Capitalism and Class by Ken Melvin Whence this attitude that the working class is expendable and that the middle and upper classes are not? Donald J. Trump, Mitch McConnell, and Betsy DeVos, being the brave, patriotic souls that they are, demand, for the sake of the nation, that the working class step-up and take the […]
Initial and continuing claims, JOLTS show labor market “less awful” improvement continues – for now Weekly initial and continuing jobless claims have been giving the most up-to-date snapshot of the continuing economic impacts of the coronavirus on employment. This week continues the trend of slight improvement (or, more truly, slightly less awful). Below are initial […]
Favoring Hi-Tech Tax Cheats Over Consumers of French Wine Hoping to buy a nice bottle of French wine? Doug Palmer of Poltico has some bad news for you: The Trump administration announced Friday a 25 percent tariff on $1.3 billion worth of French handbags, cosmetics and soaps in retaliation for a digital services tax on U.S. internet […]
Death Comes To My Old Economics Department That would be the one at my alma mater, the University of Wisconsin-Madison. I have learned that on July 6 one of its current members died, Bill Sandholm, an excellent evolutionary game theorist who was about 50 years old. It is a sign of my age that he […]
It’s the Economy by Ken Melvin Ask any group of people who have successfully started a small business and to a person, they will tell you that there had been at least once when it could have gone either way. Eight out of ten fail in those perilous first two years. No doubt some of […]
For once Trump is right to claim that he has set a new record as the federal deficit is now over 10% of GDP. It is now 10.7% of GDP as compared to the prior record of 10.2% that Obama inherited from Bush. The deficit is looking more and more like what happened in Japan. […]
And we as Democrats did not resist hard enough and gave in to the Republican message. It wasn’t the lack of turnout by black Americans causing Trump to be elected. It was not the failure to vote as the numbers of voters exceeded that of the 2012 election. It was the minority of voters who […]
June data starts out with a bright spot in manufacturing Earlier this week the last of the regional Fed Districts, Dallas, reported their manufacturing indexes for June. The overall picture has been a strong rebound: Regional Fed New Orders Indexes (*indicates report this week) Empire State up +41.8 to -0.6 Philly up +42.4 to +16.7 Richmond up +30 […]
Wildly Off Forecasts? The macroeconomic forecasting business has become quite unhinged in the current situation, with existing models seeming to have their wheels coming off as old relationships simply do not hold and reported data seems unreliable and going in all sorts of directions. We have already seen this happen regarding forecasts that were made […]