Relevant and even prescient commentary on news, politics and the economy.

Book Review: Death in the Haymarket

I was born into an America where the eight-hour workday was widely observed. But what was for me just another fact of life was a hard-won right of the labor movement that cost hundreds of lives. “Death in the Haymarket: A Story of Chicago, the First Labor Movement and the Bombing that Divided Gilded Age […]

We are in Uncharted Territory

The inverted Treasury yield curve: we are in uncharted territory  – by New Deal democrat We passed a significant anniversary last week: the spread for the 10-year minus 2-year Treasury has been inverted for over 2 years (blue in the graph below). The 2-year minus 3-month Treasury spread has also been inverted for 20 months […]

Credit Card Debt and Interest Rates

Just Released: New Data on Record Credit Card Debt & Interest Rates – WalletHub, Diana Polk WalletHub analyzed Federal Reserve data released today and found that credit card debt hit a new record high of $1.27 trillion in May 2024, which is 4% higher than last year after adjusting for inflation. With the average credit card APR now even […]

“Since I took office, I have been working to secure funding for the Mobile bridge and get this project underway.”

Except as Alabama Democrat Representative Terri Sewell pointed out, Tommy Tuberville voted against the bill ($550. million) that provided the money. President Joe Biden’s Department of Transportation allocated the funding. If trump Wins the Election . . . July 12, 2024 by Prof. Heather Cox Richardson Letters from an American AB: Politicians are too busy […]

Real Average Hourly Wages are at Their Highest Level Since September 2021 and . . .

Real average nonsupervisory wages near, real aggregate nonsupervisory payrolls at, all-time highs  – by New Deal democrat Now that we have the CPI reading for June, we can calculate how average wage earners are doing in “real” terms. First, real average hourly nonsupervisory wages increased 0.4% for the second straight month. On a YoY basis, […]

A somnolent consumer price report, with headline YoY inflation marginally under 3%, tests whether 2% inflation is a target or a ceiling for the Fed

 – by New Deal democrat Consumer prices in June failed to show any inflation at all for the second month in a row, as they declined -0.1% following an unchanged reading in May. On a YoY basis inflation decelerated -0.3% to 3.0% (technically 2.98% if you go out one further decimal point), the lowest YoY […]

The Elderly President’s Medicare Part D program Saves Money for Seniors and the Government

Continuing the ongoing implementation of President Biden’s prescription drug pricing law called the Inflation Reduction Act of 2022. The Centers for Medicare & Medicaid Services (CMS) released the final part one guidance for the new Medicare Prescription Payment Plan. Today’s guidance helps ensure that Medicare Part D plan sponsors can successfully implement the Medicare Prescription Payment Plan and effectively […]

What Happens When Your Healthcare Insurers are Also Your Doctor and Your Pharmacist?

by David Wainer WSJ, June 1, 2024 America’s healthcare insurers do not say this openly. It is not a secret that many of them would like to be a little more like United Health Group UNH 4.69% increase; green up pointing triangle.  Just as Amazon is the e-commerce industry’s 800-pound gorilla, UnitedHealth has built a sprawling health services company. It shows […]

On jobless claims, the unresolved seasonality hypothesis is holding up

 – by New Deal democrat Ever since jobless claims started higher in May, I’ve cautioned that I suspected that unresolved seasonality may be at play. This week and the next two weeks are the acid test for that hypothesis, because they were the lowest weeks for claims all last summer. And . . . The […]

Improved Economies in the Left-Behind Counties

From The No Good Deed Files – Digby’s Hullabaloo (digbysblog.net)  Jim Tankersley @ The NY Times reports (Italicized quotes) the Biden administration has pulled off an amazing success in some places that will never reward him for it: America’s so-called “left behind” counties — the once-great manufacturing centers and other distressed places that struggled mightily at […]