Economic News

  • Thread starter Thread starter nycfan
  • Start date Start date
  • Replies: 3K
  • Views: 130K
  • Politics 
This BLS nominee is a complete hack, a propaganda spinster from the Heritage Foundation and project 2025. I have an Economics degree, though not an Economist. But it doesn't take an economist to see what a political hack this guy is. He writes and cites complete garbage. Example follows...

www.heritage.org

Inflation Is Down Since January and Should Keep Improving

The naysayers told us President Trump was going to deliver runaway inflation, but the latest data show exactly the opposite. Not only did inflation fall for consumers in the first half of the year, but it completely evaporated for businesses. And as Mr. Trump continues delivering on his energy...
www.heritage.org www.heritage.org
 
There won’t be a single trustworthy figure emerging from the BLS. Sure, some cherry picked true numbers will get released, but we won’t be able to consistently decipher fact from propaganda. In the end, it’ll all end up untrustworthy.
 
Wall Street is concerned about the reliability of inflation data on eve of CPI


"This week’s inflation data will be huge for markets, and not just for the numbers.

Beneath the Bureau of Labor Statistics’ reports on consumer and producer prices will be simmering questions over the data’s validity.

Those concerns have accelerated as budget cutbacks have forced the agency to change the way it collects data. On top of that, President Donald Trump’s decision to fire the BLS commissioner after the July nonfarm payrolls data was released raised worries that the bureau could be politicized.

Doubt over the accuracy and integrity of the data is a serious issue considering how much BLS work is used to formulate policy, calculate Social Security payments and inform any number of other political and economic decisions."
 
nycfan said:

The U.S. Marches Toward State Capitalism With American Characteristics​

President Trump is imitating Chinese Communist Party by extending political control ever deeper into economy​


🎁 —> https://www.wsj.com/economy/the-u-s...8?st=RdZth8&reflink=desktopwebshare_permalink

“A generation ago conventional wisdom held that as China liberalized, its economy would come to resemble America’s. Instead, capitalism in America is starting to look like China.

Recent examples include President Trump’s demand that Intel’s CEO resign; the “golden share” Washington will get in U.S. Steel as a condition of Nippon Steel’s takeover; and the $1.5 trillion of promised investment from trading partners Trump plans to personally direct.

This isn’t socialism, in which the state owns the means of production. It is more like state capitalism, a hybrid between socialism and capitalism in which the state guides the decisions of nominally private enterprises.

China calls its hybrid “socialism with Chinese characteristics.” The U.S. hasn’t gone as far as China or even milder practitioners of state capitalism such as Russia, Brazil and, at times, France.

So call this variant “state capitalism with American characteristics.” It is still a sea change from the free market ethos the U.S. once embodied.…”
Click to expand...
In 10 years after some time has passed following our economic collapse, Republicans will refuse to claim Trump. There is precedent. Nixon was for a long time called a liberal by many conservatives though I think the attitude toward him has again improved among conservatives. Bush 2 is no longer considered the right kind of conservative. (They certainly were plenty happy with him before.)

Trump will be labeled as a liberal because of his government intervention in the economy.

Bank on it.
 
ChapelHillSooner said:
In 10 years after some time has passed following our economic collapse, Republicans will refuse to claim Trump. There is precedent. Nixon was for a long time called a liberal by many conservatives though I think the attitude toward him has again improved among conservatives. Bush 2 is no longer considered the right kind of conservative. (They certainly were plenty happy with him before.)

Trump will be labeled as a liberal because of his government intervention in the economy.

Bank on it.
Click to expand...
I’m guessing 2029 Trump will be like 1992 Lenin in Russia. All the memories of him will be quickly erased. The rose garden will be replanted. The gold leaf will go back to white paint. The Obama painting will go back to the main room and Trump’s portrait will be in a back room. It will be like Trump never existed. Republicans will almost never mention his name.
 
Calheel said:
I’m guessing 2029 Trump will be like 1992 Lenin in Russia. All the memories of him will be quickly erased. The rose garden will be replanted. The gold leaf will go back to white paint. The Obama painting will go back to the main room and Trump’s portrait will be in a back room. It will be like Trump never existed. Republicans will almost never mention his name.
Click to expand...
I sincerely doubt it.

We’re too far gone for the R party to pull an “oh, we were just kidding!”

