The credit card giant has some exposure to a weakening economy. Read more…
Category: Economy
TIME (ET) | REPORT | PERIOD | ACTUAL | MEDIAN FORECAST |
PREVIOUS |
---|---|---|---|---|---|
MONDAY, MAY 20 | |||||
8:30 am | Chicago Fed national activity index | April | -0.45 | — | 0.05 |
8:50 am | Raphael Bostic interview | ||||
9:30 am | Patrick Harker speaks | ||||
1:05 pm | Richard Clarida speaks | ||||
7 pm | Jerome Powell speaks | ||||
TUESDAY, MAY 21 | |||||
7:50am | Raphael Bostic speaks | ||||
10 am | Existing home sales | April | 5.35mln | 5.21 mln | |
10:45am | Charles Evans speaks | ||||
12:10pm | Eric Rosengren speaks | ||||
11 pm | James Bullard speaks | ||||
WEDNESDAY, MAY 22 | |||||
10:10am | Raphael Bostic speaks | ||||
2 pm | FOMC minutes | ||||
THURSDAY, MAY 23 | |||||
8:30 am | Weekly jobless claims | 5/18 | 217,000 | 212,000 | |
9:45 am | Markit manufacturing PMI (flash) | May | — | 52.6 | |
9:45 am | Markit services PMI (flash) | May | — | 53.0 | |
10 am | New home sales | April | 670,000 | 692,000 | |
1 pm | Rob Kaplan, Tom Barkin, Mary Daly speak |
||||
FRIDAY, MAY 24 | |||||
8:30 am | Durable goods orders | April | -2.3% | 2.6% | |
8:30 am | Core capital goods orders | April | -0.3% | 1.4% |
TIME (ET) | REPORT | PERIOD | ACTUAL | FORECAST | PREVIOUS |
---|---|---|---|---|---|
MONDAY, MAY 13 | |||||
11 am | Survey of consumer expectations | April | |||
TUESDAY, MAY 14 | |||||
6 am | NFIB small-business index | April | — | 101.8 | |
8:30 am | Import price index | April | — | 0.6% | |
WEDNESDAY, MAY 15 | |||||
8:30 am | Retail sales | April | 0.2% | 1.6% | |
8:30 am | Retail sales ex-autos | April | 0.7% | 1.2% | |
8:30 am | Empire state index | May | — | 10.1 | |
9:15 am | Industrial production | April | -0.1% | -0.1% | |
9.15 am | Capacity utilization | April | 78.6% | 78.8% | |
10 am | Business inventories | March | — | 0.3% | |
10 am | NAHB home builders’ index | May | — | 63 | |
THURSDAY, MAY 16 | |||||
8:30 am | Weekly jobless claims | 5/11 | 215,000 | 228,000 | |
8:30 am | Housing starts | April | 1.205mln | 1.139mln | |
8:30 am | Building permits | April | 1.296mln | 1.288mln | |
8:30 am | Philly Fed manufacturing index | May | 10.1 | 8.5 | |
FRIDAY, MAY 17 | |||||
10 am | Consumer sentiment index | May | 97.0 | 97.2 |
OECD (2019), Under Pressure: The Squeezed Middle Class, OECD Publishing, Paris,https://doi.org/10.1787/689afed1-en.
Read-Only Version:
No, it hasn’t:
Tax Policy Center argues federal revenue declined.
Other skeptics cite surging government deficits and debt.
The brief economic spurt in 2018 was evidence of the law’s failure to help long-term growth.
Yes, it has:
None of the above arguments concludes whether the tax cut was worth its cost.
Comparing expected growth in gross domestic product with growth in publicly held federal debt — before and after the tax cut — is a better measure, according to Edward Conard, an American Enterprise Institute visiting scholar and former Bain Capital partner, writing in The Wall Street Journal. His comparison includes the long-term effect of tax reform on the economy and the federal budget.
The Congressional Budget Office last week published a 10-year forecast.
Unlike a pre-reform projection, the CBO now expects annual GDP that’s $750 billion higher by 2027, the last year of its prior forecast.
“A strong case can be made that tax reform played a predominant role in accelerating GDP growth. While most large economies stagnated last year, a sharp rise in business investment in the U.S. helped drive the economy forward,” Conard writes. “On the other side of the ledger, the CBO predicts the tax cuts will add $1.9 trillion of additional debt in the coming decade, and that the government will pay about $60 billion more in interest each year as a result. So the bottom line says an extra $60 billion a year buys the U.S. $750 billion in annual GDP. That’s a great deal for taxpayers.”
The government may collect more than $120 billion a year in taxes from that extra $750 billion of GDP, more than enough to cover additional interest payments.