U.S. Politics

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Online Rick Plant

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Re: U.S. Politics
« Reply #970 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/

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Re: U.S. Politics
« Reply #970 on: August 05, 2022, 03:38:43 PM »

Online Rick Plant

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Re: U.S. Politics
« Reply #971 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 #971 on: August 05, 2022, 06:48:48 PM »

Online Rick Plant

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Re: U.S. Politics
« Reply #972 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

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Re: U.S. Politics
« Reply #972 on: August 05, 2022, 11:12:28 PM »

Online Rick Plant

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Re: U.S. Politics
« Reply #973 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 #973 on: August 06, 2022, 01:10:45 AM »

Online Rick Plant

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Re: U.S. Politics
« Reply #974 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/

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Re: U.S. Politics
« Reply #974 on: August 06, 2022, 06:03:35 AM »

Online Rick Plant

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Re: U.S. Politics
« Reply #975 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 #975 on: August 06, 2022, 06:49:03 AM »

Online Rick Plant

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Re: U.S. Politics
« Reply #976 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

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Re: U.S. Politics
« Reply #976 on: August 06, 2022, 09:26:10 AM »

Online Rick Plant

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Re: U.S. Politics
« Reply #977 on: August 06, 2022, 09:44:38 PM »
Fact: Democratic Presidents create jobs.


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Re: U.S. Politics
« Reply #977 on: August 06, 2022, 09:44:38 PM »

Online Rick Plant

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Re: U.S. Politics
« Reply #978 on: August 07, 2022, 09:59:47 AM »
Senate Dems' climate, health and energy bill clears first hurdle to passage with VP's vote



The U.S. Senate voted along party lines Saturday night to advance to debate on Democrats’ sweeping energy, health and taxes bill, clearing a major hurdle to passage.

The 51-50 vote, with Vice President Kamala Harris breaking the tie, cleared the chamber to debate and vote on amendments to the measure and indicated that it had enough support from Democrats to overcome unified Republican opposition.

“We will show the American people that, yes, we are capable of passing a historic climate package, and rein in drug companies, and make our tax code fairer,” Majority Leader Chuck Schumer said before the vote. “We are able to make big promises and work hard at keeping them as well.

“This is one of the most comprehensive and far-reaching pieces of legislation that has come before the Congress in decades,” the New York Democrat added. “It will help just about every citizen in this country and make America a much better place.”

The White House said Saturday that President Joe Biden’s administration “strongly supports” the bill.

“This legislation would lower health care, prescription drug, and energy costs, invest in energy security, and make our tax code fairer—all while fighting inflation and reducing the deficit,” the statement of administration policy said.

Saturday session

The vote opened a rare weekend Senate session — while the chamber was scheduled to be on its August recess — that is expected to include up to 20 hours of debate and consideration of 40 to 50 amendments in a “vote-a-rama.”

Depending on how long debate and amendment votes take, a final vote is expected Sunday or Monday.

The bill, negotiated primarily by Schumer and West Virginia Democrat Sen. Joe Manchin III with additional changes made at the behest of Arizona Democratic Sen. Kyrsten Sinema, would spend nearly $370 billion on clean energy programs, allow Medicare to negotiate some drug prices beginning in 2026 and change the tax code and bolster Internal Revenue Enforcement to bring in more than $400 billion in new revenue over 10 years.

After negotiating with Sinema and presenting the bill to the Senate parliamentarian to ensure all the provisions qualified for consideration under budget reconciliation, Democrats released a longer 755-page updated bill minutes before voting to open debate Saturday.

The reconciliation process allows Democrats to pass the bill with a simple majority, instead of the usual 60-vote threshold.

Among the late changes to the bill was an addition of $4 billion to address Western droughts.

Western Democratic Sens. Catherine Cortez Masto of Nevada, Mark Kelly of Arizona and Michael Bennet of Colorado announced they secured the funding for the Bureau of Reclamation to address droughts in Nevada, Arizona, and Colorado.

“The Western United States is experiencing an unprecedented drought, and it is essential that we have the resources we need to support our states’ efforts to combat climate change, conserve water resources, and protect the Colorado River Basin,” they said in a joint statement.

Democrats also added a provision to cap the price of insulin co-pays for Americans at $35 starting in 2024. The insulin language, though, may be challenged by Republicans on the floor.

Another provision, pushed by Virginia Democrat Sen. Tim Kaine, and included in the bill’s initial draft, would permanently extend the Black Lung Disability Trust Fund, which provides monthly payments and medical benefits to disabled coal miners who developed black lung disease while working in coal mines.

The reduced prescription drug costs and tax code changes more than offset the bill’s spending, reducing the deficit by about $100 billion, according to the nonpartisan Congressional Budget Office. The extra IRS enforcement would bring the total deficit reduction to around $300 billion.

House Majority Leader Steny Hoyer, a Maryland Democrat, said that the chamber would return from its August recess to vote Friday on a Senate-passed bill.

AFP

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Re: U.S. Politics
« Reply #978 on: August 07, 2022, 09:59:47 AM »

Online Rick Plant

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Re: U.S. Politics
« Reply #979 on: August 07, 2022, 10:11:46 AM »
Adam Schiff @RepAdamSchiff

Democrats have passed:

An anti-inflation bill
A $1.9 trillion rescue deal
A $1.2 trillion infrastructure plan
And gun reforms

Now we're gearing up to secure:

Lower prescription drug costs
Billions in climate investments
ACA subsidies
And ensuring corporations pay a fair share


https://twitter.com/RepAdamSchiff/status/1556062297797398530

 

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