Though many analysts are predicting a big decline in the stock market, a repeat of Black Monday is highly unlikely. Not impossible, just highly unlikely.
On Friday, the Treasury Department published the final revenue and spending numbers for the federal government for Fiscal Year 2016, which ended on September 30. According to Treasury's report, spending increased significantly (by nearly five percent) over the previous year, to more than $3.8 trillion, while revenues remained essentially flat from the year before, at $3.25 trillion. That left a shortfall of approximately $600 billion, forcing the government to borrow 15 cents of every dollar it spent last year. And the two presidential candidates have remained disturbingly silent about the issue.
The economic growth rate during each of the last eight presidential administrations (beginning with Eisenhower's) was lowest during Obama’s term in office, January 2009 through October 2015, an era of multiple tax hikes and pervasive regulatory expansion.
The Cost of Living Adjustment (COLA) announcement to be made next week has stirred offerings of how to "fix" Social Security.
Heading into the Christmas shopping season, manufacturing and transportation numbers should be much better than they are.
The elites at the International Monetary Fund (IMF), meeting this week in Washington, D.C., are clearly worried about the increasing opposition to globalization. Their concern should give the rest of us hope for keeping our national sovereignty.
On September 19, 2016, at Rice University’s Baker Institute for Public Policy in Houston, James A. Baker III, former chief of staff to President Ronald Reagan and later secretary of state and of treasury, introduced U.S. Trade Representative Michael Froman, who then gave a speech promoting one of the new “free trade” agreements called the Trans-Pacific Partnership (TPP). According to both men, our country can only make one realistically constructive choice: U.S. adoption of, and accession to, the TPP.
Wolf Richter of Wolf Street is half right: AVs will displace millions. But he is wrong when he suggests they'll be out of work.
A planned trillion-dollar initiative would send more American companies and jobs overseas, and bring more Chinese investment, more foreign workers, and more refugees here.