Category Archives: economic news

economic news

Shut the f*** up about tariffs, Donald

If Donald J. Trump gave a rat’s righteous red-ass damn about ordinary folks — such as, oh, me for example — he would stop yammering about threatening to impose tariffs on countries to get what he wants.

He did so again overnight, threatening yet again to launch a worldwide trade war over EU and NATO opposition to his desire to annex Greenland. I am watching my retirement income fly out the window today as the markets react to Trump’s bellowing, bluster and bloviating over tariffs.

You see, Trump doesn’t give a sh** about those of us who have worked hard, played by the rules, invested money in markets and hope to have it available to enjoy in our retirement years.

Just shut the hell up about tariffs, you delusional piece of mule dookey.

economic news

Fed boss becomes latest Trump target

Jerome Powell is the new man of the hour, designated victim in Donald Trump’s campaign against those who disagree with him on matters that go way over the pointed head of the president of the United States.

Powell is the chairman of the Federal Reserve Board, the nation’s central bank that is charged with making fiscal policy based solely on economic evidence and trends. The Justice Department issued subpoenas this week to Powell about remarks he made during testimony before the Senate Banking Committee … except the subpoenas have nothing to do with Powell’s testimony.

Oh, no. They have everything to do with Trump wanting the Fed to reduce interest rates. Powell is pushing back, to which I say, “You go, Mr. Chairman!”

Powell insists that the Fed remain independent and free from political pressure. The Fed was created to be immune from the pressure of the moment. It must act on trends it identifies and helps the board of governors decide when or if to adjust interest rates … up or down!

Trump believes it’s time to reduce interest rates. He doesn’t know what he’s talking about. Jerome Powell is the fiscal expert here, not Trump, who is nothing more than a tinhorn politician seeking to score points with the hope of staving off what looks like an oncoming wipeout in the midterm election later this year.

Some experienced political hands are suggesting that Trump compiling impeachable offenses at a breathtaking rate. I believe abuse of presidential power fits nicely into what Trump is trying to do with Jerome Powell.

economic news, military news, national news

Trump: RINO in chief

Once upon a time, in a galaxy far, far away, the American Republican Party stood for principles the party deemed to be hard and fast … not to be trifled with.

Republicans opposed adding to the national debt. They opposed deficit spending each year on the federal budget. The GOP stood firm against “nation-building” wars overseas. Republicans stood with Democratic President Lyndon Johnson in passing the Voting Rights and Civil Rights acts of 1964 and 1965. The GOP saw the Soviet Union as a national enemy and committed to the destruction of the tyranny preached in the Kremlin.

Hmmm. Those days are gone. Likely forever. Never to be seen again.

Donald Trump is now what I call the Republican In Name Only in chief. He is leading a party that bears no resemblance to the party of Abraham Lincoln, Ronald Reagan or Richard Nixon.

I am trying to imagine President Reagan allowing the national debt to balloon to trillions of dollars. Or President Lincoln allowing the party to embrace white supremacists. Or President Nixon defending the USSR’s direct descendants, Russia, in disputes involving U.S. intelligence findings.

What we have now in charge in D.C., ladies and gents, is a party that has betrayed all those core values. It’s not just the president. He has GOP members of Congress, who are standing with him.

They all — not just Donald Trump — deserve our everlasting condemnation for the direction they have taken this great country.

economic news

Go big or go home … ya think?

Perhaps you have heard it said that one should “go big or go home,” correct?

Well, gang, the Texas Department of Transportation has taken going big to a whole new level. It is pondering construction of a new interstate highway that would stretch — and get hold of yourself — from Amarillo to Port Arthur. All in the same state! That would be Texas.

The interstate would track the course already traveled by U.S.Highway 287.

I will stipulate that there is no way on this good Earth that I will live to see this project completed. I don’t know that TxDOT even has a strategic completion date in mind. I also must stipulate that I cannot quite wrap my arms around the scope of this project.

Expensive? Yeah … it is. TxDOT is projecting 670-mile-long project to cost something exceeding $24 billion. It would employ 40,000 people to work on it. I venture to suggest that a huge portion of the cost would be in the purhase of private land. The Fifth Amendment to the Constitution stipulates that the government must provide “just compensation” to property owners who have to surrender their land to the government. Given that more than 90% of all land in Texas is under private ownership, TxDOT would have to fork over a ton of dough to complete that transition from private property to land converted for “public use.”

