Employers added 261,000 jobs in October on a seasonally adjusted basis, the Labor Department said today. That was down from 315,000 in September. The unemployment rate rose to 3.7 percent. Average hourly earnings climbed by 4.7 percent in the year through October. Consumer prices grew 8.2 percent through September.
The Fed is complicit with the Republican agenda. The driver of inflation is record corporate profits, and the global environment (which reflects geopolitical and climate issues), and will not be solved by shifting the inflation burden onto the backs of workers and the middle class, by driving up interest rates. The Fed should have REFUSED to use its weapon of monetary policy in order to force Congress to do its job and pass windfall profits taxes and price controls. Of course, given the dysfunctonality of Congress, and right-wing politicians knee-jerk recoiling in horror to even the mere suggestion of taxes and market control (with the exception of Fed intervention, of course), this won't happen either. So guess who gets to pay the price for inflation? You and me. But never, never, never the sacrosanct corporation and their plutocrats. Throw them out!
When Paul Vocker tamer inflation back in the Carter administration it cost Carter the Re election and we got the genius Ronnie Regan that spent every last penny on overpriced Defense. Working people got nothing in return unless you worked for a defense contractor.
They should have, but didn't, because when we say Democrats, we mean corporations. We mean donors. We don't have many real representatives. We have a collection of corporate-sponsored puppets who use the theater of politics to mask a system designed to exploit people and planet into non-existence.
If we put the GOP in power this November, the winter of our discontent will only be exacerbated. They will no doubt double down on their failed trickle-down paradigm further squashing the middle class into poverty.
We need to reign in corporate greed and until we do ... we will continue toward an abyss where low wages will hinder manpower, will hinder production, will hinder logistics, will exacerbate inflation, will impact not demand but only decrease prosperity for the bulk of us; such disparity will eventually reach the uber wealthy ... but too late for them to realize the depth of the peril they are placing us all in.
We are acting too little to late when it comes to how corporate greed is impacting us all.
Until wages are competitive to the point that the "sweet spot" is struck with a normal investment worthy inflation at a much slower pace than now ... this circumstance will exacerbate.
I hope President Biden, and the rest of the Democratic Party are listening ... I hope to the some of those in the GOP can figure out that the Trickle down paradigm is always a failure.
Growth comes from the middle (not the extremes) ... when extremes are grown it all collapses over the base ... everything eventually collapses.
Suggested talking points for closing out the election campaigns:
People have forgotten just how bad things were in this country when Joe Biden took office and the Democrats took over the Senate. Under Trump and the Republicans, unemployment was at 6.8% and rising. Hundreds of thousands of people were lined up to get free food baskets in order to feed their families. [SHOW VIDEO OF CARS LINED UP FOR BLOCKS AT FOOD DISTRIBUTION CENTERS]
Trump had also miserably failed in responding to the worst health pandemic in 100 years. Over 3,000 people were dying from COVID every single day. [SHOW COVID HOSPITAL VIDEO]
In short, Biden and the Democrats inherited two of the worst crises in U.S. history.
They immediately got to work to respond to both crises. Lets start with COVID. When Biden took office, only 2% of adults were vaccinated. He immediately went to work and had the federal government provide free and easily available vaccines everywhere in the country. In a little over 1 year, 70% of the public was vaccinated…and anyone who was unvaccinated was that way entirely by their own choice. [SHOW CLIP OF A SMILING PERSON GETTING A VACCINE SHOT]
As for the economy, the Democrats passed (without a single Republican vote in the Senate) the American Rescue Plan Act of 2021, which provided immediate financial assistance to families and businesses around the nation. Tens of millions of families received much-needed cash to get through the crisis. They next passed the Infrastructure Investment and Jobs Act, the first major infrastructure bill in decades, which has stimulated good paying jobs all over the nation. In less than two years, Biden and the Democrats have added a record 10 million jobs, and brought unemployment from 6.8% down to a historic low of 3.5%. [SHOW A COUPLE CLIPS OF WORKERS IN ACTION] How on earth can anyone say the Republicans are better on the economy???
