Latest Articles: Economy
Rick Perry on supply and demand economics: Supply it, then demand will follow
Post Date: 2017-07-06 19:01:44 by Willie Green
Secretary of Energy Rick Perry sparked disbelief on Twitter Thursday after he tried to offer an economics lesson while touring a coal plant in West Virginia. "Here's a little economics lesson: supply and demand. You put the supply out there and the demand will follow," Perry said, responding to a question about a shale gas boom in comments captured by S&P Global Market Intelligence reporter Taylor Kuykendall. "The market will decide which of these they're going to pick and choose," Perry continued at Longview Power Plant. "I mean, that's really pretty simple. All too often, you have in the last eight years, you have an administration ...
Report: Steve Bannon wants to raise federal income taxes on the rich
Post Date: 2017-07-03 18:33:54 by Tooconservative
A companion piece to Andrews post this morning about the diminishing appetite among Republicans for tax cuts unto death. The mystery in Bannons case is why hes pushing this knowing that Paul Ryans going to vomit when he hears about it and the conservative, tax-cutting House Republicans caucus will quickly dismiss it out of hand. Maybe thats the point. Steve Bannon is causing a stir inside the administration by pushing an idea thats anathema to most Republicans: raising taxes on the wealthiest Americans to pay for steep middle and working-class tax cuts. (Some officials whove heard Bannons idea think its crazy, but the Presidents ...
China's JAC Motors unveils first vehicles assembled in Mexico
Post Date: 2017-07-01 21:21:34 by Anthem
JAC Motors of China has presented the first two SUVs manufactured in Mexico. It happened after JAC signed an alliance with Giant Motors Latin America and the Inbursa financial group, owned by Mexican magnate Carlos Slim, which represents an investment of around 4.4 billion pesos (236 million U.S. dollars). "It is significant for us to see our company enter the North America market, where Mexico plays an important and strategic role. We want to use this to gradually update our products and position the brand in a mature market with potential niche," David Zhang, deputy director-general of JAC International, told Xinhua on Tuesday. The vehicles are being manufactured at a plant ...
Trump Tax Plan Eyes Cut to Deduction for High-Tax States
Post Date: 2017-05-16 11:57:44 by Tooconservative
President Donald Trumps tax plan, a broad and general plan that would make supply-siders such as Ronald Reagan and Jack Kemp very happy, could be held up by a number of details that are making some Republicans nervous. One is the elimination of an income-tax deduction for high-tax states such as New York and California. Former President Ronald Reagan targeted that deduction in the 1980s the last time significant tax reform was passed but a number of influential big-state Republicans helped kill the idea. Tax reform passed anyway, first with the Kemp-Roth tax-cut package, in 1981, and then the Tax Reform Act, in 1986. They were massive reforms, and no major fix for ...
OPEC to U.S.: Please produce less oil for the ‘prosperity of the world economy’
Post Date: 2017-05-11 23:49:30 by Tooconservative
OPEC, the oil cartel really cares about the world. Thats the message of a new monthly report issued Thursday. OPEC says what the world needs now is a bit less supply on the global oil market. In particular, they would really appreciate it if the United States would stop producing so much damn oil
for the good of the world of course. From CNN Money: The report said that balancing the market would require the collective efforts of all oil producers and should be done not only for the benefit of the individual countries, but also for the general prosperity of the world economy. OPEC said that one producer in particular is to blame: The U.S., where shale ...
Sorry America, Your Taxes Aren’t High
Post Date: 2017-04-12 09:04:46 by Willie Green
But if you disagree, think about moving to Chile or New Zealand. Americans generally feel theyre being over-taxed, especially around this time of the year. Even their president agrees:With lower taxes on Americas middle class and businesses, we will see a new surge of economic growth and development, Donald Trump said this month, expanding on an earlier promise to cut Uncle Sams bill massively. But the reality is that the average U.S. worker pays quite a bit less than he would elsewhere in the developed world. And whats more, this has been the case for a long time. The Organization for Economic Cooperation and Development analyzed how 35 ...
