Category Archives: economic news

economic news, national news

Are we better off these days?

What in the world is it going to take to persuade Americans to shed their gloomy-Gus outlook on the U.S. economy?

You don’t need to answer that one. Just hear me out for a brief moment while I vent a bit of my frustration.

Here we are now officially in an election year. President Joe Biden is seeking another term, but he is facing headwinds that befuddle me. He is unable to persuade Americans that we are better off now than we were when he took office in January 2021.

Joblessness is down; employers are hiring tens of thousands of employees each month; inflation is down; interest rates are beginning to inch downward as well; retirement accounts are healthy; the stock market is setting records.

OK, I am going to set aside commenting on the border crisis and the phony investigations into alleged corruption involving the president.

Joe Biden has plenty of goods to sell Americans as he seeks re-election. He cannot seem to shake loose from Republicans who continue to feed the lie about the state of our economy.

They said we would plunge into recession. That the Dow would plummet. That inflation would gobble up Americans’ hard-earned savings accounts.

I don’t know about everyone else, but I am doing far better economically today than I was doing in 2020.

Should the president re-purpose the query that Ronald Reagan posed during the 1980 campaign against President Carter? He shouldn’t even consider it. I am certain that a similar question can be presented this year that would produce a far different response than the one Reagan used to devastating effect.

The very future of our nation depends on whether President Biden can find a way to vanquish forever the forces that keep lying to us about our nation’s economic health.

business news, economic news

Bidenomics: It’s working!

How is this going to play out? For the life of me I cannot fathom the current trend.

President Biden’s economy is rocking along. The nation added 199,000 jobs in November; joblessness is now at 3.5%; inflation registered a 3.1% uptick, which is far better the 9% it was registering earlier this year.

And yet …

Republicans keep yammering about the “sagging” economy. How Americans are unhappy with their lives’ economic trajectory.

President Biden and Congress approved the nation’s largest infrastructure bill in history. He got Congress to approve the Inflation Reduction Act. We’re investing in “green energy,” and the GOP calls that a bad thing.

It’s working, man! Yet the GOP keeps lying to us that it isn’t.

I am shaking my noggin. I do not get it!

economic news, local news

Downtown: Priority No. 1

Almighty God did not bestow on me the power to act as King of the World, but I did get a brain that enables me to presume the impossible … and, thus, offer a suggestion on how to conduct the people’s business.

Princeton, Texas, at this moment does not have a city manager. The City Council must look for someone to replace Derek Borg, who this past week resigned his office. He’s out. The council named Leisa Gronemeier as interim manager.

What should the new manager list as his or her top priority? Here goes: He or she should place the development of a “downtown Princeton” at or near the top of the municipal agenda.

I put the terms “downtown Princeton” in quotation marks for a reason. It’s because Princeton does not have a downtown district worthy of the name. The city built a municipal government office complex. Where did it go? Into what passes for a downtown area?

No. It was erected on the eastern edge of the city on the north side of US 380.  I like the complex. It is a fine piece of construction. However, it suggests to me that the city hasn’t bought into the notion that a vibrant downtown district really matters.

It damn sure should!

I get that the city manager doesn’t set policy; that task belongs to the elected council. The manager, though, does have a bully pulpit from which he can lobby council members and the mayor to plot a certain course.

In my humble view, the next city manager has it within his or her power and authority to try to move the council to put downtown redevelopment at the top of the council’s agenda.

Practically every single American city — from its most bustling metros to the smallest of communities — has at least one thing in common as they reap the benefits of economic revival.

That would be a downtown district that bustles with life.

economic news, Joe Biden, national news

Why won’t GOP govern?

Why in the name of sound fiscal management is Congress — led by Republicans in the House of Representatives — unable to approve a long-term budget deal that avoid the catastrophe that awaits us at the end of this month?

The federal government might be headed for another shutdown if Congress doesn’t approve enough money to keep services running. These are the services that you and I pay for with our tax money, services we expect to receive in return for the government demanding our funds.

Is it me or does it appear that these crises always seem to play out when the GOP controls the congressional purse strings while a Democrat sits in the big chair behind the Resolute Desk in the Oval Office?

This particular House GOP majority, although it is of an extremely slim margin, is being driven by the impulses that coarse through the veins of the MAGA Moron caucus that has managed to outshout not only Democrats but also the more reasonable members of the once-great Republican Party.

The MAGA minions insist on impeaching President Biden before they consider approving a federal budget. For what? Beats the hell out of me!

The MAGAites even have steamrolled House Speaker Kevin McCarthy into toeing their line. McCarthy went seemingly overnight from being someone who blamed the MAGA mouthpiece in chief for inciting the 1/6 assault on our government to becoming one of the dipsh**’s chief allies in the House. That’s not good enough to satisfy the MAGA morons.

So, here we are. Government could shut down again by Oct. 1. We’ll get to hear nonsensical speeches from GOP House members and perhaps even some senators about the wisdom of shutting it all down.

It is government performed by the cosmically stupid.

economic news, environmental news

DeSantis had me … then he lost me

Just as I was feeling pretty good about Florida Gov. Ron  DeSantis’s ability to do the job to which he was elected, he then stiffs me with a petulant slap at the Biden administration’s effort to help ease the pain of Floridians suffering from the effects of Hurricane Idalia.

DeSantis wants to become the Republican presidential nominee in 2024. He took time off from the campaign trail to inform Florida residents of the things his state’s government is trying to do to protect them against the hurricane. That’s what he was elected to do, yes? Of course!

