November 4: Today's Take
•Manchin Calls for Compromise on Social Security Four Days Before Election?
Why is Manchin calling to use Social Security and Medicare to address the “crippling debt” four days before the midterm elections? Manchin’s Party (D) has a 2020 Platform document (page 25) that promises to protect Social Security. The opposition Party (R) provides no 2020 platform document and directs searchers to use its 2016 Platform document (page 24) for its position. That Party’s (R) document says Social Security should be preserved, claims it must change, and argues that growth in the economy is the best way to ensure the program’s continuation.
The economic growth from 2018 and 2019 never came close to the increased in GDP required to offset the loss of revenue from the 2017 tax cut. It ended up in the debt. Neither data nor inevitable logic exist to support cuts in Social Security being offset by an expanding economy. The 2012 statement by Manchin’s Party (D) specifically states it will oppose using tax cuts to the wealthy to gut Social Security.
Liz Cheney was removed from her State Party-branch (R) for putting democracy above her party of origin. She could not break her Party’s (R) platform because it predates the 2020 election. Tossing Chaney using the excuse she causes division in her Party (R) only suggests that the Party (R) is undemocratic and differing opinions are forbidden.
Why does Manchin remain in a political party when he does not support its platform? Why did he wait until four days before an election to make his declaration? Should Manchin be removed from his current party (D)? What grounds are legitimate for members of either party being removed?
•Jobs Grow by 261,000 in October – Job & Wage Growth Do NOT Cause Inflation
Jerome Powell or anyone else citing strong job growth as a reason for increasing interest rates to crush inflation makes no sense. Job growth does not cause inflation. See yesterday’s Today’s Take to understand the cause and remedies for inflation. Claiming wage growth causes inflation provides an excuse to never give raises. Absurd! No real wage growth is what has caused of the widening wage gap between the 1% and the rest of us.
Most working in finance believe unemployment is a lagging indicator of future expectation of economic performance. Use this link to find information on the causes of unemployment.
Powell claims he’ll use the Fed’s “tools” should a recession arise was his excuse he used for easing fears about inflation as Fed itself proceeded to cause inflation That we thus far have averted a recession because GDP grew in the third quarter despite Powell’s actions, suggesting the economy could have performed better in the absence of Powell’s reckless behavior.
How far is Jerome Powell willing to go before causing a recession? Based on his performance should Jerome Powell be removed from the Federal Reserve?
OTHER NEWS
•TikTok Status – Up or Down?
•Astros Lead Phillies in World Series 3:2 – Game Six Tonight
•Ex-Twitter Workers File Lawsuit on Mass Lay Off
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