Warning lights should be flashing. Less than a month in, it’s becoming evident that President Joe Biden’s economic policies are likely to end in disaster. The wrong economic diagnosis and the politics of not letting any crisis go to waste is leading to the most damaging mix of economic policy in decades.
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The U.S. economy is poised to continue a massive recovery that began after labor markets bottomed in April with 25 million jobs lost during Covid, with 16 million of the having been recovered since then — provided that President-elect Joe Biden does not kill the rest of the recovery that began on President Donald Trump’s watch.
Really, all Biden needs to do right now is almost nothing, and allow the U.S. economy to fully reopen once the Covid vaccine has been fully administered and the number of daily new cases approaches zero.
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The U.S. economy reported a decrease of 140,000 jobs in December while unemployment stayed unchanged at 6.7%, according to Department of Labor data released Friday.
Total non-farm payroll employment declined by 140,000 in November, according to the Bureau of Labor Statistics report, and the number of unemployed persons stayed stagnant at 10.7 million. The number marked the first time since April, the U.S. reported negative job growth.
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A second round of stimulus checks, this time in the amount of $600, is being sent out this week, the U.S. Treasury Department said Wednesday.
Referred to as economic impact payments, the $600 check individuals will receive is part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, a bill President Donald Trump signed Sunday.
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The U.S. economy blew the barn doors off all other past recoveries with a record, inflation-adjusted 33.1 percent gain in the Gross Domestic Product (GDP) — more than any other quarter in economic history — in the last major economic report before the election in November.
That is great news for the American people, and it certainly bodes well for President Donald Trump in his bid for reelection against former Vice President Joe Biden as the race for 2020 comes down to the wire. It comes as more than 14 million jobs have been recovered since labor markets bottomed in April amid the Covid state-led lockdowns, according to the Bureau of Labor Statistics.
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Estimated costs of the coronavirus pandemic are in. The results are not pretty.
A new study co-authored by Harvard economist David M. Cutler and former World Bank chief economist Lawrence H. Summers places the costs of the COVID-19 pandemic north of $16 trillion.
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The rapid recovery from the lockdown continues. Economic reports from September indicate the economy has rebounded to 97 percent of its peak reached this past February. The surge in new orders for both manufacturing and service companies points to further gains in the months ahead.
These gains should bring the economy’s output and spending (GDP) back to its prior peak during the fourth quarter of the year.
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The U.S. economy added 661,000 jobs in September, while unemployment fell to 7.9%, according to Department of Labor data released Friday.
Total non-farm payroll employment rose by 661,000 in September, according to the Bureau of Labor Statistics report, and the number of unemployed persons fell by 1 million to 12.6 million.
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Wednesday morning on The John Fredericks Show, host John Fredericks welcomed Senior Advisor to Trump-Pence 2020 who discussed positive coronavirus news and how the economy responds to that as well as Trump flipping states that he previously did not in 2016.
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As he heads into the final stretch of the election, President Trump is getting a boost from new census data showing historic, broad-based economic gains for U.S. households in 2019.
The U.S. Census Bureau on Monday released data showing median household income surging to a record high of more than $68,700 last year. The increase of 6.8% in household income was the largest one-year increase on record.
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Another 1 million Americans left continued unemployment claims the week of Sept. 5 on an unadjusted basis, the latest data from the Department of Labor shows.
That brings the number collecting unemployment from its 13.8 million Aug. 29 level, and from its 22.8 million May 9 level, down to its current 12.3 million, an overall decrease of 10.5 million from its peak.
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More than half of the households surveyed in the four largest U.S. cities are facing serious financial problems as a result of their state and city shutdowns, a new five-part polling series conducted by NPR, The Robert Wood Johnson Foundation, and Harvard T.H. Chan School of Public Health, found.
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The U.S. economy added another 3.7 million jobs in the month of August, according to the Bureau of Labor Statistics’ household survey of Americans reporting they have jobs, bringing the total up to 13.8 million jobs that have been recovered since labor markets bottomed in April, something almost nobody but President Donald Trump was predicting.
At the worst of the coronavirus recession, as many as 25 million jobs were lost by April, and now more than half of those jobs have been regained, as a V-shaped recovery has clearly formed.
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Tuesday morning on the John Fredericks Show, host John Fredericks welcomed Steven K. Bannon to discuss the Democrat’s campaign of death and destruction and the road to victory for Trump.
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A senior White House adviser said he agreed with an assessment by the U.S. Office of the Director of National Intelligence that China prefers that President Trump lose re-election in November.
“Well, there’s no question that’s true,” Peter Navarro, White House Trade and Manufacturing Policy advisor, told Just the News in an interview. “Donald J. Trump is the toughest – only president -he’s the toughest and only president to stand up to China since Nixon and Kissinger went to China back in the 70s. I mean, every president since then, has allowed in some way, to let the Chinese Communist Party have their way with the United States economy, and also our defense sector.”
