
Thursday, September 29, 2022
Thom Hartmann: Has PM Liz Truss Wrecked the UK Economy? Featuring Richard Wolff
Is British prime minister Liz Truss trashing the economy of her country? A tax cut for the rich and little for the poor. The pound sterling has crashed against the dollar and the euro.
The International Monetary Fund (IMF) has publicly rebuked the UK government, which is almost unheard of.
Is the country spinning out of control financially?
Bio: Professor Richard Wolff, Economist / Co-founder, Democracy At Work / Author of numerous books including The Sickness is the System: When Capitalism Fails to Save Us from Pandemics or Itself (also available as an eBook) / Host-Economic Update w/Prof. Richard Wolff on FSTV
The International Monetary Fund (IMF) has publicly rebuked the UK government, which is almost unheard of.
Is the country spinning out of control financially?
Bio: Professor Richard Wolff, Economist / Co-founder, Democracy At Work / Author of numerous books including The Sickness is the System: When Capitalism Fails to Save Us from Pandemics or Itself (also available as an eBook) / Host-Economic Update w/Prof. Richard Wolff on FSTV
Monday, September 26, 2022
The Dollar Is Strong. That Is Good for the U.S. but Bad for the World.
THE NEW YORK TIMES: The Federal Reserve may have no choice but to wage a relentless inflation fight, but countries rich and poor are feeling the pain of plunging currencies.
The Federal Reserve’s determination to crush inflation at home by raising interest rates is inflicting profound pain in other countries — pushing up prices, ballooning the size of debt payments and increasing the risk of a deep recession.
Those interest rate increases are pumping up the value of the dollar — the go-to currency for much of the world’s trade and transactions — and causing economic turmoil in both rich and poor nations. In Britain and across much of the European continent, the dollar’s acceleration is helping feed stinging inflation.
On Monday, the British pound touched a record low against the dollar as investors balked at a government tax cut and spending plan. And China, which tightly controls its currency, fixed the renminbi at its lowest level in two years while taking steps to manage its decline.
In Nigeria and Somalia, where the risk of starvation already lurks, the strong dollar is pushing up the price of imported food, fuel and medicine. The strong dollar is nudging debt-ridden Argentina, Egypt and Kenya closer to default and threatening to discourage foreign investment in emerging markets like India and South Korea.
“For the rest of the world, it’s a no-win situation,” said Eswar Prasad, an economics professor at Cornell and author of several books on currencies. At the same time, he said, the Fed has no choice but to act aggressively to control inflation: “Any delay in action could make things potentially even worse.” » | Patricia Cohen, Reporting from London | Monday, September 26, 2022
The Federal Reserve’s determination to crush inflation at home by raising interest rates is inflicting profound pain in other countries — pushing up prices, ballooning the size of debt payments and increasing the risk of a deep recession.
Those interest rate increases are pumping up the value of the dollar — the go-to currency for much of the world’s trade and transactions — and causing economic turmoil in both rich and poor nations. In Britain and across much of the European continent, the dollar’s acceleration is helping feed stinging inflation.
On Monday, the British pound touched a record low against the dollar as investors balked at a government tax cut and spending plan. And China, which tightly controls its currency, fixed the renminbi at its lowest level in two years while taking steps to manage its decline.
In Nigeria and Somalia, where the risk of starvation already lurks, the strong dollar is pushing up the price of imported food, fuel and medicine. The strong dollar is nudging debt-ridden Argentina, Egypt and Kenya closer to default and threatening to discourage foreign investment in emerging markets like India and South Korea.
“For the rest of the world, it’s a no-win situation,” said Eswar Prasad, an economics professor at Cornell and author of several books on currencies. At the same time, he said, the Fed has no choice but to act aggressively to control inflation: “Any delay in action could make things potentially even worse.” » | Patricia Cohen, Reporting from London | Monday, September 26, 2022
Thursday, June 30, 2022
After Worst Start in 50 Years, Some See More Pain Ahead for Stock Market
THE NEW YORK TIMES: At the halfway point of the year, it’s been a historically horrible time for stocks. Bonds are in bad shape, too.
The stock market is on track for its worst first half of the year since at least 1970. | Julia Nikhinson/Associated Press
Wall Street set records in the first half of the year, none of them good.
The economy is on the cusp of a recession, battered by high inflation and rising interest rates, which eats into paychecks, dents consumer confidence and leads to corporate cutbacks. As it has teetered, markets have tanked.
The stock market is on track for its worst first six months of the year since at least 1970. The S&P 500 index, the cornerstone of many stock portfolios and retirement accounts, peaked in early January and has fallen 19.9 percent over the past six months.
The sell-off has been remarkably broad, with every sector except energy down this year. Bellwethers including Apple, Disney, JPMorgan Chase and Target have all fallen more than the overall market.
And that’s only part of the horror story for investors and companies this year. » | Isabella Simonetti | Thursday, June 30, 2022
Wall Street set records in the first half of the year, none of them good.
