Oil, Oil, Everywhere, Nor Any Barrel For America

Last week more numbers relating to the US job market and inflation descended on us. They were picked over, and those that suited some preconception were selected for highlighting. Useful, but a process removed from the real world of job creating, job hunting, supermarket shopping and politics. No debate about that real world. It is […]

Timing is Everything

The best of our forecasters put the probability of a recession next year at around 65 per cent. Inflation is wiping out the value of the wage increases generated by a tight labor market. Joe Biden’s administration is on a spending spree that has sent the national debt over the $30 trillion mark, and rising, […]

There Will Be Pain

Now we know where the American economy is headed. More precisely, we now know where the Federal Reserve Board’s monetary policymakers believe they are taking us. Chairman Powell has warned there will be pain to drive inflation out of the system, and he now offers the Fed’s view of just how much. Last week he […]

It’s Powell vs. Biden and the Winner is…

There is bad news coming from the battlefront. No, not the Ukraine-Russian front lines, where things seem to be going better than expected, at least for now. But from the battle between the Fed and the President. The Federal Reserve Board, fighting inflation, is hurling its fraction-of-one-per cent interest rate increases against the President’s trillions […]

Work From Home Meets Labor Day, Cook’s Apple A Hard Sell

Hi Ho, Hi Ho, it’s off to work we go. Or not. For Americans the last day of summer is and always has been Labor Day, the first Monday of the month, this year September 5th. The following Monday traditionally has been the first post-summer day in the office. That day is today. It is […]

Powell Tightens And Rests Until September, Biden Loosens And Gears Up For November

They came, they met, they gave speeches and today are headed home from their central bankers’ conclave in Jackson Hole, Wyoming. They shared the latest reading from their models, crystal balls or chicken intestines. Leading the parade was Jerome Powell, chairman of the US Federal Reserve Board of Governors. Last year he declared that the […]

Big Government Returns, Bill Clinton Is So Yesterday, Obama Is Pleased

The American Economy has been unalterably altered. Last week President Biden signed into law the $739 billion Inflation Reduction Act (IRA). If not a new New Deal it certainly is what Biden likes to call a Big Deal. Not because the law will do anything to slow inflation. The effect on the inflation rate will […]

Deals Are Cut, Spending Up, Emissions Down, Lobbyists and Bureaucrats to the Fore

Climate change recently was pushed to the back burner by a host of more immediate concerns – gas prices, inflation, recession, crime, illegal immigration – and by a realization that the geopolitical and economic settlement following WW II is in tatters. But climate policy is once again a hot topic in the United States, and […]

Who Do You Believe, The Experts or Your Own Eyes?

The pedants have gone to war. The Federal Reserve Board announced Friday that inflation as it measures it is rising at an annual rate of 6.8 percent, a 40-year high and more than three times the Fed’s 2 percent target. Ordinary folk stocking up on food say the rate they face is closer to 10 […]