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Author Topic: U.S. Politics  (Read 94587 times)

Offline Rick Plant

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Re: U.S. Politics
« Reply #968 on: August 05, 2022, 02:01:45 PM »
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US economy adds 528,000 jobs, far outpacing expectations
The unemployment rate fell to 3.5%.


The U.S. hiring saw a dramatic increase in July, as the economy added 528,000 jobs and the unemployment rate fell to 3.5%, according to data released by the Bureau of Labor Statistics on Friday.

The 528,000 jobs added in July marks a significant uptick from 372,000 jobs added in June. Moreover, the figures signals an improvement from the already-robust hiring sustained over the first half of 2022, during which the economy added an average of 461,000 jobs each month.

The overall robust hiring in recent months defies typical conditions for a recession, Daniel Zhao, a senior economist at the career site Glassdoor, told ABC News prior to the data release.

"It would be very unusual to have a recession when we’re still adding several hundred thousand jobs a month," he said.

https://abcnews.go.com/Business/expect-july-jobs-report/story?id=87923595


Hiring surged in July, with employers adding 528,000 jobs

Hiring surged in July, with U.S. employers creating 528,000 jobs last month, the Labor Department said Friday. That far exceeded economist expectations for gains of 250,000 new jobs during the period. It was also a jump from the previous month, when businesses added 372,000 jobs despite the highest inflation in 40 years.

The unemployment rate ticked down to 3.5% from 3.6% in June, marking the lowest since February 2020, just before the COVID-19 pandemic erupted. Before the latest payrolls report, the economy was adding roughly 450,000 jobs per month.

https://www.cbsnews.com/news/jobs-report-528000-july-08-05-2022/

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Re: U.S. Politics
« Reply #968 on: August 05, 2022, 02:01:45 PM »


Offline Rick Plant

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Re: U.S. Politics
« Reply #969 on: August 05, 2022, 03:38:43 PM »
‘Ain’t no recession’: Economists praise ‘huge’ employment numbers – ‘We’re back, baby’



Employers in July hired more than double the number of people experts had predicted, 528,000, after many predicted the number to be just 258,000. Unemployment is now at the lowest level in half a century, at 3.5%.

CNBC calls today’s report from the federal government’s Bureau of Labor Statistics “far better than expected, defying signs that the economic recovery is losing steam.”

That was far from the only good news in Friday’s release.

“Wage growth also surged higher, as average hourly earnings jumped 0.5% for the month and 5.2% from the same time a year ago,” CNBC notes. “Despite downbeat expectations, the July gains were the best since February and well ahead of the 388,000 average job gain over the past four months.

“The bureau noted that private sector payrolls are now higher than the February 2020 level, just before the pandemic declaration,” a massive accomplishment, as economists are noting.

Economist Justin Wolfers, a professor at University of Michigan, New York Times contributor and a Senior Fellow at Brookings sums up today’s news.

“Put that recession talk away, and change the subject. A vibecession ain’t no recession: July payrolls came in at a huge +528k, and unemployment is down to 3.5%. A whap-bop-a-loopa-a-whap-bam-boo!”

Minutes later he added: “Hang on… I just-recalculated the unemployment rate (to extra decimal places), and at 3.46%, THIS IS THE LOWEST UNEMPLOYMENT RATE IN OVER HALF A CENTURY.”

Wolfers, continuing to examine the report, finds even more good news.

The number of people forced to work “part-time for economic reasons, — is also at the lowest rate ever recorded.”

Putting another economic overview on the data, Wolfers explains: “We’re back, baby.”

David Rothkopf, who wears many hats including professor of international relations, political scientist, journalist, CEO, podcast host, author, and member of the Council on Foreign Relations also summed up the news.

“To recap,” he writes. “More jobs created during Biden presidency than the net of the preceding 8 yrs added up. More jobs created during Biden presidency than the last 3 GOP admins added up. More jobs created last month than the net total of the entire Trump presidency. In short: Lotta jobs.”

Economist David Rothschild takes a moment to examine how the negativism of the media is affecting the economy.

“Disconnect between reality of healthy US economy and negative mainstream media narrative is startling: beyond demonstrating a Republican bias in trying to undermine Democrats, it is an actual serious source of harm to the an economy where confidence & expectations matter.”

He adds: “Mainstream Media/Republicans will argue that ‘numbers’ don’t tell real story of how working class (obviously for them they mean white working class) families are hurt by inflation: but reality is jobs are plenty & wage growth is keeping pace w/ inflation.”

Rothschild also preempts any talk of recession.

