Have nothing to do with the [evil] things that people do, things that belong to the darkness. Instead, bring them out to the light... [For] when all things are brought out into the light, then their true nature is clearly revealed...

-Ephesians 5:11-13

Tag Archives: growth

U.S. Economy Powers Through Hurricanes, Beats Forecasts With Three-percent Growth in Third Quarter

This article appeared online at TheNewAmerican.com on Friday, October 27, 2017:  

Putting in its best six-month performance in three years, the U.S. economy barely skipped a beat in the third quarter, growing at a three-percent annual rate. That was just slightly behind the second quarter, which grew at 3.1 percent, but way ahead of economists who had forecast growth for the third quarter at just 2.5 percent.

The Commerce Department said

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Treasury Department: $666 Billion Deficit; Sixth-highest in History

This article appeared online at TheNewAmerican.com on Monday, October 23, 2017:  

The federal government ran a deficit of $666 billion in 2017, reported the U.S. Treasury Department on Thursday, thanks mainly to increases in budget items that supposedly can’t be cut: Social Security, Medicare, Medicaid, and interest on the national debt. In addition, military spending is due for substantial increases under the Trump administration.

Translation:

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Herb Stein, Meet Mick Mulvaney

This article was published by The McAlvany Intelligence Advisor on Monday, October 23, 2017: 

English: Official portrait of US Rep. Mick Mul...

Mick Mulvaney

University of Virginia professor Herbert Stein, the father of Ben Stein of Ferris Bueller fame, was known as a pragmatic conservative. But he is best known for his cryptic expression, “If something cannot go on forever, it will stop.”

Mick Mulvaney’s hopeful outlook hasn’t yet been tarnished by his experience in Washington. Serving as a member of the House of Representatives from South Carolina prior to accepting the position of President Trump’s Director of Office of Management and Budget, Mulvaney really thinks, based on his public statements, that things really can go on forever. All that is needed is a little tweaking: “We need to grow our economy again and get our fiscal house in order. We can do that through smart spending restraint, tax reform, and cutting red tape.”

A closer look at the size of that fiscal deficit, however, reveals Mr. Mulvaney’s naiveté: on Thursday the Treasury Department announced that the deficit for the fiscal year that ended on September 30 was

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Sen. Paul Votes No on GOP Budget Resolution, Supports Tax Cuts “for All”

Official portrait of United States Senator (R-KY).

Official portrait of United States Senator Rand Paul

This article appeared online at TheNewAmerican.com on Friday, October 20, 2017:

Senator Rand Paul’s vote against the GOP-backed budget resolution, which maintains the big-spending status quo, indicates that the senator is willing to go against his party’s leadership, even if it means he is the only Republican senator doing so.

President Trump tweeted early Friday morning, in celebration of the previous day’s Senate vote to pass the GOP’s budget resolution:

The Budget passed late last night, 51 to 49. We got ZERO Democrat votes with only Rand Paul (he will vote for Tax Cuts) voting against…..

And:

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This Thoroughbred is Just Beginning to Feel His Oats

This article was published by The McAlvany Intelligence Advisor on Friday, October 20, 2017:

English: Thoroughbred racing at Churchill Down...

Thoroughbred racing at Churchill Downs.

It’s tempting to push the analogy comparing the U.S. economy to a Thoroughbred horse too far. But it is tempting. The Thoroughbred breed began around the time of the Industrial Revolution, when an English mare was crossbred with an imported Oriental stallion with Arabian, Barb, and Turkoman breeding. All Thoroughbreds can trace their pedigrees to three stallions imported into England in the 17th century. They were exported to Australia, Europe, Japan, and South America during the 19th century, and today an estimated 100,000 Thoroughbred foals are registered worldwide every year.

A Thoroughbred is tall, slender, athletic, and built for competition, usually on racetracks. Among the most famous are Citation, Phar Lap, Old Rosebud, Whirlaway, Roamer, Seabiscuit, and Man o’ War.

And, of course, the United States economy.

Starting at around 1800, the U.S. economy grew at such a rate that

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Many Surprises in Latest Jobless Claims Report

This article appeared online at TheNewAmerican.com on Thursday, October 19, 2017:

The first surprise from the latest jobless claims statistics is that new claims for unemployment insurance benefits last week fell to the lowest level in 44 years, according to the Department of Labor (DOL): “The advance figure … was 222,000 … the lowest level for initial claims since March 31, 1973.”

The second surprise is that the number of continuing claims (those lasting more than a week) also fell to levels not seen since 1974.

The third surprise is

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What if Your Customer Can’t Buy Your Product, but Wants to?

