“Inflation moved higher last month as the price of gas, groceries, hotel rooms and airfare rose, along with the cost of clothes and used cars.
Consumer prices rose 2.9% in August from a year earlier, the Labor Department said…
“…Even as inflation has ticked higher, recent government reports have also shown that hiring has slowed sharply…And weekly unemployment claims rose sharply last week, a sign layoffs may be picking up…
[manufacturing lost 12,000 jobs]
…the Trump administration’s import taxes have lifted the price of goods, potentially putting the Federal Reserve in a tough spot when it meets next week…”
Cheeto jesus said that inflation would go down when he was president, the manufacturing sector would grow, employment would go up, and he would cut taxes.
The cult applauded.
Now the opposite has occurred and the cult says that increased inflation, a shrinking manufacturing sector, and a hidden tariff- tax on every American household of as much as $1300 year was actually the plan all the time.
Only the economically uninformed believed any of the promises. The Fed will for sure drop rates due to the poor job numbers in order to get ahead of a recession and increased unemployment which are it’s two major mandates. Will this make much difference to the average person? No. Pulte wants to get mortgage rates down thinking it will help his house building empire but it won’t for a few reasons. Construction labor costs going up because the cheap imported labor is going away, material costs are going up due to tariffs and pay is not going up enough for people to be able to buy a home. Neither party cares as the federal minimum wage hasn’t changed since 2009, remains at $7.25/hr. The people that own the country are doing just dandy though and have more money coming their way.
Not likely, he takes responsibility for nothing negative, never has, never will. If decreased foreign investment is the result in his addled brain he’ll say 2+2=Biden..Kinda says something about the state of things when one addled brain blames the previous addled brain.
You don’t appear to understand how it REALLY work; All the foreign counters that have cheated on USA for decades is now paying tariffs on the goods that US is so kind to buy from them. This goes directly into the US coffers to cover the cost for the tax cuts that rich Americans get. I.e. the more imports the lower tax!!
The consumers will not feel a thing, they’ll just go on buying the same cheap goods from Walmart etc. It’s a win-win situation.
On top of that, here comes the best part; the foreign producers will move production to USA to avoid tariffs, creating jobs for all American people that is sacked from Government jobs to save money.
Best of all; the illegal immigrants can be sent back to where they came from, or wherever.
To crown the success; the trade deficit will go down, because those same foreign countries will be forced to import MORE US products and produce (at 0 duty) to negotiate as low tariffs as possible on their exports. Another win for USA!!
How do I know all this about things in USA? I have it from a VERY reliable source, Truth Optional
Of course there may be some minor hiccups, like:
Trump offered to let S. Korean detainees stay, train U.S. workers, Seoul says
Closer to home … South Florida was home to the megayacht industry outside Europe. The Europeans build the yachts, Floridians maintain, repair, and refit them as they follow the seasons across Europe, the Med, and Caribbean. At least until this year.
September is normally the peak of refit season for Florida megayacht yards and technical service companies as the yachts transition from European to Caribbean cruising. My own business is normally swamped in September with new installations at local yards. This year is the slowest we have seen in the 12 years we have been servicing those yachts.
There are at least two reasons, the tariff war has made US products non competitive, partly because the supply chain for our tech is worldwide and we, the buyer, have to pay “tribute” for the privilege of importing parts and we have lost the cost advantages we previously held over European yards.
Another possible issue is the current war against immigrants. Virtually all megayacht crews are foreign citizens. Even though they are legally employed on foreign vessels and enter the country legally while employed onboard, as legally entered South Korean technicians learned this week, legalities mean less and less under the current regime. Crewmembers and owners don’t care to live and work under that kind of threat.
The largest megayacht yard in South Florida that is normally packed with the world’s largest yachts this time of the year was described as “empty” today by one of the contractors who regularly attend yachts there. What was previously a parking nightmare is like finding a spot at an empty stadium lot now.
We are doing OK, for the first time in 8 years we are not swamped which is a good thing personally. We have a growing repair and replacement trade after a decade of building and installing complex systems, and we have a solid customer base in Europe where we perform installations. Our little niche is not booming like it was but it is humming along nicely, no thanks to American trade policy though. Some of our neighbors are not so fortunate.
It is sad to see an industry larger than citrus, and second only to tourism (which has been seriously injured) threatened like this. Maybe Florida will make up the losses through holster sales.
If I did not hold a USA passport there is no way I would set foot here. Our new system is you have NO rights of any kind if you are not a citizen or maybe don’t look like one and don’t have said passport on you.
This gets brought up a lot but in reality there is only 1.3% of workers are making minimum wage in the United States and that is almost entirely in the food service or retail industries which are extremely transient with absolutely 0 barrier to entry.
Happy to bring the minimum wage up but people act like making $7.25 an hour as actually a common occurrence.
I think the food service includes horticultural workers . I read somewhere that the piece rate for pickers of crops like tomatoes hasn’t changed much over a number of years.
Family living in the US are visiting us this year for a change.
I know I was complaining earlier in the spring about the box ships with my raw materials parking in Canada. I was absolutely shocked at how large the first profit share check of the year I got today was because our assembly staff are hardly working lately.
My employer is very fortunate to have a robust service and parts business that’s supporting the industrial machinery we’ve been building for forty-ish year because our sales of new machines, especially to foreign customers, has absolutely tanked this year because we have crazy high important duties to cover for things we can’t buy in the US.
There’s no US producers of most of the things we import to protect. We can’t help but to important critical components like specialty steel, industrial controls, planetary gearboxes, and hydraulic components that aren’t even made in the US (and would take 3-5+ years to start producing).
The absolute B.S. I see being accepted as fact by some segments of the population is astounding. My boss has been signing checks to the US Department of Homeland Security totalling several million dollars and our foreign vendors haven’t paid a penny.
We don’t have a significant customer base related to agriculture but screwing farmers for a couple of growing seasons isn’t going to work out well for the industry supporting them or the farmers themselves.
Well this is what a slight majority of the people in the country voted for as it was all layed out clearly during the campaign. So either most people are happy with it or they were too ignorant to understand how economics works.
I mean is this really debatable? The true winner in any election is apathy. Only 63ish% of the US population votes and of that percentage I imagine there percent that just votes a straight ticket ballot without actually knowing about any of the issues is extremely high.
President Trump, Florida Gov. Ron DeSantis and Secretary of Homeland Security Kristi Noem tour a migrant detention center, dubbed “Alligator Alcatraz,” in Ochopee, Fla., on Tuesday. (Andrew Caballero-Reynolds / AFP)
Now just add a a bit of faux gold here and there and it could be the “Southern White House”
On the heels of a Thursday inflation report showing inflation increased to 2.9%, Trump is saying high prices aren’t a problem and that the biggest risk to the economy would be a Supreme Court ruling that his emergency tariffs are illegal.
“I’ve already solved inflation,” Trump said on “Fox & Friends”…
I keep reading “the price of gas is going up”. I am wondering where. I live in North Carolina and I have watched the price of a gallon of gas fluctuate up and down for months. One week, $2.79. The next, $2.89. Then $2.69. Maybe go as high as $2.99, then back to $2.84. Overall, it averages around $2.80 and has for a long time.
