If the historical relationship between labor and PCE holds up, and consumption continues to be the predominant contributor to GDP, we should not expect GDP to regain prior highs until 2025...
"A substantial part of the service sector nevertheless continued to be devastated by social distancing measures... limiting scope for a v-shaped recovery..."
Should the central bank refrain from embarking upon a prescription of tightening, a new type of economy will be born: the anti-productivity economy, comparable to Japan in the 1990s and China today...
The bank, one of the biggest lenders for new and used car purchases in the U.S., sent letters to hundreds of independent auto dealerships last month telling them that the San Francisco-based company was dropping them as a customer.
"Business closures and social distancing measures are expected to curtail consumer spending, while the recent drop in energy prices is projected to severely reduce U.S. investment in the energy sector."
We’re now learning that the hastily rushed through bill and the flood of people applying for benefits left the door open for scammers and identity thieves to tap into the system and falsely claim benefits to the tune of hundreds of millions of dollars.
But not included anywhere in the Constitution was the Federal Reserve... policies have undermined the Congress' primary function, that of compromise in an attempt to balance spending versus taxation...