Amazing: US Debt Decreased by More Than $60 Billion Since Trump Inauguration
Post Date: 2017-03-12 16:28:05 by 3-Dee
Amazing: US Debt Decreased by More Than $60 Billion Since Trump Inauguration Jim Hoft Mar 10th, 2017 8:27 am 596 Comments Guest post by Joe Hoft The US debt reduced by more than $60 Billion since the Trump Inauguration! On January 20th, the day of the Trump Inauguration, the US Debt stood at $19,947 billion. On March 8th, more than a month later, the US Debt load stood at $19,879 billion. Trump has cut the US Debt burden by $68 billion and 0.3% in since his inauguration! By comparison, under President Obama, the US Debt burden increased by more than $320 billion after his inauguration through March 8th 2009. Obama increased the US Debt by 3.1% during this time period and signed the ...
US adds 235,000 jobs, unemployment rate falls to 4.7%
Post Date: 2017-03-10 10:03:46 by Justified
The February jobs report is out and its a beat. In February, the U.S. economy added 235,000 jobs and the unemployment rate fell to 4.7%. Economists were looking for payrolls to rise by 200,000 with the unemployment rate dropping to 4.7%. Earnings figures in February were also positive with average hourly earnings rising 0.2% over the prior month and 2.8% over the prior year. Januarys earnings figures were also revised up to show wages grew 2.8% over last year, more than the 2.5% that had been reported. This report, as markets had expected, likely clears the way for a rate hike from the Federal Reserve next week. Elsewhere in the report, we saw the labor force participation ...
MacGuineas: U.S. Faces $14 Trillion Deficit in 10 Years as Interest Is ‘Single Fastest-Growing Part of the Budget’
Post Date: 2017-02-28 21:13:30 by cranky
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, discussed with Breitbart News Daily SiriusXM host Alex Marlow the serious nature of current and future budget issues facing the nation. We are on track if we do nothing over the next ten years doing nothing, passing no laws we will borrow nine trillion dollars, said MacGuineas on Tuesdays show. She also pointed out that as of now, Trumps current plans based upon his campaign rhetoric would add another five trillion dollars to the deficit. Our debt is already at record levels, she added. Its about seventy-seven percent of GDP, and we will borrow ...
The End Of A 100 Year Global Debt Super Cycle Is Way Overdue
Post Date: 2017-02-28 08:07:56 by U don't know me
March 2017: The End Of A 100 Year Global Debt Super Cycle Is Way Overdue By Michael Snyder, on February 27th, 2017 Global Debt Super Cycle - Public DomainFor more than 100 years global debt levels have been rising, and now we are potentially facing the greatest debt crisis in all of human history. Never before have we seen such a level of debt saturation all over the planet, and pretty much everyone understands that this is going to end very, very badly at some point. The only real question is when it will happen. Many believe that the current global debt super cycle began when the Federal Reserve was established in 1913. Central banks are designed to create debt, and since 1913 the U.S. ...
Stockman: "After March 15 Everything Will Grind To A Halt"
Post Date: 2017-02-27 10:09:09 by cranky
Two weeks after David Stockman warned that "the market is apparently pricing in a huge Trump stimulus. But if you just look at the real world out there, the only thing that's going to happen is a fiscal bloodbath and a White House train wreck like never before in U.S. history" and exclaimed that, when looking at markets, "what's going on today is complete insanity" he is back with another interview, this time with Greg Hunter of USAWatchdog in which he, once again warns, that a giant fiscal bloodbatch is coming soon, and urges listeners to pay especially close attention to the March 15, 2017 debt ceiling deadling, at which point everything could "grind to a ...
Retail Apocalypse 2017
Post Date: 2017-02-27 08:28:25 by U don't know me
Retail Apocalypse 2017 - J.C. Penney and Family Christian Stores are the latest retail giants to announce widespread store closings. As you will see below, J.C. Penney plans to close between 130 and 140 stores, and Family Christian is closing all of their 240 stores. In recent months the stock market has been absolutely soaring, and so most people have simply assumed that the real economy must be doing well. But that is not the case at all. In fact, the retail apocalypse that I have been documenting for quite some time appears to be gaining momentum. J.C. Penney is not in as rough shape as Sears is just yet, but it is definitely on a similar trajectory. In the end, they are ...
