Tag: Donald Trump

The Congressional Black Caucus Wasn’t Having It When Trump Mentioned Black Unemployment

The Congressional Black Caucus Wasn’t Having It When Trump Mentioned Black Unemployment

“And something I’m very proud of, African-American unemployment stands at the lowest rate ever recorded,” Trump said as the crowd packed into the U.S. Capitol on Tuesday night went wild.
Vice President Mike Pence and House Speaker Paul Ryan (R-Wis.) gave the line a standing ovation.
But members of the Congressional Black Caucus, dressed in kente cloth, were unmoved.
They didn’t clap.
They didn’t emote at all.
The White House hasn’t detailed which of the Trump administration’s policies are to thank for the drop in black unemployment.
Black unemployment fell fairly consistently from 2010 on, as did the rates for whites and Hispanics,” wrote Philip Bump for The Washington Post.
“From January to December 2017, the unemployment rate among black Americans fell 1 percentage point.
In 2015, it fell 1.9 points.
The year before that, it fell 1.8 points,” Bump said.

Why Trump’s Pick For Chair Of The Federal Reserve Matters To Workers

Why Trump’s Pick For Chair Of The Federal Reserve Matters To Workers

Although the latest news is that Trump will choose Jerome Powell as Fed Chair, Trump has led us to believe that he will stack the rest of the Fed with individuals who will dissolve the protections put in place to prevent another financial crash – people who have no trouble disregarding the well-being of American workers to promote the interests of Wall Street.
I am one of the millions of people that continue to work and struggle in this economy every single day.
My sister was also underemployed, so we moved in together to make rent.
John Taylor was screaming about inflation and arguing we should care about that instead of jobs while nearly 10% of us were unemployed.
I found a full-time job and was able to move out on my own again, spend more time with my daughter, and build us a better life.
Meanwhile, Taylor, Trump’s rumored favorite for Fed Vice-Chair, was wrong about every major policy question the Fed faced prior to and during the great recession.
John Taylor still supports rolling back the financial protections that Yellen and others put in place after Wall Street wrecked the economy, and is best known for proposing the Fed set interest rates through the so-called “Taylor Rule.” Economists estimate that if the “Taylor Rule had been in place over the past five years, 2.5 million fewer jobs would have been created.
Whoever is the next Fed Chair, people like John Taylor, who have been wrong about rate hikes, inflation, and what working families need, should not be allowed anywhere near the Federal Reserve in any position.
It’s the difference between a full recovery and another financial crisis.
For families like mine, John Taylor is the wrong choice.

The Fed is hogging the attention, but don’t forget this critical number for the economy

The Fed is hogging the attention, but don’t forget this critical number for the economy

The Fed is widely expected to raise a key interest rate that helps set the cost of borrowing for companies and consumers — business startup loans, mortgages and so forth.
Companies are complaining loudly about growing shortages of skilled workers and it’s just going to get worse.
Read: U.S. job openings hit record high at start of 2018 Now firms have two choices.
Increase pay to win over new workers in a highly competitive jobs market, a potential source of inflation.
Or invest more money in computers and other equipment to help current employees produce more goods and services in the same amount of time.
Read: Why Trump is wrong about a Canada deficit, but not off base in seeking a better deal Investment has tapered off recently to a yearly rate of 6.3%, with lower readings in January and December reflecting the first back-to-back declines since early 2016.
Many executives also said the planned to increase investment in the next six months.
“Core orders have started to slow after surging at the end of last year, but the latest business surveys point to a renewed acceleration soon,” economists at Capital Economics wrote.
So pay close attention to core orders in the broader monthly report on durable goods.
It doesn’t get the same attention as Fed meetings, but it’s also a must-see event this year.

No, Mr. President. The US doesn’t have a trade deficit with Canada

No, Mr. President. The US doesn’t have a trade deficit with Canada

Trump said the inaccurate statement on Wednesday at a fundraiser.
The United States has a trade surplus with Canada, according to statistics from the Commerce Department’s Bureau of Economic Analysis, which is a part of the executive branch.
Conversely, a surplus means that Canada bought more goods and services from the United States than the other way around.
The US had a $2.7 billion trade surplus with Canada last year.
Subtract the goods deficit from the services surplus, and you get an overall US trade surplus of $2.7 billion with Canada.
According to the Census Bureau, the United States ran a $17.6 billion deficit with Canada, but it counts only goods.
Globally, the United States has a trade deficit and that makes sense because the US economy is driven by consumer spending.
Americans spending at stores and online make up about two-thirds of US economic activity.
During the financial crisis a decade ago, the trade deficit shrunk.
The United States can stomach such large trade deficits because foreign companies and governments take the money they get from US buyers and often reinvest that cash in US Treasury bonds.