This article was published by The McAlvany Intelligence Advisor on Monday, October 16, 2017:

There are two basic rules of economics. The first is: if prices go down, more will be demanded. The second is: both sides of any economic transaction must benefit or there’s no deal.

The fracking revolution in the United States has pushed the price of crude oil down to the point where it is threatening the very existence of the OPEC cartel. Consumers are saving at the pump and the energy industry in the U.S. employs more than 10 million people, making up eight percent of the country’s gross domestic product.

But there’s been an all but invisible transformation taking place in natural gas. At least two of the Big Oil companies sell more natural gas than they do crude oil.

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China Forcing Private Businesses to Support Failing State-owned Enterprises

China Unicom

China Unicom

This article appeared online at TheNewAmerican.com on Wednesday, October 11, 2017: 

The latest report from Caixin/Markit should surprise no one watching China’s continuing economic decline. On Monday Caixin/Markit announced that its purchasing managers’ index (PMI) for China’s services sector fell in September to the lowest level since December 2015, and close to the lowest recorded since the survey began in 2005.

Its PMI for China’s manufacturing sector also fell in September, causing Zhengsheng Zhong, a director at CEBM Group, to add that these numbers “suggesting downward pressure on [China’s] economic growth may re-emerge in the fourth quarter.”

Indeed they might. As The New American and others have noted,

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Jobs Report Shows Remarkable Economic Resiliency After Hurricanes

This article appeared online at TheNewAmerican.com on Friday, October 6, 2017: 

Even the headline was positive. Despite losing 200,000 jobs temporarily due to Hurricanes Harvey and Irma, the American economy’s growth elsewhere all but made up for them. The Labor Department reported a net 33,000 jobs loss in September, the first negative number since 2010.

Other signs of economic strength were revealed by the Bureau of Labor Statistics (BLS):

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Tax-reform Plan Called “Tremendous” by Trump, “Fake Math” by Schumer

This article appeared online at TheNewAmerican.com on Thursday, September 28, 2017:

In unveiling the tax reform “framework” cobbled together by the Trump administration, the House Ways and Means Committee, and the Senate Finance Committee on Wednesday, President Trump called it “tremendous”: “This is a tremendous change, and the biggest winners will be the everyday American workers as jobs start pouring into our country, as companies start competing for American labor and as wages start going up [to] levels you haven’t seen in many years.”

On cue, House Minority Leader Nancy Pelosi (D-Calif.) expressed her concerns about deficits, perhaps for the first time in her political career:

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Trump’s Regulatory Rollbacks Already Being Felt

This article appeared online at TheNewAmerican.com on Friday, September 22, 2017:

English: G. Edward Griffin

G. Edward Griffin

The latest report from the American Action Forum (AAF), which has been tracking President Trump’s promise to deregulate American businesses, continues to be upbeat. In April it had found that the repeal or delay of regulations imposed during the Obama administration could lead to $86 billion “in net fiscal effects” for taxpayers as a result. The latest from AAF said that the trend downward in regulations and upward in freedom from them continues apace.

In July the Washington Post counted 860 regulations that the Trump administration was either pulling or suspending, and then included commentary from anti-Trump liberals that

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China is Suffering from the Same Curse as the U.S.: Too Much Debt, Too Little Growth

This article was published by The McAlvany Intelligence Advisor on Friday, September 22, 2017:  

Live video feed of Zig Ziglar speaking at the ...

Zig Ziglar speaking at the Get Motivated Seminar at the Cow Palace in Daly City, California.

When Zig Ziglar was trying to motivate salesmen, he would often tell them that “there aren’t very many problems that can’t be solved by sufficient production.” This, unfortunately, has been picked up by statist economists who have assumed that any production, at any cost, will solve any problem. Put another way, “We can grow our way out from under the massive debt we have. And we can grow the economy by stimulating it with borrowed funds.”

Zig would be appalled:

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New York Fed: Economy Will Benefit From Harvey and Irma

This article appeared online at TheNewAmerican.com on Monday, September 11, 2017:

Frédéric Bastiat

Frédéric Bastiat

In a statement reflecting a worldview taught by all major universities and espoused by central bankers around the world, the president of the Federal Reserve Bank of New York, William Dudley, said on Friday that, on net, the destruction wrought by the hurricanes will be positive for the economy: “[The initial] effects tend to be pretty transitory. [But] the long-run effect of these disasters unfortunately is it actually lifts economic activity because you have to rebuild all the things that have been damaged by the storms.”

Dudley got the first part right:

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If Dudley is Right, Then Let’s Pray for the Flooding of the Entire Country!

