One key measure of US economic productivity actually declined in 2016 for the first time since the depths of the Great Recession in 2009. The amount of goods and services produced, versus the total inputs of labor and capital to produce them, declined slightly last year for the first time in seven years.
The mainstream media is intently focused on the fate of President Trump’s Supreme Court nominee Neil Gorsuch. Judge Gorsuch is imminently qualified to serve on the Supreme Court and, if confirmed, he would fill the seat of the late conservative Justice Antonin Scalia.
The mainstream media loves to talk about the so-called “income gap” – the fact that incomes have been rising faster for the rich than the poor in America for decades. Yet new independent reports find that this trend has reversed in recent years.
Today, we’ll take a look at some very interesting data released by the World Bank last month, which shows that the United States still dominates the global economy by a wide margin. The US produces almost one-fourth of all global GDP, and has been at that level or higher for over two generations. This is remarkable.
President Trump promises that his economic plan, if enacted, will result in 3-4% annual GDP growth. Yet I get the feeling most Americans don’t understand Trump’s economic plan. Maybe that’s because the mainstream media has criticized it at every turn, even though similar plans have jump-started the economy in the past – think Ronald Reagan.
We touch on several bases today. We begin with the Heritage Foundation’s annual Economic Freedom Index, which plunged during the eight years of the Obama presidency. From there, we look at some recent economic data which is quite encouraging overall.
A new report from the Congressional Budget Office (CBO) predicts that the US unemployment rate will continue to fall through 2018. The same study predicts that growth in hourly wages will increase significantly this year and next. I’ll give you the details on this uplifting report as we go along today.
Over the last eight years, with US interest rates at rock bottom thanks to the Fed, the rest of the world has borrowed a huge amount of dollars – about $4 trillion according to the Bank for International Settlements. During that same time, the US dollar has soared against a basket of foreign currencies.
China is selling US Treasuries at a record pace to support its currency, the Chinese yuan (also known as the renminbi), and to stem the flow of money leaving the country.
Small businesses and entrepreneurs have had a rough time of it for these past eight years. New startups and entrepreneurial activity have pretty much been stagnant, weighed down by heavy regulation, high taxes and an economy that’s just been stumbling along.
When the Commerce Department reported on December 22 that 3Q Gross Domestic Product increased at an annual rate of 3.5%, many of us in the forecasting business wondered if that figure might be too optimistic. We also wondered whether the economy could sustain a 3+% growth rate in the 4Q.
We all know that there is a savings crisis in America. According to the National Institute on Retirement Security (NIRS), the median savings balance of near-retirement households is only around $12,000, while the median saving balance for all working-age households is only around $3,000.
President Obama is spending his last days in office trying to shore-up his “legacy.” He emphasizes that he inherited the worst economy since the Great Depression and most analysts would agree that is true for the most part.
To coin an old phrase, the country has “gone ape” in the wake of Donald Trump’s surprise election as the 45th President of the United States. The stock markets have skyrocketed to new record highs day after day. Consumer confidence has soared to the highest level since 2008.
President-elect Donald Trump promises that one of his very first actions when in office will be to withdraw the United States from the controversial Trans-Pacific Partnership (TPP), which was finalized earlier this year but must still be ratified by all of the participating nations.
Bond investors have had a rough ride in November. The Barclays Global Aggregate Bond Index plunged by 5% during the last two weeks just before and after the election...
Before I get into today’s topics, I think I speak for most Americans when I say that we are relieved that this election will finally be over late tonight or early tomorrow. This has been the ugliest and most embarrassing election in most of our lifetimes.
Forecasters who were predicting a surge in the economy in the second half of this year have revised those estimates much lower in recent weeks. It now looks like the economy may not achieve even 2% growth this year.
A few months ago, there was broad optimism that the US economy would shift into a higher gear in the second half of this year.