Category Archives: economic news

economic news

Stimulus arrives, but do I swoon over name on memo line? Uhh, no

Our “economic stimulus payment” arrived in the mail today.

The name below that term on the check’s memo line read “President Donald J. Trump.”

Gosh. What am I supposed to do now? Do I swoon over the fact that Donald Trump’s name appears on the memo line? Would I do so were I a dedicated adherent to the cult of personality that Trump seems to have cultivated?

I cannot put myself into the shoes of one of those folks.

I looked at the payment. We signed it. We’re going to deposit it into the bank. I will not give another thought — not even a passing thought — to the name on the memo line. You see, this payment was much less Donald Trump’s doing than that of the Treasury secretary and the leaders of both congressional chambers; and, by howdy, that includes the Democrats who control the House and who comprise a substantial minority in the Senate.

How much heavy lifting did Donald John Trump do to bring this payment to one American household? My best guess: hardly any.

economic news

‘Total authority’ takes a back seat to reality

Donald Trump’s claim to possess “total authority” to tell governors what to do in reaction to the coronavirus pandemic has taken a back seat to obvious reality.

I want to believe reason set in, that the president of the United States has looked — finally! — at the U.S. Constitution to see what it says about such authority.

But I cannot believe such a thing. What likely happened is that someone told Trump that his incoherent blathering was doing far more harm than good. I’ll go with that … or something like that.

The president is announcing “guidelines” that governors and local officials can exercise in deciding whether to relax restrictions imposed by the COVID-19 virus.

Of course his emphasis will be on the economic impact on the virus. Yes, he is giving some lip service to the suffering that has occurred among many thousands of Americans. Rest assured, Trump’s major concern continues to be — in my view — whether the economic collapse will harm his re-election chances this November.

All that said, the total authority that Donald Trump once proclaimed for himself has given way to a more reasonable approach that hands the vast bulk of that authority back to the states and those who govern them.

economic news

Sure thing, Mr. POTUS; keep saying you didn’t insist on the name issue

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The nation’s Liar in Chief revealed his penchant for prevarication once again this week; it occurred at his Wednesday “briefing” at the White House over the coronavirus pandemic.

A reporter asked him about whether his name should appear on the stimulus checks that are coming to millions of Americans.

Donald Trump said oh, no. He had nothing to do with putting his name on those checks. That he had no input on the matter. That was someone else’s call. Some anonymous staffer agreed finally to put “Donald J. Trump” on the memo line on the checks that are coming to us.

I believe that, right? Wrong! The liar who poses as president of the United States cannot tell the truth even if someone were to point a gun at him while he stands on Fifth Avenue. You know what I’m talkin’ about?

Our stimulus payment appears to be coming to us via the Postal Service that Trump might allow to go bankrupt later this year. I learned that by looking at the irs.gov website. It says we’re eligible for payment, but that the Internal Revenue Service doesn’t have sufficient information for us to qualify for direct deposit into our checking account. Whatever.

If it comes to us via snail mail, I am left with a decision to make: Do we deposit the check immediately or do we gaze fondly for days at the Idiot in Chief’s name engraved in the memo line? Well, you know how I feel about him and the notion that he would insist on putting his name on a document in an unprecedented display of ego.

And yet, Donald Trump insists he had nothing to do with putting his name on the check?

Got it. I will wait for the sun to rise in the west tomorrow morning.

economic news

Socialism then; now it’s, um, acceptable

Yesterday’s socialist initiative has become an act of economic genius … in the eyes of many political observers.

I am confused.

Barack Obama became president of the United States in 2009 and went to work immediately to look for ways to rescue an economy in free fall. We were shedding tens of thousands of jobs each month. Unemployment was climbing toward 10 percent. The new president had to act quickly.

He and Congress managed to cobble together a massive bailout program. It helped shore up banks, the auto industry, the airline industry. Congressional Republicans and their friends in conservative media called it the most dangerous lurch toward socialism in American history.

The world was ending. Earth was going to spin off its axis. The sky would fall on us. The world as we knew it would end.

None of that happened. President Obama acted decisively, as did Congress. The loans sent out were paid back with interest. Job growth mounted. Unemployment fell. We began to pay down the federal budget deficit. The economy recovered.

Barack Obama left office in 2017. Donald Trump took over. Trump inherited a robust economy. Job growth continued. Joblessness fell to historic lows.

Then came the coronavirus pandemic that hit early this year.

People started getting infected with a disease. Then citizens began to die. Businesses shut down. Workers got furloughed. Cities, counties and states issued stay at home orders. Our streets fell silent.

The government then had to cobble together another stimulus package. This one totaled $2.2 trillion. The checks are in the mail. Billions went to businesses.

Where, I have to ask, are the accusations of a socialist initiative? Where is the righteous indignation and anger among conservatives that the government is grabbing private industry by the throat?

