American Economy News & Updates

[katsung47]

The US Economy is only Growing Because of Deficit Spending

This study shows that since 2008 and the great Recession the economy didn't grow at all if you deduct the injection of debt financed deficit spending. Here is a chart of GDP minus deficit spending:

This is sort of like a homeowner borrowing a lot of money on his house. It seems he's richer and can afford more purchases, but it only depletes his net worth. In the future, if a recession arises, much more debt will have to be created. It's true that there is no limit on how much money can be created by the Federal Reserve, but diluting the dollar could cause it to collapse like Venezuela.



https://www.zerohedge.com/news/2018-03-16/us-economy-really-growing

http://lunaticoutpost.com/thread-17473.html

 

[Solomon2]

GOOD TRUMP: Jobless Claims Hit 49-Year Low

The Washington Post / Contributor / Getty Images
By JOSEPH CURL @JOSEPHCURL
September 20, 2018

The number of Americans who applied for unemployment benefits fell to just 201,000, a number not seen since shortly after man first walked on the moon.

Known as initial jobless claims, the number roughly equates to layoffs. For the week ending Sept. 15, such claims dropped by 3,000 to the lowest level since Nov. 12, 1969. The monthly average dropped to 205,750, the lowest since December 1969, the Labor Department reported on Thursday.

"The labor market is viewed as being near or at full employment. It continues to strengthen, with nonfarm payrolls increasing by 201,000 jobs in August and annual wage growth notching its biggest gain in more than nine years. Job openings hit an all-time high of 6.9 million in July," CNBC reported.

There was more good economic news. "Thursday's claims report also showed the number of people receiving benefits after an initial week of aid fell 55,000 to 1.645 million for the week ended Sept. 8, the lowest level since August 1973. The four-week moving average of the so-called continuing claims fell 20,750 to 1.691 million, the lowest level since November 1973," CNBC said.

President Trump applauded the news.

https://twitter.com/x/status/1042731410858168320

"Financial and jobs numbers are fantastic. There are plenty of new, high paying jobs available in our great and very vibrant economy. If you are not happy where you are, start looking - but also remember, our economy is only getting better. Vote in Midterms!" he wrote Thursday on Twitter.

See the full report here.

 

[Solomon2]

Florida and Texas Post Record Sept.-to-Sept. Job Gains; Ohio Has Largest Gain in 21 Years
By Terence P. Jeffrey | October 19, 2018 | 5:21 PM EDT

President Donald Trump and First Lady Melania Trump in Texas (Screen Capture)

(CNSNews.com) - Florida and Texas, according to data released today by the Bureau of Labor Statistics, not only led the nation in the number of nonfarm jobs they added in the year running from September 2017 to September 2018 but also added the greatest number of jobs to their states in any September-to-September period on record.

Ohio and Pennsylvania—sometimes considered part of the nation’s “Rust Belt”—also saw significant job gains from September 2017 to September 2018, with Ohio showing the largest increase for its state in 21 years and Pennsylvania showing the largest increase in 18 years.

“Thirty-seven states had over-the-year increases in nonfarm payroll employment in September,” BLS said in its state employment report. “The largest job gains occurred in Florida (+407,300), Texas (+406,400), and California (+339,600). The largest percentage gain occurred in Florida (+4.8 percent), followed by Utah (+3.6 percent) and Texas (+3.3 percent).

The unemployment rate in Florida was 3.5 percent. In Texas, it was 3.8 percent. In California, it was 4.1 percent.

While California ranked third among all states for the number of job gained during the period from September 2017 to September 2018, its statewide jobs growth numbers during that period were actually smaller than they were in two of the previous three September-to-September periods. (From September 2014 to September 2015, California added 493,000 jobs; from 2015 to 2016, it added 393,800 jobs; and from 2016 to 2017, it added 307,500 jobs)

Florida’s jobs grew 4.8 percent during the latest September-to-September period. Texas’s jobs grew 3.3 percent. California’s jobs grew 2.0 percent.

In Florida, the number of nonfarm jobs rose from 8,435,100 in September 2017 to 8,842,400 in September 2018—accounting for the record 407,300 increase.



