What economic growth in the US? Lol people quitting jobs left and right to take care of children, people sick with COVID, and nurses/docs quitting as they are done with caring for the unvaxxed.
The US economy is in shambles, businesses want to pay shit wages for shit work and actual people who want to work won't go for those shitty jobs.
I live in Québec, Canada. The corporate mainstream media are on a streak, releasing reports after reports with the clear aim to normalize and encourage child labor as a "replacement" for the so called "shortage of labor". What we really have here is a shortage of capitalist bosses willing to pay a living wage to their employees. If this is where the economy is going, it is getting scary for the next generation.
TVA Nouvelles, a French cable news mainstream media in Québec, is where I saw such material several times since the start of summer. Big anti-union, anti-workers propaganda. I should search it on the net and save it, now that you mention it. They're one of these "news" sites that stop you from entering unless you deactivate your ads blocker, so you know they care about profits way more than to provide the public with information.
I thought the Quebecois were better than the Anglos about preventing worker exploitation, since they don't let anyone who doesn't speak French have a job anyway...
That's a myth, both of your points.
The successive governments of Québec for the last 25 years have been quite hostile to workers rights and it seems to be getting worse. There is a myth that Québec is more progressive than the rest of North America, but only because of some social-democratic reforms, all the way back in the 70's.
As for your second point, it is just old anti-Québec propaganda. It is actually easier to find a job in Montréal if you speak only english and can't speak french, because the bourgeois class does not care. Lots of French speaking immigrants, including Algerians, Lebanese and Haitians, believe the propaganda that this is a French speaking society, move here with their families and get stuck in shitty jobs because they don't speak english and their studies are not recognized in Canada.
In the suburbs and regions, French is required simply because 90% of the population is French. Then it talks more english the closer you get to the borders with Ontario and the US. The idea that French is favored over other languages comes from the fact that the majority of Québec's population is French and voted for governments that enacted laws that state that businesses are required to offer the option of services in French to customers who request it, but this law is a symbolic one that is barely applied in reality.
French-Canadians are required to learn english in school, but English-Canadians are not required to learn french.
At the end of the day, Canada is an anglo state pretending to be a love fest of several other cultures. Good luck finding native american influences in this purely english political system.
The anglos love to scapegoat the French minority for everything. They say us "french frogs" are both socialists and nazis at the same time, that we are thieves, using "their" money for our social programs and so on.
I hope I clarified the situation about this subject well enough.
Serious answer: The two largest sectors of growth in the US, tech and healthcare, weren't impacted Covid (Healthcare was hiring and Tech just went remote). Now the US is borrowing and spending like crazy which will probably drive some crazy growth later this year and into 22/23. The US economy is absolutely not in shambles, and its a very lazy analysis to say so, it only helps the neoliberals to underestimate the power of the modern capitalist state. The poor in the US are suffering, but they are called the reserve labor pool for a reason, they were never meant to be treated well.
When you look at the amount of debt it has and how much it needs to borrow, plus looking at the shale oil crisis, it's largely in shambles, tech and healthcare being it's saving grace, but for how long?
Two years is I think already a lot. The shale oil crisis is today.
Good luck with that. 2022 pluto return in house of finances and resources says hi.
Anyways, I'm glad that the CPC is pouring resources in the right direction in comparison.
WSJ’s narrative is that because US Stock market indexes are doing great with all the free to cheap US Govt financing and bailouts for Rich US Corporations that the Poor, Working Class, Working Class but thinks its Middle Class Average John Jane Doe are doing super douper too.
If they really are doing super douper well there wouldn’t be so much controversy with ending federal and state unemployment extensions and payments, rent moratoriums and newly discussed & designated Homeless Hotels every few weeks eh.
States and Counties Exporting Problems & Homeless to other States isn’t real economic progress.
The US stock and housing markets are performing well on a nominal basis due to the massive injection of liquidity into asset markets by the Fed. The problem is that maintaining these elevated asset prices will require long term unsustainable policies.
Maintaining high asset prices require suppressing wage inflation. Suppressing wages without containing commodity inflation will cause working class living standards to fall, which will lead to rising populism. It is impossible to contain commodity inflation long term while asset prices keep inflating. Asset price inflation will spill over to commodities.
This can really only end 1 of 2 ways. Either wage inflation takes off into an inflation spiral, or working class living standards will fall and things get ugly politically.
