Sure hoping rates drop soon and significantly. It is shocking how often I hear friends and strangers talking about housing costs and the disappearing dream of homeownership. Of course, this is on top of how expensive all purchases have become. I am worried that in boasting about Biden's record, many people will feel the Dems are tone deaf as to the rampant misery that defines millions of American lives right now.
Unfortunately the average american doesn't realize that the cost of everyday items, such as groceries, are more expensive due to corporate greed. These corporations have very little competition so they can do this and get away with it.
Regarding the jobs report, I'm not sure how they determine "new jobs created". But many of us have seen a significant amount of ghost job postings. So much so that some recruiters have actually admitted to posting ghost jobs. Given this practice, is the jobs report accurate?
My wife worked for Safeway for 30+ years. The last decade or so she was the person that changed the price tags for the several thousand items that had their prices changed every week. It's a deliberate Marketing tactic so store can proclaim "On sale! Marked down by $_____!" -- _without_ mentioning that the price had been raised just a couple weeks ago. Over the course of six months, the price -- and Profit from -- most everything in the store has increased by at least a few cents/nickels/dimes. But consumers don't detect that Change because of the frequent price changes. All they have to go on is the vague feeling that groceries are costing more than they used to.... which they most definitely are.
For the store or it's owner or the CEO who owns ALL the stores? For the first two the answer is "very little" thanks to corporate greed. For the later the answer is "ALL OF IT."
Corporate greed? No. It's not corporate greed. It's the Economy, the inflation. Do you realize that since the XL Pipeline was shut down and Oil Companies were refused permits to drill that BidenAdmin. Including Harris, began depleting our National Oil Reserves, selling billions of gallons of to China, etc. The only reason our gas prices are $3.00 or in some area higher or below this, that it's 55 days before the Election.
What were our National Strategic Oil Reserves for? They were for if there was a world war again. These Reserves were NEVER to be used otherwise, but for The Biden Harris Admin to keep prices low, they've been depleting this oil. Again, no drilling allowed.
How many wars has Bidens Admin got us into, where are our tax dollars going to in excess of $200B? We're at the brink of WWII because Chinas Xi, Russians Putin, NOKO Dictator Kim Jung UL, Irans Dictator aren't afraid of him or Harris. Harris can't speak for more than a half hour and she begins her word salads or accusations blaming Trump for the MESS and danger our country is now in by their failed policies and opening our borders to 20 million unvetted, mostly military aged men released from their countries prisons and insane asylums. This is the reality. In Colorado, Venezuelan armed gangs took over 2 huge apartment complexes throwing out the residents
The Democrat Mayor denied this but it's on video...and these gang members after finally being arrested were bailed out the next day to continue their crimes! In Ohio Haitians are eating residents pet dogs and cats, some were used in sacrifice ritus. A 11 yr old boywas killed in a bus crash because a Haitian man who shouldve never been driving crashed into his school bus on the highway.. These Haitians came from a country that eats dogs and cats, they perform rituals with these animals bcuz this is their way of life. Americans there are being intimidated by them. But, this Admin. will label this Hate Speech because we are defending ourselves. Biden Harris gave them Temporary Protections. Meaning they aren't held responsible. In their countries, if we did this, we'd be in their prisons to be executed..
Exactly. Young people and retired people are having trouble making ends meet, much less get ahead. Home ownership is out of the question for young people and rents are ridiculous. The economy is not good for average people. None of this news makes me happy. Of course I’m voting Democratic since the GOP would make things worse for 99% of us. I started my career at the exact moment when wages began to stagnate and have fallen further and further behind ever since despite a career in STEM with a graduate degree.
Thank you for acknowledging people who are almost 70 and still working! I would like to know if there is any policy to help US with rent and groceries. Families with children are important! But so are the millions who have been working for 40 years and cannot afford to retire! Vote BLUE! 💙💙💙💙💙
Likewise. Income Inequality is now the worst it has ever been. Corporate profits pass up to the top and Congress busily passes schemes and tax breaks for the wealthy to make sure accumulated wealth stays up there. Same with the step up in basis on inherited wealth.
Note that when candidates promise to "reduce taxes", they aren't talking about your taxes or mine. They almost always are talking about reducing the rates in the top brackets. And after they have cut taxes for the wealthy, they tell the rest of us that they have cut OUR taxes.
