– by New Deal democrat Today’s GDP report for Q2 was pretty much as we expected, i.e., payback from the front-running of import tariffs in Q1. But as usual, my main focus is on the two long leading components. The headline was a 3.0% annualized increase in real GDP, rebounding from the -0.5% decrease in Q1 […]

Speaking at a Breitbart event, Treasury Secretary Scott Bessent crowed about the new “Trump Accounts” in which the the parents or employer can contribute up to $5000/year. The funds are to be structured like IRAs and must be invested in portfolios tied to U.S. stock indexes. Quoth Bessent: “In a way, it is a backdoor […]

The Federal Reserve left interest rates unchanged on Wednesday, keeping its benchmark range at 4.25% to 4.5%. In his remarks, Fed Chair Jerome Powell explained the committee’s view that “the economy is in a solid position.” However, growth has moderated, he said, and consumer spending has slowed in the first half of the year. What’s […]

In selecting Supreme Court clerks, much has changed over the past 25 years—but one thing has not. The U.S. Supreme Court currently stands in recess, but that doesn’t mean nothing’s happening at One First Street. Although the justices generally aren’t in the building, as they typically travel or teach over the summer, July is an […]

Trump has trumpeted his EU fossil fuel deal to sell $250bn worth of US oil, natural gas and nuclear technologies for each of the next three years. Like all things Trump, it’s all bluster. “Analysts were puzzled by a target that would involve decisions by shareholder-owned companies in a continent also trying to decarbonise its […]

 – by New Deal democrat Yesterday’s JOLTS survey for June continued to be consistent with a “soft landing” scenario. This is good news, particularly on a relative basis, since the actions of the new Administration, especially on trade, have exacerbated the fear that this might transform into a “hard” landing, a/k/a a recession. As a quick […]

One of the icons of right-wing fairytale economics is the Laffer Curve. It purported to show that if taxes were raised too high, the tax income would fall. Casual inspection revealed that there were no labels on the ordinate or abscissa, so it was impossible to say at what level of taxation “too high” occurred. […]

Looks like the revenge of the healthcare insurance corporate powers coming next year. If you think Herr Tr__p will be stepping in to control the rising healthcare insurance prices, I tend to think not. Indeed, Joe Biden will take the fall on this as Tr__mp does not have a solution other than to pass blame. […]

We have three people involved in a potential scandal. The accuser Donald Trump claims Vice President Kamala Harris paid out $11 million to musician and singer Beyoncé for endorsing Kamala Harris. Over the weekend, Trump called for musician Beyoncé to be prosecuted for breaking the law by taking $11 million for endorsing Democratic presidential nominee […]

Musk’s tunnel drilling company, The Boring Company, has announced a privately funded plan to build a 10-mile underground people-mover connecting the convention center and downtown to the airport. Take that to the bank? Not so fast. “Musk also claimed during the first Trump administration that The Boring Company had received “verbal govt approval” to dig […]