Economic News

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Our town actually stopped the building of a data center from being built which would have increase water and electricity use by 50%.
 
ChileG said:
Remember when HealYeah said he was voting for Trump because he felt so bad about his poor friends who couldn’t afford rising prices?
What does HealYeah say to them now?
“I don’t want to hear about it?”
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My guess is that as long as the wealth gap continues to expand, HY sleeps well at night ;)
 


IMG_0809.jpeg



“… They estimate continuing claims increased to 1,934k for the week ended October 25th, -22k off the highest since Nov ‘21 (which was 1.956mn June 21st).

The 20yr pre-pandemic avg for initial claims is 345k & continuing claims ~2.9mn, so we remain well below those levels.“
 


“…
"It appears the rush to ship goods to the U.S. ahead of tariff hikes subsided in October," said Zhang Zhiwei, chief economist at Baoyin Capital Management.

"With export momentum now waning, China may need to rely more heavily on domestic demand."

Chinese shipments to the U.S. tumbled 25.17% year-on-year, the data showed, while those to the European Union and Southeast Asian economies - big trading partners with whom policymakers have sought to bolster ties amid tariff tensions with Washington - grew by just 0.9% and 11.0%, respectively.…”
 
1moretimeagain said:
It’s a Golden Age





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It appears that those who voted for Trump because he would lower the cost of living and everything would be sunshine, rainbows, and lollipops are beginning to see the Donald has screwed them once again.

I posted a link a few days ago indicating that it is the top 10% who have been prospering and the rest of the country ? not so much...
 
1moretimeagain said:
It’s a Golden Age





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TBH, this sentiment is nuts under current conditions. There is a lot to fix (in part because a lot is being unnecessarily dismantled or broken), but we are nowhere near how bad things got in the Great Recession. I shudder to think how bad consumer sentiment gets when we finally do enter a full-fledged recession.
 
nycfan said:
TBH, this sentiment is nuts under current conditions. There is a lot to fix (in part because a lot is being unnecessarily dismantled or broken), but we are nowhere near how bad things got in the Great Recession. I shudder to think how bad consumer sentiment gets when we finally do enter a full-fledged recession.
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I assume there’s an element of “who is steering the ship?” baked into consumer confidence.
The fact that Trump was viewed as the stronger choice for the economy is, I think, a strong indication that a lot of lower-middle income consumer/voters were absolutely desperate for some relief. It wasn’t a logical, objective assessment of the options. It was a Hail Mary and the ball didn’t even make it back to the line of scrimmage. I think some serious panic is in the offing within the next 6-10 months if the admin doesn’t abandon Trump’s reckless policies (unless congress steps up and does their oversight duties and asserts their budgetary authority.)
 
BlooVooDoo said:
I assume there’s an element of “who is steering the ship?” baked into consumer confidence.
The fact that Trump was viewed as the stronger choice for the economy is, I think, a strong indication that a lot of lower-middle income consumer/voters were absolutely desperate for some relief. It wasn’t a logical, objective assessment of the options. It was a Hail Mary and the ball didn’t even make it back to the line of scrimmage. I think some serious panic is in the offing within the next 6-10 months if the admin doesn’t abandon Trump’s reckless policies (unless congress steps up and does their oversight duties and asserts their budgetary authority.)
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This is a good point — this sentiment suggest not just that things are bad but a feeling that nobody cares.
 
I think we're probably just seeing the inevitable and massive downside of Trump's "flood the zone" strategy. People voted him for a lot of different reasons. Some for immigration, some for tax cuts, some for Israel, some for anti-trans, etc., etc. But pretty much EVERYONE who voted for Trump was mad about inflation and the economy and blamed Biden for it. Trump hit the ground running on immigration and punching down on trans people. He also decided he wanted a Nobel Peace Prize so he started tinkering with conflicts around the world. He got the tax cuts extended. He decided to bail out his buddy in Argentina. But he did NOTHING to help prices or the economy, other than juicing the stock market. He pitched tariffs as an economic panacea, but even people way down on the intelligence scale know that's bullshit.

So here we are almost ten months in. Trump can lie about most things and get away with it, but Mom of Four in Iowa City knows Trump is lying when he says prices are down because, unlike Trump, she just got back from the grocery store. She sees Trump constantly bragging about solving every war in the history of the world and blowing boats in the Caribbean out of the water, but he's never telling her what he'll be doing to ACTUALLY bring prices down. The reason, of course, is that Trump has no fucking clue how to bring prices down, and to be fair, the only way for that to realistically happen is for the nation to fall into a deep recession.

Had Trump been laser focused on economic messaging from Day 1, Iowa City Mom might still be giving him a break. But he hasn't, and when he does talk about it, he makes it sound like his tariffs have fixed everything. Which Iowa City Mom knows is so stupid that her kindergartener would get an F if he said it in class.

Flood the zone has been incredibly effective at keeping the world's undivided attention and getting a lot of (mostly stupid and/or meaningless) stuff done in the first ten months. But it appears to have alienated the people who supported Trump primarily because they couldn't afford to get their car repaired. If Trump had any semblance of the ability to empathize with another human being, he might be able to pivot before the midterms. But he doesn't, and thus he won't.
 


“… The company reported total revenue $972,900 for the third quarter ended September, down 3.8% from a year earlier.

In August, Trump Media and Crypto.com agreed to a deal with a blank-check acquisition company to launch a new venture that would pursue a treasury-style strategy to accumulate the cryptocurrency platform's native token CRO, deepening Trump's ties to the crypto industry.

Trump Media reported a net loss of $54.8 million, wider than the $19.2 million reported in the same period last year. It saw $20.3 million in legal expenses in the quarter.…”
 
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