Ian, I share your concern. When people complain about "the economy" they are referring to the high cost of living, not employment/unemployment rates. There isn't much Biden&Harris can do about high prices nor, for that matter, Trump. Unlike Trump, Harris has to make credible promises. Giving hope is always a winning strategy.
Miriam, why should Trump be concerned about prices? Is he poor? What Trump and his libertarian allies want is do away with the income tax. And let's make this crystal clear: if Trump wins you would not have to vote again.
Well, if you're an illegal, the Govt uses your tax dollars paying Landlords $1500 to $2000 a month and 10 illegals are in each bedroom to house them as well as food allowances and debit cards....
You neglected housing which the jobs report doesn't cover but a rate cut lowers mortgages and that means more homes sold. Good. Grocery prices are still high but that is more greedflation. Bad
Very true George. Thanks. I really am hoping for a .5% drop for that very reason and I wish we would all see and hear more on the Greedflation which is the pocketbook pain everyone feels but not reflective accurately in any discussions about the economy.
I, too, would like to see a 50-basis point drop, but I don't expect it under the present Fed. I also agree about Greedflation and Shrinkflation. Small but real example: Yesterday I went to CVS at Target to pick up a prescription. While waiting for it to be filled, I grabbed a Pumpkin Spice Starbucks coffee creamer because I was about to run out and they don't offer it at the Albertsons where we shop. I was pleased to see the price of it still at $5.99, which is considerably less than the $6.49 they sell it for at Albs, when they have it. Got my script, went to check out the creamer at the self check-out, exchanged pleasantries with the woman watching us and left, not noticing that I'd been charged $7.98 for the creamer, and not the display sign price of $5.99. Also noted that what used to be a 32 oz bottle is now a 28 oz bottle. Corporate greed. I will give them a call, but without making the 24-mile trip to their customer service counter, I don't expect satisfaction here, but I guess you never know.
That is terrible, Patricia. Kroger does that, too. I always call them out on It and make them give me the sale price on the sign with the items. Same for shelf price items! They try to get away with saying, "Oh, the person doing the price changes forgot this one." RIGGHHT!
I love how Kroger/Albs has promised to lower the prices they hiked way higher than inflation AFTER the merger, because of course they will. It's a corporatocracy we live in, Klare. I used to always go back & call any store on over-charging, but I confess, I'm tired of doing that. Life's too short.
Patricia, I thought Lina Kahn and the DOJ were stopping the merger of those two.??? I always pick on the nicest, most compliant employee at Kroger. He is always amenable and cooperative. At Walmart's, if you go to customer service and complain, they will give you the price on the SALE sign. Produce is another story -- they blame it on that department's employees not doing their jobs.
I am sorry you have to drive so far to shop!! Yours is NOT a "small example," because those intentional-or-otherwise gouges add up! I ordered grocery delivery once from Target -- it was the WORST EXPERIENCE I have had . . . NOTHING in stock, seriously unripe produce, they wouldn't allow frozen fruit to leave the store . . . truly bizarro world! I haven't been able to get to Kroger in a few months, and I tried downloading their app, but it is really intrusive . . . it will not leave you alone to shop in peace! I am thinking about Aldi's, as I have just discovered they do grocery delivery! I appreciate them for who they are. The problem with them is that I am used to shopping organically and I don't want to give up the brands I love. (Yes, I know they offer organic milk, eggs, etc., but I don't know anything about them.) Aldi's has THE BEST RAISINS AND MEDJOOL DATES IN THE WORLD!!! Also the BEST CHOCOLATE: Choceur Chocolate from Bavaria.
As a sole proprietor for 47 years running under the same roof, I am all for cutting rates by a half-%. As a firm with basically no capital influx and minimum net income, acquiring a loan to sustain my business has been impossible, without securing higher interest loans from secondary lenders. I would be all for a Harris admin. to offer grants or low interest loans to worthy start-ups. You won't see a program like this from trump, since it might encourage competition for the firms run by his mega-donors. Small businesses forever!
The problem is the media, particularly the right wing media will focus on the lower than expected employment numbers, continue to rant that a recession is about to, or that we are already in one, and that doom and gloom is here
Not really. Even "MODERATE" media like CNN is holding water for TRAITORS! I have no idea why though, as Bunkerboy WILL end ALL life on Earth with his 1800s thinking of "DRILL BABY DRILL!!3!"
