Income Tax Day came and went last week without a great deal of fanfare. Most Americans who owed income tax to the government for 2016 either filed their tax returns and paid their bill to Uncle Sam last week, or filed for an extension and paid their estimated tax, as many do each year. Nothing new there.
Big Box retailers and many other popular chain stores – including Sears, JC Penney, Macy’s, Payless, Sports Authority, American Eagle, Radio Shack and many others – are closing their stores at a record pace so far this year.
Over the next couple of weeks, the mainstream media is likely to deluge us with warnings that the government could shut down at the end of this month. According to the Treasury Department, that’s just not true.
One key measure of US economic productivity actually declined in 2016 for the first time since the depths of the Great Recession in 2009. The amount of goods and services produced, versus the total inputs of labor and capital to produce them, declined slightly last year for the first time in seven years.
The mainstream media is intently focused on the fate of President Trump’s Supreme Court nominee Neil Gorsuch. Judge Gorsuch is imminently qualified to serve on the Supreme Court and, if confirmed, he would fill the seat of the late conservative Justice Antonin Scalia.
The mainstream media loves to talk about the so-called “income gap” – the fact that incomes have been rising faster for the rich than the poor in America for decades. Yet new independent reports find that this trend has reversed in recent years.
Today, we’ll take a look at some very interesting data released by the World Bank last month, which shows that the United States still dominates the global economy by a wide margin. The US produces almost one-fourth of all global GDP, and has been at that level or higher for over two generations. This is remarkable.
President Trump promises that his economic plan, if enacted, will result in 3-4% annual GDP growth. Yet I get the feeling most Americans don’t understand Trump’s economic plan. Maybe that’s because the mainstream media has criticized it at every turn, even though similar plans have jump-started the economy in the past – think Ronald Reagan.
We touch on several bases today. We begin with the Heritage Foundation’s annual Economic Freedom Index, which plunged during the eight years of the Obama presidency. From there, we look at some recent economic data which is quite encouraging overall.
A new report from the Congressional Budget Office (CBO) predicts that the US unemployment rate will continue to fall through 2018. The same study predicts that growth in hourly wages will increase significantly this year and next. I’ll give you the details on this uplifting report as we go along today.