The American economy is confronting harsh times amid the ongoing COVID pandemic and a total lack of confidence in the leadership of Prez Biden.
Recently, we stumbled upon a worthwhile clip that's easy to understand and makes an economic discussion more relatable to locals who might not be sure how Wall Street impacts our politics and vice versa.
Take a look . . .
Don't worry, things get more complicated in a hurry when we factor Russian aggression into the mix . . . A quick roundup from both sides of the aisle and of some items we've been reading . . .
WASHINGTON, Jan 21 (Reuters) - U.S. Treasury Secretary Janet Yellen on Friday rebranded the Biden administration's economic agenda as "modern supply-side economics," using a Reagan-era phrase favored by Republicans to assert that Democrats' spending plans will boost the U.S. economy's productive capacity.
The White House celebrated its first-year economic achievements by tweeting: "When @POTUS and @VP were sworn in, our economy was on the brink of collapse." That is a flat-out lie. As Biden first set foot in the Oval Office a year ago, real GDP was growing at 6.3 percent, inflation was 1.4 percent, the price of gasoline was $2.39 a gallon and Michigan's consumer sentiment index stood at 79.
Stocks are off to a tough start this year. The tech-heavy Nasdaq is already in a correction, a more than 10% drop. And if one the most influential hedge fund managers is to be believed, this could be only the beginning of a very painful time for investors.
A notorious market bear who called the 2000 and 2007 crashes unloads on the Fed for creating 'the most extreme financial bubble in US history' - and warns of a 70% drop in the S&P 500 just to return to normal valuation levels
John Hussman says stocks are at their most extreme level in history. He blames the Federal Reserve's easy monetary policy for creating a bubble. He also warns stocks would have to fall roughly 70% to return to normal valuation levels.
Rep. Katie Porter brings her white board to the Last Word to break down the success of President Biden's economic accomplishments during his first year in office and explains the "costs of not acting" on Biden's Build Back Better agenda in year two.
House Majority Leader Steny Hoyer defended President Biden's performance on the economy Wednesday, arguing that he's responsible for significant improvements in major metrics and that his economic agenda can help fix inflation. "The Biden economy is a good economy," Hoyer, D-Md., said, while acknowledging that "some disparage" it.
The threat of a devastating European ground war hasn't done much to rattle financial markets so far, but investors still appear likely to snap up traditional safe-haven assets should Russia attack Ukraine, market watchers said.
To be clear . . .
TKC is NOT your financial adviser and we can only warn late night lurkers NEVER to put too much stock in what they read online . . . OR take advice from a guy who mainly invests in scratchers tickets whilst buying chips & coffee at the gas station.
Nevertheless, here's a very simple takeaway amid so much turmoil on the horizon . . .
An old & busted economy confronts Kansas City and the nation. More than anything else this signals change on the horizon given that Americans ALWAYS vote with their wallet.
And all of this inspires tonight's playlist on the topic of economic turmoil . . .
Tonight's reminder that you're not alone: 56% of Americans can’t cover a $1,000 emergency expense with savings . . . And a reboot of a favorite song:
90s era hip-hop anthem . . .
A somewhat more recent tune about harsh times . . .
A throaty 80s classic on the social implications of wealth disparity . . .
An old school classic which reminds us that, for most Americans, poverty is really just a state of mind . . .
As always, thanks for reading this week and have a safe and fun Saturday night.