New data released by the Bureau of Labor Statistics released this week shows the US economy soaring under President Trump, with worker compensation hitting the highest levels seen since 2008.
According to CNBC, the employment cost index increased by 0.6% in the second quarter of 2018; brining the 12-month rate up to 2.8%; the largest increase seen since before the great recession.
“The employment cost index increased 0.6 percent for civilian workers in the three-month period ending in June, according to a Bureau of Labor Statistics release Tuesday. That brought the 12-month rate up to 2.8 percent, the highest level since 2.9 percent in the third quarter of 2008, amid the financial crisis and the Great Recession,” writes CNBC
“With the labor market tightening, stronger wage pressures should continue to feed through into higher inflation over the rest of this year,” added a senior US economist.
Read the full report here.
ARMAGEDDON 2: House GOP Reveals 2018 Midterm TAX CUT PLAN
Congressional Republicans unveiled their 2018 midterm road map Wednesday, revealing their plans to push a second tax cut to motivate the party’s base and add further fuel to the economy heading into the high-stakes election.
“Days before lawmakers head home for five weeks of summer campaigning before the Nov. 6 congressional elections, House Ways and Means Committee Chairman Kevin Brady rolled out a ‘Tax Reform 2.0’ proposal that would also expand savings opportunities for families and workers while expanding write-offs for start-up businesses,” writes Reuters.
“This is an excellent first step,” said Rep. Brady.
The new proposal could spell disaster for House Minority Leader Nancy Pelosi, who confirmed her party’s plan to repeal the GOP-sponsored tax cuts should they retake control of Congress this fall.
Read the full story here.
ARMAGEDDON AGAIN: Pelosi Says ‘CIVILIZATION AT RISK’ in 2018 Midterms
House Minority Leader Nancy Pelosi doubled-down on her anti-Trump rhetoric this week, saying “civilization as we know it as at risk” should the Republicans continue to lead Congress following the 2018 midterm elections.
Pelosi was speaking with Rolling Stone magazine when she was asked to comment on how the Democrats were prepared to flip districts won by President Trump in 2016; saying “How do you narrow it down?”
“Civilization as we know it today is at risk in this election. We have to win. We have to win. So you can’t spread your money too thinly, because you can run the risk,” said the leading Democrat.
“If the election were today – no question we would win. But you have to be aware of the undercurrents. Because you don’t know what can come along – and what comes along eclipses what you’re doing,” she added.
Pelosi’s comments come as the over-hyped “blue wave” predicted for this November continues to crash and burn, with some polls showing the once double-digit Democrat advantage reduced to just a few points.
Read the full interview at Rolling Stone.