Accolades over the last few years about a glowing economy and booming Wall Street always seemed off, and recent economic news is putting these claims under the knife.
For those outside Wall Street, the economy has been ho-hum at best and downright hostile to most. Initial jobs and income numbers are seemingly always being revised downward as new data emerges. Wisconsin farmers continue to take it on the chin. And, the accelerating trend of companies contracting out rather than hiring employees is leading more and more folks to become second-class residents of these companies.
The economy and job growth have not been good for a long time, especially here in mid-western states like Wisconsin. In other words, not only is the bucket empty, but it may have no bottom. As Jake explains:
More than 2 years later, we are back below 26,000. That’s despite all of the corporate tax cuts and stock buybacks that have inflated earnings per share. And now we have slower job growth and GDP growth than we were seeing before the Tax Scam became law.
I think that reality had a lot to do with the market falling apart with today’s rate cut. The Fed’s message wasn’t “We will be OK and get by.” It was “THINGS ARE REALLY MESSED UP AND WE FEEL WE HAVE TO DO SOMETHING BIG!” And now, there isn’t much left that the Fed CAN do.