There will be all of the usual finger pointing, pundit talk, blaming and accusations, of which only the anti-Biden and Harris ones will be covered by corporate media.
Watch as the Auto industry, as well as Tesla, springs back to life after the Summer Re-tooling for the new models. An interest drop by the Fed may not translate to lower interest rates charge by Banks and financial institutions. Credit card rates have jumped up 30% from 19% to 29% over the last 4 years yet savings rates have barely reached 4.6%.
Edward F Dijeau—thanks so much for bringing up CC interest rates. People don’t seem to be talking about this very much. These rates, even for those with good to excellent credit are the norm and are completely out of control now. All you see in advertising is how many points you’ll get and next to nothing on how much the banks are gouging us as consumers with interest charges.
As far as savings, perhaps CD’s are 4.6%, but normal savings accounts are still paying next to nothing.
Susan, I agree with "You rock!!". Reich's analyses are as flawless and brilliant as any diamond (rock) can possibly be. Reich not only rocks but he is a rock. No, make that a "gemstone" instead of "rock" because diamonds are technically not "rocks" as in your use of the word "rock" (meaning really enjoyable). I prefer to describe both diamonds and Reich as "a rock" and "you rock", as you said in your use of the word rock. Hopefully this makes sense. In any case I found your comment to be both interesting and entertaining. :-) Thank you.
Excellent in depth analysis. Greatly appreciated. My takeaways - our healthy economy remains healthy, and wages for hourly workers rose 3.8% at a time when inflation was 2.8%.
Thank you for this enlightening summary, It is reassuring given the troubling predictions of recession and market crashes by others, I continue to hope for a Democratic sweep and a return to the spirit of FDR regulations , norms, and laws adapted to todays technology and scientific knowledge. Harris is ahead in the polls, but it was reported that more women support her and of the 43% approval rate for Trump it was mostly men, As a woman it is frightening that there are that many men who must agree with the GOP misogyny. If we want economic equality, we must deal with this erroneous notion that woman are not equal. It is also my hope that soon the majority of Americans will see women as equally deserving of respect, opportunity, fulfillment, equal pay, and dignity, We need a country that is based on cooperation for the common good, not competition for a very few “winners”.
No one that reads your Substack cares what “Donny the Dumbo” says about the economy! If you want to know what the economy will look like under another Trump presidency, just look at his Truth Social.
Why do "most Americans believe the economy is the most important issue in the upcoming presidential election"? There is something terribly wrong with that picture.
Being an existential threat, Environment/Climate Change is by far is the most important and relatively least talked about issue in this Presidential campaign.
Climate change is a driver of issues, potentially involving militaries around the world; not a passive bystander issue reduced in relative importance during this Presidential campaign. I would ask my fellow selfish, greedy and so-called "Republican" Americans - is money/economy more important to you than you and your progenies' very own existence? I know the answer; yes.
Harris needs to jump on this issue, big time, right now and lead, as leaders do, by telling Americans that the economy/money is NOT the most important Presidential campaign issue. Tell Americans Environment/Climate Change is the most important issue whether they like it or not.
Leaders emphasize to people what issues are important and tell them not to follow what others (such as Trump and some in the press) believe are important issues. Having said all that, I'm not being critical of Harris. She is absolutely wonderful and adorable. "Go Harris"!
I saw a figure recently that 30% of American households are now living below the poverty line. Another that 60% of Americans have less than $100 in 'savings', so no buffer for an unexpected problem.
So it isn't 'the economy' as in the numbers. It is their real economy of desperation, about being able to both buy food AND pay the rent and bills, each and every month, and praying that nobody falls ill.
Az, The poverty and savings numbers you mentioned are sadly consistent with what I've seen too. So, in that regard, *at the individual level*, yes - the economy IS the most important issue in the upcoming election for most Americans.
When I made my comment, I was thinking on a national and global level, not at an individual personal economic level. I appreciate your correction/clarification.
I didn't think of your reply as being simply "an alternative viewpoint". Is that a diplomatic way of saying correction/clarification? A rhetorical question. :-)
I was just practising my empathy, just in case I might need it one day. 🙂
Btw, I agree about climate change, but in America it seems to be right up there with socialism and communism in terms of no-go subjects, particularly if someone wants to get themselves elected. It seems a pity that to be an American President you have to either pretend to be stupid, or actually BE stupid!
