Trump and Hillary have come out with the obligatory “economic plans.” Neither them nor their advisors, have any idea about what really needs to be done, but this is of no concern to the media.
The presstitutes operate according to “pay and say.” They say what they are paid to say and that is whatever serves the corporations and the government. This means that the presstitutes like Hillary’s economic plan and do not like Trump’s.
Happy New Year From The Economic Populist! Another day, another year. We hope 2015 is finally the time of the middle class. Will finally wages increase, will jobs and careers recover? So far that has not been the case, although 2014 is when hope for U.S. workers glimmered on the horizon. We've survived the three biggest days to die in the United States, Christmas, Boxing day and New Years. Now an onslaught of Republicans will take over Congress, so we can be assured any legislation to help the U.S. middle class will not be enacted.
The U.S. Air Force has a motto: "Second to None". It's a shame that the U.S. economy can't make the same claim. After already over-taking Japan has the world's 2nd largest economy, the Chinese economy has just passed the U.S.’s to become the largest economy in the world.
As most Americans, if not the financial media, are aware, Quantitative Easing (a euphemism for printing money) has failed to bring back the US economy. So why has Japan adopted the policy?
Since the heavy duty money printing began in 2013, the Japanese yen has fallen 35% against the US dollar, a big cost for a country dependent on energy imports. Moreover, the Japanese economy has shown no growth in response to the QE stimulus to justify the rising price of imports.
Something strange is happening to familiar American companies: Burger King has become Canadian, Pfizer seems to be trying to be British, and Walgreens has backed away from becoming Swiss only because of the outcry over their plan for a new nationality. Seeing what our companies are willing to do to escape paying income tax, people are beginning to wonder about how American our American companies are.
The economy has been debilitated by the offshoring of middle class jobs for the benefit of corporate profits and by the Federal Reserve’s policy of Quantitative Easing in order to support a few oversized banks that the government protects from market discipline. Not only does QE distort bond and stock markets, it threatens the value of the dollar and has resulted in manipulation of the gold price.
Have you seen the economic recovery? I haven’t either. But it is bound to be around here somewhere, because the National Bureau of Economic Research spotted it in June 2009, four and one-half years ago.
Nowhere is the evidence of unbridled corporate greed stronger than in what the financial crisis did to the U.S. economy. The losses are staggering. Economic growth was killed to the tune of over $13 trillion. Homeowners lost a whopping $8.1 trillion in home values.
For those once again thinking they were getting their crack cocaine, quantitative easing, once again they are disappointed.
The FOMC statement showed no change in policy from the Federal Reserve. For the rest of us, the FOMC statement acknowledges our crappy economy.
Information received since the Federal Open Market Committee met in June suggests that economic activity decelerated somewhat over the first half of this year. Growth in employment has been slow in recent months, and the unemployment rate remains elevated. Business fixed investment has continued to advance. Household spending has been rising at a somewhat slower pace than earlier in the year. Despite some further signs of improvement, the housing sector remains depressed. Inflation has declined since earlier this year, mainly reflecting lower prices of crude oil and gasoline, and longer-term inflation expectations have remained stable.
Additionally the Fed doesn't expect things to really improve:
For those once again thinking they were getting their crack cocaine,
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