“Amazing job growth, strong & sustainable wage growth, and slowing inflation: WE ARE NOT IN A RECESSION.”

And economist Danny Blanchflower, an economics professor at Dartmouth, has a word of advice for workers: ask for a raise.

“Workers should definitely not refrain from asking/demanding inflation adjusted pay increases. They can tell the bosses it is their turn to show up.”

https://www.rawstory.com/aint-no-recession-economists-praise-huge-employment-numbers-were-back-baby/

Offline Rick Plant

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Re: U.S. Politics
« Reply #970 on: August 05, 2022, 06:48:48 PM »
The lowest unemployment rate since 1969.
All pandemic recession job losses recovered.
One of the best jobs markets in U.S. history.
Gas prices falling 50+ days in a row.

And historic legislation to lower prescription drug prices and fight the climate crisis on the way.

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Re: U.S. Politics
« Reply #970 on: August 05, 2022, 06:48:48 PM »


Offline Rick Plant

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Re: U.S. Politics
« Reply #971 on: August 05, 2022, 11:12:28 PM »
President Biden @POTUS

When you're seeing the biggest and fastest job recovery in American manufacturing since the 1950s, Make It in America isn't just a slogan.

It’s a reality.

After my predecessor exploded the federal deficit, I said: no more.

And I've kept my word. The deficit is down a record $1.7 trillion this year. And that’s on top of the $350 billion we reduced the deficit by last year.

We’ve now created 9.5 million jobs since taking office.

That’s millions more families with the dignity and peace of mind that a paycheck provides.



https://twitter.com/POTUS/status/1555675020558573571

Offline Rick Plant

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Re: U.S. Politics
« Reply #972 on: August 06, 2022, 01:10:45 AM »
The economy has grown 3 times faster under Biden than under Trump.


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Re: U.S. Politics
« Reply #972 on: August 06, 2022, 01:10:45 AM »


Offline Rick Plant

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Re: U.S. Politics
« Reply #973 on: August 06, 2022, 06:03:35 AM »
Senate Dems announce they have the votes to pass Inflation Reduction Act

Senate Democrats have reached an accord on changes to their marquee economic legislation, they announced late Thursday, clearing the major hurdle to pushing one of President Joe Biden's leading election-year priorities through the chamber in coming days.

Sen. Kyrsten Sinema, D-Ariz., a centrist who was seen as the pivotal vote, said in a statement that she had agreed to changes in the measure's tax and energy provisions and was ready to "move forward" on the Inflation Reduction Act.

Senate Majority Leader Chuck Schumer, D-N.Y., said lawmakers had achieved a compromise "that I believe will receive the support" of all Democrats in the chamber. His party needs unanimity to move the measure through the 50-50 Senate, along with Vice President Kamala Harris' tie-breaking vote.

Schumer has said he hopes the Senate can begin voting on the energy, environment, health and tax measure on Saturday. Passage by the House, which Democrats control narrowly, could come next week.

Final congressional approval of the election-year measure would complete an astounding, eleventh-hour salvation of Mr. Biden's wide-ranging domestic goals, though in more modest form. Democratic infighting had embarrassed Mr. Biden and forced him to pare down a far larger and more ambitious $3.5 trillion, 10-year version, and then a $2 trillion alternative, leaving the effort all but dead.

This bill, negotiated by Schumer and Sen. Joe Manchin, the conservative maverick Democrat from West Virginia, would raise $739 billion in revenue. That would come from tax boosts on high earners and some huge corporations, beefed up IRS tax collections and curbs on drug prices, which would save money for the government and patients.

It would spend much of that on energy, climate and health care initiatives, still leaving over $300 billion for deficit reduction.

Sinema said Democrats had agreed to remove a provision raising taxes on "carried interest," or profits that go to executives of private equity firms. That's been a proposal she has long opposed, though it is a favorite of Manchin and many progressives.

The carried interest provision was estimated to produce $13 billion for the government over the coming decade, a small portion of the measure's $739 billion in total revenue.

It will be replaced by a new excise tax on stock buybacks which will bring in more revenue than that, said one Democrat familiar with the agreement who spoke on condition of anonymity because they were not authorized to discuss the deal publicly. The official provided no other detail.

Though providing no detail, Sinema said she had also agreed to provisions to "protect advanced manufacturing and boost our clean energy economy."

She noted that Senate parliamentarian Elizabeth MacDonough is still reviewing the measure to make sure no provisions must be removed for violating the chamber's procedures. "Subject to the parliamentarian's review, I'll move forward," Sinema said.

