That 'booming' economy?

[magicalmoments]

While I would use extreme caution in accepting any finding presented by the Cato institute, this report raises an interesting question.

The middle class is shrinking and the cause is that an increasing number are moving upwards to the upper classes because of improving wealth levels.

So... If this is an indicator of increasing wealth within the overall community why aren't the "vacancies" being filled by the lower classes taking a step up to middle class?

Clearly the lower classes are not benefitting from this increasing wealth.

 

[DawnONight]

Trump Signs Trade Deal With Japan, Helping Farmers.

C. Grassley & K. Brady, It's time for Congress to pass the U.S.-Mexico-Canada Agreement, USA Today (Oct. 8, 2019).

While I would use extreme caution in accepting any finding presented by the Cato institute, this report raises an interesting question.

The middle class is shrinking and the cause is that an increasing number are moving upwards to the upper classes because of improving wealth levels.

So... If this is an indicator of increasing wealth within the overall community why aren't the "vacancies" being filled by the lower classes taking a step up to middle class?

Clearly the lower classes are not benefitting from this increasing wealth.

Again, you've made a fool of yourself. May I suggest that you actually read an article before commenting on it. It shows the lower classes are, in fact, "taking a step up to middle class."

In 2018, the share of households earning less than $50,000 (i.e., the lower class) dropped below 40 percent for the first time since the U.S. Census data on this metric started to be collected in 1967. Back then, 54 percent of households earned less than $50,000.​

C. Follett, Middle Class Shrinking… As Households Become Richer, Cato Institute (Sep. 18, 2019).

 

[bhurry]

Trump Signs Trade Deal With Japan, Helping Farmers.

wonder how many that comment on this are farmers?

 

[PrincepsCyberius]

While I would use extreme caution in accepting any finding presented by the Cato institute, this report raises an interesting question.

The middle class is shrinking and the cause is that an increasing number are moving upwards to the upper classes because of improving wealth levels.

So... If this is an indicator of increasing wealth within the overall community why aren't the "vacancies" being filled by the lower classes taking a step up to middle class?

Clearly the lower classes are not benefitting from this increasing wealth.

Again, you've made a fool of yourself. May I suggest that you actually read an article before commenting on it. It shows the lower classes are, in fact, "taking a step up to middle class."

In 2018, the share of households earning less than $50,000 (i.e., the lower class) dropped below 40 percent for the first time since the U.S. Census data on this metric started to be collected in 1967. Back then, 54 percent of households earned less than $50,000.​

C. Follett, Middle Class Shrinking… As Households Become Richer, Cato Institute (Sep. 18, 2019).

magicalmoments just makes this stuff up.

See here.

 

[magicalmoments]

#139 & #141
Sounds like there is an echo.
As I say, I would put as much faith in the interpretation of stats by the CI as would in the truth of any statement of the chosen one. Disraeli was right when he declared "there are lies, damned lies and statistics."
I stand by my view that if the middle class is shrinking because of upward movement it follows that the lower classes are not moving upward to fill the gaps. If they were the middle class would not be shrinking it would be remain static in size.

 

[phrodeau]

Population of Japan: 130 million.
Population of China: 1,300 million.

 

[DawnONight]

Population of Japan: 130 million.
Population of China: 1,300 million.

Don't be so sure. According to magicalmoments, you cannot trust numbers coming from census bureaus.

#139 & #141
Sounds like there is an echo.
As I say, I would put as much faith in the interpretation of stats by the CI as would in the truth of any statement of the chosen one. Disraeli was right when he declared "there are lies, damned lies and statistics."
I stand by my view that if the middle class is shrinking because of upward movement it follows that the lower classes are not moving upward to fill the gaps. If they were the middle class would not be shrinking it would be remain static in size.

As I demonstrated when you made this mathematically silly claim elsewhere, that's just not true. "A good chunk of the middle class is moving into the upper class, while a good chunk, albeit slightly small, of the lower close is moving into the middle class. Thus, the middle class is shrinking while everyone is benefiting from the robust economy."

 

[magicalmoments]

You argue like trump. Start with lies, then deny you said it and present a variation that confirms the view expressed by your opponents, all the while believing you have credibility.
I stand by my opinion. The Cato institute cannot be relied on to present an unbiased interpretation of facts. They will always slant their findings to ensure their funding is not threatened.
If you're a dyed in the wool trump supporter then the Cato institute is for you.
If you want balanced and fair opinion pieces then look elsewhere.

 

[rae121452]

Wall Street Week Ahead: Bruised U.S. banks expected to report third quarter earnings decline
Fri, 11 Oct 2019 13:35:23 -0400
The biggest U.S. banks are expected to kick off the earnings season on a sour note next week due to falling interest rates, which may have pressured net...