Then the GOP governor says “no dice” to President Biden’s relief effort — part of the Inflation Reduction Act — that totaled $350 million. The feds can keep the money, DeSantis said. What? But … shoot, governor, it’s money that aims to help your residents, your constituents, the people to whom you are responsible!

As Politico reports: “It’s unfortunate that some officials are putting politics ahead of delivering meaningful progress for hard working Americans,” said White House spokesman Michael Kikukawa. “Despite this, President Biden and his administration are working with cities, counties, businesses, nonprofits, and other entities in the Sunshine State to ensure Floridians benefit from the lower costs and stronger economy delivered by his agenda.”

Yeah, it’s “unfortunate.” It’s also disgusting and petulant.

The IRA contains several energy-savings provisions in it. As Politico reports: The Biden administration has explored ways around the energy rebate blockade but has come up empty so far, according to federal and state officials. The IRA was written in a way that requires the rebates to go through a state energy office. Unlike many federal laws, there is no federal fallback option or way to circumvent an obstinate governor.

Gov. DeSantis, though, will have none of it, given that it just might reflect positively on President Biden.

economic news

It’s still the economy, stupid

1 Comment

James Carville, the political guru who burst into notoriety while helping steer Bill Clinton to the presidency in 1992, once famously declared, “It’s the economy, stupid” as he led Clinton to victory over President George H.W. Bush.

I believe President Biden would do well to resurrect a portion of Carville’s winning mantra.

It’s still “the economy, stupid” as Joe Biden campaigns for re-election in 2024.

The numbers hold up well under careful examination.

Joblessness is near historic lows; we are creating more jobs each month than any time in our history; inflation is receding; our national budget deficit has been slashed.

Mr. President, you are entitled to gloat just a bit, reminding us that “Bidenomics is working!”

johnkanelis_92@hotmail.com

economic news

‘Bidenomics works!’

Joe Biden has coined the phrase that, if you think about it, seems to roll off the tongue.

He declared today that “Bidenomics works” better than the “trickle-down theory” promoted by archconservatives.

The numbers bear out the president’s declaration.

The administration was able to pass the Inflation Reduction Act. The result? A “reduction in inflation.”

President Biden’s administration managed to enact a massive infrastructure rebuilding plan. The result? Thousands of jobs committed to improving our roads, highways, airports, seaports.

We now have the fast-growing economy of any nation belonging to the G-7 association of industrialized nations. We have added 13 million non-farm jobs to our payrolls in the past two years. The nation has whipped the COVID-19 pandemic that killed more than 1 million Americans. People’s faith in the economic future is improving. We have reduced the national budget deficit and taken bites out of our still-growing national debt.

Yes, Mr. President. Bidenomics is working!

johnkanelis_92@hotmail.com

economic news

Recession? Uhh … where?

Let me toss a number at you and ask you to ponder its significance for a brief moment.

339,000.

That is the number of jobs the U.S. Department of Labor said today were created this past month. The nation’s jobless rate ticked up a bit to 3.7%, but no one is speaking out loud about any concern there.

It’s the first number that is stunning. It continues to demonstrate — at least to me — that the fearmongers need to be called out when they suggest the nation’s economy is tanking.

It isn’t. Not by a long shot!

Economists predicted — to the extent they can predict anything — a job growth of about half of what was released. Even that wouldn’t have been too bad.

But a 339,000 job growth figure simply is staggering.

Uhh, Mr. President? Keep up the good work.

johnkanelis_92@hotmail.com

economic news

Economy is strong … period!

How in the world does one deal with the fearmongering on the right wing of the political spectrum that keeps fomenting the lie that our national economy is headed for the crapper?

President Biden keeps seeking to remind us of several undeniable facts: joblessness is at a historic low; new jobs are pouring in; business continues to make astounding profits; inflation is subsiding; the national budget deficit is shrinking; the national debt is receding, too.

It’s falling on deaf ears on the right. The right-wingers are looking for any advantage they can find as they seek to run against the president. They are fomenting yet another lie, that the economy is tanking.

Listen up, folks: The economy is not heading for the tank! The economy is showing remarkable resilience! Its strength is presenting itself almost daily!

I am going to use this blog to try to disabuse those who want to believe the liars that the economy is set to be flushed away.

It is not!

johnkanels_92@hotmail.com

economic news

Compromise = good government

All right, folks, we are witnessing in real time the impact that good government can bring us.

One aspect of good government — in a representative democracy — is that compromise is essential. So, with that we have an agreement in principle to fend off the threat of our nation defaulting on payments to which it is obligated.

It came down to two men, President Biden and House Speaker Kevin McCarthy, haggling, needling, cajoling and compromising to reach this agreement.

“Everybody won’t like what is the end of the agreement … on both sides,” McCarthy said Saturday morning. “But … at the end of the day I think people should see what that product is before people vote on it.”

McCarthy is going to make the details of the agreement available to House members for 72 hours before casting a vote slated for Wednesday.

Progressives are unhappy. So are conservatives. These are the hardliners on both ends who refuse to accept compromise as an essential element of good government.

I haven’t seen the details of the bill, so I won’t comment on the finished product. My focus with this post is on the method that Joe Biden and Kevin McCarthy used to reach this point.

Defaulting on our debt obligations is a non-starter. Both men said so. They proceeded from that point. Default would have produced a catastrophe.

The deal that Biden and McCarthy have reached is good for the next two years. It takes this whole issue off the campaign table for 2024. It is an agreement that in a more perfect world should have been reached without the drama that led to this point.

In the end, good government has won the day.

johnkanelis_92@hotmail.com