Is the U.S. government propping up the national economy? After the gangbusters third-quarter gross domestic product (GDP) print, the business media went into full hype mode, talking about how great the economy is doing. On the surface, a 4.9 percent growth rate suggests a red-hot economic landscape. In addition, 336,000 new jobs in September, retail […]
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UAW reaches tentative deal with Ford
The United Auto Workers (UAW) union announced that it reached a tentative agreement with Ford. Union workers will receive a 25 percent across-the-board pay increase, down from the initial demand of 41 percent. Ford also conceded to COLA, the right to strike over plant closures, and the end of wage tiers. “I want to be […]
U.S. dollar purchasing power lost 20% since before the pandemic
It is widely known that Americans’ purchasing power has vanished over the last 100 years. But the last few years make the time before the coronavirus pandemic seem like a period of fiscal responsibility. Here is Federal Reserve data showing that the U.S. dollar’s purchasing power has cratered 20 percent since even before the COVID […]
Scary! $60 billion added to the national debt since Friday the 13th
At this rate, the U.S. national debt could top $34 trillion when the world flips the calendar to 2024. Since Friday the 13th, the national debt has risen by more than $60 billion to above $33.59 trillion, according to the Treasury Department. While this is short of the $275 billion increase in a single day, […]
SPR shrinks again as U.S. maintains 17 days’ worth of emergency oil supplies
The Strategic Petroleum Reserve (SPR) fell in the last week, according to new Energy Information Administration (EIA) data. For the week ending October 6, emergency stockpiles fell to 351.274 million barrels, down from 351.280 million barrels. In total, the U.S. has about 17 days’ worth of emergency oil supplies. Since the beginning of the year, […]