People at the CDC are being shot. The entirety of the health and science research industry in the US is being quickly and vastly destroyed. The university systems are being stripped of hundreds of millions in funding that can’t be immediately replaced once Trump is out of office.

The immigration system is fucked for decades.

Likewise, it will take decades (if it’s even possible) to repair the international relations and trade deals that Trump and MAGA idiots have wrought.

These aren’t things that Rs can easily sweep under the rug. And honestly, many of them have no desire to sweep it under the rug—they’ve made their desires clear, and if their plan fails, they’ll blame Dems and RINOS and liberal judges, and they’ll push all the harder for their white Christian nationalist agenda.

Trump’s economic agenda is now a dictate from God. To go against it is heresy. They’re not gonna reject that religious fervor if a dem wins in 2028, nor will they back a non-Trumper for an R nomination in 2028.
 
Last edited:
Calheel said:
I’m guessing 2029 Trump will be like 1992 Lenin in Russia. All the memories of him will be quickly erased. The rose garden will be replanted. The gold leaf will go back to white paint. The Obama painting will go back to the main room and Trump’s portrait will be in a back room. It will be like Trump never existed. Republicans will almost never mention his name.
Click to expand...
Also, by ‘92, Russian citizens had a small taste of what it was like to live under semi-democratic capitalism. The Berlin Wall had fallen and everyone was happy to buy Levi’s and leave the bread lines and shortages of toilet paper behind.

This is different. Trump supplied MAGA white folks with a tantalizing vision of what can be. They’re not gonna suddenly shirk him.
 
EyeballKid said:
Also, by ‘92, Russian citizens had a small taste of what it was like to live under semi-democratic capitalism. The Berlin Wall had fallen and everyone was happy to buy Levi’s and leave the bread lines and shortages of toilet paper behind.

This is different. Trump supplied MAGA white folks with a tantalizing vision of what can be. They’re not gonna suddenly shirk him.
Click to expand...
Let’s revisit this discussion in 2029.
 
Calheel said:
Let’s revisit this discussion in 2029.
Click to expand...
I mean, sure. We obviously can’t know how things will shake out 3 1/2 years from now.

My point is that your current argument kinda falls flat in a number of areas. That may well change between now and 2028/9, but for now your points seem pretty flimsy.
 
ChapelHillSooner said:
In 10 years after some time has passed following our economic collapse, Republicans will refuse to claim Trump. There is precedent. Nixon was for a long time called a liberal by many conservatives though I think the attitude toward him has again improved among conservatives. Bush 2 is no longer considered the right kind of conservative. (They certainly were plenty happy with him before.)

Trump will be labeled as a liberal because of his government intervention in the economy.

Bank on it.
Click to expand...
Chyna and now the US are moving toward National Socialism.
 

With Billions at Risk, Nvidia CEO Buys His Way Out of the Trade Battle​

Jensen Huang tried diplomacy to sell chips in China, but it took a last-minute deal with the White House​

🎁 —> https://www.wsj.com/world/china/nvi...7?st=2xnsEt&reflink=desktopwebshare_permalink

“…
Huang told President Trump that restrictions on U.S. chip sales to China would backfire by pushing Chinese technology champions to achieve self-reliance. He advised the president to keep China hooked on American tech. As a sweetener, Huang said the company would invest as much $500 billion in the U.S.

Huang’s argument, along with the half-trillion-dollar offer from the world’s most valuable company, appeared to seal the deal.

The Trump administration decided last month to allow China to buy Nvidia’s H20 artificial-intelligence chip, a surprising reversal that came shortly after Huang met with Trump. Nvidia had developed the H20 to comply with past export restrictions as a less powerful chip specially designed for China. The news sent Nvidia’s stock up 4%, pushing its market capitalization further above the record $4 trillion mark.

Beijing reciprocated by allowing a $35 billion deal involving U.S. chip-software makers that it had held up for about a year. In a previously unreported development, Chinese officials also froze an inquiry into an already-completed Nvidia deal. With both moves, China’s leaders hoped Huang would keep lobbying Washington for loosened export controls.

… There was one last hitch.

At a meeting with Huang in the White House last week, Trump made one more demand—that Nvidia give the federal government 20% of its chip sales to China in exchange for issuing the export licenses. “If I’m going to do that, I want you to pay us something,” Trump said, recounting the exchange at a news conference Monday.

… The unusual pay-to-play proposal, which hadn’t been vetted by White House tech policy staff before Trump offered it, is expected to face legal and security questions.