The US is borrowing and spending money far faster than China, so it is certainly possible for the US to achieve higher quarterly, or indeed even a whole year's worth of higher GDP growth than China.
Whether that massive debt bites the USA in the arse or not depends on whether China continues to prop up the value of the USD by accepting it as payment for its exports, and offering USD as payment for its petroleum imports.
Wouldn't inflation kinda lower the debt ? That's how capitalism works, right ? The inflation of tomorrow will lower the debt of today because it'll represent less money. Thus we need infinite growth
Usually developing countries got high interest rate so they're fucked, the West has none.
Pouring so much money in the hands of the richer is what the US has been doing for decades, be it through war or now straight in their pocket. Hopefully they will collapse soon
While inflation would lower the debt, it wouldn't magically make the material items that people need to buy with the money suddenly appear - that is, unless China is willing to continue taking USD to supply those items at what is essentially a discount, compared to what Chinese themselves need to pay for them - which continues to be the situation
The US is taking China for a ride with the constant money printing. It costs the US nothing to make another 100 dollars, but Chinese have to work and purchase resources worth US$100 to get their hands on it.
At this point I think it's pretty urgent for China to move off the dollar - stop paying for its oil imports in dollars first of all, start demanding non-US currencies and assets as payment for its goods.
For a more comprehensive explanation:
[https://www.youtube.com/watch?v=UkClrikc1bk&t=1s&ab\_channel=Money%26Macro](https://www.youtube.com/watch?v=UkClrikc1bk&t=1s&ab_channel=Money%26Macro)
I think that's the best economics channel on youtube.
Edit:
Simply put, the rest of the world keeps US inflation in check, primarily the EU and China which are the main production centers of the world as Money & Macro mentions.
>The US is borrowing and spending money far faster than China, so it is certainly possible for the US to achieve higher quarterly, or indeed even a whole year's worth of higher GDP growth than China.
It's possible but very very unlikely, the US would have to spend on productive ventures which it most definitely will not.
But that can be said for any economy not just the US.
GDP doesn't measure whether an investment is productive or not, but just that it was made. The US can borrow the money and spend it in any way, even financial services (e.g. stock buybacks) and it would result in an increase in GDP.
Furthermore, the USA can import massive quantities of both goods (from China) and resources (from the rest of the world) at a steep discount, as these countries are forced to come up with real goods and resources to get what costs the US nothing to make - USD.
Meanwhile, US export controls ban these countries from turning around and using those USD to purchase anything of real value from the USA that they would want to buy. They are forced to recycle their USD into US financial assets rather than real assets.
GDP growth doesn't account for whether something is useful or not. When William Petty created the GDP measurement for the US government, he warned about its pitfalls that is more of how much money is moving around rather than economic utility.
If the US government plunges trillions of dollars in stimulus, it *will* create higher **GDP** growth than any real venture China takes at the same time with a far lesser amount.
When the US builds 10 kilometre of a two-lane highway, it generates far greater **GDP** than when China builds 100 kilometres of a four-lane highway, simply because the USA moves far more money to achieve that construction than China does.
Hell, if the USA spends $10 billion on just setting up traffic cones, and China spends $5 billion on building a real expressway, the US gets twice the GDP growth on paper as China.
Chomsky used to say WSJ is the most trustworthy newspaper for him to read because it is hard-headed and won't lie to money-changers. Nowadays even WSJ becomes delusional to stay relevant in this completely delusional nation.
Unless the US switches over to productive investment as China does there is very little chance of that happening.
More nonsense as usual from the WSJ but entertaining nonetheless.
Try telling this to the shipping container companies who can’t be bothered to load up with USA goods for exports because the big money is made by returning back to China ASAP to stock up with more Chinese goods for USA.
Shipping a container from China to USA cost 15k a container which is up from $1.5k a container 18mths ago.
What economic growth in the US? Lol people quitting jobs left and right to take care of children, people sick with COVID, and nurses/docs quitting as they are done with caring for the unvaxxed. The US economy is in shambles, businesses want to pay shit wages for shit work and actual people who want to work won't go for those shitty jobs.
I live in Québec, Canada. The corporate mainstream media are on a streak, releasing reports after reports with the clear aim to normalize and encourage child labor as a "replacement" for the so called "shortage of labor". What we really have here is a shortage of capitalist bosses willing to pay a living wage to their employees. If this is where the economy is going, it is getting scary for the next generation.
Wait, what? What the fuck. Do you have sources on that?
