Get the BBB through Congress and into law before the shit-show that will be the US economy this fall hits.
The USD experienced it's largest devaluation during the first 6 months of a year since 1973.
The US shed jobs in June (down 33k) vs. an expectation of gaining (^115K).
Prices everywhere are about to climb. Amazon, Walmart, and every other company on the planet is looking at higher costs. My electricity just jumped 16% this month. Every company around me is going to have to pass that on.
All of the stupidity of the Trump Tariff's are about to slam the US. Trump's goal is to rush through a tax cut for the rich while reducing services for the most needy ASAP... 'cause the shit is about to get real for a lot of his base (and half of the country).
Any Republican in the house who wants to hold onto their seats next fall had better think long and hard.... Cause the BBB is about to destroy your chances. The anger by next summer is going to be huge, when everyone realizes that Trump has destroyed the country by selling "great again" while stealing everything he could get his hands on.
This is on Fox Business (found link on FoxNews)... If you want to read something amusing... read the comments. The MAGA cult won't even accept facts from Fox when they don't support the cult narrative.
The Federal Reserve Bank of New York recently released a survey that found businesses are passing some or all of the cost of higher tariffs onto consumers through higher prices.
...
Manufacturers estimated the average tariff rate they paid on their imports was about 35%, an increase of about 25 percentage points from six months ago; service firms reported an average tariff rate of 26%, up 17 points in the last six months. Most of those firms have raised prices on customers by passing through some or all of the cost of higher tariffs.
"About three-quarters of businesses facing tariff-induced cost increases in both the manufacturing and service sectors passed along at least some of these higher costs to their customers by raising prices," the New York Fed wrote.
Simple easy to understand discussion of deficits/debt. The problem and answer are both simple...
When Does the National Debt Become Genuinely Bad?
The U.S. national debt is nearly $30 trillion â but is that bad? WSJ explains how the debt affects everyone and when it becomes unsustainable. Photo Illustration: Kent Nishimura/Getty Images
Trump Is Waging War on the U.S. Trade DeficitâBut Does It Need Fixing?
President Trumpâs broad tariff rollout takes aim at the U.S. trade deficit, which he calls a ânational emergency.â Hereâs how the trade deficit works, how tariffs affect itâand why economists say it isn't necessarily bad for the economy. Illustration: Madeline Marshal
"How did you go bankrupt?" "Gradually, then suddenly."
not funny, I guess.
As a result, OBBBA would not only keep spending levels high, but would also add $3 trillion to already high levels of national debt â or $5 trillion if extended. With debt already approaching record levels, this additional borrowing could prove very harmful. The Senate should work to improve the bill to expand the spending reductions, limit the revenue reductions, and ensure the bill reduces rather than adds to the national debt.
Here is a good summary of how tariffs are about to kill American businesses across every industry... all based on a fantasy that anything can be made in America.
PM has had some really good takes on all of this. Typical for them. Planet money is included in the NPR+ bundle of podcast extras for $100/year. $8/mo is worth it for PM alone, plus you get a lot of other content. The Divided Dial has been a really informative listen from On the Media lately. And since they are likely to lose a portion of their funding due to stupidity at the government level it's good to chip in for extra support.
Here is a good summary of how tariffs are about to kill American businesses across every industry... all based on a fantasy that anything can be made in America.
House Republicans advanced Sunday night a tax-and-spending bill that would increase projected budget deficits by nearly $3 trillion.
The bill extends tax cuts and increases spending, offset by cuts to Medicaid and nutrition assistance, but analysts warn it worsens the U.S. fiscal outlook.
The GOP plan includes $1.6 trillion in spending cuts but also increases spending on border security, defense and support for farmers.
Welfare queens. Odd because I think they have bootstraps to pull.
House Republicans advanced Sunday night a tax-and-spending bill that would increase projected budget deficits by nearly $3 trillion.
The bill extends tax cuts and increases spending, offset by cuts to Medicaid and nutrition assistance, but analysts warn it worsens the U.S. fiscal outlook.
The GOP plan includes $1.6 trillion in spending cuts but also increases spending on border security, defense and support for farmers.
"President Trump attacked Walmart on social media Saturday, after the retail giant became the biggest company so far to signal that tariff-related price increases are coming for American shoppers.
"Trump said Walmart shouldnât blame its price increases on tariffs.
"'Walmart made BILLIONS OF DOLLARS last year,' he wrote in a post Saturday on Truth Social. 'Between Walmart and China they should, as is said, âEAT THE TARIFFS,â and not charge valued customers ANYTHING. Iâll be watching, and so will your customers!!!'
"Walmart Chief Executive Doug McMillon last month was among a small group of retail CEOs who met with Trump and warned him that tariffs would result in higher prices for American consumers, according to people familiar with the meeting."
