i would call this a back-pedal by Jamie Dimon, the CEO for JP Morgan, aka, America;s banker, who has been the 2nd harshiest critic of Bidenomic, https://www.cnbc.com/2023/08/02/cnb...cnbcs-leslie-picker-on-power-lunch-today.html, as he offers his opinions in a recent interview. the big picture is America is resilient, unbelievable. Etc. We have a little bit of an anomaly a very strong consumer, low unemployment, we are growing as a country, still innovation, the consumers still has more money in their income – in their checking accounts than they had pre Covid, their home prices have gone for 15 years, asset prices go on for 15 years, it’s pretty good. Even if we go into recession, they are going in with a very good balance sheet, not a bad one. And businesses are in good shape. That’s the good part. The storm cloud part is still there, which is things you know, And I agree with Warren Buffett about the resilience of America. But there are two things out there, which are – give me heightened concern. One is the fiscal spending and the quantitative tightening. We’ve never had quantitative tightening. And I do think that might bite at one point. And I’m not – don’t want to be surprised about it and the second is Ukraine. The humanitarian crisis in Ukraine is extraordinary. The impact in oil and gas and food and migration, it can expand – its nuclear proliferation is nuclear blackmail. So I don’t know if you have a soft landing and medium landing or hard landing. I’m actually much more concerned about this geopolitical stuff, all things being equal. the consumer has been more resilient than expected, because we spent $5 trillion over the two years of Covid. That is extraordinary money that went into the hands of consumers and small businesses. So the government did the right thing to get us out of this terrible Covid –
in view of this emerging reality, , The Koch group has launched anti-"Bidenomics" campaign targeting Latinos
there is more tailwind behind Bidenomics Economy adds 187,000 jobs in July, showing strong but moderating growth, signaling a healthy gain but a cooling of the labor market. more than a year into a sustained effort by the Federal Reserve to fight inflation by raising interest rates, employers continue to hire at a rapid pace, despite cooling in interest-rate-sensitive sectors such as tech, construction and manufacturing. Layoffs remain low, and unemployment claims are trending down over a four-week period. “What’s really stunning about what’s going on is that we’re seeing gains in some sectors offsetting losses elsewhere,” said Diane Swonk, chief economist at KPMG US. “We’ve seen layoff announcements and bankruptcies rise, but the labor market has continued on, because there are still so many job openings to fill that it is able to keep going.”
You mean trump promised to pass the largest infrastructure bill and bring back manufacturing and he did neither. Fat slob
the archetects for Bidenomics come from a pro-labor background. Cecilia Rouse, Tapped to Be Biden’s Top Economist, Brings Labor-Market Focus Her successor, Jared Berstein, has a background as a labor market specialist focused on income inequality shaped White House policies designed to bring manufacturing on shore.
Americans are pulling money out of their 401(k) plans at an alarming rate https://www.cnn.com/2023/08/08/economy/401k-hardship-withdrawals/index.html
Credit card balances jumped in the second quarter and are above $1 trillion for the first time https://www.cnbc.com/2023/08/08/cre...-are-above-1-trillion-for-the-first-time.html Spoiler
https://www.wsj.com/articles/washington-stages-a-peacetime-fiscal-blowout-3ba548d?mod=hp_opin_pos_1 Washington Stages a Peacetime Fiscal Blowout Interest on federal debt has hit 15.5% of all federal revenue. By The Editorial Board Aug. 8, 2023 at 6:37 pm ET Congratulations, of a perverse sort, to President Biden and his Congressional comrades. The latest budget figures show that they are breaking peacetime, non-crisis records for spending and deficits. And there’s no respite in sight. The Beltway brethren racked up a deficit of $1.62 trillion for the first 10 months of the fiscal year, according to the Congressional Budget Office’s monthly review for July. That’s up from $726 billion a year earlier. If not for shifts in the dates of some payments, CBO says the deficit would have been even higher at $1.7 trillion, or a 131% increase. What’s astounding is that this Beltway blowout is happening when the economy is growing, the Covid crisis is past, and there are no domestic emergencies to address. This is when deficits are supposed to decline, as they did during the economic expansions of the 1980s, 1990s and 2000s. Deficits also fell under President Obama after Republicans regained control of the House in 2010. CBO lays out the gory details. Revenues have