1ºChatGPT's answer The US labor market and economy have indeed shown remarkable strength in recent months, with low unemployment rates, steady job growth, and a healthy GDP. However, recent economic indicators suggest that the pace of growth is slowing down.
For example, in December 2021, the US economy added only 199,000 jobs, far below expectations. The unemployment rate remains low at 3.9%, but this may be due in part to workers dropping out of the labor force rather than finding new jobs.
There are a number of factors contributing to the slowdown in the US economy. These include the ongoing COVID-19 pandemic, which has disrupted global supply chains and slowed down economic activity in some sectors. In addition, inflation has been rising, which can dampen consumer spending and business investment. Finally, some experts suggest that the economy may be entering a period of slower growth after a period of rapid expansion.
While the current economic situation may be cause for concern, it is important to remember that the US economy has shown resilience in the face of challenges in the past. With careful management and strategic investments, it is possible to weather this period of uncertainty and continue to build a strong, sustainable economy for the future.
2ºEileen Roy Papas it was remarkably overblown because it was just government spending or wasting and infusing 3 trillion or 4 trillion dollars into the economy that wasn't needed and now the sugar high from that is wearing off and the inflation it caused and the spiking interest rates that resulted from that inflation are kicking people in the teeth and stealing money from their pockets we have massively High food costs 6 to 10% inflation in general 40 to 50% on food and energy and now those spiking interest rates are hurting Car Sales housing sales or at least in the construction industry and Manufacturing keeps getting bad news basically the last 5 months and it's going to continue adding tensions with China and Russia India and Brazil and OPEC and them all wanting to drop the US dollar as a World Trading currency we're looking at some serious issues and Financial downturn big time
3ºRandy Rice , you call yourself an American , yet you rejoice when anything bad happens? Why is that Randy? Never liked Trump but I wanted him to succeed. You know why Randy because that's what real Americans do. That poll proves that there are many people in this country who vote with there pocketbooks . When inflation ebbs ,his numbers will go up because people blame the president for things he has little control over. Check out inflation in other parts of the world. None of that is due to Biden's economy policies. Hate is a terrible thing , it clouds common sense.
4ºFrank Jacobs what a Crock of Schiff. Wasting three or four trillion dollars that wasn't needed to be spent causing a massive demand on an overworked supply chain cause that massive inflation. Corporate profits were simply a matter of supply and demand when the government spends record amounts of money companies are going to profit record amounts and then demands for $15 an hour minimum wage went to push wages up even higher but also caused companies to go to automatic checkouts and more computers and more robotics and the bite Administration can't stop spending Can't Stop screwing things up and can't stop screwing Americans
5ºHow greedy corporations and lax laws are driving inflation – and what we can do about it: Robert Reich
Former United States Labor Secretary Robert Reich published a new video on Tuesday in which he tackles the "real" reasons behind skyrocketing prices and what consumers can potentially do about it.
"Inflation is a cover corporations are using to squeeze more money out of you," he begins. "But as I’ll explain, there are five things we can do to fight back."
Reich's premise is simple. Large corporations, unhindered by effective regulations or impactful competition, are gouging customers while raking in record profits.
That, Reich argues, is purely a result of unbridled greed, and evidenced further by stagnant wages.
"Are they using these record profits to raise their workers’ real wages? No. They’re handing out meager wage increases to attract or keep workers with one hand, but effectively eliminating those wage increases by raising prices with the other," he explains. "Wages grew 5.6 percent over the past year — but prices rose 8.5 percent. That means, adjusted for inflation, workers actually got a 2.9 percent pay cut."
This, he adds, is a "direct upward transfer of wealth from average working people’s wallets into CEOs’ and shareholders’ pockets. Just look: billionaires have become at least $1.7 trillion richer during the pandemic, while CEO pay (based largely on stock values) is now at a record 350 times the typical worker’s pay."
Reich also pours cold water on the Federal Reserve's plan to raise interest rates, calling it a "grave mistake because it doesn’t address corporate concentration and it will slow job and wage growth. The labor market isn’t 'unhealthily tight,' as Fed Chair Jerome Powell claims. Corporations are unhealthily fat."
Reich then offers five common sense solutions that would level the playing field for workers and consumers:
Stronger antitrust laws and breaking up monopolies to increase competition and lower prices
Windfall taxes with revenues being "redistributed" to American taxpayers
Ban corporate stock buybacks
Raising income taxes on corporations and the wealthiest Americans
Strengthening labor unions
"In short, the real problem is not inflation," Reich concludes. "The real problem is the increase in corporate power and the decline in worker power over the past 40 years. Unless we address this growing imbalance, corporations will continue siphoning off the economy’s gains into their CEOs’ and shareholders’ pockets — while everyday Americans get shafted."