To be candid, this scope of this idea — and that’s all it is! — is too much for my feeble noggin to ponder. It took TxDOT, for example, more than two years to complete an Interstate 40 expansion just through Amarillo. U.S. 287 begins just east of the Panhandle city and courses through many cities and towns on its way south and east through the Metroplex and into Deep East Texas. The idea of expanding a four-lane highway into a limited-access freeway through towns such as Chillicothe, Vernon, Claude or Clarendon simply blows my mind. There are more developed communities, such as Decatur and Fort Worth that lie in the path of this enormous project. Then you find yourself in Beaumont, the Mid-County area of Jefferson County until you end up in Port Arthur.

It is way too early to pass any form judgment on this project. I am not even sure TxDOT will pursue it. The highway agency will have to determine if the expense and the enormous disruption will be worth the effort.

When will that occur and what in the world will Texas even look like when they take down the last construction cones?

economic news, local news

Signs portend driving misery

Driving south along Beauchamp Boulevard in Princeton, Texas, a day or so ago, a couple of orange signs jumped out at me as I entered the intersection with US Highway 380.

One sign had an arrow pointing west along 380 that said, “Road Work 2 miles.” The other sign had an arrow pointed east on 380 that said, “Road Work 6 miles.”

That’s when it hit me. The fun I have known would come to those of us who live in the nation’s fastest-growing city is about to commence. Actually, it won’t be fun. It’s going to be a headache, more than likely.

The Texas Department of Transportation is going to widen 380 from four lanes to six lanes. However, to do that I was told by a former Princeton city manager that TxDOT had to narrow the right-of-way from four lanes to two lanes … one lane in each direction. Thus, the “fun” begins for anyone needing to get anywhere along 380.

All of this appears to be the prelim to work on a freeway bypass around Princeton that TxDOT has been pondering since before my bride and I moved here six years ago.

This is the price of progress. I am able to pay it. Not with any great enthusiasm. But I’ll get through it. The alternative? There isn’t any!

To which I only could mutter: Aaaack!

This is one of the costs I am paying by living in a community that is undergoing a growth explosion. It’s no “spurt.” Or any other term that suggests a smallish growth pattern.

economic news

What now, Mr. POTUS, with latest job figures?

Donald J. Trump went utterly ape-dookey over Bureau of Labor Stats figures a month ago that showed the U.S. added 77,000 jobs in July. What did he do? He fired the head of the BLS.

He said the former bean counter couldn’t be trusted to produce good numbers. So he brought in his own guy. What happened in August? The non-farm job payrolls added just 22,000 jobs during the month.

The mercurial charlatan who sits in the Oval Office might offer an excuse for the paltry numbers. Maybe he’ll let this latest guy go and blame him for turning on the guy who gave him a cushy job in DC.

Whatever, the drama just won’t end. It is boring me to tears.

economic news

Wishing POTUS well carries self interest

If we’re honest with ourselves, and most Americans fall into that category, we would carry a significant self-interest load while wishing the president of the United States success as he seeks to lead the country.

Where am I going with this? Here it comes.

I want Donald Trump to succeed in the office he will occupy for the next three years and some. I want him to succeed — particularly on economic issues — because it will have a direct impact more than likely on my retirement.

I’m long in the tooth, heading soon for my 76th birthday. I am semi-retired, working part time as a freelance reporter for a group of weekly newspapers in Collin County, Texas, where I have lived for six years. I also am drawing my retirement income from Social Security.

I have entrusted my retirement account to the care of a wise investment counselor who has taken good care of me, helped in large part by the performance of the stock market, which reacts almost daily to the whims of the president, be he a Democrat or Republican. The market did well during the terms of Barack Obama and Joe Biden, but my support for their success went far beyond self-interest motivations.

So, when I declare my good wishes on the current POTUS, I do so with more than a twinge of self-interest. I detest the man for who he is, what he did before being elected to the only public office he ever has sought, for the lives he has destroyed, for the lies he has told, for his absolute lack of character, empathy and compassion.

