The Federal Reserve Board of Governors today released a new report today noting changes in net worth for households and nonprofit organizations.
As a result, the Drudge Report featured, at the page top, the headline “ Households see biggest decline in net worth since the financial crisis... “
According to the Federal Reserve’s Underlying Inflation Gauge, the 12-month inflation growth in January 2019 was at 2.9 percent.
In addition to being a libertarian in political philosophy, I am also a member of the Austrian school of economics.
With the US–China trade war and the Brexit dealings making headlines around the world, debates about international trade are at a high point. Unfortunately, those wishing to turn to the theory of international economics for support and enlightenment on these issues will find themselves disappointed. This field is perhaps the epitome of the much-despised “ivory tower economics,” as it is now severed from the reality of global markets.
Auto loan delinquencies surged in 2018, rising to 2.36 percent, which was the highest rate since the third quarter of 2010.
Bloomberg reports:
More Americans than ever are at least three months behind on their auto loans, a sign that the U.S. economy may have little growth left in the tank.
The outlook for the millennial generation, those who were born in the two decades before the new millennium, are bleak. Student debt is only one of the burdens. There is also the lack of attractive jobs. Even worse are the inclinations toward socialism that comes attractively packaged as more democracy. Yet there is a solution.
This way out is more capitalism. In as much as free capitalism works as an engine of rising productivity, the living standards can rise. Capitalism creates wealth and promotes prosperity.
In our time of rising socialistic rhetoric and indignation against those who have great levels of wealth, we also encounter the idea that the use of wealth for charitable purposes is better for society, perhaps even more moral, than the use of wealth for business development and capital investment.
As candidates begin to put their names in the hat for the presidential race, one candidate is running almost solely on one issue. Andrew Yang, a former lawyer and entrepreneur, wants Universal Basic Income to be implemented for all 18-64 year-olds. His argument for this, per his website, is “a third of all working Americans will lose their job to automation in the next 12 years. Our current policies are not equipped to handle this crisis.”
