User: newstrust Topic: US Economy
Category: Recession
Last updated: Aug 16 2018 22:01 IST RSS 2.0
 
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Sorry, Sarah Sanders: Black Job Creation Doesn't Excuse Racism 16.8.2018 American Prospect
(AP Photo/Andrew Harnik) White House Press Secretary Sarah Huckabee Sanders steps away from the podium following the daily press briefing at the White House on August 15, 2018.   This week, White House Press Secretary Sarah Huckabee Sanders touted false unemployment statistics for black workers—in order to defend President Trump against charges of racism. Sanders told reporters at a press briefing, "When President Obama left after eight years in office—eight years in office—he had only created 195,000 jobs for African Americans. President Trump in his first year and a half has already tripled what President Obama did in eight years." This was, of course, incorrect. The Council of Economic Advisors tweeted out corrected information and took responsibility for the error. The truth is that, over the eight years that Obama was president, about three million jobs were created for black workers. Sanders then apologized in a tweet, while adding she had “no apologies for the 700,000 jobs for African Americans ...
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July Jobs Creation Falls Short Of Expectations, Wage Growth Remains Stagnant 3.8.2018 Outside the Beltway
Jobs growth fell short of expectations in July but was still relatively decent. Wage growth, however, remains stubbornly stagnant.
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Despite strong economy, federal deficit soars 3.8.2018 Minnesota Public Radio: Business
Even with a healthy job market and rapid economic growth, the federal government is piling up debt. The government's deficit is expected to top $1 trillion next year.
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Trump's 'Amazing' Economy Is A Big Republican Lie 31.7.2018 Crooks Liars
Donald Trump has been bragging about the economy a lot lately. He says the United States is now the “ economic envy ” of the world. Unfortunately, Trump is once again trying to reshape reality to fit his own delusions. Reality is refusing to cooperate. It’s true the U.S. economy is in the fast lane, by some measures, just as it was in the final years of Barack Obama’s presidency. But where, exactly, is it headed? And what will happen when the next blowout comes, as it inevitably will? We know one thing: average Americans, who have seen their incomes stagnate while inequality rises , and their wealth declines , will bear the brunt of the next recession. Less Than ...
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About that 4.1% GDP Growth…. 29.7.2018 Outside the Beltway
The recent report of 4.1% GDP growth over the previous quarter is indeed welcome news. However, taking a look at the data both recent and in the past and there are some reasons to be concerned about GDP growth in general.
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How fast did the economy grow? Forecasts are all over the place 26.7.2018 Minnesota Public Radio: Business
President Trump is eager to tout a fast-growing economy, boosted by the tax cuts he pushed through Congress. That makes Friday's report on gross domestic product a highly anticipated news event.
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Whither the Fiscal Conservative? 26.7.2018 Outside the Beltway
Deficits continue to rise.
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How Will Trump’s Trade War Impact American Politics? 24.7.2018 Outside the Beltway
If President Trump's trade war continues, it could have a serious impact on the political fortunes of President Trump and his party.
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June Jobs Growth Slightly Above Expectations, But Not Spectacular 6.7.2018 Outside the Beltway
The Jobs Report for June showed jobs growth slightly above expectations, but neither the jobs number nor wage growth were very strong.
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Ex-auto dealer Denny Hecker released from re-entry center 5.7.2018 Minnesota Public Radio: Law & Justice
He was sentenced in 2011 after pleading guilty to bankruptcy and wire fraud. Prosecutors say he took tens of millions from auto lenders, including Chrysler Financial, to live an opulent lifestyle.
Will the Tax Act Set Back Private Equity? 2.7.2018 American Prospect
AP Photo/Andrew Harnik, File House Speaker Paul Ryan, left, and House Ways and Means Committee Chairman Kevin Brady, second from left, congratulate each other after signing the final version of the GOP tax bill during an enrollment ceremony at the Capitol in Washington Section 13301 of the  Tax Cuts and Jobs Act  spans only 12 of the legislation’s 503 pages. It doesn’t cover the giant corporate tax rate cut, the trim to the top marginal rate, or changes to pass-through income. It wasn’t part of anyone’s talking points, whether touting or damning the tax overhaul. After passage, few even understood how it got into the bill. But Section 13301 could affect the lives of millions of Americans. It could radically upend the balance sheets of some of the most powerful financial institutions in the country. It’s hard to know at this point exactly how these firms will compensate for the changes. But it does show how small shifts in the tax laws can have wide-ranging, unanticipated consequences. What does Section ...