 

[jaF0]

Victoria's Secret cuts 50 from headquarters staff, head of stores to step down
CNBC|1 day ago
As L Brands' Victoria's Secret lingerie brand tries to right the ship, facing a sales slump, the company has laid off dozens of people at its home office this week. In addition, the head of ...

Seems almost apocalyptic when frillies and naughties aren't selling.

 

[DawnONight]

...
If you're a dyed in the wool trump supporter then the Cato institute is for you....

That's the second time, at least, that you asserted that. You demonstrate your ignorance. The Cato Institute is well known for its continued position in the "Never Trump" faction of Conservatism.

I'm actually not a big Trump fan myself, but I am a fan of policies that produce good results. Again, all from the U.S. Census Bureau:

Between 2017 and 2018:

· Real median family income up 1.2%

· Real median earnings up 3.4%

· Full-time, year-round workers up 2.3 million

· Poverty rate down from 12.3% to 11.8%; childhood poverty fell faster; net 1.4 million people left poverty

· Income in the bottom 80% of households was up significantly....​

A. Brown, The Economic News From the Census Bureau Is Very Good, RCM (Oct. 10, 2019) (citing J. Semega, et al., Income and Poverty in the United States: 2018, U.S. Census Bureau (Sep. 10, 2019)).

 

[DawnONight]

The latest Census Bureau Current Population Survey data now show that middle-class incomes, after adjusting for inflation, have surged by $5,003 since Donald Trump became president in January 2017. Median household income has now reached $65,976 – an all-time high and up more than 8 percent in 2019 dollars under the Trump presidency....

These numbers contrast sharply with the 16 years prior to Trump’s presidency. In the eight years that George W. Bush was president, median income barely showed any gain, up just $401 thanks to the deep recession of 2008.

In the seven and a half years that Barack Obama was president, and not including the end of the recession, which Obama inherited, incomes inched up by $1,043 (June 2009 – January 2019). This means that in the 16 years before the Trump presidency, incomes rose by about $1,500 while in less than three years middle incomes have risen three times faster.

The contrast is even sharper when measured on a monthy basis. The monthly rise in incomes under Bush was $4. That number was $11 under Obama and $161 under Trump.

These income numbers are PRE-TAX, so they do NOT include the impact of the Trump tax cut. The Heritage Foundation estimates that the average household has saved $1,400 a year on their federal taxes from the 2017 Trump tax cut. This means many working-class families now have a $6,000 higher after-tax, and after-inflation paycheck today.

These surges in income, especially in the last several months, have occurred at exactly the time when many liberal economists and media talking heads were shouting “recession.” In reality middle-class families were enjoying a near-unprecedented income windfall and “the gains in income levels in recent months,” [Sentier Research, an economic research group whose founders have more than 30 years of experience at the Census Bureau in analyzing the monthly income numbers] reports, “have been accelerating.”​

S. Moore, Middle-Class Incomes Surging – Thanks to Trump Policies, Heritage Foundation (Oct. 10, 2019) (emphasis added).

 

[jaF0]

An early chill for retailers': Consumers are pulling back just before the holiday rush
Washington Post|4 hours ago
U.S. consumers unexpectedly pulled back on retail spending for the first time in seven months, reviving fears that a weakening economy could finally be taking its toll on American shoppers just before the pivotal holiday season. Retail sales dipped 0.3 percent in September from the month before, the U.S. Commerce Department said Wednesday, as ...

 

[magicalmoments]

One of the tragedies of trump's impeachment and removal from office will be that we are not going to see the the unsustainabilty of these gains made during trump's short term in office. The coming recession will quickly demolish the gains and the new president, who is increasingly likely to be Nancy Pelosi, as it looks like trump will bring Pence down with him, will take the blame for that.

 

[JackLuis]

All this boom in the economy is not lifting the working stiffs at McDonold's/Taco Bell/ Office workers up much. Higher paying jobs are shrinking as skilled work is minimized by imports, robotics, and reduced budgets.

 

[DawnONight]

All this boom in the economy is not lifting the working stiffs at McDonold's/Taco Bell/ Office workers up much. Higher paying jobs are shrinking as skilled work is minimized by imports, robotics, and reduced budgets.

First, your statement is not entirely consistent with the data. As I established elsewhere:

... the poor and middle class have done very well over the past two years. In fact, the poor have gotten wealthier while the wealthy have gotten poorer.

Again, the following is all U.S. Census Bureau data:

http://assets.realclear.com/images/49/490786_5_.png

Between 2017 and 2018:

· Real median family income up 1.2%

· Real median earnings up 3.4%

· Full-time, year-round workers up 2.3 million

· Poverty rate down from 12.3% to 11.8%; childhood poverty fell faster; net 1.4 million people left poverty

· Income in the bottom 80% of households was up significantly....​

A. Brown, The Economic News From the Census Bureau Is Very Good, RCM (Oct. 10, 2019) (citing J. Semega, et al., Income and Poverty in the United States: 2018, U.S. Census Bureau (Sep. 10, 2019)).