I've stopped worrying so much about climate change, after being on the case for at least 40 years. It is now baked in to the system, and increasing evidence is that we've crashed our way through dozens of tipping points to a new future of human misery. Whether it is AMOC turning off (new evidence this week suggests before 2050) or runaway methane emissions from thawing permafrost and methane clathrates under the coastal seas, or the Amazon rainforest turning from a carbon capture to net emissions, and many, many more, humans have triggered their own Great Die-Off and still seem to want to make it even worse as fast as they can!
But I'm philosophical about it. I've been a fan of the work of the scientist Dr James Lovelock since the early 1970's and his extensive work about the Gaia theory, in particular that the planet has various self-preservation mechanisms that are likely to deal with the 'virus' of humans giving the planet Earth a raging temperature. Whether that will be the storms, floods, droughts and fires, or the diseases and pandemics, or AMOC turn-off refreezing the artic and making Europe untenable, of crop failures and famine, or climate mass migration across artificial borders causing wars....... Or all of the above!
When you and I were young, Robert, there were around 2.4 billion humans on this planet. Today there are around 8.2 billion, and still expected to grow to between 10 and 12 billion. If we could have stuck to, say, 3bn people, by now we could be feeding and educating everyone on the planet, and still all be driving around in V8 cars and setting out house boilers too hot without a care in the world. But no, exponential growth was the target, for people, for economies, for businesses, and here we are, one lifetime later watching the End of Days.
Shame about the rest of them. But hasn't it been a blast for us though! 😬
You said, "I agree about climate change, but in America it seems to be right up there with socialism and communism in terms of no-go subjects, particularly if someone wants to get themselves elected. It seems a pity that to be an American President you have to either pretend to be stupid, or actually BE stupid!"
I - could - not - agree - with - you - more. Yours is a stunning, yet true statement. How many Americans even know what AMOC is, much less would give a damn even if they did know what it is and its importance. Amazingly that just scratches the surface of the problem.
My sense is that sadly we are fighting a losing battle - -against pure ignorance; not only ignorance, but ignorance compounded by masquerading (at least politically) as brilliance.
I don't know which came first - ignorance from being stupid, or stupid from being ignorant. One of my greatest political disappointments was Al Gore not becoming an American President.
I gotta stop before I go off on a rant. I need to go check my blood pressure right now and start thinking about something nice, such as a few swigs of Old Forester.
I think , and thats a viewpoint from outside the United States , the choices are , when it comes to Precidency , a upcoming Dictatorship , or a policy who at least try to be decent ...
#Trump is and has always been a #Mobster, owned by Moscow and Saudi for the last 30 years, by the FBI & CIA before that, and WAS A #MOB STOOLIE TO DA #Giuliani in NY the late 1980s. That's how they first met!
Sure hoping rates drop soon and significantly. It is shocking how often I hear friends and strangers talking about housing costs and the disappearing dream of homeownership. Of course, this is on top of how expensive all purchases have become. I am worried that in boasting about Biden's record, many people will feel the Dems are tone deaf as to the rampant misery that defines millions of American lives right now.
Unfortunately the average american doesn't realize that the cost of everyday items, such as groceries, are more expensive due to corporate greed. These corporations have very little competition so they can do this and get away with it.
Regarding the jobs report, I'm not sure how they determine "new jobs created". But many of us have seen a significant amount of ghost job postings. So much so that some recruiters have actually admitted to posting ghost jobs. Given this practice, is the jobs report accurate?
What are the profit margins for grocery stores?
My wife worked for Safeway for 30+ years. The last decade or so she was the person that changed the price tags for the several thousand items that had their prices changed every week. It's a deliberate Marketing tactic so store can proclaim "On sale! Marked down by $_____!" -- _without_ mentioning that the price had been raised just a couple weeks ago. Over the course of six months, the price -- and Profit from -- most everything in the store has increased by at least a few cents/nickels/dimes. But consumers don't detect that Change because of the frequent price changes. All they have to go on is the vague feeling that groceries are costing more than they used to.... which they most definitely are.
For the store or it's owner or the CEO who owns ALL the stores? For the first two the answer is "very little" thanks to corporate greed. For the later the answer is "ALL OF IT."
Profit margins are very low. But the volume of sales is enormous.
So profits are very high.