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How the Tax Cut Sacks Puerto Rico 28.6.2018 American Prospect
GDA via AP Images Hooked on Drugmakers: For decades, tax favoritism—now withdrawn—brought pharmaceutical companies to the island and provided manufacturing jobs at well below mainland wages.  This article appears in the Summer 2018 issue of The American Prospect magazine. Subscribe here .  In keeping with the anti-Latino posture of the Trump administration, Puerto Rico has been subjected to a double policy assault on top of the natural disaster of Hurricane Maria. First, FEMA has failed dismally to respond to the human suffering and nearly $100 billion in damage from the hurricane, a display of both low priority and sheer incompetence that never would have been tolerated in a mainland state such as Florida where citizens can vote. Recent research suggests that the actual death toll caused by the hurricane could be more than 70 times the figure put out by the Puerto Rican government. And now, in the 2017 Republican Tax Act, the Republican Congress has added to Puerto Rico’s misery. It has undermined ...
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Want to Expand the Economy? Tax the Rich! 26.6.2018 American Prospect
This article appears in the Summer 2018 issue of The American Prospect magazine.  Subscribe here .    If you think the Trump/Ryan tax cuts haven’t been a huge success, you don’t know trickle-down economics. In Kansas City, Missouri, 800 Harley-Davidson employees are losing their jobs as the iconic motorcycle manufacturer uses its tax savings to shift production to Thailand. Kimberly-Clark, the maker of household brands like Kleenex, Scott, and Huggies, told investors it would use its tax savings to help pay for a restructuring plan that would close ten manufacturing plants, eliminating as many as 5,500 jobs. And on the very same day that Walmart made headlines by doling out $1,000 one-time bonuses to a whopping 7 percent of its largely poverty-wage workforce, the retail giant announced it would use tax savings to offset the expense of closing 63 Sam’s Club stores, costing nearly 10,000 workers their jobs. Altogether, corporate America has announced more than 140,000 job cuts since the 2017 Republican Tax ...
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What if the good times don’t last? 25.6.2018 Minnesota Public Radio: Law & Justice
Times are good. Unemployment is low. People are buying big SUVs and trucks and driving fast. New homeowners are buying houses for more than the asking price. What if it's about to all come crashing down again?
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The Next Recession Could Be Catastrophic 15.6.2018 Crooks Liars
Perhaps the most condescending and unintentionally revealing comments any banker made in the wake of the banker-created 2008 financial crisis came from Jamie Dimon, CEO of too-big-to-fail bank JP Morgan Chase. “Not to be funny about it,” Dimon told a congressional panel in 2010, “but my daughter asked me when she came home from school ‘what’s the financial crisis,’ and I said, ‘Well it’s something that happens every five to seven years.”’ Millions of Americans lost their homes in the wake of Wall Street’s crisis – which, come to think of it, isn’t that funny at all. Downturns are so simple, Dimon implies, that they can be explained to schoolchildren in a single sentence. Dimon also admitted his own industry’s ineptness and irresponsibility when he told the panel that “in mortgage underwriting, we somehow missed that home prices don’t go up forever.” Dimon wasn’t the only banker to tell Congress that the titans of Wall Street were clueless. “We never knew what was happening at any minute,” said Goldman ...
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Fed raises key rate and sees possible acceleration in hikes 13.6.2018 Minnesota Public Radio: Law & Justice
The Federal Reserve has raised its benchmark interest rate for the second time this year and signaled that it may step up its pace of rate increases because of solid economic growth and rising inflation.
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Misleading Unemployment Numbers and the Neoliberal Ruse of “Labor Flexibility” 6.6.2018 Truthout.com
There's no evidence of overall economic improvement under Trump.

The post Misleading Unemployment Numbers and the Neoliberal Ruse of “Labor Flexibility” appeared first on Truthout.

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Federal Government Set To Borrow $1 Trillion This Year 5.6.2018 Outside the Beltway
The Federal Government will borrow more than $1 trillion this year for the first time in more than a half-decade.
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No Bubbles on the Horizon 4.6.2018 Truthout.com
The prospect of another big crash is unlikely.

The post No Bubbles on the Horizon appeared first on Truthout.

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Unemployment rate drops to 3.8 percent, lowest since 2000 1.6.2018 Minnesota Public Radio: Business
The U.S. economy gained a stronger-than-expected 223,000 jobs last month and the unemployment rate edged down to an 18-year low, the Labor Department said. Meanwhile, wage growth picked up slightly.
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