In case you missed it, the National Bureau of Economic Research, which determines recessions, said the U.S. economy peaked in February BEFORE the economic effects of the coronavirus pandemic began in March, bringing an end to the 128-month economic expansion, the longest in post-World War II history. “The worst U.S. downturn since the Great Depression … Read more
I saw a bizarre ‘Great American Comeback’ TV ad from the Trump campaign (or an affiliated PAC) claiming an economic rebound since the coronavirus pandemic state lockdown orders ended, and praising Trump for all the jobs he has “created.” For those of you old enough to remember this show, I am reminded of Webster from … Read more
The “official” unemployment rate fell to 8.4% in August as businesses continued emerging from broad shutdowns imposed early in the coronavirus pandemic, the Bureau of Labor Statistics reported earlier this month. But CNBC explains Why the real unemployment rate is likely over 11%: That’s the lowest rate since unemployment exploded in April, to levels unseen … Read more
James Carville was right in 1992, and he still is today: “It’s the economy, stupid.” After Democrats in the House passed the HEROES Act back in May, the “Grim Reaper” of the Senate legislative graveyard announced, “I don’t think we have yet felt the urgency of acting immediately. That time could develop, but I don’t think it … Read more
Last week, House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin agreed to pursue a “clean” continuing resolution (CR) for the federal budget to avoid a government shutdown at the end of the month. The length of the CR and other “tweaks to spending provisions and temporary extensions of expiring programs, which often ride on a … Read more