Typically, well under 3% Here's a link to report that 2023 profit levels fell to 1.6% .
https://www.grocerydive.com/news/grocery-industry-profit-margins-fall-to-pre-pandemic-levels-fmi/720517/#:~:text=In%202023%2C%20profit%20margins%20in%20the%20grocery%20industry,of%202.1%25%20last%20year%20was%20driven%20by%20inflation
It used to be around 2%. Not sure if it’s changed a whole lot.
Good question 🤔
And the count is “jobs”. If one person works two jobs to make ends meet, it’s two on the count.
Excellent, factual analysis!
Corporate greed? No. It's not corporate greed. It's the Economy, the inflation. Do you realize that since the XL Pipeline was shut down and Oil Companies were refused permits to drill that BidenAdmin. Including Harris, began depleting our National Oil Reserves, selling billions of gallons of to China, etc. The only reason our gas prices are $3.00 or in some area higher or below this, that it's 55 days before the Election.
What were our National Strategic Oil Reserves for? They were for if there was a world war again. These Reserves were NEVER to be used otherwise, but for The Biden Harris Admin to keep prices low, they've been depleting this oil. Again, no drilling allowed.
How many wars has Bidens Admin got us into, where are our tax dollars going to in excess of $200B? We're at the brink of WWII because Chinas Xi, Russians Putin, NOKO Dictator Kim Jung UL, Irans Dictator aren't afraid of him or Harris. Harris can't speak for more than a half hour and she begins her word salads or accusations blaming Trump for the MESS and danger our country is now in by their failed policies and opening our borders to 20 million unvetted, mostly military aged men released from their countries prisons and insane asylums. This is the reality. In Colorado, Venezuelan armed gangs took over 2 huge apartment complexes throwing out the residents
The Democrat Mayor denied this but it's on video...and these gang members after finally being arrested were bailed out the next day to continue their crimes! In Ohio Haitians are eating residents pet dogs and cats, some were used in sacrifice ritus. A 11 yr old boywas killed in a bus crash because a Haitian man who shouldve never been driving crashed into his school bus on the highway.. These Haitians came from a country that eats dogs and cats, they perform rituals with these animals bcuz this is their way of life. Americans there are being intimidated by them. But, this Admin. will label this Hate Speech because we are defending ourselves. Biden Harris gave them Temporary Protections. Meaning they aren't held responsible. In their countries, if we did this, we'd be in their prisons to be executed..
Yes my college graduate spends hours at online job searches every night that lead nowhere.
Exactly. Young people and retired people are having trouble making ends meet, much less get ahead. Home ownership is out of the question for young people and rents are ridiculous. The economy is not good for average people. None of this news makes me happy. Of course I’m voting Democratic since the GOP would make things worse for 99% of us. I started my career at the exact moment when wages began to stagnate and have fallen further and further behind ever since despite a career in STEM with a graduate degree.
Thank you for acknowledging people who are almost 70 and still working! I would like to know if there is any policy to help US with rent and groceries. Families with children are important! But so are the millions who have been working for 40 years and cannot afford to retire! Vote BLUE! 💙💙💙💙💙
Likewise. Income Inequality is now the worst it has ever been. Corporate profits pass up to the top and Congress busily passes schemes and tax breaks for the wealthy to make sure accumulated wealth stays up there. Same with the step up in basis on inherited wealth.
Note that when candidates promise to "reduce taxes", they aren't talking about your taxes or mine. They almost always are talking about reducing the rates in the top brackets. And after they have cut taxes for the wealthy, they tell the rest of us that they have cut OUR taxes.
Diane, thank you for sharing your experience. What you report is very important.
Ian, I share your concern. When people complain about "the economy" they are referring to the high cost of living, not employment/unemployment rates. There isn't much Biden&Harris can do about high prices nor, for that matter, Trump. Unlike Trump, Harris has to make credible promises. Giving hope is always a winning strategy.
Trump has no understanding of "prices." His plan is to put tariffs on imports...that will raise prices long before it could ever create jobs on shore.
Miriam, why should Trump be concerned about prices? Is he poor? What Trump and his libertarian allies want is do away with the income tax. And let's make this crystal clear: if Trump wins you would not have to vote again.
Too true, but overdoing it might ignite inflationary expectations. We lived through that in the 70s and it was not pretty
@ Ian. You need a shot of Hopium. I guess you missed the Harris new housing proposals.