Simply put, the bottom 40% are doing best on average, and even the bottom 20% is doing considerably better than the top 40%.

As for your comment about "imports," I gather from it that you support Trump's trade policies.

 

[jaF0]

U.S. Manufacturing Production Declined in September
Wall Street Journal|2 hours ago
U.S. manufacturing production fell in September for the second time in three months, suggesting trade frictions and slowing global growth are denting a key segment of the U.S. economy. Manufacturing output, the biggest component of industrial production, fell 0.5% in September from a month earlier, the Federal Reserve said Thursday.

 

[jaF0]

Oct. 28 (UPI) -- A gauge that measures hiring at U.S. companies has fallen to its lowest level in seven years, a business survey said Monday.

The National Association for Business Economics report said the U.S. economy is slowing and most experts it questioned for the survey said the pace should continue into next year. Two-thirds of manufacturing experts said President Donald Trump's tariffs have had a negative impact on their business.

Hiring slowed in the third quarter, as did wage and salary growth, the report said. Just 20 percent of businesses said hiring has increased this month -- down from 34 percent who answered that way in July and the lowest level since October 2012.

https://www.upi.com/Top_News/US/201...-7-year-low-survey-shows/7151572274575/?sl=10

 

[someoneyouknow]

+3$ trillion in debt since the con artist took office, and we supposedly have a "booming" economy, not the worst recession in 80 years that Obama came into.

The increase is largely attributed to the $1.5 trillion tax cuts that Mr. Trump signed in 2017. They have so far resulted in revenue losses at a time of spending growth.

The president and Republicans argued that the tax cuts would pay for themselves, but Representative Kevin Brady, who helped craft the 2017 bill, admitted this year that that has yet to happen.​

The con artist did say he would run the government like he runs his businesses. Into the ground.

https://www.cbsnews.com/news/trump-promised-to-eliminate-the-national-debt-it-has-risen-by-3-trillion/

 

[Spandex_Girl]

U.S. business hiring drops to a 7-year low as Trump's trade wars drag down the economy.

 

[DawnONight]

+3$ trillion in debt since the con artist took office....

The increase is largely attributed to the $1.5 trillion tax cuts that Mr. Trump signed in 2017. They have so far resulted in revenue losses at a time of spending growth....​

https://www.cbsnews.com/news/trump-promised-to-eliminate-the-national-debt-it-has-risen-by-3-trillion/

The claim that the tax cuts increased the deficit is demonstrably false. Federal revenues increased after the tax cuts (which historically has always happened in such cases). Revenues in 2017 were $3.32 trillion. They increased in 2018 to $3.33 trillion, and are expected to be at least $3.44 trillion this year. K. Amadeo, US Federal Government Tax Revenue, The Balance (May 18, 2019); see also, e.g., Go Figure: Federal Revenues Hit All-Time Highs Under Trump Tax Cuts, Investor's Business Daily (Oct. 16, 2018).

If your sources are that unreliable... Well, you get the idea.

 

[someoneyouknow]

The claim that the tax cuts increased the deficit is demonstrably false. Federal revenues increased after the tax cuts (which historically has always happened in such cases). Revenues in 2017 were $3.32 trillion. They increased in 2018 to $3.33 trillion, and are expected to be at least $3.44 trillion this year. K. Amadeo, US Federal Government Tax Revenue, The Balance (May 18, 2019); see also, e.g., Go Figure: Federal Revenues Hit All-Time Highs Under Trump Tax Cuts, Investor's Business Daily (Oct. 16, 2018).

If your sources are that unreliable... Well, you get the idea.

And think how much more revenue there would have been had the tax cuts not occurred. So yes, the increase in debt is tied to the tax cuts.

Even one of the people who sponsored the cuts admits they're not paying for themselves. Or did you miss that part?

 

[BotanyBoy]

And think how much more revenue there would have been had the tax cuts not occurred. So yes, the increase in debt is tied to the tax cuts.

Even one of the people who sponsored the cuts admits they're not paying for themselves. Or did you miss that part?

Not much better if at all because there wouldn't be increased activity.

The reality is until the HoR gets a handle on spending, the debt will increase.

But you don't want to hear ANYTHING about that!!!!
https://media3.giphy.com/media/MZjN4DjPYriko/source.gif


Because as with everything you post.....

ECONOMIC FREEDOM BAD!!!!

AMERICA BAD!!!!

ORANGE MAN BAD!!!!

 

[jaF0]

Fed cuts interest rates again
ABC News|9 minutes ago
While the global trade war has cast some uncertainty, the U.S. economy grew by 1.9% in the third quarter, slightly better than expectations but still below the 3% mark that was promised by the ...

 

[bhurry]

U.S. business hiring drops to a 7-year low as Trump's trade wars drag down the economy.

false