Remember that this initiative came from a Republican president, was approved by a GOP-run Senate as well as by a Democrat-run House. Some Democrats yammered that the bailout was too friendly to big business and doesn’t do enough for working families. However, it sailed through Congress with a bipartisan approval.

Times have changed, yes? Actually, not as much as some would have us believe. The opposition party in 2009 comprised a lot of fear-mongering demagogues. Today’s opposition resists on vastly different grounds but in the end it signed on to do the right thing.

Very strange.

economic news

It was inevitable, one should suppose, that crisis would produce scandal

I suppose it was expected, that we shouldn’t be surprised at the news flying out of Washington, D.C.

The world is reeling from a deadly pandemic. Now we hear that some members of the U.S. Senate sought to take advantage of their power, their influence, their access to classified information to — allegedly! — score huge profits.

What is it about crises that they seem to attract this kind of potentially scandalous behavior?

We are saluting the heroes and Good Samaritans among us who are performing acts of kindness, empathy and care for those who need help coping with the coronavirus.

It’s also good to condemn those who potentially could use their influence to (a) mislead the public regarding the severity of the crisis and (b) profit from their misdirection.

Several senators allegedly have sought to do profit from the confusion and chaos brought by the pandemic.

One of them allegedly is Senate Intelligence Committee Chairman Richard Burr, R-N.C. He attended a classified meeting in January where he and other senators were told of the dangers that the coming pandemic posed to the economy, as well as to people’s health. Burr then soft-pedaled the threat, telling the public that all would be just fine.

Meanwhile, he allegedly sold millions of dollars of stock just prior to the stock market’s shocking collapse. Do you get it? Sen. Burr got his while the gettin’ was still good, leaving millions of other Americans in the lurch while their retirement accounts were flushed away as investors started to panic.

Is this how it’s supposed to go? Of course not! It’s just a sickening symptom — again, allegedly — of behavior that those in power too often exhibit.

There needs to be a full, frontal investigation into what Burr and some other senators knew and when they knew it. If they are determined to have committed illegal acts, they need to be prosecuted aggressively … for violating their sacred public trust.

None of us should be surprised that this scandal has been revealed.

economic news, medical news

Taking a measure of comfort from PSAs

Time for an admission: This coronavirus crisis/pandemic has me seriously out of sorts.

I don’t like facing the prospect of such dramatic life changes. The idea that the United States of America might shut down completely, to be honest, is damn frightening. So are the warnings from health and science experts that the “worst is yet to come” and that we could face many millions of stricken Americans, and a vast number of fatalities.

The rush on basic groceries has emptied our neighborhood supermarket here in Princeton, Texas. We went to the store this morning looking to buy a few items. We aren’t hoarders. Row after row of empty shelves greeted us.

I don’t like what I am seeing and what I am feeling.

Now for the good news.

I am drawing a measure of comfort from some of the public service announcements I am seeing on TV. CBS-TV, for one, is broadcasting a PSA showing stars from several of its prime-time programming that reminds us that “we’re in this together.”

No one is alone. No one should feel abandoned. No one should give up hope, that we’ll get through this mess.

By all means I want the end to arrive sooner rather than later. I don’t know if the PSAs are going to snap me out of my funk in the immediate term. Maybe eventually I will snap out of it once I get used to the many changes in our lives that this pandemic is forcing on all of us.

I guess the trick is to look at the longer term rather than worry about what is happening to us in the moment.

I’ll admit it’s hard to do. However, I will cling to the good word and to the encouragement that we’re all in this together.

economic news

Thousand bucks to Americans? Thank you, Andrew Yang!

I truly cannot believe what I have been hearing today, that Donald Trump appears to be channeling a failed Democratic presidential candidate.

Businessman Andrew Yang campaigned for president promising to send all Americans a monthly stipend of $1,000; Republicans and even some Democrats blasted the idea as foolish. Yang ended his presidential campaign a few weeks ago.

Now comes the president of the United States pledging to send Americans a $1,000 payment to help deal with the economic disruption caused by the coronavirus pandemic that has thrown many citizens out of work.

My head is spinning!

The handout will cost about $1 trillion. Where does the president get the money? Well, I guess the Treasury Department just prints it.

I do not understand where this is coming from.

The first order of the federal government’s business is to protect us from disease and other threats. Donald Trump was a bit slow to come around, but he is starting to sound like someone who finally gets it. I hope he stays the course on that matter.

Hospitals are understaffed and underequipped, though, in advance of what most experts say will be a serious surge in coronavirus illness. What are the feds doing in that regard? How are they going to assist state and local governments shore up the health care provisions that will be required to deal with that surge?

A thousand bucks in our pockets won’t do the job.

Don’t get me wrong. Americans should welcome the dough … but the long game still needs definition.

economic news

SXSW falls victim to coronavirus

The coronavirus scare has just hit a lot of Texans where it hurts.