Here is the history. Vote Republican to destroy the economy.
https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F02b955e9-a240-46e1-8890-9b5a43449b85_1020x648.png?utm_source=substack&utm_medium=email
Significantly indeed - I think we need to remember that the fed two years back mentioned that “they would bring pain” to Americans: https://unorthodoxy.substack.com/p/the-federal-reserves-plan-for-inflation
Including the interest on a credit card thatI had to use to fix my old car!💙💙💙💙💙
Trump's offer is tariffs. Hopefully Harris and Walz will show the utter incompetence of Trump’s stated economic plans.
"... many economists have argued would weaken growth and cause prices to rise..."
https://www.politico.com/news/2024/09/05/trump-economy-00177543
TRUMP WORD SALAD PARSED
"Following Trump’s train of thought as it derails on a child care question"
https://www.washingtonpost.com/politics/2024/09/06/following-trumps-train-thought-it-derails-child-care-question/
Well, if you're an illegal, the Govt uses your tax dollars paying Landlords $1500 to $2000 a month and 10 illegals are in each bedroom to house them as well as food allowances and debit cards....
Stagflation? Ask former President Jimmy Carter about that. It's one of reasons he was not re-elected.
You neglected housing which the jobs report doesn't cover but a rate cut lowers mortgages and that means more homes sold. Good. Grocery prices are still high but that is more greedflation. Bad
Very true George. Thanks. I really am hoping for a .5% drop for that very reason and I wish we would all see and hear more on the Greedflation which is the pocketbook pain everyone feels but not reflective accurately in any discussions about the economy.
I, too, would like to see a 50-basis point drop, but I don't expect it under the present Fed. I also agree about Greedflation and Shrinkflation. Small but real example: Yesterday I went to CVS at Target to pick up a prescription. While waiting for it to be filled, I grabbed a Pumpkin Spice Starbucks coffee creamer because I was about to run out and they don't offer it at the Albertsons where we shop. I was pleased to see the price of it still at $5.99, which is considerably less than the $6.49 they sell it for at Albs, when they have it. Got my script, went to check out the creamer at the self check-out, exchanged pleasantries with the woman watching us and left, not noticing that I'd been charged $7.98 for the creamer, and not the display sign price of $5.99. Also noted that what used to be a 32 oz bottle is now a 28 oz bottle. Corporate greed. I will give them a call, but without making the 24-mile trip to their customer service counter, I don't expect satisfaction here, but I guess you never know.
That is terrible, Patricia. Kroger does that, too. I always call them out on It and make them give me the sale price on the sign with the items. Same for shelf price items! They try to get away with saying, "Oh, the person doing the price changes forgot this one." RIGGHHT!
I love how Kroger/Albs has promised to lower the prices they hiked way higher than inflation AFTER the merger, because of course they will. It's a corporatocracy we live in, Klare. I used to always go back & call any store on over-charging, but I confess, I'm tired of doing that. Life's too short.
Patricia, I thought Lina Kahn and the DOJ were stopping the merger of those two.??? I always pick on the nicest, most compliant employee at Kroger. He is always amenable and cooperative. At Walmart's, if you go to customer service and complain, they will give you the price on the SALE sign. Produce is another story -- they blame it on that department's employees not doing their jobs.
I am sorry you have to drive so far to shop!! Yours is NOT a "small example," because those intentional-or-otherwise gouges add up! I ordered grocery delivery once from Target -- it was the WORST EXPERIENCE I have had . . . NOTHING in stock, seriously unripe produce, they wouldn't allow frozen fruit to leave the store . . . truly bizarro world! I haven't been able to get to Kroger in a few months, and I tried downloading their app, but it is really intrusive . . . it will not leave you alone to shop in peace! I am thinking about Aldi's, as I have just discovered they do grocery delivery! I appreciate them for who they are. The problem with them is that I am used to shopping organically and I don't want to give up the brands I love. (Yes, I know they offer organic milk, eggs, etc., but I don't know anything about them.) Aldi's has THE BEST RAISINS AND MEDJOOL DATES IN THE WORLD!!! Also the BEST CHOCOLATE: Choceur Chocolate from Bavaria.
As a sole proprietor for 47 years running under the same roof, I am all for cutting rates by a half-%. As a firm with basically no capital influx and minimum net income, acquiring a loan to sustain my business has been impossible, without securing higher interest loans from secondary lenders. I would be all for a Harris admin. to offer grants or low interest loans to worthy start-ups. You won't see a program like this from trump, since it might encourage competition for the firms run by his mega-donors. Small businesses forever!