Huang, facing a choice of paying for long-term access to a market vital to his company or walking away, countered with 15%….”
 
IMG_8783.jpeg

🎁 —> https://www.wsj.com/economy/jobs/lo...6?st=RjdmQo&reflink=desktopwebshare_permalink

“Something remarkable happened in the years immediately preceding and, especially, following the pandemic: Wages for poor workers began rising much faster than they did for the rich.

That era may have now come to at least a temporary halt. And with worries about the health of the job market heightened following the disappointing July jobs report, it may have ended altogether.

Wage growth for low-income workers looks to have significantly deteriorated in recent months, while wage growth for their higher-income counterparts has held up much better. It is a shift that could matter not just for low-paid workers, but the overall economy.

The jobs report released at the start of this month was revealing. It showed that average earnings for leisure and hospitality workers, at $22.83 an hour, were up 3.5% from a year earlier. Meanwhile, average hourly earnings for workers in the information sector were up 5.4%, to $52.61.

It is a far cry from, for example, December 2021. Back then, earnings for workers in leisure and hospitality—the lowest paying of the broad sectors tracked by the Labor Department—were up 14%. Earnings in the high-paying information sector were up less than 2%.…”
 
nycfan said:
IMG_8783.jpeg

🎁 —> https://www.wsj.com/economy/jobs/lo...6?st=RjdmQo&reflink=desktopwebshare_permalink

“Something remarkable happened in the years immediately preceding and, especially, following the pandemic: Wages for poor workers began rising much faster than they did for the rich.

That era may have now come to at least a temporary halt. And with worries about the health of the job market heightened following the disappointing July jobs report, it may have ended altogether.

Wage growth for low-income workers looks to have significantly deteriorated in recent months, while wage growth for their higher-income counterparts has held up much better. It is a shift that could matter not just for low-paid workers, but the overall economy.

The jobs report released at the start of this month was revealing. It showed that average earnings for leisure and hospitality workers, at $22.83 an hour, were up 3.5% from a year earlier. Meanwhile, average hourly earnings for workers in the information sector were up 5.4%, to $52.61.

It is a far cry from, for example, December 2021. Back then, earnings for workers in leisure and hospitality—the lowest paying of the broad sectors tracked by the Labor Department—were up 14%. Earnings in the high-paying information sector were up less than 2%.…”
Click to expand...
“…
A wage tracker developed by the Federal Reserve Bank of Atlanta, using data that underlies the Labor Department’s employment report, showed that annual wage growth for the median worker in the bottom quarter by income had shot up to 7.5% in November 2022. That compared with 4.8% for the median worker in the top quarter.

Not all low-wage workers benefited. Wage growth among older people, who were less likely to switch jobs, wasn’t as strong. Inflation, of course, took a bite. But in aggregate, an analysis of Labor Department data conducted by economists David Autor, Arindrajit Dube and Annie McGrew found that real or inflation-adjusted wages for those at the bottom rose relative to those at the top.

That doesn’t appear to be the case anymore.

As of July, wage growth at the bottom quarter was 3.7% according to the Atlanta Fed, around the lowest since 2017. For the top quarter, it was 4.7%….”
 
nycfan said:
“…
A wage tracker developed by the Federal Reserve Bank of Atlanta, using data that underlies the Labor Department’s employment report, showed that annual wage growth for the median worker in the bottom quarter by income had shot up to 7.5% in November 2022. That compared with 4.8% for the median worker in the top quarter.

Not all low-wage workers benefited. Wage growth among older people, who were less likely to switch jobs, wasn’t as strong. Inflation, of course, took a bite. But in aggregate, an analysis of Labor Department data conducted by economists David Autor, Arindrajit Dube and Annie McGrew found that real or inflation-adjusted wages for those at the bottom rose relative to those at the top.

That doesn’t appear to be the case anymore.

As of July, wage growth at the bottom quarter was 3.7% according to the Atlanta Fed, around the lowest since 2017. For the top quarter, it was 4.7%….”
Click to expand...
IMG_8784.jpeg

“… But the current labor-market environment, where employers have been reluctant to fire but also reluctant to hire, puts many poorer workers in particular at a disadvantage. That is because they are more likely to work jobs where turnover is frequent, often because employment is highly seasonal, such as hotels, restaurants and retail. …”
 
You must log in or register to reply here.
Back
Top