Austin city officials have canceled the annual South by Southwest music and art festival. Why? They don’t want to expose the thousands of spectators who had planned to flock to the Hill Country to the threat of the virus.

Well now. This is how you measure the economic impact of the coronavirus.

SXSW means a lot to many folks who flock to Austin each year. They get a chance to experience the Texas brand of music. And oh brother, the event draws plenty of top-drawer acts to the Texas capital city. SXSW brought in an estimated $350 million to the Austin-area economy in 2019.

It might be rescheduled. Or, it might have to be put aside for a year. Maybe longer, yes?

According to the Austin Business Journal: Travis County Judge Sarah Eckhardt said cancellation was a data-driven decision and not made out of “panic.”

“This is a decision based on expert medical opinion that we should cancel or discourage festivals and mass gatherings countywide that are drawing participants from other areas of the country and the world that have documented cases of person-to-person transmission,” she said.

This is a prudent call. It was the only decision that made sense, given the exposure that many folks might have had by mingling with thousands of others.

They call it “community transmission.” It involves people touching other people. There’s a lot of that kind of activity at SXSW.

Good call, folks.

There’s always next year. We hope.

economic news, environmental news

That ‘organic’ smell might be harmful to your health

When my wife and I moved to the Texas Panhandle in early 1995, we thought we were relocating to a place where the “smell of money” had a more, um, organic origin … that it wouldn’t be harmful to the health of those closest to it.

We had lived for nearly 11 years in the Golden Triangle, the heart of the Texas petrochemical and oil refining industry, where the smell of money was full of cancer-causing agents.

It now turns out, according to the Texas Observer, that the Panhandle’s money smell is, shall we say, not so healthy after all.

It’s called “fecal dust,” with the incessant wind blowing clouds of dirt filled with cattle dung particles. The result has been increases in respiratory illness, extreme discomfort and a smell that forces feedlot employees to shed their clothing the minute they go home after working among thousands of head of cattle.

The Panhandle produces roughly one-fifth of the beef consumed in the United States. The beef, as we know, comes from cattle that are sent to feedlots to fatten up prior to the beasts being “processed” into the meat we enjoy at our dinner tables.

It’s what they do in those feedlots that is the center of the Observer’s investigation. There’s no nice way to say it: They crap on the ground inside the pens; the wind blows the dirt across the sprawling, open landscape. Those who are near the source suffer from assorted respiratory ailments.

As the Observer reported: “You go outside and it’ll just burn your nose and your eyes,” (Lawrence) Brorman says. The dust brings foul odors so pervasive that they can penetrate the Brormans’ farmhouse even when the doors and windows are closed. Lawrence and his wife, Jaime, use a more explicit term for the fecal dust: “shust,” a portmanteau of “shit” and “dust.” (Other folks who live here are partial to “shog,” a mashup of the same first word and “fog.”)

Read the Observer story here.

This story alarms me. It concerns me because I have friends who live near those feedlots. My wife and I have dear friends who live in Hereford, which is the undisputed, if unofficial, “capital” of the cattle-feeding industry in the Texas Panhandle.

There needs to be a careful monitoring of that fecal dust matter, for sure. Let us hope Texas environmental regulators are keeping an eye — and a nose — open to what’s transpiring up yonder on the Caprock.

Indeed, “organic” doesn’t always mean “healthy.”

economic news

Tariffs harm U.S. economy, experts say

It turns out that Donald Trump’s alleged expertise on international trade policy is, shall we say, a bit overstated.

Put another way, the president’s decision to impose tariffs on imported goods has harmed U.S. taxpayers and cost American jobs he vowed would return in droves.

Whose analysis is this? The Federal Reserve has released a study laying out what it says has been the impact of the tariffs across the land. It hasn’t been good, according to the Fed analysis.

This likely will bring some recrimination from Trump, who will say the numbers are wrong, they’re cooked up in some star chamber kitchen and that they’re intended to throw the upcoming election into his opponents’ corner.

As The Hill reports: “We find that tariff increases enacted in 2018 are associated with relative reductions in manufacturing employment and relative increases in producer prices,” the report by Fed economists Aaron Flaaen and Justin Pierce reads.

This is pretty in line with what many economists have said all along about tariffs, which is that they don’t harm the producers of the goods being imported into this country, but that they inflate the prices we pay here.

Trump is having none of it. He keeps insisting that tariffs are part of a successful strategy to “put America first.” He wants to punish countries that don’t play fair in the game of international trade. I certainly understand the president’s stated reason for wanting a fairer playing field.

Why, though, must he invoke tariffs that do two things immediately? They boost prices on imported goods, which is a de facto tax and they rattle the daylights out of financial markets, affecting the retirement portfolios of millions of Americans … such as, well — my wife and me!

This so-called trade policy damn sure isn’t making America great again.