“I think of this job as being a relay runner,” President Obama says regarding the transfer of power to the new president. But what he understandably does not say is that he will be handing over to President-elect Trump a basket of economic deplorables.
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.
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.
Pressure from above and below: At the Federal Reserve’s Jackson Hole summit, central bankers sat down with street revolutionaries to give the impression there is popular support for their plans to raid the savings and investments of the middle classes worldwide.
The Federal Reserve's recent Jackson Hole conference provides another danger sign of planned economic havoc on the near horizon.
Despite historically low interest rates, a massive increase in the money supply, and persistent deficit spending, the U.S. economy is growing at a subnormal rate. What's behind it all?
In an article published by Inter Press Service (IPS) on August 8, Joseph Chamie — who was once the director of the United Nations Population Division — noted the increasing number of nations worldwide where there is a “demographic turning point” occurring where children in a population become fewer than its elderly.