This article was published by The McAlvany Intelligence Advisor on Monday, September 11, 2017:

Cover of "The Emperor's New Clothes"

Cover of The Emperor’s New Clothes

Taken to its logical conclusion, William Dudley, the president of the Federal Reserve Bank of New York, thinks a flood covering all of the United States would stimulate the economy. Several sources confirmed that this is what Dudley said on Friday in an interview at CNBC concerning the economic effects of hurricanes Harvey and Irma:

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Jump in Jobless Claims Following Harvey Is Just the Beginning

This article appeared online at TheNewAmerican.com on Thursday, September 7, 2017:

View of the eyewall of Hurricane Katrina taken...

View of the eyewall of Hurricane Katrina taken on August 28, 2005 as the storm made landfall on the United States Gulf Coast.

The jump in unemployment claims for the week ending September 2, as reported by the Department of Labor (DOL) on Thursday, not surprisingly exceeded economists’ consensus of just 241,000. The increase of 62,000 for the week to 298,000 nearly broke a claims record that has been in place for 131 weeks: 300,000.

That record will surely be broken in the weeks to come. The unemployment claims are just beginning to come in, and they are a predictor — a proxy — for job layoffs. Some workers

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August Jobs Report Shows Economy Humming Along Nicely

This article appeared online at TheNewAmerican.com on Saturday, September 2, 2017:

English: Bureau of Labor Statistics logo RGB c...

Bureau of Labor Statistics

Laura Rosner, senior economist at Macro Policy Perspectives (known for its ability to “understand how to read the tea leaves of economic and financial developments”), summed up August’s jobs report from the Bureau of Labor Statistics (BLS) on Friday: “The economy is doing well, but it’s not necessarily taking off. We’re on an even keel. The labor market continues to hum along.”

The growth in jobs was in all the right places, too,

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Trump Takes Credit for Banner Jobs Report

This article appeared online at TheNewAmerican.com on Friday, August 4, 2017:  

Within 15 minutes of Friday morning’s release of the July jobs numbers by the Bureau of Labor Statistics (BLS), President Trump tweeted: “Excellent Jobs Numbers just released — and I have just begun. Many job stifling regulations continue to fall. Movement back to USA!”

He has good reason to cheer:

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Warehouse Automation Causes Employment to Increase?

This article was published by The McAlvany Intelligence Advisor on Friday, August 4, 2017:

Image of Autonomous Robot From Second Grand Ch...

Image of Autonomous Robot From Second Grand Challenge Advancing to Urban Challenge.

The crux of the anti-capitalist cabal’s complaint about the robotic revolution taking place all across the country is this: since robots can do anything that a human can do, everyone’s job is on the chopping block. So how do they explain the simple bald fact that warehousing jobs – where much of the robotic revolution is taking place – have increased? A year ago there were 867,300 people employed in warehousing. Today that number is approaching 950,000. And Apple is looking to add thousands more. How is that possible?

Part of the answer of course is

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Robots Making Humans More Efficient, Opening Up New Jobs

This article appeared online at TheNewAmerican.com on Thursday, August 3, 2017:

Factory Automation with industrial robots for ...

Factory Automation with industrial robots for palletizing food products like bread and toast at a bakery in Germany,

SAM, the Semi-Automated Mason, can be seen on YouTube laying bricks alongside human masons. While SAM can, according to contractors, lay around 2,000 bricks a day compared to an average of 600 to 700 for a human mason, the video illustrates a key point missed by many: It shows human workers programmming SAM and providing it the bricks and mud and following behind cleaning up after it. In other words, SAM, produced by Construction Robotics, isn’t replacing masons, it is making them more efficient and saving their backs.

A year ago, Rick Cohen, the founder of Symbotic LLC, which develops autonomous robots for warehouses, said,

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Trump’s Growth Target Reduced to 3 Percent

This article appeared online at TheNewAmerican.com on Monday, July 17, 2017:  

For Mick Mulvaney, President Donald Trump’s director of his Office of Management and Budget (OMB), reality is setting in. On the campaign trail Trump repeatedly promised four percent growth in the GDP (gross domestic product): “We’re bringing it from 1 percent up to 4 percent. And I actually think we can go higher than 4 percent. I think you can go to 5 percent or 6 percent.” (October, 2016). Later that month he doubled down during a speech to an audience in North Carolina: “I’m going to get us to 4 percent growth and create 25 million jobs over a 10-year period.”

Mulvaney’s editorial in the Wall Street Journal on Wednesday was unapologetic: “We are promoting MAGAnomics — and that means sustained 3 percent growth.” This new tag, which incorporates the acronym for “Make America Great Again,” is a play on “Reaganomics” from the 1980s:

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Many of the articles on Light from the Right first appeared on either The New American or the McAlvany Intelligence Advisor.