Utter Decimation: Men in Labor Force Down to 78 Percent in 2015
Post Date: 2017-02-10 10:56:25 by Justified
Utter Decimation: Men in Labor Force Down to 78 Percent in 2015 By Martin Morse Wooster | February 9, 2017 | 1:46 PM EST A man plays an Xbox game at his home in Jupiter, Florida. (AP Photo/Rick Silva) As the Trump administration continues to figure out ways to put people back to work, they have to deal with a simple demographic fact: there are tens of millions of American men, in the prime years of their working lives, who have dropped out of the labor force. Its not that these men are trying, and failing, to get jobs. Theyve simply given up. What is causing this problem and what can be done about it? Nicholas Eberstadt explores this issue in "Men Without Work: The ...
Canadian Official On NAFTA Renegotiation: "Mexico Is In A Terrible, Terrible Position. We Are Not"
Post Date: 2017-01-27 12:02:48 by Tooconservative
As reported yesterday, Mexico is not at all looking forward to starting the process of renegotiating NAFTA with Donald Trump, explicitly warning the US that "there are very clear red lines that must be drawn from the start." What these lines are will be explained by Economy Minister Ildefonso Guajardo and Foreign Affairs Secretary Luis Videgaray who are both meeting with US officials in Washington on Wednesday and Thursday, setting the stage with next week's visit from Mexico President Enrique Pena Nieto. Only, Enrique Pena Nieto may not even come, because according to an AP report late on Wednesday, the Mexican President is rethinking his scheduled meeting with President ...
In the Shopping Cart of a Food Stamp Household: Lots of Soda
Post Date: 2017-01-14 17:35:33 by misterwhite
What do households on food stamps buy at the grocery store? The answer was largely a mystery until now. The United States Department of Agriculture, which oversees the $74 billion food stamp program called SNAP, has published a detailed report that provides a glimpse into the shopping cart of the typical household that receives food stamps. The findings show that the No. 1 purchases by SNAP households are soft drinks, which accounted for about 10 percent of the dollars they spent on food. In this sense, SNAP is a multibillion-dollar taxpayer subsidy of the soda industry, said Marion Nestle, a professor of nutrition, food studies and public health at New York University. ...
It’s A Retail Apocalypse: Sears, Macy’s And The Limited Are All Closing Stores
Post Date: 2017-01-09 00:11:27 by U don't know me
Its A Retail Apocalypse: Sears, Macys And The Limited Are All Closing Stores By Michael Snyder, on January 8th, 2017 It has only been two weeks since Christmas, and already we are witnessing a stunning bloodbath of store closings. Macys shocked the retail industry by announcing that they will be closing about 100 stores. The downward spiral of Sears hit another landmark when it was announced that another 150 Sears and Kmart stores would be shutting down. And we have just learned that The Limited is immediately closing all stores nationwide. If the U.S. economy is doing just fine, then why are we experiencing such a retail apocalypse? All over America, vast shopping malls ...
Trump's new economic math
Post Date: 2016-12-27 11:43:28 by Willie Green
Trump proved adept during the campaign at defining his opponents and could attempt to do the same on the economy if he shows limited success on his benchmarks. How will we know when America is great again? The economy is doing pretty well by traditional measurements such as unemployment now at a nine-year low of 4.6 percent and growth currently at an annual rate of more than 3 percent. But Donald Trump regularly dismisses such numbers, describing the official unemployment rate as total fiction and slamming President Barack Obama for failing to stem the loss of industrial jobs. So now that the Obama economy is about to become the Trump economy, Trump is ...
No middle class, no republic: GOP plans to destroy America’s safety net will also kill democracy
Post Date: 2016-12-25 14:19:33 by Willie Green
Democracy only works for the top 10 percent of Americans Newt Gingrich openly bragged recently at the Heritage Foundation that the Trump administration and Republicans in Congress were going to break out of the Franklin Delano Roosevelt model. That model, of course, created what we today refer to as the middle class.Ever since the election of Ronald Reagan, Republicans have been working overtime to kneecap institutions that support the American middle class. And, as any working-class family can tell you, the GOP has had some substantial successes, particularly in shifting both income and political power away from voters and ...
Pension Panic: The Coming Financial Bubble Nobody Is Talking About
Post Date: 2016-12-24 22:41:11 by U don't know me
Pension Panic: The Coming Financial Bubble Nobody Is Talking About by Shaun Bradley For millions of public sector workers in the U.S., state-run pension funds are the only chance left for a comfortable retirement. In the hopes of providing a stable future for their families, an entire generation was duped into putting decades of their earnings into these supposedly risk-free investments. Unfortunately, those who have entrusted the government to manage their life savings may end up destitute as a result. Budgetary shortfalls that have plagued Detroit for years are now spreading to other municipalities. Since 2008, six local governments have been forced to renegotiate their ...
