- cross-posted to:
- news@lemmy.world
- cross-posted to:
- news@lemmy.world
Both states and households have only slowly spent down the savings they amassed during those pandemic years, so the money has continued to trickle through the economy like a slow-release booster shot. On top of that, government spending has remained elevated as the Biden administration has begun to make sweeping infrastructure and climate investments.
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Thank you Jerome Powell, head of the US private bank cartel, for raising the Federal Reserve interest rates, in order to induce layoffs, in order to scare workers into accepting meager-to-no salary increases.
And reversing all the gains we as workers had made recently.
I don’t really see evidence of that in the statistics.
Forbes, Dec. 2023: Over 305,000 Laid Off In Major U.S. Cuts This Year—Here Are The Biggest
More than 305,000 employees in the U.S. lost their jobs in a torrent of major layoffs at U.S. companies throughout the year, according to Forbes’ layoff tracker, starting with a parade of cuts at tech giants in January, and persisting stubbornly throughout the summer and fall even as recession fears tapered off and as unemployment rates remain low.
CNN, Nov. 2022: Unemployment Statistics Are Misleading. Economic Hardship Is Much Worse
When analysts at the Ludwig Institute for Shared Economic Prosperity, a nonprofit research center focused on lower- and middle-income families, measured what they call the “true rate of unemployment” in October, it was 23.6%, more than six times higher than the official number.
US Economic growth stands out because the US had Nord Stream 2 blown up and now sells LNG to Europe at higher prices, which has taken the wind out of Europe’s industrial capacity. Michael Hudson, Nov, 2022: Germany’s position in America’s New World Order
This is the best summary I could come up with:
Forecasters from the Federal Reserve to the International Monetary Fund have been most surprised at the remarkable strength of the U.S. economy, while growth in places like the United Kingdom and Germany remains more lackluster.
Ms. Forbes noted that America’s deficit as a share of its gross domestic product is larger than that in many other advanced economies, and today’s spending is adding to the American debt pile.
Lael Brainard, who heads President Biden’s National Economic Council, told reporters last week that the combined outlays had allowed families to “weather this really disruptive period of time and bounce back.”
The resulting churn as Americans have sorted themselves into new and better jobs could be leading to the stronger productivity growth that the United States is seeing now, said Adam Posen, president of the Peterson Institute for International Economics, a think tank in Washington, D.C.
European countries have been much more exposed to the aftershocks from Russia’s invasion of Ukraine in 2022, a conflict that has pushed up gas and grocery prices — roiling the business environment and limiting households’ abilities to afford other discretionary products.
Speaking to the U.S. Chamber of Commerce Tuesday morning, Valdis Dombrovskis, the European commissioner for trade, said that Europe had been working to address its dependence on Russian fossil fuel, but that cutting those ties “came at a cost.”
The original article contains 1,387 words, the summary contains 224 words. Saved 84%. I’m a bot and I’m open source!