US jobless claims fall as labor market strengthens

US jobless claims fall as labor market strengthens

Initial claims for state unemployment benefits dropped 4,000 to a seasonally adjusted 226,000 for the week ended March 10, the Labor Department said on Thursday.
Claims dropped to 210,000 during the week ended Feb. 24, which was the lowest level since December 1969.
That is the longest such stretch since 1970, when the labor market was much smaller.
The economy created 313,000 jobs in February.
Economists are optimistic that tightening labor market conditions will start boosting wage growth in the second half of this year.
That should help to underpin consumer spending, which slowed at the start of the year.
Data on Wednesday showed retail sales fell in February for a third straight month, prompting economists to lower their gross domestic product growth estimates to as low as a 1.7 percent annualized rate from as high as a 2.6 percent pace.
The economy grew at a 2.5 percent pace in the fourth quarter.
The claims report also showed the number of people receiving benefits after an initial week of aid rose 4,000 to 1.88 million in the week ended March 3.
The four-week moving average of the so-called continuing claims fell 17,250 to 1.89 million, the lowest level since early November.

Special Election Results in Trump County Give Democrats Hope

Special Election Results in Trump County Give Democrats Hope

Until very recently, Bob Rogers, a retired coal miner in his seventies, thought his party was dead.
She voted for Lamb.
Indeed, the majority of voting Pennsylvania workers who spoke to TIME in the days leading up to the election affirmed they voted for Clinton, albeit reluctantly.
It’s a shame in this country that’s all they could come up for to run for president.” But most of these voters agree on something: that in recent years — some trace it to the Obama Administration; others go all the way back to Bill Clinton’s presidency — their party lost the thread.
Union support, Social Security, Medicare and Medicaid: these are the issues that the Democrats of western Pennsylvania considered the party’s bread and butter, and there was an abstract sense that they didn’t matter so much to the folks in Washington anymore.
“If they’re going to get rid of coal mines and get rid of pollution, if they’re gonna drop everybody from their jobs, then they need to have some system that picks those people up,” 73-year-old Carl Wade, another retired miner out rooting for Lamb, says.
Medicare, Social Security — those things you rely on once you retire.” Few of them seem to have ever seriously suspected that Trump would be a champion of social welfare, and even many of those who cast their ballot for him are now contrite.
It took me three months to realize I made a mistake voting for Trump.” Lamb’s success is a much-needed vote of confidence in a Democratic Party that has grappled with its political identity in the wake of Clinton’s seismic upset in 2016.
But in western Pennsylvania on Tuesday, Democratic voters weren’t worried about national implications or the next election.
“You really can’t trust ‘em,” one former mill worker said, “but I’ll put it this way: I like what Lamb’s doing, I’m always gonna vote regardless, and he’s my pick of the two.”

Vanguard’s Davis: Tariffs Will Be a Non-Event

Vanguard’s Davis: Tariffs Will Be a Non-Event

President Donald Trump’s tariffs on imported steel and aluminum have spooked investors, raising concerns that trade wars could ensue.
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If foreign steel and aluminum makers charge U.S. manufacturers more as a result of the levies, the producers in the U.S. could pass those charges along to consumers.
Eventually, Americans could pay more for cars and beer as a result.
Davis told Investopedia that there is a 20% to 30% chance that trade tensions escalate as a result of the tariffs but that the hit to the economy will be limited.
The wildcard, noted Davis, is how other countries respond.
Davis noted that, even with the tariff policy and the uncertainty it brings, Vanguard is sticking with its global outlook, which it issued in late December.
In what was seen as its most cautious outlook in the past decade, Vanguard warned that 2018 will be marked by higher risks and lower returns, pressuring investments for equity and bond investors, largely those in the U.S .
Vanguard’s outlook for global stocks and bonds is being described by the money manager as the most “subdued” it has been in a decade, with Vanguard forecasting U.S. equity returns to be in the 3% to 5% range, which is much lower than the 10% annualized return generated over the past 30 years.

