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Economy contraction is inevitable. It's part of the normal economic cycle. Historically low rates for the past 8-10 has caused a lot of cheap borrowing.
The economy is not really booming. Wages have been stagnant for over a decade yet costs of living go up. The skills shortages and worker shortages are farces.
I do not consider "Wall Street and the stock market are doing better than ever but your average joe is still struggling to get by" to be a "booming economy". But maybe that's just me.
Stock Buybacks and Tax Cuts have led to a high quarter and the biggest growth in four years when the economy was growing at 5.2% in the third quarter.
The current figures are good news for the wealthy who own stock but not so good for those on low wages.
Whether the growth can be sustained is debatable and it also should be noted that these tax cuts will in the longer term only lead to an even higher US budget deficit.
But economists warned the growth spurt may be unsustainable and the evidence so far is that the benefits of the mini-boom have disproportionately gone to the wealthiest Americans.
The last time the economy expanded at a comparable pace was in 2014, when growth hit 5.2% in the third quarter.
In May, American companies announced a record $201bn in stock buybacks – where companies buy their own shares in order to boost the share price. The S&P 500 companies are set to repurchase as much as $800bn in stock this year, a new record.
But the majority of the benefit of those buybacks will go to the richest Americans. Some 84% of all stocks owned by Americans belong to the wealthiest 10% of households and the top 1% of households own nearly 38% of all stock, according to research by New York University economist Edward Wolff.
Josh Bivens, director of research at the Economic Policy Institute, said it was difficult to assess the state of the US economy from one quarter’s GDP figures. “Tax cuts have provided a bit of stimulus, particularly for people who own a lot of stock and are paying less tax,” he said.
Bivens said the impact of the cuts had yet to be seen in the wider economy. “Low wages are still the biggest puzzle in this economy,” he said.
No “theories” but the facts are because of tax reform and thousands of regulations taken off the chokehold of businesses.
Consumer confidence is the highest in decades because they see a pro-business, pro-American president willing to LEAD and take risks for Americans first.
No “theories” but the facts are because of tax reform and thousands of regulations taken off the chokehold of businesses.
Consumer confidence is the highest in decades because they see a pro-business, pro-American president willing to LEAD and take risks for Americans first.
They prefer the head in the sand approach - not interested in facts.
Doom and Gloom Hysterical Leftists avoid reality and still think the 2016 Election will be annulled any minute now.
The economy is not really booming. Wages have been stagnant for over a decade yet costs of living go up. The skills shortages and worker shortages are farces.
I do not consider "Wall Street and the stock market are doing better than ever but your average joe is still struggling to get by" to be a "booming economy". But maybe that's just me.
What I have found is that every liberal I know gave 100% of the credit to anything good from the economy when Obama was President to Obama personally but if you point out that things got better when Obama got a Republican Congress and now even better with a Republican Congress and President, they always follow with your response.
That makes no sense, I said neither Obama or any liberals... Or any conservatives get credit for the economy. My response favors neither party.
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