Of course we now face a bad case of global inflation - - caused by global factors like the COVID disruption of international supply chains and Russia’s invasion of Ukraine. But who should you trust to solve it in a way that helps average citizens? Democrats have already passed the Inflation Reduction Act (again without a single Republican supporting it) which will cap prescription drug costs for seniors, cap insulin costs at $35 a month, and allow Medicare to negotiate lower drug costs with the drug companies. And they pay for those and other solutions by having large corporations that currently pay no federal taxes pay a minimum of 15% income tax. Republicans have vowed to overturn each of those policies if they take control… plus cut Social Security and Medicare! [SHOW DARKENED IMAGE CLIP OF TRUMP AND MCONNEL AND SO FORTH] Those Republican policies would hurt people, not help them.
If people can remember these facts, the choice this election should be easy. Vote Democratic! [CLOSE WITH CLIP OF HAPPY VOTERS]
Biden should definitely have acted sooner on this, and Dems should have been shouting this from the roof tops. I continue to be mystified as to why Biden retained Powell. My conclusion is Dems are owned by the major corporations, too, and are hesitant to cross them.
Doctors have given up bleeding their patients to cure disease, why are men such as Powell and Simak continuing to apply a comparably antique and discredited solution to inflation?
Yes, insanity. Billionaires AND big corporations HAVE to pay much, much more in taxes if we want to see a more just playing field. But how? Sure, fire Powell to start with, but how? I feel so helpless at times.
The Fed by its own definition is referred to as a Quasi government Agency. It's under private control. So we also have the 6 biggest US banks,"Too Big to Fail," and together they have the foundation for corporate socialism for the 1% and austerity for the rest.
The government has been privatized and runs by corporate contracts. If FDR is right, "When your government is controlled by private money you have fascism," then we are already ruled by fascism!
Putting Americans on the street so that demand will decrease and prices fall is the cruelest economics ever. Why don't we just go out and euthanize a bunch of people. Can anyone get some traction for fair profit capitalism where those who do the work are rewarded at the fair rate! Make the corps aware that they can really do trickle down economics and increase wages or the government can regulate the unfairness and bring things around so all working people can benefit!
Powell needs to be replaced and a more sensible, and sensitive, individual put in his place. What's he going to do, squeeze all Democrats and independents until they vote Republican? Powell is going to cost us the House of Representatives.
The Fed is complicit with the Republican agenda. The driver of inflation is record corporate profits, and the global environment (which reflects geopolitical and climate issues), and will not be solved by shifting the inflation burden onto the backs of workers and the middle class, by driving up interest rates. The Fed should have REFUSED to use its weapon of monetary policy in order to force Congress to do its job and pass windfall profits taxes and price controls. Of course, given the dysfunctonality of Congress, and right-wing politicians knee-jerk recoiling in horror to even the mere suggestion of taxes and market control (with the exception of Fed intervention, of course), this won't happen either. So guess who gets to pay the price for inflation? You and me. But never, never, never the sacrosanct corporation and their plutocrats. Throw them out!
FIRE POWELL AND THE REST OF THE FED'S CORPORATE LACKEYS! RECONSTITUTE THE FED TO SUPPORT PEOPLE, NOT CORPORATIONS!
True, true, true !!! Robert Reich for chairman of the Federal Reserve!
Biden’s windfall profits tax message should have come months ago.
When Paul Vocker tamer inflation back in the Carter administration it cost Carter the Re election and we got the genius Ronnie Regan that spent every last penny on overpriced Defense. Working people got nothing in return unless you worked for a defense contractor.
J
They should have, but didn't, because when we say Democrats, we mean corporations. We mean donors. We don't have many real representatives. We have a collection of corporate-sponsored puppets who use the theater of politics to mask a system designed to exploit people and planet into non-existence.
If we put the GOP in power this November, the winter of our discontent will only be exacerbated. They will no doubt double down on their failed trickle-down paradigm further squashing the middle class into poverty.
We need to reign in corporate greed and until we do ... we will continue toward an abyss where low wages will hinder manpower, will hinder production, will hinder logistics, will exacerbate inflation, will impact not demand but only decrease prosperity for the bulk of us; such disparity will eventually reach the uber wealthy ... but too late for them to realize the depth of the peril they are placing us all in.
We are acting too little to late when it comes to how corporate greed is impacting us all.
Until wages are competitive to the point that the "sweet spot" is struck with a normal investment worthy inflation at a much slower pace than now ... this circumstance will exacerbate.
I hope President Biden, and the rest of the Democratic Party are listening ... I hope to the some of those in the GOP can figure out that the Trickle down paradigm is always a failure.
Growth comes from the middle (not the extremes) ... when extremes are grown it all collapses over the base ... everything eventually collapses.
