4,238
0.74%
4,238
0.74%
12,916
1.07%
12,916
1.07%
33,470
0.4%
33,470
0.4%
1,811
0.22%
1,811
0.22%
23,938
-0.08%
23,938
-0.08%

The upcoming Social Security increase that will likely exceed 9 percent is mandated by law & necessary to protect the retired. But, it will add to the deficit and points to the importance of doing more to fight inflation and our commitment to the retired.
I don’t get the argument for why people who work for a living investing for other wealth people should pay tax at half the rate the rest of us do. That just seems wrong to me and that is the effect of carried interest loophole.
via @MSNBC
The Inflation Reduction Act is the first major legislation taking on climate change as an economic strategic priority.
There’s positive news here, but not of a kind that should fundamentally alter anyone’s view. Any surprising, good news here is largely from volatile, hard to measure, and hard to seasonally-adjust components, like hotels and airlines. ⁦
Watch now. @mitchellreports @MSNBC Talking about today’s CPI report
Quote of @mitchellreports
Today. 12:15pm ET. Talking with @mitchellreports about the Inflation Reduction Act and today’s CPI report.
The government reported today that unit labor costs rose at an 11.7 percent annual rate in the first half of 2022. And the @ChicagoFed tells us financial conditions are easier than normal and have eased over the last two months.
I have been thinking about the economy post employment report. The report confirms that the economy is unsustainably hot with every kind of underlying inflation measure—core, wages, median, trimmed mean, sticky price sectors, unit labor costs running way above target.
I am pretty cynical, and hardly anti-business in general, or private equity in particular, but I am appalled by the end stages of the Senate bill’s passage.
Milestone IRA legislation will both reduce inflation pressure and build America back better from COVID. Congrats to all worked to bring it back.

With its passage, plus CHIPs, American policy is back to moving forward on key priorities. But there is still much to do.
Here is my full WSW segment from Friday on ⁦@business: We’re seeing wage inflation unambiguously accelerating. We have by every reasonable measure of core inflation, inflation running somewhere plus or minus 5%. That is not acceptable, by any dimension.
Vast majority of Americans are happy to see tax rate on companies like Amazon go up. Companies that year after year report billions of dollars in profits to shareholders & are still not paying taxes at a rate of even 15 %. That’s all this bill goes after.
.@DavidWestin⁩ ⁦@business⁩ asked about the Inflation Reduction Act.

“This is good news on healthcare, the environment, energy & tax reform. It will make our economy better while reducing deficits and contributing to a reduction in inflation.”
Tonight. 6pm ET. Talking w @wolfblitzer @CNNSitRoom about how the Inflation Reduction Act will mean progress on inflation, economic growth, tax fairness, inequality, and climate change.
Tim Geithner, Jack Lew, Henry Paulson, Bob Rubin and I, as former @USTreasury Secs of both Dem & Rep Admins, support the Inflation Reduction Act which is financed by prudent tax policy that will collect more from top-earners & large corporations.
⁦.@clive_crook⁩ thoughtfully derives the implications of my work w ⁦@ojblanchard1⁩ and ⁦⁦@asdomash⁩. There are no certainties but every reason to expect that significantly higher unemployment will be necessary to reduce inflation.
Quote of @sullydish
Listen here to my wide ranging conversation w @sullydish. It covers autobiography, progressive politics, importance of arithmetic in economic arguments and free speech issues.
Talked ⁦last night ⁦with @AC360⁩ about three ways the inflation reduction act will not add to inflation: pricing power, supply and demand. ⁦@CNN
Tonight. 6:10pm ET. Talking with @wolfblitzer @CNNSitRoom and 8:00pm ET. Talking with @andersoncooper @AC360
Today's GDP report does not suggest we are currently in recession. Growth is only negative because of inventory decumulation, which in part reflects strength.

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U of M 1 Yr Inflation (Aug P) 5% vs 5.1% Expected, 5-10 yr 3% vs 2.8% $SPY
US Univ. Of Michigan Sentiment Aug P: 55.1 (est 52.5; prev 51.5) - Current Conditions: 55.5 (est 57.8; prev 58.1) - Expectations: 54.9 (est 48.5; prev 47.3) - 1-Year Inflation: 5.0% (est 5.1%; prev 5.2%) - 5-10 Year Inflation: 3.0% (est 2.8%; prev 2.9%)
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