This past week 3 important announcements were made: Friday’s monthly jobs numbers from the US Labor Dept; Debt Ceiling Vote in Congress; and 15% minimum global corporate tax agreement. Friday’s jobs shows US jobs recovery slowing rapidly. Debt Ceiling deal kicks can down the road for just 2 months and shows how it’s used to check social spending bills and ensure no tax cuts on rich and corporations. 15% minimum global tax on corporations no big deal; has to pass US Senate which is won’t unless further US domestic tax relief for US corporations also passes.
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SHOW ANNOUNCEMENT:
Dr. Rasmus takes on three important economic announcements in past 2 days to explain what’s behind the hype. Is the Debt Ceiling really an issue? Why not. So why is hyped in the media and in Congress that it is? What is history of US deficits & debt run up from 2000 to 2020. What does debt & debt ceiling have to do with ensuring US economic empire? Next: the just released jobs report for Sept and why recall of pandemic jobs has now ‘hit a wall’. Real reasons why US workers not returning to work. Is this the ‘great strike of 2021’? Next: What’s happening to Biden’s Build Back Better bill and why is it going to be cut from $3.5T to less than $2T? Next: Announcement of global minimum 15% corporate tax agreement. Why US Senate will use it to cut domestic US corporate taxes next year from Biden’s proposed 26%.
Great post, important reminder re the double deficit. I don’t know why but no one else mentions the double deficit, poor old Professor Barraclough was completely bamboozled by the “budget busting” Reagan deficits and world debt and more recently a self proclaimed Bond King warned off a cataclysmic bond meltdown. So why were these obviously bright, sophisticated people so far off in their warnings?— the answer is the double deficit which keeps the debt bubble growing remains completely invisible to even very sophisticated observers. But the double deficit is built upon the very shaky sand of dollar hegemony; not only is China slowly moving to challenge that but war clouds are gathering between the US and China over Taiwan and if war explodes over Taiwan that is the end of the double deficit and dollar hegemony. Watch out.