Average annual earnings would top $150,000 if wages had kept up with productivity over the past 50 years.

That additional value doesn’t just disappear if it isn’t being paid out to the working class. The top 1% of earners have seen their real wages increase by an order of magnitude.

"Not only does SNAP help subsidize Walmart’s poverty wages, but the company then turns around and takes in about a quarter of SNAP funds spent on groceries."
~ Michael Prunka

It is a closed circuit of corporate welfare.
michaelprunka.substack.com/p/billion-do...

I just cant wrap my head around how stupid it is to upend markets with this Powell lawsuit rather than just wait four months for his term to end.

Never mind the fact that Trump can handpick a new Fed chair and still not have the kind of control he seem to want over the Fed.

Early market chatter today is dominated by last night’s Fed news and Chair Powell’s response
Re early price moves:
Stock futures are lower, government bond yields higher (below), gold above $4,600, and the dollar weaker by 0.4%.
The 2s-10s curve, which we should also keep an eye on, is 2 bps steeper

Markets are reacting just as I’d expect in pre-trading to this significant escalation in Trump’s war against Fed independence.

It is obscene to think about the money the Trump administration spend on whatever it’s trying to accomplish in Venezuela.

- $2 million per Tomahawk missile
- $8 million per day per aircraft carrier

All against the backdrop of slashing Medicaid, SNAP, and letting ACA subsidies expire.

When JD Vance says Denmark has done a bad job running Greenland, I find it equal parts funny and sad considering the U.S. is the country that accepts things like medical debt and kids being gunned down in schools as unavoidable realities.

The last thing I need in my life is another social media platform but I have a newsletter to promote so here I am.