Better Than Nothing, But Falls Way Short of What's Needed NOW

Commentary on the Inflation Reduction Act (IRA) by two fellows at inequality.org - 

https://www.newsweek.com/trillionaires-burning-planet-package-deal-opinion-1731955

The IRA is a paltry start on a few (certainly not all) major problems.  For example, while boosting development of renewable energy, it also greatly favors fossil fuels.  Now there's an oxymoron, eh?  As to taxing the Rich Polluters, forget it.  Health care - paltry, paltry, paltry.

On a related note---

Just as bad, there are no significant, proposed legislative bills which address toxic pollution, biodiversity loss, soil degradation, and more.  They all are just as much an existential threat as is climate disruption.

On a separate note---

Yes, despite what the elites are saying, we are in a recession.  The last Jobs Report is being touted as proof to the contrary, but is anyone asking the following?  How many of those jobs are part-time?  How many are temporary?  How many are low-paying?  How many are some combination of the preceding?  How many workers have two jobs, and still can't get ahead of inflation?  Why not? Because the jobs are relatively low-paying and have close to zero benefits.

Then, too, consider this:  according to the U.S. Debt Clock, the median income here is a tad under $36K/year.  That means half our workers make LESS than $36K.  Half.  So, how is the economy surviving?  On DEBT, massive debt - national, corporate, and personal debt.  Total U.S. debt is now over $92 trillion.  Our GDP is under $25 trillion, and decreasing every second.  [See usdebtclock.org ]  All Bubbles (including Debt Bubbles) burst sooner or later.  The whole situation is unsustainable.

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Not only my opinion.  Be Well

When the Overdue Recession Hits Us

Preface
I don't have an Economics Degree, so I rely on a broad spectrum of economists and monetary theorists for these essays.  Plus, as a wise man once told me, "You don't have to be a Master Carpenter to recognize a shack.".  :)

A few facts---
1.  Worldwide debt is somewhere in the neighborhood of $250 trillion, which is close to three times the world's GDP.
2.  The U.S. public National Debt is now a tad over $22.5 trillion...more than our annual GDP.  We pay $896 million per day in Interest on that debt.  Politicians in DC are increasing our Debt exponentially.
3.  U.S. personal debt is now just shy of $20 trillion.
4.  U.S. unfunded liabilities now stand at a bit more than $125.7 trillion.
5.  U.S. nonfinancial Corporate debt is now at about $15 trillion...the highest it has been in decades.
6.  Total U.S. Debt (not counting unfunded liabilities) is now a tad over $74.1 trillion.  [See:  USdebtclock.org ]  That's more than three times our annual GDP.

Conclusions---
1.  The world is awash in Debt.
2.  The U.S.A. has a significant portion of that Debt.
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Meanwhile, the UK, continental Europe, and Japan all have been adhering to the Zimbabwe "School of Economics" by PRINTING MONEY.  Plus, the USA is on the verge of starting QE-4, more printing of money.  This is all being done to prop up the Stock Market.  In addition, Corporations have been buying back their own stock, thus falsely inflating that Market.  At the same time, Bond Markets have been crashing, capital expenditures have been decreasing, and manufacturing has been slowing down...in the Western World.  In Asia (except for Japan), they have been sticking to conventional economic, monetary, and fiscal policies; but in the West, we are in an Era of Weirdness.
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Bottom Line---
When the overdue Recession hits, and there's a succession of bursting Debt Bubbles, the impact on Western World Finance and Economies will be much greater than in 2008-2009.  Businesses, a few investment Banks, perhaps some regular Banks, Insurance companies, and associated firms likely will collapse, then unemployment will jump way up, and price inflation will take hold...thus exacerbating the Recession, possibly driving it into a full-blown Depression.

Central Banks refuse to bite the bullet and raise Interest rates (or better yet, let the Market determine the rate) because that would burst the Stock Market Bubble.  We would have a Recession, but we need to because too much money is chasing too few goods.  Big-time inflation is coming unless we dial back all this monetary craziness.
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Not only my opinion.  Be Well

More Bald-Faced LIES From Trump & Crew

1.  Regarding separating little kids from their parents at the border, and then shipping the kids all across the country---

The Don claims it's all the fault of the Democrats because:  a) they passed a Law requiring that be done; and b) they are obstructing a new, proposed Law to correct the situation.  Usually Pence is in the background nodding his head in agreement. 

Let's see, first of all, there is no such requirement in any immigration Law passed by the Dems.  The requirement was for separation of children from smugglers, not PARENTS.  There is only Trump & Crew's screwy interpretation of the Law.  This is similar to John Yoo's screwy interpretations of Law during the Dubya Admin.  Yoo claimed the Geneva Conventions of treatment of war prisoners did not apply to Afghanistan or Iraq.  He also claimed that despite the Fourth Amendment, warrantless wiretapping of citizens was legal.

As to obstructionism by the Dems regarding a new Law on immigration, exactly how does that happen when Repubs hold majorities in both Houses of Congress?  Seems to me it can happen only if some Repubs join the Dems in opposition to whatever The Don & Crew are proposing.

The fact is:  this cruel practice (in a supposedly Christian nation) is totally the creation of Trump and Sessions.  It's their policy, and no one else's.  Even many/most high-level Repubs abhor it.  Finally, it's State-sponsored child abuse.

2.  Regarding claims that "the economy is doing great"---

Lately, Trump & Crew are claiming exactly that on an almost regular basis.  Let's see, we have a Stock Market Bubble that's worse than the one just prior to the 2008 Crash.  The same is true of the current Housing Market Bubble.  The Derivatives Bubble is alive and rolling on.  The Bond Market Bubble is starting to collapse.  The National Debt is nothing short of astonishing.  All that begs an answer to this question:  are Trump & Crew so ignorant that they believe none of the above are Bubbles?

Answer:  Of course not.  They all know they're Bubbles, and that those Bubbles will burst relatively soon..."They" being the ones who are deceitfully selling: the "good economic times are here".  Shades of 1929, 1973-'75, 1981-'82, 1986-'87, '97-2001, & 2007-'09.

Add to the above the fact that the rising price inflation rate has almost totally wiped out any wage increases of late.  Add to that:  Trump's Trade War will harm both consumers and businesses.  Then add this:  the Fed Government's Jobs Report and Unemployment numbers are almost always wrong.  Unemployment is at least double the number given by the Feds.  Finally, add this:  for the first time in our history, the Middle Class comprises less than 50% of our population.

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Conclusion:  Mr. President, you are flat-out lying about both numbers 1. & 2. above.  Either that, or you are the most ignorant Oval Office Occupier we've ever had.

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Suggestion to everyone:  don't take on more debt, pay down what you can, and hang on to every hard asset possible.  The next Crash is overdue.

Not only my opinion.  Be Well