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Economics: Today's Jobs Report

Economics jobs politics

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#241 LFC

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Posted 03 June 2019 - 10:41 AM

I'd ask if this was a joke but I know it isn't. The incompetent but loyal are ever lauded by Trump and the Republicans. In full:

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President Donald Trump announced Friday that he would give a Presidential Medal of Freedom to the “trickle down” economics evangelist and co-author of “Trumponomics,” Arthur Laffer.

“Arthur B. Laffer, the ‘Father of Supply-Side Economics,’ is one of the most influential economists in American history,” read a press release from the White House Friday afternoon. “He is renowned for his economic theory, the ‘Laffer Curve,’ which establishes the strong incentive effects of lower tax rates that spur investment, production, jobs, wages, economic growth, and tax compliance.”

The medal will be awarded on June 19, the White House said.

Laffer is perhaps best known for advancing the belief that cutting taxes on the wealthy and corporations, which Donald Trump and congressional Republicans did to a significant extent in late 2017, will increase tax revenue and benefit the economy overall.

Trump’s timing is notable: A nonpartisan analysis from the Congressional Research Service released last week found that, far from the Republicans’ tax cuts “paying for themselves,” as was widely asserted as a talking point during the 2017 debate over the tax cut legislation, the cuts did not have their advertised effect.

The Los Angeles Times summarized: “The CRS finds that the cuts have had virtually no effect on wages, haven’t contributed to a surge in investment, and haven’t come close to paying for themselves. Nor have they delivered a cut to the average taxpayer.”

“Arthur B. Laffer, the ‘Father of Supply-Side Economics,’ is one of the most influential economists in American history,” read a press release from the White House Friday afternoon. “He is renowned for his economic theory, the ‘Laffer Curve,’ which establishes the strong incentive effects of lower tax rates that spur investment, production, jobs, wages, economic growth, and tax compliance.”

The medal will be awarded on June 19, the White House said.

Laffer is perhaps best known for advancing the belief that cutting taxes on the wealthy and corporations, which Donald Trump and congressional Republicans did to a significant extent in late 2017, will increase tax revenue and benefit the economy overall.

Trump’s timing is notable: A nonpartisan analysis from the Congressional Research Service released last week found that, far from the Republicans’ tax cuts “paying for themselves,” as was widely asserted as a talking point during the 2017 debate over the tax cut legislation, the cuts did not have their advertised effect.

The Los Angeles Times summarized: “The CRS finds that the cuts have had virtually no effect on wages, haven’t contributed to a surge in investment, and haven’t come close to paying for themselves. Nor have they delivered a cut to the average taxpayer.”

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FOX Business
@FoxBusiness
"If you cut that tax rate to 15%, it will pay for itself many times over... this will bring in probably $1.5T net by itself." —Art Laffer


Laffer, along with right-wing pundit Stephen Moore, who was briefly considered for a Federal Reserve Board nomination, together wrote “Trumponomics: Inside the America First Plan to Revive Our Economy.”

It’s hardly the first time Trump has used the powers of his office to boost an ally: In May, he issued a pardon for his friend, former business associate and author of “Donald J. Trump: A President Like No Other,” the billionaire Conrad Black.

" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#242 golden_valley

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Posted 03 June 2019 - 12:01 PM

View PostLFC, on 03 June 2019 - 10:41 AM, said:

I'd ask if this was a joke but I know it isn't. The incompetent but loyal are ever lauded by Trump and the Republicans. In full:

I hope the Medal of Freedom is never used after Trump is gone. I suspect any nominees for it would turn down the honor of being in the company of Laffer and probably other Trump nominees in the future.

#243 D. C. Sessions

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Posted 03 June 2019 - 12:32 PM

Next person in position to do so cancels it with the regretful declaration that what was once the highest honor bestowed on an American civilian has been debased into a prize reward for campaign donations.
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#244 LFC

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Posted 07 June 2019 - 10:48 AM

This past month jobs report looks pretty ugly and last month was revised downwards. Trump's unthought out trade wars may be to blame.

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U.S. employers added the fewest workers in three months and wage gains cooled, suggesting broader economic weakness and boosting expectations for a Federal Reserve interest-rate cut as President Donald Trump’s trade policies weigh on growth.

Nonfarm payrolls rose 75,000 in May after a downwardly revised 224,000 advance the prior month, according to a Labor Department report Friday. The increase missed all estimates in Bloomberg’s survey calling for 175,000. The jobless rate held at a 49-year low of 3.6% while average hourly earnings climbed 3.1% from a year earlier, less than projected.

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The dollar and Treasury yields fell as the data signaled the labor market -- a pillar of strength for an economy headed for a record expansion -- was facing new pressures even before Trump threatened tariffs on Mexican goods in addition to proposed higher levies on Chinese imports. Retail sales, factory output and home purchases have shown the economy struggling this quarter after better-than-expected growth in the first three months of the year.

“It definitely looks like we’ve downshifted in the pace of job growth,” said Michael Feroli, chief U.S. economist for JPMorgan Chase & Co. “Overall it’s a disheartening report particularly since you may have some trade effects there, but a lot of the trade tensions escalated” since the reference period for the Labor Department’s surveys in the middle of the month, he said.

Stocks jumped as traders focused on the interest-rate implications of the report. Fed funds futures showed a quarter-point cut almost fully priced in for July.

" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer





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