The economy is on the cusp of a recession, battered by high inflation and rising interest rates, which eats into paychecks, dents consumer confidence and leads to corporate cutbacks. As it has teetered, markets have tanked.
The stock market is on track for its worst first six months of the year since at least 1970. The S&P 500 index, the cornerstone of many stock portfolios and retirement accounts, peaked in early January and has fallen 19.9 percent over the past six months.
The sell-off has been remarkably broad, with every sector except energy down this year. Bellwethers including Apple, Disney, JPMorgan Chase and Target have all fallen more than the overall market.
And that’s only part of the horror story for investors and companies this year. » | Isabella Simonetti | Thursday, June 30, 2022
Tuesday, June 21, 2022
Elon Musk Says a US Recession Is ‘Inevitable’
THE GUARDIAN: Tesla CEO says slump is likely to come in near term, amid plan to lay off 10% of firm’s salaried staff
Elon Musk, the world’s richest man, says a US recession is ‘more likely than not in the near term’.Photograph: Joe Skipper/Reuters
Elon Musk has warned that a US recession is “more likely than not” as the Tesla chief executive confirmed plans to cut 10% of salaried staff at the electric carmaker over the next three months.
The world’s richest man said a recession in the US was inevitable but would most probably come in the short term.
“A recession is inevitable at some point. As to whether there is a recession in the near term, that is more likely than not,” Musk said in an interview via videolink at the Qatar Economic Forum in Doha on Tuesday.
Musk said Tesla was planning to reduce salaried staff numbers by 10%, confirming plans revealed in an internal email this month by Reuters. » | Dan Milmo and agency | Tuesday, June 21, 2022
Elon Musk has warned that a US recession is “more likely than not” as the Tesla chief executive confirmed plans to cut 10% of salaried staff at the electric carmaker over the next three months.
The world’s richest man said a recession in the US was inevitable but would most probably come in the short term.
“A recession is inevitable at some point. As to whether there is a recession in the near term, that is more likely than not,” Musk said in an interview via videolink at the Qatar Economic Forum in Doha on Tuesday.
Musk said Tesla was planning to reduce salaried staff numbers by 10%, confirming plans revealed in an internal email this month by Reuters. » | Dan Milmo and agency | Tuesday, June 21, 2022
Sunday, April 03, 2022
Friday, February 18, 2022
On Contact with Chris Hedges: Richard Wolff & the Precarious State of the US Economy
Times Have Never Been Better for Billionaires.
Saturday, February 05, 2022
Capitalism Hits Home: How Americans Cope with Falling Living Standards
What an appalling economic system! A working man should be able to keep his family in relative comfort from the rewards of his labours. Children need mothers at home. (Or at least someone who will substitute for a mother.) Children can't bring themselves up! If a man (one person) cannot support the family, then there is something radically wrong with the economic system. You cannot be pro-family and be pro- this ridiculously anti-family set up. Republicans! Are you listening? – © Mark
Wednesday, January 12, 2022
Price Inflation Is Expected to Pop Again as Policymakers Await an Elusive Peak.
THE NEW YORK TIMES: Inflation closed out 2021 on a high note, bad news for the Biden White House and for economic policymakers, as rapid price gains erode consumer confidence and cast a shadow of uncertainty over the economy’s future.
The Consumer Price Index most likely climbed 7 percent in the year through December, and 5.4 percent after volatile prices such as food and fuel are stripped out, economists in a Bloomberg survey estimated. The last time the main inflation index eclipsed 7 percent was 1982.
Policymakers have spent months waiting for inflation to fade, hoping that supply chains would catch up with booming consumer demand. Instead, continued waves of coronavirus infections have locked down factories, and shipping routes have struggled to work through extended backlogs as consumers continue to buy goods from overseas at a rapid clip. What happens next may be the biggest economic policy question of 2022. » | Jeanna Smialek | Wednesday, January 12, 2022
The Consumer Price Index most likely climbed 7 percent in the year through December, and 5.4 percent after volatile prices such as food and fuel are stripped out, economists in a Bloomberg survey estimated. The last time the main inflation index eclipsed 7 percent was 1982.
Policymakers have spent months waiting for inflation to fade, hoping that supply chains would catch up with booming consumer demand. Instead, continued waves of coronavirus infections have locked down factories, and shipping routes have struggled to work through extended backlogs as consumers continue to buy goods from overseas at a rapid clip. What happens next may be the biggest economic policy question of 2022. » | Jeanna Smialek | Wednesday, January 12, 2022
Wednesday, December 15, 2021
Fed Eyes 3 Rate Increases in 2022; Slows Stimulus as Prices Rise
THE NEW YORK TIMES: Federal Reserve officials suggested as many as three interest rate increases in 2022 as the economy heals and inflation persists.
“I think the risk of higher inflation has increased,” Jerome H. Powell, the Federal Reserve chair, said while testifying before Congress last month. | Sarahbeth Maney/The New York Times
Federal Reserve policymakers on Wednesday said they will cut back on their stimulus more quickly at a moment of rapid inflation and strong economic growth, capping a challenging year with a pronounced policy pivot that could usher in higher interest rates in 2022.
