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Monday, December 09, 2019 {{ new Date().getDay() }}

We already knew the Tea Party and their Republican members in Congress were willing to play a game of chicken with America’s economy, bringing us to the brink of disaster until a debt ceiling hike was finally agreed to Tuesday. Less obvious but increasingly apparent is that the protracted struggle to avoid default — coupled with the continued talk of a double-dip recession — has left a new dent on consumer sentiment about the economy. Fresh data from the Bureau of Economic Analysis on consumer spending look good at first until we dig deeper:

Personal income increased $18.7 billion, or 0.1 percent, and disposable personal income (DPI) increased $16.3 billion, or 0.1 percent, in June, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $21.9 billion, or 0.2 percent.

Real disposable income increased 0.3 percent in June, in contrast to a decrease of less than 0.1 percent in May.

Personal saving — DPI less personal outlays — was $620.6 billion in June, compared with $581.7 billion in May. Personal saving as a percentage of disposable personal income was 5.4 percent in June, compared with 5.0 percent in May.

Increases in personal income and disposable income are great — but not when consumer spending (PCE) is dropping off at the sharpest level since September 2009. The fact that there is no additional fiscal stimulus on the horizon is unfortunate, as government is an entity that can step in and push things along when consumers grow hesitant.

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Jimmy Kimmel Discuss baby Formula Shortage

Image Via YouTube

Jimmy Kimmel opened by weighing in on the national shortage of baby formula, which has left many parents scrambling for solutions. “I don’t know – I’m sure the ivermectin and bleach people could figure this out for us,” Kimmel quipped. “Just mix you up some Gatorade and some baby powder, throw in some breakfast sausage and it blends it up real good, the baby should be fine."

He made sure to point out, however, the utter hypocrisy of our right-wing Supreme Court majority forcing women to have babies in times of massive economic insecurity. You know, like a freaking shortage of baby formula! But hey, it's all about worshipping the fetus and hating the actual child for these Taliban Republicans.

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