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New orders for durable goods posted a second consecutive month of rebound in June, rising 7.3 percent following a gain of 15.1 percent in May. The two gains followed drops of 18.3 percent in April and 16.7 percent in March. If transportation equipment is excluded, new orders for durable goods increased 3.3 percent in June following a 3.6 percent rise in May. Durable-goods orders had been holding above the $200 billion level since May 2011 before posting sharp declines in March and April (see first chart). New orders for June are back above the $200 billion threshold, totaling $206.9 billion, but are still 21.9 percent below June 2019.
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Joe Biden revealed on Thursday the first part of “Build Back Better,” his plan for economic recovery from the COVID crisis.
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The U.S. economy has added a record 7.8 million to 8.8 million jobs back in May and June, according to the Bureau of Labor Statistics’ (BLS) respective establishment and household surveys, bringing the reported unemployment rate down to 11.1 percent even as the number of Americans returning to the civilian labor force following the COVID-19 pandemic shutdowns continues to increase.
This is incredible news because it means for certain that the labor market hit its bottom in April, the same month the IHME-estimated number of new cases daily was peaking at about 250,000 on March 29, down to an estimated 70,000 new cases a day now.
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Is America in a recession? It’s an unpopular question to ask, but it has now been over 3 months since COVID-19 restrictions were initiated and it is time for us to get realistic about where we are economically so that we can take the proper steps to minimize further damage to our economy. At this point, the unfortunate reality is that regardless of what we do, it is likely that it will take at least several years to see a partial recovery of economic loss and the time that it will take for a complete recovery remains unknown at this point.
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The number of laid-off workers seeking U.S. unemployment benefits dipped only slightly last week, and the economy shrank in the first three months of the year — evidence of the ongoing economic damage being inflicted by the viral pandemic.
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Stocks closed higher on Wall Street Tuesday, extending the market’s recent winning streak after another strong showing by technology companies.
The S&P 500 rose 0.4% and is on pace for its third straight monthly gain. The Nasdaq composite, which is heavily weighted with technology stocks, climbed to an all-time high for the second day in a row. Bond yields rose, another sign of increasing confidence in the economy.
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Stock indexes are higher on Wall Street in choppy trading Monday as investors weigh the risks that rising coronavirus cases could pose to hopes for an economic recovery.
The S&P 500 rose 0.4% in midday trading after an initial slide of 0.6% following weakness in overseas markets as the global tally of infections approaches 9 million. The price of gold rose, a signs of caution in the market. Bond yields were mixed.
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Stocks rose again Tuesday, part of a strong and worldwide rally for markets, after a big rebound in buying at U.S. stores and online raised hopes that the economy can escape its recession relatively quickly.
The S&P 500 climbed 1.9% for its third straight gain, bringing it back within 8% of its record set in February. Gains have built in recent weeks as reports bolster investor expectations that the worst of the downturn may have already passed.
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Stocks swung solidly higher on Wall Street in afternoon trading Monday after the Federal Reserve said it would begin buying individual corporate bonds, the central bank’s latest move to prop up volatile financial markets through the economic fallout of the coronavirus pandemic.
The S&P 500 was up 1% after being down as much as 2.5% shortly after trading began in New York. The gains followed sharp losses in Asia and more moderate ones in Europe. Worries were on the rise that new waves of coronavirus infections around the world could derail the swift economic recovery that Wall Street had seemed sure just a week ago was on the way.
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Stocks are rushing higher in morning trading Friday after a much better-than-expected report on the U.S. job market gave Wall Street’s recent rally another shot of adrenaline.
The S&P 500 was up 2.2% after the government said that U.S. employers added 2.5 million workers to their payrolls last month. Economists were expecting them instead to slash another 8 million jobs amid the recession caused by the coronavirus and the shutdowns put in place to stem it.
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It is not necessary or beneficial to sacrifice human lives to save the economy.
Nor, is it necessary or beneficial to sacrifice the economy to save lives.