I do wish him success as he seeks to manage the nation’s economic policy. It’s not because I have faith that his decisions will fatten my retirement investments … but because if he makes the right call — somehow! — good fortune will come my way.

business news, economic news

Tariffs come and go … and return

Donald J. Trump is in love with the word “tariff,” if only he understood what it means and who it penalizes.

He has just slapped another boost on the tariff he wants to charge India for goods imported into the United States. India now will pay a 50% tariff on everything that comes from that country into this one. So, if you want to buy a pashmina scarf from India, it will cost you basically half again the sticker price of the garment … which is pretty steep as it is!

That’s just one example of the inflationary pressure that awaits Americans who will pay for the tariffs Trump insists on leveling against the entire planet. He calls it payback for being “screwed” by the world’s nations. Good grief! You and I are going to pay for this nonsense. The weirdest part of all is that Trump is penalizing nations, such as Canada and Mexico, for engaging in trade practices that Trump himself worked out when he tossed aside the North American Free Trade Agreement. Go figure that one, ya know?

What does Trump have to pay? I don’t know nor do I care one damn bit. I am bitten by the “interest and apathy” bug.

All I can tell for certain is that when Trump gets done deciding how much of a tariff he wants to apply to this and/or that product or commodity, you and I are going to pay a hefty price for this numbskull’s obsession with a concept he doesn’t understand.

economic news, local news

Mixed feelings over airport expansion

How am I feeling these days as I learn about the expansion of McKinney National Airport just down the road a piece from where I live in Princeton?

My feelings are decidedly mixed. Although I tend to support the expansion as an economic driver for a region that already is undergoing a tremendous population explosion.

I shall explain myself.

Voters rejected a $200 million bond issue a couple of years ago to expand the airport, creating a third commercial air terminal in North Texas. It wasn’t even close, with 58% of the votes saying “hell no!” to the expansion. Had I been able to vote on the project, I would have voted in favor. Voters had their say.

Aha! But it wasn’t the final word. McKinney officials weren’t to be dissuaded from fulfilling their dream. They have broken ground on a smaller expansion, costing about $70 million. They’ll add an air terminal, expand parking and dress up the grounds to begin commercial air service sometime late next year. A low-cost airline already has signed up to begin servicing the airport to be known in aviation-speak as TKI.

It is mildly troubling to me that McKinney officials chose to ignore the voters’ wishes by proceeding with the airport project. Opponents cited the massive change such a project would bring to a community that they liked as it stands. There could be noise pollution, traffic congestion and all the various elements associated with rapid growth. At the groundbreaking ceremony, officials spoke affectionately about the growth that will come this way.

Princeton, where I have lived for six years, is the fastest-growing city in the United States. It currently is terribly underserved by commercial establishments. This morning, for example, I drove to McKinney to purchase a $6 part for my bathroom sink. I couldn’t find a store to serve my needs in Princeton. I am going to presume that economic expansion will bring those services and many others eventually to my city.

Indeed, the landscape in the greater McKinney/Princeton/Farmersville area is now slated for some monumental change once the airport expansion is complete. All of that produces a mixed bag of emotions for my neighbors and me. Thus, I can declare my feelings remain mixed as the airport construction is set to begin.

I am going to pray it goes well.

economic news

Make ’em pay their share

I feel this overwhelming desire to put this blogger’s current word of the day into perspective.

The word is “greed,” and it clearly has wrapped itself around the hearts and minds of mega-rich Americans over the issue of paying their fair share of taxes.

Donald Trump’s spending and taxation bill is now law and it contains those infamous tax breaks for the richest among us. Please consider the following …

If we demand that billionaires pay their fair share of taxes, they would still be richer than God. The going rate is about 38%. If someone were to pay that amount in taxes on $1 billion in gross income during a given calendar year, that still leaves the billionaire with more than $600 million in gross income for that year.

What could the government do with the money it collects from the billionaire? It could parcel it out to replenish food and housing assistance for Americans who are about to be deprived of such assistance. How about spending more money to arm Ukrainians with hardware to fight the invading Russian army?

We could do all of that … and the richest of the rich can still float around in their yachts and enjoy the decadent lifestyle to which they have become accustomed.