From September 2016 to September 2017, the number of jobs in Florida actually declined by 19,100, according to BLS, which has posted historical employment data for Florida going back to 1990. Prior to fiscal 2018, the largest September-to-September jobs increase on record in Florida took place in 2005, when the state added 389,000 jobs.

In Texas, the number of jobs rose from 12,232,100 in September 2017 to 12,638,500 in September 2018—accounting for the record 406,400 increase.



Prior to fiscal 2018, the largest September-to-September jobs increase in Texas (in the years since 1990) took place in 1997, when the state added 399,900 jobs.

The 37 states that BLS said had statistically significant jobs increases from September to September included Pennsylvania (which added 78,700 jobs) and most of the states in the northern Midwest.

Ohio, for example, added 104,600 jobs during the September-to-September period; Michigan added 63,300; Illinois added 50,300; Wisconsin added 41,700; Minnesota added 38,200; and Iowa added 17,600.

The 104,600 jobs that Ohio added was the most it has added in any September-to-September period since 21 years ago in 1997. That year, Ohio added 107,700 jobs.



The 78,700 jobs that Pennsylvania added was the most it has added in any September-to-September period since 18 years ago in 2000. That year, Pennsylvania added 117,700 jobs.





[Above is Table D from the Bureau of Labor Statistics' "State Employment and Unemployment Summary," published Oct. 19, 2018.]

Please support CNSNews today! [a 501(c)(3) non-profit production of the Media Research Center]

 

[RabzonKhan]

"When you hear all this talk about economic miracles right now, remember who started it,"

https://twitter.com/x/status/1054476057619894273

Former President Obama on Monday urged a crowd in Las Vegas to "remember who started" the current economic boom, reminding them that the country recovered from the Great Recession during his presidency.

Obama echoed language from President Trump, who in July claimed his administration unleashed an "economic miracle" with tax cuts legislation.

"When I walked into office ten years ago, we were in the middle of the worst economic crisis of our lifetimes," Obama said at a rally for Nevada Democrats. "By the time I left office, wages were rising, uninsurance rate was falling, poverty was falling, and that's what I handed off to the next guy."

"So when you hear all this talk about economic miracles right now, remember who started it," he said to thunderous applause and a standing ovation.

The former president in recent weeks has criticized Trump's tendency to take full credit for healthy state of the U.S. economy.

"Six months ago, we unleashed an economic miracle by signing the biggest tax cuts and reforms ... the biggest tax cuts in American history," Trump said at an event in July.

The Associated Press fact-checker called this statement an "exaggeration," pointing out the economy has been expanding for the past ten years.

The tax cuts are also not the largest in U.S. history.

Obama during the Monday rally said economic growth during his presidency could partially be attributed to his administration "making sure the wealthiest Americans, folks like me, paid their fair share of taxes." Read more

 

[katsung47]

Verizon Lays Off 44,000, Transfers 2,500 More IT Jobs To Indian Outsourcer Infosys
Jean Baptiste Su Oct 5, 2018,

https://www.forbes.com/sites/jeanba...bs-to-indian-outsourcer-infosys/#7334b58946f5

 

[RabzonKhan]

"When you hear all this talk about economic miracles right now, remember who started it," Obama

https://twitter.com/x/status/1058535914656407552

 

[katsung47]

Trump's trade war with China is starting to get nasty for US companies
Bob Bryan Oct. 25, 2018,

President Donald Trump's trade war with China has dragged on for nearly four months, and American businesses are starting to feel the pain.

Surveys from Markit and the Federal Reserve found that businesses face increasing costs that are in some cases being passed on to consumers because of Trump's tariffs.

Additionally, major companies like Tesla, 3M, Ford, and Harley-Davidson have said they're feeling the burn and expecting millions of dollars in costs from the tariffs.

https://www.businessinsider.com/trump-tariffs-china-trade-war-us-companies-prices-2018-10

 

[Yongpeng Sun-Tastaufen]

U.S. economy adds 155,000 jobs in November, below expectations. Unemployment rate was 3.7 percent.

https://www.washingtonpost.com/busi...60ce2a8148f_story.html?utm_term=.153ea56828f4

 

[RabzonKhan]

Why Burger King Is No Longer McDonald’s Biggest Competitor

Emily DiNuzzo

Everyone has a favorite fast-food place and a go-to order. But which chain is the best overall restaurant? For many years it came down to McDonald’s vs. Burger King, and that was that—until now.

