Fading fiscal stimulus restraining U.S. consumer spending

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    • #359023
      Ohio Barbarian
      Moderator
      • Total Posts: 16,290

      WASHINGTON (Reuters) – U.S. consumer spending slowed in August, with a key retail sales gauge unexpectedly declining, as extended unemployment benefits were cut for millions of Americans, offering more evidence that the economic recovery from the COVID-19 recession was faltering.

      The report from the Commerce Department on Wednesday ramped up pressure on the White House and Congress to restart stalled negotiations for another fiscal package. At least 29.6 million people are on unemployment benefits. Consumer spending accounts for more than two-thirds of the U.S. economy.

      The Federal Reserve on Wednesday kept interest rates near zero, noting that the pandemic “will continue to weigh on economic activity” in the near term, “and poses considerable risks to the economic outlook over the medium term.”

      Fed Chair Jerome Powell told reporters more fiscal support is likely to be needed. (emphasis added)

      Full story from the capitalist financial press bubble here

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      Really, you think? Consumer spending is “declining” because people don’t have any fucking money! What worthless, insulated assholes.

      It is better to vote for what you want and not get it than to vote for what you don't want and get it.--Eugene Debs

      Show me a man that gets rich by being a politician, and I'll show you a crook.--Harry Truman

    • #359074
      ThouArtThat
      Participant
      • Total Posts: 3,638

      @ohiobarbarian

      Hi ob,

      I would not underestimate the possibility that Pelosi and Schumer deliberately tanked a second stimulus bill to slow the economy.  This to help Biden and hurt Trump at the expense of average Americans.   Given Russia Gate and failed impeachment, this is not beyond the realm of possibility.   Such is Vichy Dem desperation and lust for power in DC.

      TAT

      Rights aren't rights if someone can take them away. They're privileges.
      That's all we've ever had in this country, is a bill of temporary privileges.

      - George Carlin

      Sooner or later we all sit down to a banquet of consequences.

      - Robert Louis Stevenson

      Politics is the entertainment division of the Military Industrial Complex.

      - Frank Zappa

    • #359085
      djean111
      Participant
      • Total Posts: 4,471

      Christmas spending will be non-existent, likely.  And the big guys will be bailed out.  As usual.

    • #359086
      Punxsutawney
      Moderator
      • Total Posts: 1,773

      But don’t worry, the Fed has pledged to keep interest rates at rock bottom, for ever pretty much, and will keep buying assets for…well… quite a while. So everything will be fine.

      Except not. These people may be able to see outside of their ideological blinders, but there’s no will to actually do something different.

      In America, “Liberty” means “Free to Die in Service of Capital” - Amfortas the hippie.

      Most of today’s elites have the moral and social reasoning capacities of spoiled toddlers.

      “People of privilege will always risk their complete destruction rather than surrender any material part of their advantage...but the privileged also feel that their privileges, however egregious they may seem to others, are a solemn, basic, God-right. The sensitivity of the poor to injustice is a trivial thing c

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