Discussion: The Economy, Fiscal Cliff, National Debt, And Other Financial Issues IV

[InCali]

US Federal Reserve says its goal is 'to get wages down' - Multipolarista

Yeah. All you have to hear is these CEOs saying that they won't roll back price increases no matter what and that they are simply "correcting" the budgets that oh so hurt them over the past 10 years or so.

My heart goes out to them.

If this country had a collective brain in its head, we would have a LARGE, well run investment in energy, agriculture, transportation, water reclamation/production, basic research, etc. and let private industry compete against THAT.....no one needs to make a profit on basic necessities. If you want a company that supplies $10K designer jeans and people want to buy it, fine, but leave basic needs to non-profits.

AND, for those of you who say non-profits can't compete, I worked at the University of California for many years and, other than very large scale building/maintenance projects, private industry couldn't compete with us on pricing because we didn't have to, and legally couldn't, make a profit. A larger scale investment in infrastructure could work the same way for these larger (ex. large scale construction) projects.

Competing with non-profits is the nightmare that keeps the blood suckers up at night.

 

[Teelie]

How about the rich and companies pay more taxes for a start and maybe give workers more rights instead?

 

[MagnarTheGreat]

 

[MagnarTheGreat]

CTV News - Poland tells citizens to gather firewood as energy prices soar

 

[MagnarTheGreat]

Reuters - BOJ to consider issuing bleaker view on output after China lockdowns - sources

The Bank of Japan will consider downgrading its assessment on factory output at this month's policy meeting, sources said, as supply disruptions caused by China's strict COVID-19 lockdowns take a heavy toll on the economy.

The central bank may also warn of heightening risks to the global economy and exports, as China's slowdown and the fallout from Russia's invasion of Ukraine cloud the outlook, they said.

But the central bank is likely to maintain its view that the world's third-largest economy is "picking up as a trend", as an expected rebound in consumption offset some of the weakness in output, said three sources familiar with its thinking.

"While the economy may have experienced temporary weakness in April-June, the economy's recovery path remains intact," one of the sources said on condition of anonymity, a view echoed by two more sources.

In its most recent assessment made in April, the BOJ said output and exports "continue to increase as a trend".

The downgrade would highlight the fragile nature of Japan's recovery, as the outlook for manufacturers darkens even before consumption manages a solid rebound from the pandemic's hit.

Japan has lagged other major countries in pulling its economy out of the pandemic-induced doldrums, as wariness over COVID-19 infections kept households from boosting spending.

While consumption is likely to rebound with a loosening of domestic coronavirus curbs, China's COVID-19 lockdowns have disrupted supply chains and Japanese automobile production.
Data released last week showed factory output slumped 1.3% in April, and analysts expect another big drop in May as the fallout from China's lockdowns persists.

For now, many BOJ officials expect the recent end to Shanghai's lockdown will gradually ease output disruptions and help to keep the economy on track for a moderate recovery, the sources said.

The BOJ may also offer a slightly more upbeat view on consumption, as a loosening of COVID 19-related curbs draws more people to shops and restaurants, they said. In its most recent assessment, the central bank said consumption "appears to be picking up".

But soaring global commodity costs have led to a wave of price hikes for fuel and food products, pushing up living costs for households that have yet to see wages rise.

 

[moviedoors]

Biden Taps Anti-Social Security Ideologue To Oversee Program

 

[MagnarTheGreat]

Bloomberg - American Factories Are Making Stuff Again as CEOs Take Production Out of China

There has been a sense in financial circles that the fever among American executives to shorten supply lines and bring production back home would prove short-lived. As soon as the pandemic started to fade, so too would the fad, the thinking went.

And yet, two years in, not only is the trend still alive, it appears to be rapidly accelerating.

Rattled by the most recent wave of strict Covid lockdowns in China, the long-time manufacturing hub of choice for multinationals, CEOs have been highlighting plans to relocate production -- using the buzzwords onshoring, reshoring or nearshoring -- at a greater clip this year than they even did in the first six months of the pandemic, according to a review of earnings call and conference presentations transcribed by Bloomberg. (Compared to pre-pandemic periods, these references are up over 1,000%.)

Reuters - U.S. factory orders rise more than expected in May

 

[MagnarTheGreat]

 

[Lily Adler]

 

[Lily Adler]

 

[Lily Adler]

The fact that we have news sites trying to push getting a second job as the norm should tell you something is wrong.

 

[Lily Adler]

 

[Lily Adler]

 

[Lily Adler]

 

[Lily Adler]

Equifax issued wrong credit scores for "millions" of customers: report

 

[MagnarTheGreat]

Despite the tiny dip in QoQ GDP and price increases not peaking yet (world) this month's report is great news amidst falling energy prices (U.S.).





See also: Economic Indicators - Charts and Data | MacroTrends

 

[mclay18]

Zero evidence we’re heading into a recession. Republicans and MSM desperately want to wish it into existence.

 

[MagnarTheGreat]

EIA.gov - Weekly U.S. Regular All Formulations Retail Gasoline Prices (Dollars per Gallon)

 

[MagnarTheGreat]

CNBC - Consumer prices rose 8.5% in July, less than expected as inflation pressures ease a bit

CNBC - Dow jumps 500 points, Nasdaq surges 2% as investors cheer lighter-than-expected inflation report

United States Inflation Rate - July 2022 Data - 1914-2021 Historical - August Forecast (United States)
Heatmap - Economic Indicators By Country (world)

 

[Holy Slapper]

Zero evidence we’re heading into a recession. Republicans and MSM desperately want to wish it into existence.

Meanwhile in Europe...

 

[MagnarTheGreat]

 

[DJ Kornphlake]

 

[MagnarTheGreat]

Wall Street Journal - U.S. Companies on Pace to Bring Home Record Number of Overseas Jobs
After Covid-19 pandemic upended supply chains, American companies are shifting jobs and processes to the U.S.

 

[mclay18]

Sources: Biden announcing $10K federal student loan cancellation :: WRAL.com

Over half of people that qualify for this would have their federal student debt greatly reduced or eliminated completely.

Cue the Bernistas on social media b**ching how “it’s still not enough.”

 

[Teelie]

Oh, it's still not enough. Not when many people making far less than $100k a year let alone $200 are faced with student debt of $50k or more to pay off.

Giving a dehydrated man a glass of water is great but then telling him to go find his own water is a big middle finger to everyone who was duped into believing college education was worth the literal cost of paying it off the rest of your life.