Who is McDonald’s biggest competitor?

These days, the Golden Arches faces a new competitor: Chick-fil-A. The chicken sandwich chain is expected to beat both Burger King and Wendy’s in sales this year, and is shaping up to become the third-largest restaurant chain in America, according to some food-industry reports, with more outlets than even Subway—the fast-food chain closing more locations than any other restaurant. In fact, Chick-fil-A is already beating McDonald’s by one key criteria, bringing in more money per store.

McDonald’s is still a fast-food giant and Chick-fil-A a relative newcomer, but the chicken joint is catching up. Though the Atlanta-based chain’s sales and traffic have increased last year by 15.5 percent and 10 percent, respectively, according to Restaurant Business, it will take another 21 years to catch up to the Golden Arches. And this will only happen if McDonald’s stops growing. McDonald’s would be tough to beat, but Chick-fil-A is shaping up as a worthy opponent. Voted America’s favorite restaurant for the third year in a row, as well as best in customer service, Chick-fil-A also ranks as one of the cleanest restaurants in America. Has McDonald’s taken note? They’ve recently stepped up their chicken offering, with the likes of the new Buttermilk Crispy Chicken Sandwich and a tenders version, whereas most Chick-fil-A restaurants serve exclusively chicken (a handful of select locations offer beef, Business Insider reports). It appears the race is on!

Both restaurants have had some drama

It seems every year or so some major fast-food scandal rocks the industry. McDonald’s and Chick-fil-A both have had their fair share of bad press. McDonald’s came under fire for using a type of “lean, finely textured beef,” that ABC News referred to as “pink slime.” Then, who can forget the film Super Size Me, which documented the negative health effects of eating McDonald’s 24/7 and resulted in the chain removing their super-size option from the menu. Chick-fil-A continues to face criticism for their stance on social issues, specifically financial support of organizations that oppose same-sex marriage, whereas McDonald’s continues to rank among the world’s most admired companies, thanks to their innovation, social responsibility, competitiveness, and people management. Social pressure doesn’t seem to have held Chick-fil-A back: While other chains have shuttered franchises, they’ve been opening about 100 new restaurants a year, according to Vox. It looks like fans will be able to have both their McDonald’s and their Chick-fil-A for the foreseeable future. Before paying either a next visit, you might want to know these 33 secrets that your fast-food worker probably wouldn’t tell you. Source





https://www.bing.com/aclick?ld=e3zQ...pZCU3ZA&rlid=09d628d5004514b2b2e0746657b01d8e

 

[Galactic Penguin SST]

Donald Trump explains his distinctive orange hue: it’s the light bulbs


• In rambling speech to Republican lawmakers, US president takes aim at energy-efficient bulbs, saying ‘the light is the worst’
• Trump has recently been criticised for plans to weaken regulation against environmentally friendly light bulbs

Published: 1:12am, 14 Sep, 2019

It has been the subject of intense debate among late-night comedians and Donald Trump’s many online critics: why, under certain circumstances, does the president of the United States sometimes appear … orange?

Now Trump himself has come up with an answer – and it is not one anyone was expecting. The problem, apparently, is energy-efficient light bulbs.

Talking before an audience of Republican legislators in Baltimore on Thursday night, Trump gave a rambling speech in which he tackled criticism of his recent plans to weaken regulations on environmentally friendly bulbs.

“The light bulb,” the president began. “People said: what’s with the light bulb? I said: here’s the story. And I looked at it. The bulb that we’re being forced to use! No 1, to me, most importantly, the light’s no good. I always look orange. And so do you! The light is the worst.”

But that was not the end of it. Trump complained that the energy-efficient bulb is many times more expensive than its incandescent predecessor and, he claimed, needs to be treated as “hazardous waste” if it breaks.