The Millennial Job Deficit[Obama Econ 101]
Post Date: 2016-12-24 09:53:44 by Justified
The Millennial Job Deficit Jobs: While economists, the administration and the Fed all trumpet "near full employment," a stark reality intrudes: Most of the jobs created in the last decade have been temp or gig jobs, not permanent full-time work. It's a huge problem. From 2005 to 2015, fully 94% of the 10 million net new jobs were either temporary or contract gigs, says a new study by economists Lawrence Katz of Harvard University and Alan Krueger at Princeton University. The share of Americans mostly Millennials now doing what the study's authors call "alternative work" has risen from 10.7% to 15.8%. That wouldn't be so bad if it was what ...
Beijing fires trade warning after Trump appoints China hawk
Post Date: 2016-12-23 00:01:26 by U don't know me
Beijing fires trade warning after Trump appoints China ha by: Tom Mitchell in Beijing and Demetri Sevastopulo in Washington China has warned Donald Trump that co-operation is the only correct choice after the US president-elect tapped a China hawk to run a new White House trade policy office. The appointment of Peter Navarro, a campaign adviser, to a formal White House post shocked Chinese officials and scholars who had hoped that Mr Trump would tone down his anti-Beijing rhetoric after assuming office. Mr Navarro, a Harvard-trained economist and University of California Irvine professor, is the author of Death by China and other books that paint the country as ...
Tis The Season For Credit Card Debt: This Christmas Americans Will Spend An Average Of 422 Dollars Per Child
Post Date: 2016-12-20 08:03:52 by U don't know me
Tis The Season For Credit Card Debt: This Christmas Americans Will Spend An Average Of 422 Dollars Per Child By Michael Snyder, on December 19th, 2016 For many Americans, the quality of Christmas is determined by the quality of the presents. This is especially true for our children, and some of them literally spend months anticipating their haul on Christmas morning. I know that when I was growing up Christmas was all about the presents. Yes, adults would give lip service to the other elements of Christmas, but all of the other holiday activities could have faded away and it still would have been Christmas as long as presents were under that tree on the morning of December 25th. Perhaps ...
GM, Fiat Chrysler Idle 7 Plants; Over 10,000 Workers Affected
Post Date: 2016-12-20 07:54:20 by U don't know me
Car-tastrophe - GM, Fiat Chrysler Idle 7 Plants; Over 10,000 Workers Affected by Tyler Durden Dec 19, 2016 5:15 PM Just weeks after Ford idled four plants "due to slowing sales", GM and Fiat Chrysler announced today that they will idle seven plants across Canada and US as they work to reduce near-record high inventories amid weakening sales. With an inventories-to-sales ratio above historical peaks (only beaten by huge spike in 2008 when sales stopped), the pain for automakers has only just begun... For example, GM's inventory of vehicles on dealer lots at the end of November stood at 874,162, up 26.5% from the same time a year ago. And so, as AP reports, General ...
Ron Paul Wants a Spot on Federal Reserve Board of Governors
Post Date: 2016-12-19 18:18:13 by hondo68
Former Congressman Ron Paul. (Photo by Pete Marovich/Getty Images) Ron Paul's group, "Campaign for Liberty," is trying to get him a spot on the U.S. Federal Reserve's Board of Governors, a senior politics editor with the Huffington Post reports. Ron Pauls group, Campaign for Liberty, is pushing to get Ron Paul nominated to the U.S. Federal Reserve's Board of Governors Sam Stein (@samsteinhp) December 18, 2016 Paul, a former GOP member of Congress from Texas, earlier this week criticized the Federal Reserve, saying it was manipulating the economy. "We do not work on a free-market principle, we do not have sound money, it's all ...
This animated map shows how radically a high-speed train system would improve travel in the US
Post Date: 2016-12-16 11:28:49 by Willie Green
The US's railroad network is made up of around 140,000 miles of track, but many of our trains are slow and outdated. Over the last couple of decades, countries like China, Japan, the UK, and France have made large investments in high-speed rail, and some groups in the US are urging that we do the same. Here's what a high-speed rail network could look like in the US.
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