Suggested talking points for closing out the election campaigns:
People have forgotten just how bad things were in this country when Joe Biden took office and the Democrats took over the Senate. Under Trump and the Republicans, unemployment was at 6.8% and rising. Hundreds of thousands of people were lined up to get free food baskets in order to feed their families. [SHOW VIDEO OF CARS LINED UP FOR BLOCKS AT FOOD DISTRIBUTION CENTERS]
Trump had also miserably failed in responding to the worst health pandemic in 100 years. Over 3,000 people were dying from COVID every single day. [SHOW COVID HOSPITAL VIDEO]
In short, Biden and the Democrats inherited two of the worst crises in U.S. history.
They immediately got to work to respond to both crises. Lets start with COVID. When Biden took office, only 2% of adults were vaccinated. He immediately went to work and had the federal government provide free and easily available vaccines everywhere in the country. In a little over 1 year, 70% of the public was vaccinated…and anyone who was unvaccinated was that way entirely by their own choice. [SHOW CLIP OF A SMILING PERSON GETTING A VACCINE SHOT]
As for the economy, the Democrats passed (without a single Republican vote in the Senate) the American Rescue Plan Act of 2021, which provided immediate financial assistance to families and businesses around the nation. Tens of millions of families received much-needed cash to get through the crisis. They next passed the Infrastructure Investment and Jobs Act, the first major infrastructure bill in decades, which has stimulated good paying jobs all over the nation. In less than two years, Biden and the Democrats have added a record 10 million jobs, and brought unemployment from 6.8% down to a historic low of 3.5%. [SHOW A COUPLE CLIPS OF WORKERS IN ACTION] How on earth can anyone say the Republicans are better on the economy???
Of course we now face a bad case of global inflation - - caused by global factors like the COVID disruption of international supply chains and Russia’s invasion of Ukraine. But who should you trust to solve it in a way that helps average citizens? Democrats have already passed the Inflation Reduction Act (again without a single Republican supporting it) which will cap prescription drug costs for seniors, cap insulin costs at $35 a month, and allow Medicare to negotiate lower drug costs with the drug companies. And they pay for those and other solutions by having large corporations that currently pay no federal taxes pay a minimum of 15% income tax. Republicans have vowed to overturn each of those policies if they take control… plus cut Social Security and Medicare! [SHOW DARKENED IMAGE CLIP OF TRUMP AND MCONNEL AND SO FORTH] Those Republican policies would hurt people, not help them.
If people can remember these facts, the choice this election should be easy. Vote Democratic! [CLOSE WITH CLIP OF HAPPY VOTERS]
Insanity is the way of our Economy !!!
There is no labor shortage there is a Lack of LIVABLE WAGES. Flatten out the wage income pyramid so that our citizens can afford to live and prosper.
J
Biden should definitely have acted sooner on this, and Dems should have been shouting this from the roof tops. I continue to be mystified as to why Biden retained Powell. My conclusion is Dems are owned by the major corporations, too, and are hesitant to cross them.
Doctors have given up bleeding their patients to cure disease, why are men such as Powell and Simak continuing to apply a comparably antique and discredited solution to inflation?
Yes, insanity. Billionaires AND big corporations HAVE to pay much, much more in taxes if we want to see a more just playing field. But how? Sure, fire Powell to start with, but how? I feel so helpless at times.
The Fed by its own definition is referred to as a Quasi government Agency. It's under private control. So we also have the 6 biggest US banks,"Too Big to Fail," and together they have the foundation for corporate socialism for the 1% and austerity for the rest.
The government has been privatized and runs by corporate contracts. If FDR is right, "When your government is controlled by private money you have fascism," then we are already ruled by fascism!
Putting Americans on the street so that demand will decrease and prices fall is the cruelest economics ever. Why don't we just go out and euthanize a bunch of people. Can anyone get some traction for fair profit capitalism where those who do the work are rewarded at the fair rate! Make the corps aware that they can really do trickle down economics and increase wages or the government can regulate the unfairness and bring things around so all working people can benefit!
Powell needs to be replaced and a more sensible, and sensitive, individual put in his place. What's he going to do, squeeze all Democrats and independents until they vote Republican? Powell is going to cost us the House of Representatives.
Hey Republicans, hey Democrats if we continue fighting each other we will both lose.
Let's unit and get big money and privilege out of politics. If your representatives don't support this, vote them out.