Tag: The Economy

Americans (and others) duped by fake news and tweets

Most recent news on the U.S. economy has been upbeat and triumphant but the reality, as Alan Austin reports, is different.

PRESIDENT DONALD TRUMP’S ceaseless bragging about the U.S. economy being “the best in the World and in our Country’s history” has gained traction.

Many “news” outlets spruik record jobs, record economic growth, record government revenue, record stock market levels and a record economy overall. Sounds like extraordinary boom times for the USA.

The reality is virtually the opposite. When Trump won office, America’s economy ranked 23rd in the world and 15th in the Organisation for Economic Cooperation and Development (OECD). That’s the club of 36 wealthy developed capitalist economies.

Today, the U.S. economy ranks outside the world’s top 40 and outside the OECD’s top 20. That is almost certainly its lowest ranking ever.

via Americans (and others) duped by fake news and tweets

The Economy and the Election | The Smirking Chimp

Riding on Obama’s shoulders Trump’s Record (ODT)

We’re 16 months away from the 2020 presidential election. It’s likely that the U.S. economy will weaken. Trump will be responsible. HIs approval rating will decline.

via The Economy and the Election | The Smirking Chimp

With rate cuts and the real risk of a recession ahead, can Australia’s economic run of luck continue? – Politics – ABC News (Australian Broadcasting Corporation)

A comparison of real GDP quarter on quarter and year on year over the last 30 years.

FAKE NEWS THE LNP HAVE IMPROVED THE ECONOMY. $80 Mill MEDIA CON (ODT)

That points to an exceptionally weak economy, susceptible to a growing list of potential international shocks; a message starkly at odds with that presented at the budget and the election.

Just two months ago, we were promised a decade of federal budget surpluses based upon a strong and recovering economy.
When a housing slump collides with rising unemployment

That’s the problem with booms. They tend to unwind, occasionally in spectacular fashion, especially when they’ve been supercharged with debt.

via With rate cuts and the real risk of a recession ahead, can Australia’s economic run of luck continue? – Politics – ABC News (Australian Broadcasting Corporation)

The Untold Story of Trump’s ‘Booming’ Economy | The Smirking Chimp

American workers get 14 days vacation when most OECD countries get 28

Yeah, yeah, yeah, unemployment is low and the stock market is high. But skyrocketing stocks benefit only the top 10 percent of wealthy Americans who own 84 percent of stocks. And while more people are employed now than during the Great Recession, the vast majority of Americans haven’t had a real raise since 1979.It’s bad out there for American workers. Last month, their ranking dropped for the third year running in the World Happiness Report,

Forty percent of workers say they don’t have $400 for an unexpected expense. Twenty percent can’t pay all of their monthly bills. More than a quarter of adults skipped needed medical care last year because they couldn’t afford it. A quarter of adults have no retirement savings.

The White House Council of Economic Advisers predicted the corporate tax cut would put an extra $4,000 in every worker’s pocket. They swore that corporations would use some of their tax cut money to hand out raises and bonuses to workers. That never happened. Workers got a measly 6 percent of corporations’ tax savings. In the first quarter after the tax cut took effect, workers on average received a big fat extra $6.21 in their paychecks, for an annual total of a whopping $233. Corporations spent their tax breaks on stock buybacks, a record $1 trillion worth, raising stock prices, which put more money in the pockets of rich CEOs and shareholders.

That’s continuing this year. Workers are never going to see that $4,000.

No wonder they’re unhappy. The system is working against them.

via The Untold Story of Trump’s ‘Booming’ Economy | The Smirking Chimp

Trump’s tax cuts: 4 ways they changed the American economy – CNN

“The thing that’s related that I’m more concerned about is, we will eventually face another recession,” says Oh, of UCLA. “And what we’ve done through the Tax Cuts and Jobs Act is use a bunch of the tools that we need to deal with the next recession, at a time when we don’t have a recession.”