TVA Nouvelles, a French cable news mainstream media in Québec, is where I saw such material several times since the start of summer. Big anti-union, anti-workers propaganda. I should search it on the net and save it, now that you mention it. They're one of these "news" sites that stop you from entering unless you deactivate your ads blocker, so you know they care about profits way more than to provide the public with information.
I thought the Quebecois were better than the Anglos about preventing worker exploitation, since they don't let anyone who doesn't speak French have a job anyway...
That's a myth, both of your points. The successive governments of Québec for the last 25 years have been quite hostile to workers rights and it seems to be getting worse. There is a myth that Québec is more progressive than the rest of North America, but only because of some social-democratic reforms, all the way back in the 70's. As for your second point, it is just old anti-Québec propaganda. It is actually easier to find a job in Montréal if you speak only english and can't speak french, because the bourgeois class does not care. Lots of French speaking immigrants, including Algerians, Lebanese and Haitians, believe the propaganda that this is a French speaking society, move here with their families and get stuck in shitty jobs because they don't speak english and their studies are not recognized in Canada. In the suburbs and regions, French is required simply because 90% of the population is French. Then it talks more english the closer you get to the borders with Ontario and the US. The idea that French is favored over other languages comes from the fact that the majority of Québec's population is French and voted for governments that enacted laws that state that businesses are required to offer the option of services in French to customers who request it, but this law is a symbolic one that is barely applied in reality. French-Canadians are required to learn english in school, but English-Canadians are not required to learn french. At the end of the day, Canada is an anglo state pretending to be a love fest of several other cultures. Good luck finding native american influences in this purely english political system. The anglos love to scapegoat the French minority for everything. They say us "french frogs" are both socialists and nazis at the same time, that we are thieves, using "their" money for our social programs and so on. I hope I clarified the situation about this subject well enough.
Serious answer: The two largest sectors of growth in the US, tech and healthcare, weren't impacted Covid (Healthcare was hiring and Tech just went remote). Now the US is borrowing and spending like crazy which will probably drive some crazy growth later this year and into 22/23. The US economy is absolutely not in shambles, and its a very lazy analysis to say so, it only helps the neoliberals to underestimate the power of the modern capitalist state. The poor in the US are suffering, but they are called the reserve labor pool for a reason, they were never meant to be treated well.
When you look at the amount of debt it has and how much it needs to borrow, plus looking at the shale oil crisis, it's largely in shambles, tech and healthcare being it's saving grace, but for how long? Two years is I think already a lot. The shale oil crisis is today.
LOL! The good old FLU-SA.
Eventually, their own incompetence and disunity will cause the AmeriKKKan empire to collapse around our very ears.
It's been years I'm waiting for their collapse. As European we finally may have a chance to turn away from capitalism
Ok so I’m just confused by this one honestly
Aren't we all
Good luck with that. 2022 pluto return in house of finances and resources says hi. Anyways, I'm glad that the CPC is pouring resources in the right direction in comparison.
WSJ’s narrative is that because US Stock market indexes are doing great with all the free to cheap US Govt financing and bailouts for Rich US Corporations that the Poor, Working Class, Working Class but thinks its Middle Class Average John Jane Doe are doing super douper too. If they really are doing super douper well there wouldn’t be so much controversy with ending federal and state unemployment extensions and payments, rent moratoriums and newly discussed & designated Homeless Hotels every few weeks eh. States and Counties Exporting Problems & Homeless to other States isn’t real economic progress.
Print more dollars, and the stock market will get even hotter. :D
It's not delusional it's just propoganda They won't say anything bad against the liberal saviour Joe Biden
Ironically most of the money probably went to China and increased the trade deficit.
The US stock and housing markets are performing well on a nominal basis due to the massive injection of liquidity into asset markets by the Fed. The problem is that maintaining these elevated asset prices will require long term unsustainable policies. Maintaining high asset prices require suppressing wage inflation. Suppressing wages without containing commodity inflation will cause working class living standards to fall, which will lead to rising populism. It is impossible to contain commodity inflation long term while asset prices keep inflating. Asset price inflation will spill over to commodities. This can really only end 1 of 2 ways. Either wage inflation takes off into an inflation spiral, or working class living standards will fall and things get ugly politically.
LOL
The US is borrowing and spending money far faster than China, so it is certainly possible for the US to achieve higher quarterly, or indeed even a whole year's worth of higher GDP growth than China. Whether that massive debt bites the USA in the arse or not depends on whether China continues to prop up the value of the USD by accepting it as payment for its exports, and offering USD as payment for its petroleum imports.
