And just like that, a million hopeful voices cried out in horror…
Real average hourly earnings shrank by the most since 2012 in July…
For years hope has been soaring that household income will rise any minute now… and despite two years of disappointment, they remain optimistic…
But unemployment is so low? Full-employment? Wage pressure? Hmm, maybe that dismal participation rate is more important that we thought…
Just keep believing America!!
MORE GREAT NEWS
Federal budget deficit increases 79% in July
Published: Aug 10, 2018 2:01 p.m. ET
Spending jumps in month, as government collects less from corporations, individuals
The federal budget deficit is up 21% for the fiscal year to date, according to the Treasury Department.
The numbers: The federal government ran a monthly budget deficit of $77 billion in July, up 79% over the same month a year ago. For the first 10 months of fiscal 2018, the shortfall totals $684 billion, according to the Treasury Department. That’s an increase of 21% compared to the same period in 2017.
What happened: Receipts fell 3% compared to last July, with the government getting less money from both corporations and individuals in the wake of the new tax law. Corporate revenues were down 34% as companies enjoyed a reduced 21% tax rate. And individuals continued to send fewer tax dollars to the Treasury, after lower withholding from paychecks took effect in February. President Donald Trump signed the law in December.
Spending, meanwhile, jumped by 10% in July as the government shelled out more for programs across the board. Interest payments on the public debt jumped by 41% in the month.
Big picture: Congressional budget analysts predict the deficit for the full year will be about 19% bigger than last year’s shortfall, the result of both the Republican tax law and spending boosts approved by lawmakers earlier this year. The Congressional Budget Office predicts trillion-dollar deficits will return in 2020.
WINNING!!!!
Core Inflation Soars At Fastest Pace Since 2008
by Tyler Durden
After producer prices disappointed modestly yesterday, prompting treasury yields to tumble, all eyes are on consumer prices today as it met expectations rising by 2.9% YoY – the fastest rate of increase since Dec 2011 – thanks to soaring rent/shelter costs.
CPI highest since 2011…
Thank you sir, may I have another?
Hahahahahaha! I told ya’ll. Admin did too.
Those damn tariffs, or the threat of, are biting, and hard.
Real wages cannot rise significantly, if at all, for the “middle class” unless their productivity is such so as to command greater real wages than their global competition. Think of how stupid the average person is, then realize that have the populaion is stupider than that. Manufacturing as a high wage employer of middle class workers is finished. So those below average folks are headed for a life of low paid service and manual labor jobs. That will not end well.
Wages will continue down or stagnant, which is the best that can be hoped for, until equilibrium is reached. And that equilibrium is no where in sight as of yet.
We as a nation have been circiling the drain faster and faster for decades and the lies and lies by omission of what has happened economically to a huge cross section of middle class Americans while government reps and their employed government minions are insulated in far to many cases and continue to be gainfully employed with benefits that have been stripped or bankrupted out from under many working Americans this is not news or a surprise to anyone with a teaspoon of active gray matter !
This week the news is out , property taxes are increasing to fund government retirement plans and crippling many middle Americans and forcing the sale of the one asset many have been able to hang on to , their home . But fuck the tax paying citizens those government employees need their retirement after 20 years . You assholes in the private sector can work 2 jobs so Paul Ryan can retire with a full pension at age 48 . BOHICA America he who has shall have less and he with nothing will have it taken from him !
Must trust the plan, even if you are broke, starving, and in chains.