1. Corporate taxes fell off a cliff, fueling deeper deficits

2. A short-term economic boost is fading

3. Rich people gained more than poor people

4. Most other impacts: Either too soon to tell or too hard to see

via Trump’s tax cuts: 4 ways they changed the American economy – CNN

Trump will score another win if Big Media fetishizes his soap opera while the working class suffers | Salon.com

 

Just as in 2016, the actual economic conditions of the American people will be the defining issue for 2020. Ignoring it, or giving Trump a pass on the economy, will permit him to make the campaign about everything and anything else.

The corporate news media is doing it all over again — still equating aggregate national unemployment data and a robust stock market with a strong economy. And they have developed the face saving construct that Trump won only because the Russians stole the election, not because the media missed the slow motion collapse of capitalism that Trump exploited by convincing just enough people he had a magical time machine that could transport us all back to those halcyon days when the middle class was expanding.

For these get-Trump newshounds it’s always Mueller-time.

Their master script is that POTUS is the Don of a Russian/American organized crime family that stole the American election.

That could all be true, yet if Mueller comes up short of actually taking Trump out, the media’s fixation on the intrigue will only inoculate Trump.

Can’t you hear it now . . . ‘I told you-NO COLLUSION.’

Just as in 2016, the actual economic conditions of the American people will be the defining issue for 2020. Ignoring it, or giving Trump a pass on the economy, will permit him to make the campaign about everything and anything else.

via Trump will score another win if Big Media fetishizes his soap opera while the working class suffers | Salon.com

Donald Trump regrets choosing Federal Reserve chief Jerome “Jay” Powell

Greg Sheridan of Murdoch’s Australian keeps insisting ” don’t listen to what Trump says pay attention to what he does. He’s not that bad”. Good one Sheridan even  broken clock is right twice a day.( ODT)

In a wide-ranging and sometimes discordant 20-minute interview with The Washington Post, Trump complained at length about Federal Reserve Chairman Jerome “Jay” Powell, whom he nominated earlier this year. He argued that rising interest rates and other Fed policies were damaging the economy – as evidenced by GM’s announcement this week that it was laying off 15 per cent of its workforce – though he insisted that he is not worried about a recession.

“I’m doing deals, and I’m not being accommodated by the Fed,” Trump said. “They’re making a mistake because I have a gut, and my gut tells me more sometimes than anybody else’s brain can ever tell me.”

He added: “So far, I’m not even a little bit happy with my selection of Jay. Not even a little bit. And I’m not blaming anybody, but I’m just telling you I think that the Fed is way off-base with what they’re doing.”

via Donald Trump regrets choosing Federal Reserve chief Jerome “Jay” Powell

A rising tide is great if you own a boat – » The Australian Independent Media Network

The Coalition works on the theory that “a rising tide lifts all boats”, which is all very well if you happen to own a boat. The majority of the population is either bailing hard to stay afloat, treading water or drowning.

In the last five years, the world’s economies have made a strong recovery. Investment has returned, GDP is growing, profits are up and jobs are being created.

The problem is that all this extra wealth is going to the people who already own boats.

In 2017, the top ten percent owned 50.3 per cent of all wealth in Australia. The top one per cent’s share was 22.9 per cent while the bottom 60 per cent’s share was 15.3 per cent.

A rising tide is great if you own a boat – » The Australian Independent Media Network

Can American Democracy survive six Standing Wars? | Informed Comment

dower_violent

Whether the rationale is the need to wage a war on terror involving 76 countries or renewed preparations for a struggle against peer competitors Russia and China (as Defense Secretary James Mattis suggested recently while introducing America’s new National Defense Strategy), the U.S. military is engaged globally. A network of 800 military bases spread across 172 countries helps enable its wars and interventions. By the count of the Pentagon, at the end of the last fiscal year about 291,000 personnel (including reserves and Department of Defense civilians) were deployed in 183 countries worldwide, which is the functional definition of a military uncontained. Lady Liberty may temporarily close when the U.S. government grinds to a halt, but the country’s foreign military commitments, especially its wars, just keep humming along.

via Can American Democracy survive six Standing Wars? | Informed Comment