"Tonight, we've taken another critical step toward reducing inflation and the cost of living for America's families," a statement from Mr. Biden read. "The Inflation Reduction Act will help Americans save money on prescription drugs, health premiums, and much more. It will make our tax system more fair by making corporations pay a minimum tax. It will not raise taxes on those making less than $400,000, and it will reduce the deficit. It also makes the largest investment in history in combatting climate change and increasing energy security, creating jobs here in the US and saving people money on their energy costs. I look forward to the Senate taking up this legislation and passing it as soon as possible." 

Schumer said the measure retained the bill's language on prescription drug pricing, climate change, "closing tax loopholes exploited by big corporations and the wealthy" and reducing federal deficits.

He said that in talks with fellow Democrats, the party "addressed a number of important issues they have raised." He added that the final measure "will reflect this work and put us one step closer to enacting this historic legislation into law."

https://www.cbsnews.com/news/inflation-reduction-act-kyrsten-sinema-senate-democrats-votes/

Offline Rick Plant

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Re: U.S. Politics
« Reply #974 on: August 06, 2022, 06:49:03 AM »
Huge jobs report on Friday, with revisions, there will be more than 550,000 jobs in July. That is truly remarkable when unemployment is at now at 3.5% which is the lowest in over 50 years.   

The May and June jobs reports have been revised upwards showing 28,000 more jobs combined in both months. 62,000 new manufacturing jobs were added in July as well.   

It's a boom not a recession.

Here's my monthly economic post with new added numbers:

16 yrs Clinton Obama = 33.8 million jobs
18 months Biden = 9.6 million jobs
16 yrs Bushes Trump = 1.9 million jobs

5 times as many Biden jobs as last 3 GOPers COMBINED. 5x.




The economy has grown 3 times faster under Biden than under Trump who barely had 1.0% GDP growth.




Unemployment rate now lowest it has been in over 50 years, and is the lowest in a peacetime economy in the post WWII era. 

And broader measures of under-employment -- here, I'm thinking of U-6 rate which also includes people marginally attached to the labor force and those part-time for economic reasons, -- is also at the lowest rate ever recorded.




Uninsured rate now lowest in American history.

Uninsured rate declined throughout 2021 and early 2022 – reaching a historic low of 8.0% by the first quarter of 2022. https://aspe.hhs.gov/sites/default/files/documents/d4b795f54948bad96140e8c596634204/Uninsured-Q1-2022-Data-Point-HP-2022-23-08.pdf




New businesses continued to be created at historically high rates. This remains one of the most important economic stats of the Biden Boom. Speaks to incredible health, vitality of the U.S. economy. 




Of the 45 million jobs created since 1989 43 million - 96% have been created under Democratic Presidents.

Last 3 GOP presidents brought recessions, spiraling deficits, low number of jobs. They called this "recession" wrong. 

Republicans have NO standing to be criticizing Biden's strong economic performance.




Jobs being created at 50x the rate of the last 3 GOP Presidents combined. 

Note GOP job creation rate was 9,700 per month over 16 years. This month the US economy created 50 months worth of GOP level job growth. 

And yet MAGA screams.




Biden is the 3rd straight Dem President to take down a spiraling annual deficit left by a GOP President. 

Trump was the worst fiscal steward of America in the post-war era, with no one even close.

The last 3 GOP Presidents brought recessions and spiraling deficits. Trump saw the deficit grow more than any peacetime President in modern times.

Joe Biden is the third straight Dem President to get the deficit down. Clinton got us to surplus. 




Every measure of wage growth - people making more money - continue to be at an historically high level. 

This graph is from the Atlanta Fed. Prime age workers wages up 7%. With inflation coming down real wages likely to be positive again, or close to it. 




An important Fed inflation tracking measure has inflation now close to 3%. 

We will see where it comes in with the monthly report but the inflation spike caused by Putin's aggression is clearly easing. 




Again, what this shows is a truly historic jobs and economic President who turned around the Trump Economic Disaster in record time while cutting the deficit and still creating half a million jobs with record low 3.5% unemployment.

President Biden is an historic President who has done more in less than 2 years than what 3 Republican Presidents did in 16 years.

Plus Biden has blown away both Clinton and Obama in job creation per month and they were the best job creation Presidents in modern times.     

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Re: U.S. Politics
« Reply #974 on: August 06, 2022, 06:49:03 AM »


Offline Rick Plant

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Re: U.S. Politics
« Reply #975 on: August 06, 2022, 09:26:10 AM »
CNBC @CNBC

President Biden calls the Inflation Reduction Act a “game changer” for American families. https://cnb.cx/3Qni7NX

Watch: https://twitter.com/i/status/1555609743703609349