Browsing the "economy" Tag

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Another 2.1 million seek unemployment benefits. The Coronavirus Recession will stick it to millennials

The Department of Labor reported Thursday that yet another 2.1 million Americans, on a seasonally adjusted basis, applied for initial state unemployment benefits in the week that ended May 23. Counting these new applications makes for a total of 40.5 million workers who have filed for initial benefits over the past 10 weeks. Add in the millions of Americans who are receiving […]

May 29th

Trump won’t offer usual economic projections. Probably because it’s hard to brag about disaster

In a story they broke this morning, Jeff Stein and Josh Dawsey at The Washington Post report that the Trump regime has decided it will not deliver economic projections in the traditional “mid-session review” of the budget this summer. Budget experts the reporters interviewed said they didn’t know of any time in the past half century when an administration has […]

May 28th

James Howard Kunstler: What makes you think we’ll ever return to “Normal”? (Coronavirus and oil meltdown, part 3)

Don’t it always seem to go, that you don’t know what you’ve got ‘til it’s gone, Joni trilled half a century ago. Another song, by CSN, went, it’s been a long time coming, it’s gonna be a long time gone. Boomers. Back in the day – before they invented the hedge fund, glyphosate, and political correctness […]

Millions of new claims for unemployment benefits push the jobless rate to 20%

To nobody’s surprise, the Department of Labor reported Thursday that another 4.4 million Americans filed new claims for unemployment benefits in the week that ended April 18. That brings the seasonally adjusted new claims for the past five weeks to 26.3 million. That’s one out of six American workers. Add in the 5.8 million people who were already out of work when the massive […]

April 23rd

7 Reasons why Tesla Will Benefit From The Crisis — #2 Diversification

Cathie Wood, the founder of Ark Invest, has repeated many times that in a recession or economic downturn disruptive companies gain pace and expand their competitive advantage versus incumbents. Even if all business is shrinking, the moment it’s getting just slightly better, disruptive companies grow faster, win more market share and more profit than the competition. […]

April 7th

We have NO IDEA how bad the economic fallout from the coronavirus pandemic will be

Josh Bivens at the liberal-leaning Economic Policy Institute writes that, even with a moderate fiscal stimulus, the coronavirus pandemic could cost 3 million jobs by summer. That’s based on Goldman Sachs’ prediction of a 1.25% economic contraction for the first half of 2020. Meanwhile, Bloomberg reported Tuesday afternoon that Treasury Secretary Steven Mnuchin has warned Republican senators the economic impacts could […]

March 19th

Book excerpt: How Elon Musk’s Tesla Sparked an Electric Revolution to End the Age of Oil

To understand how electric cars can end the Age of Oil, you might want to visit a fast food restaurant. Oil may have dominated our economic times, but it fades in significance when compared to salt. Civilization was built on the stuff that McDonald’s now gives its customers for free. By Hamish McKenzie Excerpted from Insane […]

March 25th