fallen about 10%, despite the Democrats’ increase in corporate taxes. Individual income-tax revenue is down 20%, or about $442 billion, and CBO speculates one reason is smaller capital-gains realizations. Soaking the rich doesn’t work when the rich aren’t making money in the financial markets. Outlays are up 11% so far this year, or $473 billion, and they would have been higher at $536 billion without the shifts in payment timing. Spending lowlights include $71 billion more for Mr. Biden’s latest student loan non-repayment plan; $111 billion more for Social Security, largely for cost-of-living adjustments for inflation; and $104 billion for Medicare from higher payments rates and more care. Taxpayers also doled out $52 billion for the spring bailouts of Silicon Valley Bank and others. CBO says Treasury will get much of that back from asset liquidations and higher premiums for deposit insurance. But the failures wouldn’t have cost so much if Biden regulators hadn’t been so choosy about which institutions they let bid on the failing banks. The biggest increase in outlays so far this year has been net interest on the soaring federal debt: a rise of $146 billion to $572 billion, or 34%. That interest total is nearly double all corporate tax revenue so far this year of $319 billion. Interest on the debt this fiscal year has climbed to 15.5% of all federal revenue, and most of the 10 months through July were well before interest rates hit their current levels. Interest payments will keep soaring as Treasury is scheduled to issue $1 trillion in new debt at higher rates in the current fiscal quarter. Much more debt will be needed to finance the Biden spending binge that has only begun for the Inflation Reduction Act, the Chips Act and the infrastructure bill. This is a dreadful fiscal show by any measure, or any country for that matter. The next time the U.S. Treasury lectures the Greeks or Italians about their fiscal woes, the southern Europeans should laugh out loud. This is all the more dismaying because the booming deficit will make it that much harder to raise spending on national defense in a world of growing threats. Student-loan write-offs won’t stop a Chinese invasion of Taiwan or a North Korean missile aimed at Seattle. The deficit will also complicate the case for keeping tax rates low and extending the Trump tax rates when they expire in 2025. Higher taxes will reduce the economic growth needed to finance all this spending. Few Presidents have had a worse fiscal record than Joe Biden. Appeared in the August 9, 2023, print edition as 'A Peacetime Fiscal Blowout'.
OT, if only you had bother to read that WSJ op-ed that is full of sleight-of-hand misdirection, lies and more lies. WSJ had already forgotten about inflation. altho it has come down from 6% last year to 3% now, it is still a long way from the target of 2% inflation. such intellectually dishonesty. Reagam was POTUS during the 1980s; altho the economy expanded, the deficit continued under his watch President Reagan told a group of schoolchildren that the one thing he most regretted not achieving in office was a lessening of the Federal deficit. Clinton was POTUS during the 1990s; the economy expanded and the US economy generated a surplus. The surplus stood at $236 billion in 2000, Clinton's final year in office. The $128 billion surplus recorded in 2001 was the last time a surplus has been seen in this century. W was POTUS during the 2000s; in his first 7 months in office, W pissed away the surplus he had inherited from Clinton ; then proceeded to generate the largest deficit in history, at the time, larger than all his predecessors combined. when he left office, the deficit reach $1.4 Trillion.
yet another real-life eg of the success of Bidenomics! UPS drivers’ new $170k per year deal shows that unions (and Bidenomics) may just save the middle class after all After contract negotiations this summer, full-time drivers for UPS saw their salaries boosted from $145,000 to $170,000 annually including benefits, according to data shared by the shipping company on a recent call. This represents a symbolic triumph for unions, the middle class and the labor-friendly White House, as it’s a testament to collective efforts to boost the middle class for the first time in a generation—or two. The public has noticed—jobs site Indeed reported a 50% surge in searches for “UPS” or “United Parcel Service” within a week of the new contract, Bloomberg reported. Rather than building from the top down, Biden’s strategy of bottom up and middle out, which can be seen in his push to invest in manufacturing jobs and record-breaking wage growth for those in historically lower-compensated positions. ....................
??? The law is already on the books. The labor department just has to interpret an existing law. Why wouldn't the new rule stay?