Yes! Harris has a plan.
The problem is the media, particularly the right wing media will focus on the lower than expected employment numbers, continue to rant that a recession is about to, or that we are already in one, and that doom and gloom is here
Not really. Even "MODERATE" media like CNN is holding water for TRAITORS! I have no idea why though, as Bunkerboy WILL end ALL life on Earth with his 1800s thinking of "DRILL BABY DRILL!!3!"
I guess The Cult is just too strong.
There will be all of the usual finger pointing, pundit talk, blaming and accusations, of which only the anti-Biden and Harris ones will be covered by corporate media.
Watch as the Auto industry, as well as Tesla, springs back to life after the Summer Re-tooling for the new models. An interest drop by the Fed may not translate to lower interest rates charge by Banks and financial institutions. Credit card rates have jumped up 30% from 19% to 29% over the last 4 years yet savings rates have barely reached 4.6%.
Edward F Dijeau—thanks so much for bringing up CC interest rates. People don’t seem to be talking about this very much. These rates, even for those with good to excellent credit are the norm and are completely out of control now. All you see in advertising is how many points you’ll get and next to nothing on how much the banks are gouging us as consumers with interest charges.
As far as savings, perhaps CD’s are 4.6%, but normal savings accounts are still paying next to nothing.
Amen! Taking Months to pay off a $1200 car repair bill. Theinterest is ridiculous 🙄
Thanks, Robert. I’ve come to rely on your analysis. You rock!!🪨
Susan, I agree with "You rock!!". Reich's analyses are as flawless and brilliant as any diamond (rock) can possibly be. Reich not only rocks but he is a rock. No, make that a "gemstone" instead of "rock" because diamonds are technically not "rocks" as in your use of the word "rock" (meaning really enjoyable). I prefer to describe both diamonds and Reich as "a rock" and "you rock", as you said in your use of the word rock. Hopefully this makes sense. In any case I found your comment to be both interesting and entertaining. :-) Thank you.
Excellent in depth analysis. Greatly appreciated. My takeaways - our healthy economy remains healthy, and wages for hourly workers rose 3.8% at a time when inflation was 2.8%.
Yes, the economy is healthy but the people aren't.
Thank you for this enlightening summary, It is reassuring given the troubling predictions of recession and market crashes by others, I continue to hope for a Democratic sweep and a return to the spirit of FDR regulations , norms, and laws adapted to todays technology and scientific knowledge. Harris is ahead in the polls, but it was reported that more women support her and of the 43% approval rate for Trump it was mostly men, As a woman it is frightening that there are that many men who must agree with the GOP misogyny. If we want economic equality, we must deal with this erroneous notion that woman are not equal. It is also my hope that soon the majority of Americans will see women as equally deserving of respect, opportunity, fulfillment, equal pay, and dignity, We need a country that is based on cooperation for the common good, not competition for a very few “winners”.
Competition for jobs is fierce, and people are apprehensive.
No one that reads your Substack cares what “Donny the Dumbo” says about the economy! If you want to know what the economy will look like under another Trump presidency, just look at his Truth Social.
Maybe it's not just "the economy stupid" especially with conflicting numbers. Maybe this year its "democracy, stupid".
It is indeed "democracy stupid." But the stupid didn't get it when Biden said it.
Why do "most Americans believe the economy is the most important issue in the upcoming presidential election"? There is something terribly wrong with that picture.
Being an existential threat, Environment/Climate Change is by far is the most important and relatively least talked about issue in this Presidential campaign.
Climate change is a driver of issues, potentially involving militaries around the world; not a passive bystander issue reduced in relative importance during this Presidential campaign. I would ask my fellow selfish, greedy and so-called "Republican" Americans - is money/economy more important to you than you and your progenies' very own existence? I know the answer; yes.
Harris needs to jump on this issue, big time, right now and lead, as leaders do, by telling Americans that the economy/money is NOT the most important Presidential campaign issue. Tell Americans Environment/Climate Change is the most important issue whether they like it or not.
Leaders emphasize to people what issues are important and tell them not to follow what others (such as Trump and some in the press) believe are important issues. Having said all that, I'm not being critical of Harris. She is absolutely wonderful and adorable. "Go Harris"!
I saw a figure recently that 30% of American households are now living below the poverty line. Another that 60% of Americans have less than $100 in 'savings', so no buffer for an unexpected problem.