Have I misunderstood a basic precept of Republicanism? Or what Capitalism is all about?
"Walmart made BILLIONS OF DOLLARS last year, far more than expected."
Does that mean that there are limits on what companies should make? That once you've gone over a certain level, that you've achieved exceptional profits, you're really not allowed to make anymore? That at that point, you should just turn those extra profits over to shoppers? Or maybe (wait for it) the Internal Revenue Service? (Does the IRS even exist anymore?)
This is not what I thought was the definition of American Exceptionalism.
In its coverage, the Washington Post makes two salient points:
⢠"In the opening months of his second term, Trump has taken an unusually direct and high-profile role in attempting to manage the sprawling American economy â an approach that could bring him enormous benefits if it thrives or danger if it stumbles. Itâs a departure from decades of Republican orthodoxy and arguably from Trumpâs own history; during the 2024 campaign, he called Democrat Kamala Harris a communist and a Marxist because her vow to tackle price gouging could have led to price controls ⦠Few Republicans have challenged Trump on his highly personal style, despite its clear departure from traditional free-market economics. Nor have they taken issue with the overlaps between his personal interests and the nationâs."
⢠"Trumpâs view of his role was reflected in his recent comparison of the U.S. economy to a department store. 'Itâs a giant, beautiful store, and everybody wants to go shopping there,' he told Time magazine last month. 'And on behalf of the American people, I own the store, and I set prices, and Iâll say, if you want to shop here, this is what you have to pay.'
"Conservative economists tend to frown on decision-making that is too centralized, let alone spearheaded by a single individual. Republicans have long railed against 'picking winners and losers'."
And yet...
Furthermore, I am confused. The suggestion in the social media posting is that Walmart should absorb the costs of tariffs so that customers won't have to. Which sort of goes against the argument being made by the administration that it would be foreign countries and foreign companies paying the tariffs.
In fact, the Associated Press reports that "Treasury Secretary Scott Bessent acknowledged Sunday that Walmart, the largest US retailer, may pass along some of the costs from President Trumpâs tariffs to its shoppers through higher prices."
I'm just confused.
I actually think this would be a good moment for Walmart to do what Amazon wouldn't do - delineate the costs of tariffs in every price. Do it online. Do it in the aisles.
Advocate for shoppers. Make it clear that in a free market economy, it is the consumer who picks winners and losers.
I'll accept this premise as stated by the President: Customers, indeed, will be watching.
The gap between what Americans earn and how much they need to bring in to achieve a basic standard of living is growing, according to a new report.
The analysis, from the Ludwig Institute for Shared Economic Prosperity (LISEP), looks beyond whether people can afford daily necessities like food and shelter to consider whether they have the means to pay for things like the technology tools necessary for work, higher education, and health and child care costs.
In tracking costs associated with what the group calls a "basket of American dream essentials," LISEP says its Minimal Quality of Life index provides a truer picture of how Americans are faring than standard economic data, such as the nation's gross domestic product and jobless rate. The index captures the annual change in the typical costs facing low- and moderate-income households who are looking to maintain a basic quality of life. (...)
Yeah, most of us have already starved to death and are living in cardboard boxes in the middle of the road in the mean time.
The gap between what Americans earn and how much they need to bring in to achieve a basic standard of living is growing, according to a new report.
The analysis, from the Ludwig Institute for Shared Economic Prosperity (LISEP), looks beyond whether people can afford daily necessities like food and shelter to consider whether they have the means to pay for things like the technology tools necessary for work, higher education, and health and child care costs.
In tracking costs associated with what the group calls a "basket of American dream essentials," LISEP says its Minimal Quality of Life index provides a truer picture of how Americans are faring than standard economic data, such as the nation's gross domestic product and jobless rate. The index captures the annual change in the typical costs facing low- and moderate-income households who are looking to maintain a basic quality of life. (...)
I'm putting this here because Buttigieg does a good job of discussing taxes, tariffs, and some of the idiocy of the current admin over the 2:45 of the interview.
I can see this as the conversation between Islander and Kurt... if Kurt were to ask slightly more direct and less incendiary questions.
The topics are indexed....so it's easy to get to things that interest you.
Yes
We need a weekly press conference for the opposite side; not immersed in infotainment News.
Like a layered cake between sports, weather and celebrity crisis stories that manage to make the current administration seem normal.
I'm putting this here because Buttigieg does a good job of discussing taxes, tariffs, and some of the idiocy of the current admin over the 2:45 of the interview.
I can see this as the conversation between Islander and Kurt... if Kurt were to ask slightly more direct and less incendiary questions.
The topics are indexed....so it's easy to get to things that interest you.