Energy-efficient bulbs such as halogen incandescents, compact fluorescent lamps (CFLs), and light-emitting diodes (LEDs) typically use about 25 to 80 per cent less energy than traditional incandescents, and can last up to 25 times longer.

But that wasn’t good enough for Trump.

He continued: “What are we doing? It’s considered hazardous waste, but it’s many times more expensive and frankly the light is not as good. So we’re going to sell them, but we’re also going to sell incandescent bulbs. People are very happy about it. It’s amazing.”

https://www.scmp.com/news/world/uni...ald-trump-explains-his-distinctive-orange-hue

 

[RabzonKhan]

There are 618,000 millennial millionaires in the US—and 44% of them live in 1 state

CNBC
Kathleen Elkins

There are approximately 618,000 “millennial millionaires” — those with a net worth of over $1 million — in the United States, according to a 2019 report from Coldwell Banker Global Luxury and WealthEngine, which defines millennials as those born between 1982 and 1996, or ages 23 to 37 in 2019.

The population of wealthy young people is growing, the report finds. And they’re getting richer: “By 2030, millennials will hold five times as much wealth as they have today, and are expected to inherit over $68 trillion from their predecessors in the Great Transfer of Wealth.”


The “Great Wealth Transfer” refers to the trillions of dollars that will be passed down to millennials from their baby boomer parents, who are considered the wealthiest generation in history.

Almost half, 44%, of the millennial millionaires are concentrated in California. That’s “consistent with the general millionaire population,” the report says, adding that “the Golden State also has the highest percentage of business owners (23%) and the highest percentage of real estate investors.”

New York ranks No. 2. It’s home to 14% of the millennial millionaire population.

The top ZIP code for young millionaires, though, is in neither CA or NY: It’s in Traverse City, Michigan (49685).

Historically a tourist destination, the Lake Michigan beach town has “a robust second-home market where luxury homes generally start at $500,000 — a far cry from many Silicon Valley ZIP codes, where luxury home prices generally start at about $2 million,” Coldwell Banker reports.

That’s consistent with another finding from the report: “In terms of locations, millennials tend to prefer markets that are more affordable — often in suburbs or second-tier cities, where their dollar will carry them further.”

Here are the other popular states for millennial millionaires:

Source

 

[RabzonKhan]

 

[RabzonKhan]

The Rise and Rise of New York's Billionaire's Row

 

[RabzonKhan]

One of America's most notorious airports is getting a multi-billion dollar upgrade. Discover how the team at LAX are succeeding with Autodesk BIM 360

 

[RabzonKhan]

Amazon's Jeff Bezos backs Biden's infrastructure plan, supports 'a rise in the corporate tax rate'

Jordan Mendoza
USA TODAY

Amazon founder and CEO Jeff Bezos released a statement Tuesday in support of President Joe Biden's infrastructure plan, dubbed the American Jobs Plan.

Months before he steps down as the company's CEO, Bezos said Democrats and Republicans have supported infrastructure plans and now is the right time to get something "that maintains or enhances U.S. competitiveness."

"We support the Biden Administration’s focus on making bold investments in American infrastructure," Bezos said in the statement posted on Amazon's website. "We look forward to Congress and the Administration coming together to find the right, balanced solution."

Biden said last week that the infrastructure plan, "are investments we have to make."

The $2 trillion plan aims to not only rebuild the nation's aging roads, bridges, transit and rail service, but support electric vehicles, clean energy and building more than 2 million affordable homes. White House press secretary Jen Psaki said the administration would like to see the plan approved by Congress in the summer.

Bezos added that the company is supportive of a rise in corporate tax rates, which the plan would do in order to pay for the eight-year spending package. It would raise the corporate tax rate to 28%, eliminating the tax cuts made in 2017 made by President Donald Trump.

Biden singled out Amazon last week during address in Pittsburgh, Pennsylvania, for not playing federal taxes, saying the corporate giant is one of many companies that "use various loopholes where they pay not a single solitary penny in federal income tax."

This is not the first time Amazon has offered support to the Biden administration. Amazon Worldwide Consumer CEO Dave Clark wrote a letter to Biden in January that the company would help with COVID-19 vaccine rollouts.