Consumer Sentiment Hits Two-Year High


“U.S. consumer sentiment soared in early July to an almost two-year high, bolstered by easing inflation and a strong labor market,” Bloomberg reports. “The University of Michigan preliminary index rose by 8.2 points to 72.6, the highest since September 2021. The reading topped all forecasts in a Bloomberg survey of economists, and the monthly advance was the largest since 2006.”

Florida Workers Owed Billions in Unpaid Overtime

$11.4 billion

According to a wages study done by law firm Bisnar Chase, the average Florida employee in the private sector worked about 2.5 hours of “unpaid overtime” per week during 2022. The national average for unpaid OT is 2.1 hours. When this figure is applied to the number of exempt workers in the Sunshine State (and based on the median wage), and then annualized, Florida workers are collectively owed about $11.4 billion in backpay, researchers said.

Summer: Fed’s Course Leads to Stagflation, Recession

“I believe the Fed has not internalized the magnitude of its errors over the past year, is operating with an inappropriate and dangerous framework, and needs to take far stronger action to support price stability than appears likely. … The Fed’s current policy trajectory is likely to lead to stagflation, with average unemployment and inflation both averaging over 5 percent over the next few years — and ultimately to a major recession.”

Larry Summers, who served as U.S. Treasury Secretary from 1999 to 2001.

Republican Presidents Are Bad for the Economy

“A president has only limited control over the economy. And yet there has been a stark pattern in the United States for nearly a century. The economy has grown significantly faster under Democratic presidents than Republican ones. … It’s true about almost any major indicator: gross domestic product, employment, incomes, productivity, even stock prices. It’s true if you examine only the precise period when a president is in office, or instead assume that a president’s policies affect the economy only after a lag and don’t start his economic clock until months after he takes office.”

David Leonhardt

Americans: Economy Good; State of the Nation, Baad


A new CBS News poll finds 75% of U.S. adults say the economy is in good shape, the highest in almost 20 years. “Still, when asked about the state of the union today, views are mostly negative. Fifty-six percent of Americans say things are fair or bad, while 44% say great or good. Opinions divide starkly along partisan lines. Most Republicans say the state of the country is great or good, while most Democrats say it’s fair or bad.”

The King of Debt, as Trump Called Himself, is Earning His Crown

As tempting as it is to tune out news about the debt ceiling and budget deals, it’s time to pay attention. The excellent Daily 202 from James Hohman and the Washington Post breaks down how bad red ink has gotten under Trump.

Estimated deficit for 2019: $1 trillion +
Deficit for 2018: $779 billion
Deficit for 2016: (Obama) $587 billion

National debt as of July, 2019: $22 trillion
National debt at Trump inauguration: $19 trillion

As we remember, Pres. Obama used debt to successfully stimulate an economy that was collapsing as he took office.

Trump used debt to finance a huge tax break for corporations and rich folk, which he and the Republicans said would make things better for us average Joes.

Here’s the full quote: […]