A policy statement and a fresh set of economic projections released by the central bank detailed a more rapid end to the monthly bond-buying that the Fed has been using throughout the pandemic to keep money chugging through markets and to bolster growth.
Officials are slashing their purchases by twice as much as they had announced last month, a pace that would put them on track to end the program altogether in March. That decision came “in light of inflation developments and the further improvement in the labor market,” according to the policy statement.
Fed Chair Jerome H. Powell, speaking at a news conference following the Fed’s meeting, said a “strengthening labor market and elevated inflation pressures” prompted the central bank to speed up the reductions in asset purchases. » | Jeanna Smialek | Wednesday, December 15, 2021
Federal Reserve policymakers on Wednesday said they will cut back on their stimulus more quickly at a moment of rapid inflation and strong economic growth, capping a challenging year with a pronounced policy pivot that could usher in higher interest rates in 2022.
A policy statement and a fresh set of economic projections released by the central bank detailed a more rapid end to the monthly bond-buying that the Fed has been using throughout the pandemic to keep money chugging through markets and to bolster growth.
Officials are slashing their purchases by twice as much as they had announced last month, a pace that would put them on track to end the program altogether in March. That decision came “in light of inflation developments and the further improvement in the labor market,” according to the policy statement.
Fed Chair Jerome H. Powell, speaking at a news conference following the Fed’s meeting, said a “strengthening labor market and elevated inflation pressures” prompted the central bank to speed up the reductions in asset purchases. » | Jeanna Smialek | Wednesday, December 15, 2021
Wednesday, November 10, 2021
Supply Chain Disruptions Continued to Fuel Price Increases in October
THE NEW YORK TIMES: Prices of clothes, lawn mowers and car parts surged in October, data released Wednesday showed, as supply chain disruptions continued to fuel shortages and raise transportation costs.
The increases drove the Consumer Price Index up 6.2 percent last month from the prior year, the fastest pace since 1990.
Factory shutdowns, clogged ports, a shortage of truckers and a surge in demand for imported products have combined to drive up shipping costs for food, furniture, automobiles and other products, which are being passed on in part to consumers. Major shipping companies like FedEx and UPS have announced rate increases. » | Ana Swanson | Wednesday, November 10, 2021
The increases drove the Consumer Price Index up 6.2 percent last month from the prior year, the fastest pace since 1990.
Factory shutdowns, clogged ports, a shortage of truckers and a surge in demand for imported products have combined to drive up shipping costs for food, furniture, automobiles and other products, which are being passed on in part to consumers. Major shipping companies like FedEx and UPS have announced rate increases. » | Ana Swanson | Wednesday, November 10, 2021
Friday, September 03, 2021
U.S. Employers Added 235,000 Jobs in August, a Marked Slowdown
THE NEW YORK TIMES: The American economy slowed abruptly last month, adding 235,000 jobs, a sharp drop from the huge gains recorded earlier in the summer and an indication that the Delta variant of the coronavirus is putting a damper on hiring.
The Labor Department report on Friday follows a sharp increase in coronavirus cases and deaths that has undermined hopes that restrictions on daily activities were nearing an end.
The unemployment rate was 5.2 percent, compared with 5.4 percent in July. Economists polled by Bloomberg has been looking for gain of 725,000 jobs.
“There’s no question that the Delta variant is why today’s job report isn’t stronger,” President Biden said. “I know people were looking, and I was hoping, for a higher number.”
The August showing would have been respectable in pre[-]pandemic times. But after gains of 962,000 in June and 1.05 million in July — and with more than eight million people unemployed — it was a sharp deceleration.
“Delta is a game-changer,” said Diane Swonk, chief economist at Grant Thornton, an accounting firm in Chicago. “It’s not that people are laying off workers in reaction to Delta but people are pulling back on travel and tourism and going out to eat and that has consequences.” » | By Nelson D. Schwartz | Friday, September 3, 2021
The Labor Department report on Friday follows a sharp increase in coronavirus cases and deaths that has undermined hopes that restrictions on daily activities were nearing an end.
The unemployment rate was 5.2 percent, compared with 5.4 percent in July. Economists polled by Bloomberg has been looking for gain of 725,000 jobs.
“There’s no question that the Delta variant is why today’s job report isn’t stronger,” President Biden said. “I know people were looking, and I was hoping, for a higher number.”
The August showing would have been respectable in pre[-]pandemic times. But after gains of 962,000 in June and 1.05 million in July — and with more than eight million people unemployed — it was a sharp deceleration.
“Delta is a game-changer,” said Diane Swonk, chief economist at Grant Thornton, an accounting firm in Chicago. “It’s not that people are laying off workers in reaction to Delta but people are pulling back on travel and tourism and going out to eat and that has consequences.” » | By Nelson D. Schwartz | Friday, September 3, 2021
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