US Economy - News, Updates and Discussion

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Davey Crockett said:
"US initial jobless claims fall to the lowest level since 1969."

Those wondering what was behind the unprecedented drop in claims, the answer appears to be a crash in New York State initial claims.

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😂

I will wait for the usual revision a month later.
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The jobless report always gets revised. And, they still use the wrong metric. I've posted on it before.
 

Blue Cities Across The US Are Spiraling Into Financial Collapse​

Blue Cities Across The US Are Spiraling Into Financial Collapse<!-- --> | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com www.zerohedge.com

Many people are familiar with the "blue state exodus" over the past several years, but are they aware of the blue city business exodus?

It might be one of the biggest economic stories in modern US history, and Democrats are trying to keep it as quiet as possible. There is a blood letting going on in blue cities; a financial disaster in the making. And, like most financial disasters, it will probably be ignored until the house of cards comes crashing down completely.

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Today, Mamdani is launching his much hyped "wealth tax" with the intention of funding the many socialist programs he promised to implement during his campaign. Sadly for the new Mayor, he is only now starting to realize that the more he taxes successful residents the more they will simply leave.

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Companies including Apollo Management, JP Morgan Chase, ARK Investment, Wells Fargo and Citadel are all establishing primary corporate offices in Texas and Florida with rumors swirling that many other corporations are planning to leave NYC entirely. While Democrats deny this is a threat, the real test will be the wealth tax - Companies have been waiting to see if Mamdani will actually be stupid enough to follow through, and yes, we now know he is.
 
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NYC isn't the only one. Seattle is starting to see an exodus and of course don't forget California.

If Caterpillar, Deere, Boeing, and United were to leave Illinois, that would be devastating for Pritzker. CAT is the largest employer in Peoria whereas Deere is in Moline.

United's HQ is in Chicago.
 

A Federal Housing Handout Has Ended. Foreclosures Will Follow.​

A Biden-era program that prevented distressed borrowers from losing their homes has been rolled back​


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A generous Biden-era subsidy that helped people who fell behind on their mortgage stay in their homes was recently scaled back. A jump in foreclosures is an early sign of the fallout.


The number of U.S. homes with foreclosure filings rose 28% in March compared with a year ago, data from Attom shows. Foreclosures are still below 2019 levels, but probably not for long.

Homeowners with a Federal Housing Administration mortgage who get into financial difficulty can apply for a subsidy, known as a partial claim, to clear any arrears on their mortgage. Some borrowers can also get a loan modification to make their monthly payments more manageable.

During the pandemic, the Department of Housing and Urban Development lifted limits on how many times borrowers could receive these partial claims. The only restriction was that the total claims couldn’t exceed 30% of the outstanding balance on the mortgage.
 
AZ_HighCountry said:
NYC isn't the only one. Seattle is starting to see an exodus and of course don't forget California.

If Caterpillar, Deere, Boeing, and United were to leave Illinois, that would be devastating for Pritzker. CAT is the largest employer in Peoria whereas Deere is in Moline.

United's HQ is in Chicago.
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I'm not sure about the other cities you brought up, but the wealthy have always stuck around in NYC. Rich people leaving New York is just a myth and honestly, it's totally incorrect.

prospect.org

The Myth That Mamdani Will Cause New York City’s Richest to Leave - The American Prospect

Millionaire tax flight would devastate a future Mamdani administration. If the rich leave, how could anything be financed? But research shows that wealthy individuals move at lower rates than others, even in response to higher personal income taxes.
prospect.org prospect.org
 

81 percent of young Americans say economic conditions are bad or terrible: Survey​

Story by Max Rego
• 7h

The survey, conducted April 26-29, found that 55 percent of 546 respondents ages 18-24 said they view the economy as bad, while 29 percent said it was terrible.

As for those in the 25-29 age range, 52 percent of 266 such respondents said the economy was bad. About 3 in 10 respondents said it was terrible, for a combined percentage of 81 percent that view the economy negatively.

 
😂

The gaslighting is just out of this world.

I hope the Repukes get slaughtered at the midterms.

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