Food stamp crackdown feared amid Trump jobs push

Food stamp crackdown feared amid Trump jobs push

The Department of Agriculture (USDA) said about 3.8 million of the 42 million people who participate in SNAP are able-bodied adults without dependents.
But a state can apply to have the federal government waive the work requirement if it can show there aren’t enough jobs in the area.
Those waivers are an issue for the USDA.
Currently, states can qualify for a waiver if an area has an average 12-month unemployment rate of more than 10 percent or the state can show it does not have a sufficient number of jobs to provide employment.
Supporters of changing the waiver rules say stricter requirements will push people back into the workforce.
According to the USDA, the average monthly benefit for an able-bodied adult without dependents is $163.
Protas said some of them are working, but can’t get the required 20 hours a week at their low-wage job to continue to qualify for assistance.
Though work training would keep them in the program, Stacy Dean, vice president for food assistance policy at the Center for Budget and Policy Priorities, said states are not required to offer a job or training program to every individual and don’t receive enough funds through SNAP to do so.
Rep. Alma Adams (D-N.C.) offered a bill last April to strengthen the food stamp program and exempt able-bodied adults without dependents from the work requirement if their state can’t provide them with a slot in a SNAP employment or training program.
“We don’t want to encourage people to behave improperly.” In a statement to The Hill, a USDA spokesperson said the agency’s goal is to move individuals from SNAP back to the workforce as the best long-term solution to poverty.

Misconceptions about welfare malign the poor: Letter

Misconceptions about welfare malign the poor: Letter

President Donald Trump has no problem limiting access to food stamps and housing benefits.
Popular misconceptions have proliferated about welfare that malign the victims of poverty.
Take the Supplemental Nutrition Program, formerly known as food stamps.
The average benefit per person is $1.50 per meal.
Most other government assistance programs provide only the barest minimum amount.
Fact is, they’re not eligible for any benefits except emergency Medicaid (severely injured or sick).
The majority pay taxes, including billions to Social Security tax benefits which they’ll never receive.
Myth: Welfare takers are lazy and deceptive.
Most people on welfare are hard workers like you and me, or they’re impoverished kids and elders or people with disabilities being helped to survive, not thrive.
It’s because more and more jobs are paying less and less, or are being eliminated due to automation, outsourcing, et al. Mike Kulla Poughkeepsie

Nasdaq hits new record as stocks continue rebound

Nasdaq hits new record as stocks continue rebound

U.S. stocks opened higher on Monday, extending Friday’s rally on job gains reported by the Labor Department.
The Nasdaq hit an all-time high in early trading Monday, setting a record for a second straight session.
The Nasdaq is outperforming the other major averages by a wide margin this year, driven higher by big advances in the major tech titans including Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL) and Microsoft (NASDAQ: MSFT).
On Friday, the nine-year anniversary of the bull market was boosted by a employment report showing a much larger than expected 313,000 jobs were added to payrolls in February.
The unemployment rate stayed at 4.1%, a 17-year low.
“Buoyed by Friday’s jobs report and a general easing of political tensions, markets are on the up again this morning,” said Chris Beauchamp, chief market analyst at IG.
“Sentiment, which has been bearish for weeks now, has provided another tailwind for equities, as investors returned to equities, with more than a few likely emboldened by the fresh record for the Nasdaq on Friday.” The U.S. economic calendar will include inflations reports, with the consumer price index on Tuesday and the producer price index on Wednesday.
Housing starts will be reported on Friday.European finance ministers are expected to discuss President Donald Trump’s plan to impose steel and aluminum tariffs.
“As the week rolls on, apart from finding out just how deep the fear runs over Trump’s tariff plans at the EU finance ministers meeting on Tuesday, there is likely to be a focus later in the week on U.S. macro data as Tuesday has the CPI readings released,” said James Hughes, chief market analyst at AxiTrader.
“Ahead of next week Fed rate decision, inflation will of course be closely watched, and remains a key battleground and sticking point on a decision to hike rates either three or four times in 2018.”