"I’ve hesitated to say this at the risk of sounding hyperbolic, but with last week’s big GDP revisions, there is no denying it: This is among the best performing economies in my 35+ years as an economist. Economic growth is rip-roaring, with real GDP up 3% over the past year. Unemployment is low at near 4%, consistent with full employment. Inflation is fast closing in on Fed’s 2% target - grocery prices, rents and gas prices are flat to down over the past more than a year. Households’ financial obligations are light, and set to get lighter with the Fed cutting rates. House prices have never been higher, and most homeowners have more equity in their homes than ever. Corporate profits are robust, and the stock market is hitting a record high on a seemingly daily basis. Of course there are blemishes, as lower-income households are struggling financially, there is a severe shortage of affordable homes, and the government is running large budget deficits. And things could change quickly. There are plenty of threats. But in my time as an economist, the economy has rarely looked better." (our emphasis)
That's a Tweet/Xeet yesterday from Mark Zandi, who you may recognize as the Chief Economist at Moody's Analytics, a major economics research and financial modeling company, assessing the real versus the "feel" economy. So, remember, every time the Malignant Loser's and MAGAt Republicans' lips are moving about the economy, they're lying. Pass it on.
Communities are still in crisis in the aftermath of Helene, but the economic impact will be around long after the flood waters have receded.
The total cost of the damage and economic loss from the storm will be between $145 billion and $160 billion, according to an estimate from forecaster AccuWeather this morning.
AccuWeather had previously put the figure at between $95 billion and $100 million but it increased this due to the "additional, grim damage reports received over the past 48 hours," which it said had made Helene "one of the costliest storms in United States history."
"In particular, the catastrophic flooding disaster in the southern Appalachians including Asheville, North Carolina, and surrounding areas, as well as the widespread storm surge impacts along the populated west coast of Florida, such as Tampa Bay, are significant contributing factors to the estimate," the company said in a press release. [snip]
Both North and South Carolina have been reeling from the impact of Hurricane Helene, since it hit last Thursday and left a trail of devastation, including widespread flooding, in its wake.
NBC affiliate WCNC of Charlotte, North Carolina has partnered with the American Red Cross to gather donations to help those most in need — contributions can be made at this link. More than $7,000 has been raised so far.
WCNC has also partnered with Operation Airdrop, a voluntary group that distributes supplies after natural disasters. The group intends to send much-needed food, drink and practical goods to mountain communities, including via Asheville Regional Airport.
As of this morning, there are 88 known dead across the South, with a third of those deaths in North Carolina alone. Those numbers will certainly go up. Several million are still without power today, with more rain expected in the area, already suffering from what's been called "epic flooding." It's difficult to comprehend the damage done (think of this -- both I-40 and I-26, along with dozens of bridges and secondary roads have collapsed). Please consider going to the link embedded above to contribute to recovery efforts.
At a rally on Sunday in Erie, Pennsylvania, Trump casually seemed to suggest that one day of violence would put an end to crime.
Trump declared that Rep. Mike Kelly (R-Pa.) should be put in charge for “one really violent day.”
“One rough hour. And I mean real rough, the world will get it out and it will end immediately. End immediately. You know, it will end immediately,” he added without sharing any logistics.
The concept mirrors a fictional film series called “The Purge,” in which all crime is legal for 12 hours on a single day of the year. (At least one film in the franchise takes aim at the previous Trump administration, according to USA Today.)
His dangerous remark Sunday came on the heels of his saying that crime is skyrocketing, a false claim that the far right uses to fearmonger. He also echoed the lie that the supposed rise in crime is the fault of migrants.
The twice-impeached former president has a documented pattern of using violent rhetoric and inciting violence — including ahead of the Jan. 6, 2021, Capitol insurrection that led to five deaths after Trump’s loss in the 2020 election.
Recently, he has warned that there would be a “bloodbath” if he loses the election...
The violent rhetoric coming from the Malignant Loser is escalating the closer we get to the election and the more he sees himself losing to Vice President Harris. This is what fascism looks like in 2024 America, and both the government and we citizens need to be prepared for this to play out, whether the Malignant Loser wins or loses, and to respond forcefully. We saw what his incitement to violence led to on January 6, and we can't afford to let this evil buffoon get away with the political equivalent of yelling "fire!" in a crowded theater.
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