China is on the edge of recession — excluding Covid, for the first time since 2008 — as new data showed all-important manufacturing contracted for the fourth month in a row with particular weakness in new orders.
In other words, what they’ve got is a backlog, then it’s a cliff.
Manufacturing makes up a third of China’s economy — much more than the US. The collapse of China’s property — another third of China’s economy — is adding further fuel to the fire.
In recent weeks, both candidate Donald Trump and President Biden—via his staff—have expressed support for the idea of a US sovereign wealth fund (“SWF”). An SWF is simply an investment fund run by a national government. Ostensibly, the goals of such a venture are twofold—to increase the wealth of America and its citizens, and to spur innovation in “critical” areas like infrastructure, technology, and medicine.
According to a recent poll from the Wall Street Journal, many of the policies proposed by Kamala Harris and Donald Trump that economists hate most are very popular with the American public. For example, the plan endorsed by both candidates to eliminate taxes on tips for service workers is favored by nearly 80 percent of the ordinary public. However, only 10 percent of economists support the measure.