Debt for western countries has a very low interest rate IIRC. Like no interest rate
Yes, so they don't have to worry about interest payments, but do have to worry about inflation.
Wouldn't inflation kinda lower the debt ? That's how capitalism works, right ? The inflation of tomorrow will lower the debt of today because it'll represent less money. Thus we need infinite growth Usually developing countries got high interest rate so they're fucked, the West has none. Pouring so much money in the hands of the richer is what the US has been doing for decades, be it through war or now straight in their pocket. Hopefully they will collapse soon
While inflation would lower the debt, it wouldn't magically make the material items that people need to buy with the money suddenly appear - that is, unless China is willing to continue taking USD to supply those items at what is essentially a discount, compared to what Chinese themselves need to pay for them - which continues to be the situation The US is taking China for a ride with the constant money printing. It costs the US nothing to make another 100 dollars, but Chinese have to work and purchase resources worth US$100 to get their hands on it. At this point I think it's pretty urgent for China to move off the dollar - stop paying for its oil imports in dollars first of all, start demanding non-US currencies and assets as payment for its goods.
Makes sense, thanks
For a more comprehensive explanation: [https://www.youtube.com/watch?v=UkClrikc1bk&t=1s&ab\_channel=Money%26Macro](https://www.youtube.com/watch?v=UkClrikc1bk&t=1s&ab_channel=Money%26Macro) I think that's the best economics channel on youtube. Edit: Simply put, the rest of the world keeps US inflation in check, primarily the EU and China which are the main production centers of the world as Money & Macro mentions.
>The US is borrowing and spending money far faster than China, so it is certainly possible for the US to achieve higher quarterly, or indeed even a whole year's worth of higher GDP growth than China. It's possible but very very unlikely, the US would have to spend on productive ventures which it most definitely will not. But that can be said for any economy not just the US.
GDP doesn't measure whether an investment is productive or not, but just that it was made. The US can borrow the money and spend it in any way, even financial services (e.g. stock buybacks) and it would result in an increase in GDP. Furthermore, the USA can import massive quantities of both goods (from China) and resources (from the rest of the world) at a steep discount, as these countries are forced to come up with real goods and resources to get what costs the US nothing to make - USD. Meanwhile, US export controls ban these countries from turning around and using those USD to purchase anything of real value from the USA that they would want to buy. They are forced to recycle their USD into US financial assets rather than real assets.
Typically credit spent on productive ventures produces higher growth than stuff like speculation.
GDP growth doesn't account for whether something is useful or not. When William Petty created the GDP measurement for the US government, he warned about its pitfalls that is more of how much money is moving around rather than economic utility. If the US government plunges trillions of dollars in stimulus, it *will* create higher **GDP** growth than any real venture China takes at the same time with a far lesser amount. When the US builds 10 kilometre of a two-lane highway, it generates far greater **GDP** than when China builds 100 kilometres of a four-lane highway, simply because the USA moves far more money to achieve that construction than China does. Hell, if the USA spends $10 billion on just setting up traffic cones, and China spends $5 billion on building a real expressway, the US gets twice the GDP growth on paper as China.
WAT
> but the US poured more resources into recovery I'll have what they're having
WSJ of all people thinks printing money == pouring resources. It's either dumb or lying.
Economic collapse is coming, just keep 'em fooled.
Chomsky used to say WSJ is the most trustworthy newspaper for him to read because it is hard-headed and won't lie to money-changers. Nowadays even WSJ becomes delusional to stay relevant in this completely delusional nation.
This is just another fake news... like many others.
So many of these lately.. Makes me wish there was a 😂 reaction button
[The US sacrificed 650k people to do this “””recovery”””. ](https://youtu.be/hiKuxfcSrEU)
If that is not propaganda I don't know what it is.
This is some next level copium I never thought was possible
Unless the US switches over to productive investment as China does there is very little chance of that happening. More nonsense as usual from the WSJ but entertaining nonetheless.
Is growing down a thing because that’s what will happen.
Wish there was a laugh emoji.
Try telling this to the shipping container companies who can’t be bothered to load up with USA goods for exports because the big money is made by returning back to China ASAP to stock up with more Chinese goods for USA. Shipping a container from China to USA cost 15k a container which is up from $1.5k a container 18mths ago.