By the time you read this, the big news is likely to be jobs. It hasn’t been a hot topic since the election, and most of what was said during that strange period wasn’t exactly true. The big job gains for February, along with a large round-up for January, make it impossible to ignore.
The economy has definitely turned around.
It’s all over but the shouting, of which there will be a lot. There is little doubt that Republicans will claim credit for a big turnaround in 2017, which will be utter crap. This has been a long time in the making and things have not been actually bad for a long time. Nevermind. Positive news will feed on itself and everyone will be happier.
But there is one final twist to the very good news – it’s really in the adjustment.
What will it take to Make America Great Again? A big part of it, at least in terms of the public show, is the creation of manufacturing jobs. Of the four words in MAGA, the top two appear to be “America” and “Make”. It’s a noble effort all around, without a doubt.
But can this be done as a matter of policy? Can we turn back evils like bad trade deals and force the products which are consumed in America to be made in America?
Two stories from the opening daze of the Trump administration demonstrate just how unlikely this effort will be. Indeed, it’s entirely possible to cause more damage than good in many ways.
Years ago, Barataria predicted that 2017 would be “The Year Everything Changes”. The lesson is, of course, that we all need to be careful what we wish for.
The basic underlying forces which drove that prediction have not changed. The holiday shopping season has yet to be fully tabulated, but it appears that the robust 3.6% gain predicted was met or even matched, with one estimate showing a 4.9% gain. Baby Boomers will still hit retirement age and there will definitely be a shortage of workers coming up, especially in certain skilled areas.
For all that hope, the upside will be limited by an incoming Trump administration. It’s not just that they are largely tied to political views which do not fit the situation, it’s that many of them have little to no experience making policy. To a large extent, nothing will get done. But what does get done will happen among the bureaucracy. That may mean more change than we all think.
With all the noise after the election, it’s been a while since we checked in on the state of the economy. There’s a reason for that. Will the election results change what has been a slow but steady march to a strong economy? Will 2017 still be the year when we look around and realize that everything has changed?
It seems that, so far, it’s all still marching along. There is a good chance that jobs and general growth will indeed strengthen, making Trump look like a genius. Last Friday’s employment situation survey showed that it is still moving forward – and combined with a strong holiday season there is at least some reason to cheer as a dreary 2016 starts to fade into what promises to be a crazy 2017.
This is a critical week in the Presidential election. No, that’s not because of the Vice Presidential debate, which will start right after this is posted. You can decide for your self just how important it is and then revise your estimate downward a week later. Don’t worry, we live in a time of negative interest rates so there is indeed a lower standard of importance than whatever you are thinking.
No, this is the week for the final jobs report. Not the last one before the election – that comes out the Friday before. That will be too close to the election to really sink in, so this is the last one that we can be sure will count. Will it be good and favor Obama III: The coming of Hillary? Or will it be a disaster and herald the arrival of, well, a much worse disaster named Trump?
Bet on a solid 180k gain that will seem decent enough to be called a win. But you never know with these reports. Here’s why.
Barataria has asked the question several times before – given that things are a lot better than they have been in a long time, why are people so down on the economy?
After posing a few potential reasons, we may have the answer – it was largely an artifact of the presidential campaign. That would make the most sense given that the Conference Board index of Consumer Confidence has hit 104.1, the highest it has been since 2007. Combining that with a strong net approval rating for President Obama, which has been tracking around +8 (52 approve, 44 disapprove) and we have the net positive we should expect.
Will this transfer over to Sec. Clinton in time for the election? Given her performance at the first debate, the answer is that it should. It’s all coming just in time.
ITT Technical Institute was hardly a fly-by-night operation. After 50 years in business as a for-profit technical school it was forced to close down after losing its accreditation and, shortly afterwards, eligibility for federal student loans. It’s merely the latest blow to the for-profit education market after the closing of Corinthian Colleges in 2015 and the dramatic paring back of the previously aggressive University of Phoenix.
Is there a future in for-profit education? Does the free market work, or should education be entirely run by and for the public?