So it isn't 'the economy' as in the numbers. It is their real economy of desperation, about being able to both buy food AND pay the rent and bills, each and every month, and praying that nobody falls ill.
Az, The poverty and savings numbers you mentioned are sadly consistent with what I've seen too. So, in that regard, *at the individual level*, yes - the economy IS the most important issue in the upcoming election for most Americans.
When I made my comment, I was thinking on a national and global level, not at an individual personal economic level. I appreciate your correction/clarification.
Not a correction. Just an alternative viewpoint.
I didn't think of your reply as being simply "an alternative viewpoint". Is that a diplomatic way of saying correction/clarification? A rhetorical question. :-)
Absolutely not!
I was just practising my empathy, just in case I might need it one day. 🙂
Btw, I agree about climate change, but in America it seems to be right up there with socialism and communism in terms of no-go subjects, particularly if someone wants to get themselves elected. It seems a pity that to be an American President you have to either pretend to be stupid, or actually BE stupid!
I've stopped worrying so much about climate change, after being on the case for at least 40 years. It is now baked in to the system, and increasing evidence is that we've crashed our way through dozens of tipping points to a new future of human misery. Whether it is AMOC turning off (new evidence this week suggests before 2050) or runaway methane emissions from thawing permafrost and methane clathrates under the coastal seas, or the Amazon rainforest turning from a carbon capture to net emissions, and many, many more, humans have triggered their own Great Die-Off and still seem to want to make it even worse as fast as they can!
But I'm philosophical about it. I've been a fan of the work of the scientist Dr James Lovelock since the early 1970's and his extensive work about the Gaia theory, in particular that the planet has various self-preservation mechanisms that are likely to deal with the 'virus' of humans giving the planet Earth a raging temperature. Whether that will be the storms, floods, droughts and fires, or the diseases and pandemics, or AMOC turn-off refreezing the artic and making Europe untenable, of crop failures and famine, or climate mass migration across artificial borders causing wars....... Or all of the above!
When you and I were young, Robert, there were around 2.4 billion humans on this planet. Today there are around 8.2 billion, and still expected to grow to between 10 and 12 billion. If we could have stuck to, say, 3bn people, by now we could be feeding and educating everyone on the planet, and still all be driving around in V8 cars and setting out house boilers too hot without a care in the world. But no, exponential growth was the target, for people, for economies, for businesses, and here we are, one lifetime later watching the End of Days.
Shame about the rest of them. But hasn't it been a blast for us though! 😬
You said, "I agree about climate change, but in America it seems to be right up there with socialism and communism in terms of no-go subjects, particularly if someone wants to get themselves elected. It seems a pity that to be an American President you have to either pretend to be stupid, or actually BE stupid!"
I - could - not - agree - with - you - more. Yours is a stunning, yet true statement. How many Americans even know what AMOC is, much less would give a damn even if they did know what it is and its importance. Amazingly that just scratches the surface of the problem.
My sense is that sadly we are fighting a losing battle - -against pure ignorance; not only ignorance, but ignorance compounded by masquerading (at least politically) as brilliance.
I don't know which came first - ignorance from being stupid, or stupid from being ignorant. One of my greatest political disappointments was Al Gore not becoming an American President.
I gotta stop before I go off on a rant. I need to go check my blood pressure right now and start thinking about something nice, such as a few swigs of Old Forester.
My X-Wife and our economy are strangely similar. Her elevated interest caused my capital to dwindle.
あまり面白くない。
Thomas--I agree, Trump is an ass.
I think , and thats a viewpoint from outside the United States , the choices are , when it comes to Precidency , a upcoming Dictatorship , or a policy who at least try to be decent ...
Thank you, Robert. But the headline should read "GOP slams job report as disaster worse than Titanic and Pompeii combined, as usual"
Trump is having a mental meltdown. He never expected this, the moron.
#Trump is and has always been a #Mobster, owned by Moscow and Saudi for the last 30 years, by the FBI & CIA before that, and WAS A #MOB STOOLIE TO DA #Giuliani in NY the late 1980s. That's how they first met!
https://gregolear.substack.com/p/give-me-secrecy-and-give-me-death
Not unlike Stalin. If he wins he will probably create a mafia style government.
Thank you for helping to keep my blood pressure down, I’m maxed out on existential crisis!
Thank you. You said so much in language we can all understand.