Live - Semiannual monetary report to congress

John Kennedy and Elizabeth Warren asking questions today...


Pretty sure Powell was laughing in his head at both of those idiots.

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Powell admitted that if history repeats, unemployment rate could be around 7% based on their actions.

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In other words, we should expect 10% Unemployment.

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Powell admitted that if history repeats, unemployment rate could be around 7% based on their actions.

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I would say there's no way democrats survive that, but just imagine the handouts they will be giving out by then, threatening that Republicans will shut off the chocolate fountain

I’m already the only person that still works how can they increase unemployment

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Powell admitted that if history repeats, unemployment rate could be around 7% based on their actions.

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This just doesn't make sense to me. There are 1.8 job openings for every person. To get to 7% unemployment would take a truly massive recession, and if they got it to 7%, there's no way it would stop there as the economy would be in free-fall by then and couldn't be stopped. We'd blow right past 7%.

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This just doesn't make sense to me. There are 1.8 job openings for every person.

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There's been a lot of chatter about how those numbers are horribly inaccurate, but then there's also this: LINK

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As the Post frames it, the pullback of pandemic-related aid could pose a setback to the Biden administration's efforts to 'slash poverty' while building a 'healthier and more sustainable middle class' - none of which were the stated goals of the temporary aid.

"We saw positive benefits from this and less hardship, including for families with children," said Dottie Rosenbaum, a senior fellow at the nonpartisan Center on Budget and Policy Priorities, who points out that all the free money helped reduce childhood poverty rates in 2021. "We can expect that to reverse now."

Following the reduction in benefits, the average SNAP recipient's benefits are expected to drop by around $90 per month, according to the Center on Budget and Policy Priorities. That said, an even greater reduction is in store for seniors and the working poor who receive assistance from other government programs, and will likely qualify for less.

In Kentucky, many seniors on food stamps saw their monthly benefit drop from $281 to $22 last year after the state ended the pandemic emergency in May, according to local food bank network, Feeding Kentucky.

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What it may be is that many were simply sitting out of the workforce due to the extra benefits being just enough to allow them to do so.

If this ends up being the case, Unemployment is likely to shoot up faster than expected as people going back into the workforce after a long hiatus are suddenly competing for fewer jobs in a shrinking market but against those who kept working.

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Are the historic comparisons and unemployment goals adjusted to reflect revised unemployment methodology?

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Likely not. Along that line, it wouldn't shock me to learn that one of the reasons they left rates so low for so long was due to not seeing home prices (which are measured now as Owner's Equivalent of Rent - OER) rising enough to believe the housing market was too hot.

LINK

Round two just posted.

It is so so so embarrassing how little our elected officials understand how an economy works.

Not many fireworks today.

Jpow thinks its possible all stable coins go to zero when (if) the USA has a CBDC. He also said he sees zero value in Bitcoin or ETH but admits he does not understand this asset class.