Where Would We Be, Without Democratic Economies?????

Phoenix68

Phoenix68

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Wages Are Climbing!!!
July 7, 2023
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"With solid job growth and low unemployment, employers are having to compete for workers with higher wages.

Average wages in June were 4.4% higher than a year ago. That matches the annual pay hikes in April and May.

Wages are not rising as fast as they did last year, but the good news is, neither are prices.

Annual wage gains in May outpaced price hikes, so workers' real buying power increased."
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"On a recent day under the July sun, three men heaved solar panels onto the roof of a roomy, two-story house near the banks of the Kentucky River, a few miles upstream from the state capitol where lawmakers have promoted coal for more than a century.

The U.S. climate law that passed one year ago offers a 30% discount off this installation via a tax credit, and that’s helping push clean energy even into places where coal still provides cheap electricity. For Heather Baggett’s family in Frankfort, it was a good deal.

“For us, it’s not politically motivated,” said Baggett. “It really came down to financially, it made sense.”
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Yeahhhhh....Republicans were soooo certain that rookie, Bill Clinton, would never manage to control the Reagan/Bush recession....and, Republicans would waltz, right back into the Oval, after 4 years of Clinton!!!
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"Clinton took office towards the end of a recession. His administration’s plans for fixing the economy included limiting spending and cutting the budget to reduce the nation’s $60 billion deficit, keeping interest rates low to encourage private investment, and eliminating protectionist tariffs. Clinton also hoped to improve employment opportunities by allocating more money for education. In his first term, he expanded the Earned Income Tax Credit, which lowered the tax obligations of working families who were just above the poverty line. Addressing the budget deficit, the Democrats in Congress passed the Omnibus Budget Reconciliation Act of 1993 without a single Republican vote. The act raised taxes for the top 1.2 percent of the American people, lowered them for fifteen million low-income families, and offered tax breaks to 90 percent of small businesses.

During Clinton’s administration, the nation began to experience the longest period of economic expansion in its history, almost ten consecutive years. Year after year, job growth increased and the deficit shrank. Increased tax revenue and budget cuts turned the annual national budget deficit from close to $290 Billion in 1992 to a record budget surplus of over $230 Billion in 2000. Reduced government borrowing freed up capital for private-sector use, and lower interest rates in turn fueled more growth. During the Clinton years, more people owned homes than ever before in the country’s history (67.7 percent). Inflation dipped to 2.3 percent and the unemployment rate declined, reaching a thirty-year low of 3.9 percent in 2000.
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Phoenix68 said:
Click to expand...
The see-saw effect of fed money policies. Loosening the restraints on federal spending will lead to a significant rise in economic activity followed months later by an equally significant fall in economic activity, possibly leading to economic recession or depression.

Mid-year market outlook 2023 (jpmorgan.com)
Mid-year market outlook 2023: Entering uncharted territory

July 11, 2023

Global economic growth accelerated in the first half of 2023, hitting 2.8%. Until now, monetary tightening drags have been offset by fading supply shocks following the COVID-19 pandemic and Russia’s invasion of Ukraine. But since 2022, global policy rates have risen by almost 400 basis points (bps), which is impacting interest-sensitive spending and holding back factory output. Current momentum will not be enough to prevent growth moderation as the global economy’s resiliency fades.

A new round of developed market tightening is most likely anticipated before the end of 2023 in a bid to bring inflation under control. However, further tightening will likely undermine the health of the private sector. The consequence? A synchronized global recession could be on the way, hitting sometime before the end of 2024.

US economic outlook

J.P. Morgan Research expects the U.S. to enter a mild recession near the end of 2023 as the restrictive policy stance from the Federal Reserve (Fed) creates tighter credit conditions, gradually dragging down growth.

Where will the Fed go from here? By the second quarter of 2024, it is expected that inflation will decline and unemployment will rise enough for the Fed to begin removing economic restraints.
 
"In late July, I visited a steel mill in Gallatin, Kentucky, operated by the company Nucor. During my visit, I watched as the facility churned out massive rolls of low-carbon steel destined for use in renewable infrastructure. Nucor’s stock price has increased nearly five-fold in the last three years, and the day before I visited the company had announced blockbuster profits citing, in large part, all the demand created by businesses racing to take advantage of money flowing from federal spending programs, including and especially the Inflation Reduction Act (IRA).

Kentucky is far from alone. Across the country, the IRA has spurred hundreds of billions of dollars in investment in clean technology. Lithium-ion battery makers are opening factories near auto industry hubs to serve the growing electric vehicle market. Solar manufacturers are setting up shop in red states like Georgia. And old-school oil companies are investing in hydrogen.

“It's a transformation of the economy,” says John Podesta, President Joe Biden’s senior advisor charged with implementing the IRA."
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