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by Spencer P. Morrison Reports of a deadly new virus began trickling out of China in December. The infection spread rapidly. By March 12, the World Health Organization deemed COVID-19 a global pandemic. The next day President Trump declared COVID-19 a “national emergency” that would require the “full power…
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by Gabriella Beaumont-Smith China is a rising economic power that will threaten the United States’ place as the world’s biggest economy. At least, that’s the narrative we’ve become familiar with. But does it really hold up? Economists use gross domestic product to measure the size and growth of national…
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by Robert Romano “Now look, China wants to make a deal, and I say they’re not ready yet. I just say they’re not ready yet. And we’ve canceled a couple of meetings because I say they’re not ready to make a deal. We can’t have a one-way street. It’s…
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by Michael Bastach White House economic adviser Larry Kudlow said President Donald Trump is likely to make building oil and natural gas pipelines a major priority next year to meet the needs of booming U.S. energy production. A focus on pipelines would hit two aspects of Trump’s agenda: energy…
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by Jeffery Rendall In the 2016 presidential election’s stretch run Hillary Clinton famously asked during an interview, “Why aren’t I 50 points ahead?” American voters knew the answer and shared it with the former first lady and legacy Democrat presidential candidate on Election Day. Clinton did end up a couple points…
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by Robert Romano They said it couldn’t be done. Once again, President Donald Trump is racing circles around his critics and showing that his tariff policy and the threat of leaving NAFTA altogether were most effective inducements to trade concessions, having resulted in the new U.S.-Mexico-Canada Agreement, or the USMCA. The…
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President Donald Trump is levying 10 percent tariffs on $200 billion of Chinese goods shipped to the U.S., rising to 25 percent in Jan. 2019, coming atop a 25 percent tariff on $50 billion of goods from China. Trump has warned if China retaliates, another $267 billion of tariffs will follow. On…
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by Rick Manning The incredibly positive economic data that keeps coming out from both private and public sector sources leads to one overriding question: Will the Trump economic detractors ever get tired of being wrong? Over the course of the past six months, we have heard how tariffs against the…
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by Spencer P. Morrison Ask any Democrat why they support open borders and invariably they will respond with one of two pre-packaged answers: because “diversity is our strength” or “we need immigrants to pay for our pensions.” The first argument is a sham: if liberals valued diversity they would…
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by Robert Romano You got to give former President Barack Obama credit, at least he’s consistent. When he came into office, the economy was in a deep recession that began when financial markets crashed in 2008, and, he said, he was blameless for the 8 million job losses that occurred,…
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by Jeffery Rendall Perhaps it’s fitting heading into Labor Day weekend that we should talk about jobs – not necessarily how many Americans have them versus those that don’t and are still searching, but how conditions are improving in the employment market and who’s reaping the benefits. First came…
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Reuters Venezuela on Monday slashed five zeros from prices as part of a broad economic plan that President Nicolas Maduro says will tame hyperinflation but critics call another raft of failed socialist policies that will push the chaotic country deeper into crisis. Streets were quiet and shops were closed…
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By Robert Romano One of the conventional wisdoms to do with the tariffs and duties levied by the Trump administration on steel, aluminum and lumber is that they will lead to higher prices and inflation, hurting producers and consumers, thus stunting economic growth. For example, billionaire Charles Koch warned on July…
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by Jessica Kramer The U.S. saw a 30-year record low for birth rates in 2017, but the country’s increasingly prosperous economy could soon lead to a surge in childbirth. A Gallup poll showed 70 percent of American adults on average preferred having three or more children between 1938 and…
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by William Gallo U.S. President Donald Trump touted the economy’s strong second quarter performance Friday, saying “we’re on track to hit the highest annual average growth rate in over 13 years.” The U.S. economy grew at a 4.1-percent annualized rate in the second quarter, its fastest pace in nearly four…
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By Robert Romano After a rip-roaring 4.1 percent inflation-adjusted economic growth for the second quarter of 2018, the economy under President Donald Trump is making tremendous progress to full recovery, after more than a decade of stagnant growth. The U.S. economy has not grown above 4 percent since 2000, and not above…
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by Fred Lucas In what President Donald Trump called “a very big day for free and fair trade,” he and the leader of the European Union agreed Wednesday to work to end tariffs on nonautomotive products. European Commission President Jean-Claude Juncker and Trump met at the White House, then…
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by Printus LeBlanc China has a strategy unlike any the U.S. has faced. In the Cold War with the Soviet Union, it was military force versus military force. China learned a lesson from the USSR and is taking an asymmetrical approach in dealing with the U.S. Yes, China is…
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by Michael Bastasch The battle over the Environmental Protection Agency’s (EPA) plan to repeal an Obama-era regulation has been reignited. The Sierra Club, Environmental Defense Fund and Center for Biological Diversity sued EPA on Tuesday to prevent the agency from repealing regulations on refurbished truck engines, called glider kits. Their suit…
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by James D. Agresti In a New York Times article about President Trump scaling back regulations, reporters Binyamin Appelbaum and Jim Tankersley report “there is little historical evidence tying regulation levels to” economic growth. They support this sweeping claim only with a quote from Jared Bernstein, a former chief economic adviser to…
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by Joseph Sunde Given the breakneck pace of improvements in automation and artificial intelligence, fears about job loss and human obsolescence continue to consume the cultural imagination. The question looms: What is the future of human work in a technological age? Innovators such as Elon Musk and Bill Gates have done their share…
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by Chris White President Donald Trump and activists at the Sierra Club apparently have at least one issue in common: neither one of them like the decades-old free trade agreement the U.S signed with Canada and Mexico. Trump’s agenda prioritizing American manufacturing jobs over those in Canada and elsewhere is placing…
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by Hannah Bogorowski China’s central bank announced late Sunday that it is planning to unleash nearly 700 billion yuan ($107.5 billion) into the financial system by cutting the amount of cash some banks must hold as reserves by 50 basis points. The People’s Bank of China (PBOC) said on…
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by Michael Sandoval A majority of Americans approve of the economy under President Trump despite controversial immigration policies, according to a CNBC poll released Monday. CNBC’s All-American Economic Survey found 51 percent approve of the economy, an increase of six points since March. Fifty-four percent of Americans rated the economy…
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