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

[squeekness]

Good news for the economy. Yeah, Biden did that, lol.

 

[DJ Kornphlake]

 

[MagnarTheGreat]

The ‘great wealth transfer’ isn't $73 trillion but $129 trillion, Bank of America says—and the government gave most of it to baby boomers

Boom! Government policy has really enriched a certain generation of Americans—ones who have been in power for decades.

fortune.com

Universal basic income is working — even in red states

All across America, giving people free cash is reducing homelessness, increasing employment, and improving health.

www.businessinsider.com

 

[squeekness]

The rich keep getting richer.

 

[DJ Kornphlake]

 

[squeekness]

And we are still subsidizing them, why?

 

[Teelie]

Because the right politcians are getting "campaign donations" from them.

 

[MagnarTheGreat]

What's pushing inflation down? More goods, workers and housing

Inflation in the US slowed last month in a sign that the Federal Reserve’s interest rate hikes are continuing to cool the price spikes that have bedeviled consumers for the past two years.

apnews.com

Long past its painful peak, inflation in the United States may be heading steadily back toward its pre-pandemic levels, without the need for further interest rate hikes by the Federal Reserve.

Such a scenario became more likely, if hardly guaranteed, after Tuesday’s surprisingly tame report on consumer prices for October. The Labor Department’s data showed a broad-based easing of inflation across most goods and services. The price of gas? Down. Appliances? Down. Autos? Down. Same for airfares, hotel rooms and doctors’ fees.

Overall inflation didn’t rise from September to October, the first time that consumer prices collectively haven’t budged from one month to another in more than a year. Compared with a year earlier, prices rose 3.2% in October, the smallest such rise since June, though still above the Fed’s 2% inflation target.

Excluding volatile food and energy prices, so-called core inflation was just 0.2% last month, slightly below the pace of the previous two months. Economists closely track core prices, which are thought to provide a good sign of inflation’s likely future path. Measured year over year, core prices rose 4% in October, down from 4.1% in September, the smallest rise in two years.

 

[squeekness]

Wouldn't know this buying groceries. Meat prices are still way high.

 

[DJ Kornphlake]

 

[DJ Kornphlake]

 

[MagnarTheGreat]

CNN - Energized shoppers break one-day holiday sales record

 

[MagnarTheGreat]

Corporate greed and the price of eggs

On Tuesday, a federal jury in Illinois concluded that�along with two egg industry trade groups, two of the nation’s largest egg producers conspired to restrict the availability of eggs and drive ...

www.dailykos.com

Pa. Sen. Bob Casey's "greedflation" reports exposes consumer price gouging

Pa. Sen. Bob Casey has released reports looking into price gouging associated with rising food and necessity costs.

www.cbsnews.com

Of course, corporations have in the past raised prices all over the world, not only on the U.S.. It is only a country problem if it is isolated.

Heatmap - Economic Indicators By Country

Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. Heatmap - Economic Indicators By Country - was last updated on Thursday, May 16, 2024.

tradingeconomics.com

 

[DJ Kornphlake]

 

[squeekness]

Good for my retirement funds.

 

[MagnarTheGreat]

US economic growth for last quarter is revised up to a 5.2% annual rate

Shrugging off higher interest rates, America's consumers spent enough to help drive the economy to a brisk 5.2% annual pace from July through September, the government reported Wednesday in an upgrade from its previous estimate. It showed that the U.S. gross domestic product — the total output...

finance.yahoo.com

 

[DJ Kornphlake]

 

[MagnarTheGreat]

Federal Reserve holds interest rates at 22-year high to end 2023

Interest rates will remain at their highest level since 2001 to end the year as inflation has not eased enough to lower rates.

scrippsnews.com

Dow surges to all-time high, closes above 37,000

The Dow closed above 37,000 for first time after the U.S. Federal Reserve signaled there could be multiple rate cuts next year.

scrippsnews.com

 

[squeekness]

My IRA accounts are happy.

 

[MagnarTheGreat]

CNN - Energized shoppers break one-day holiday sales record

Retail sales rose 0.3% in November vs. expectations for a decline

Retail sales rose 0.3% in November, stronger than the 0.2% decline in October and better than the Dow Jones estimate for a decrease of 0.1%.

www.cnbc.com

 

[MagnarTheGreat]

Trump Says Biden Plunging U.S. Into Depression. The Stock Market Hit a Record High

Donald Trump claimed that if he was not elected president in 2024, the U.S. would see its economy plunge into a "1929"-era depression.

www.rollingstone.com

United States GDP Growth Rate

The Gross Domestic Product (GDP) in the United States expanded 1.30 percent in the first quarter of 2024 over the previous quarter. This page provides the latest reported value for - United States GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and...

tradingeconomics.com

United States GDP

The Gross Domestic Product (GDP) in the United States was worth 25439.70 billion US dollars in 2022, according to official data from the World Bank. The GDP value of the United States represents 10.93 percent of the world economy. This page provides - United States GDP - actual values...

tradingeconomics.com

Heatmap - Economic Indicators By Country

Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. Heatmap - Economic Indicators By Country - was last updated on Thursday, May 16, 2024.

tradingeconomics.com

That economic recession was Trump in 2020.

Signs point to promising future for 2024 economy

Americans may finally get a break in 2024, after a flurry of economic news revealed inflation and interest rates are declining.

scrippsnews.com

A flurry of economic news unveiled Thursday is painting a brighter future for 2024.

Mortgage rates dropped below 7% for the first time since August, the Federal Home Loan Mortgage Corporation, known as Freddie Mac, announced. The Commerce Department also released its latest retail sales report showing a 0.3% bump in November following a decline in October, marking a 4.1% jump in sales from this time last year.

More new numbers from the Labor Department show weekly jobless claims are the lowest in nearly two months, with 202,000 people filing initial claims for unemployment insurance last week, about 20,000 less than economists expected.

The markets opened strong Thursday, just a day after the Dow Jones hit a record high, as Wall Street investors celebrated the Federal Reserve pausing interest rate hikes Wednesday.

Fed officials are predicting up to three rate cuts in 2024 and anticipate inflation to inch closer to its 2% target next year, falling between 2.4%-2.6%.

The resilient economy, faced with a steady jobs market and wage growth outpacing inflation, has some financial advisers expecting more good news in 2024.

Making the gains from all that growth go to others other than the richest people remains a challenge, but the economy has been growing for years, whether people's personal vibes or gut feelings say otherwise.

 

[squeekness]

It's not being felt at the grocery store, that's for sure. Too many things are still so expensive it's hard to think things are going to get better.

 

[DJ Kornphlake]

 

[mclay18]

 

[MagnarTheGreat]

Bloomberg - Are you a robot?

• Americans see better labor market, improving inflation outlook
• Buying plans rise amid expectations for lower interest rates

from @Brendan_Duke