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  • Yellen says U.S. economy remains solid, on path to 'soft landing' with no meaningful layoffs

    From cnbc.com

    Treasury Secretary Janet Yellen sought to reassure the public on Saturday that the U.S. economy remains strong, despite a string of weak job reports that have rattled investors and weighed on the stock market. “We’re seeing less frenzy in terms of hiring and job openings, but we’re not seeing meaningful layoffs,” Yellen said at the Texas Tribune Festival in Austin. “I’m attentive to downside risk now on the employment side, but what I think we’re seeing, and hope we will continue to see, is a good, solid economy.” Yellen said job growth has slowed compared to the “hiring frenzy” when the U.S. ... (full story)

Intel lays off 15,000 employees. Not meaningful if you're an unelected bureaucrat
Pride always comes before destruction.... -Proverbs 16:18
Quoting Expo33
Intel lays off 15,000 employees. Not meaningful if you're an unelected bureaucrat
Extremely Meaningful for those individuals. Not meaningful for the economy. She is only commenting on the economy and she is correct.
The only way we "know" how to combat inflation is to slow the economy down and create a level of unemployment. The level it is now is not a surprise and not unacceptable, actually its good news when looking at the big picture. You cannot combat inflation without sacrificing jobs. Soft landing is still what it looks like.
its all just one persons opinion....
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She is not correct. What Expo33 said s pointing out is that high paying jobs have reduce by over 1m in past 12 months. This has been offset (in terms of employment data) by an increase in low paying part time work… think about it. Trade balance down, savings down more people taking 2nd and 3rd jobs, household debt +130% of income… where is Yellen correct?
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Furthermore: Come down to the workers, blue-collar, lay people's level and feel the frustration and pain of losing meaningful employment and struggle to feed a family.
Quoting axecap
{quote} Extremely Meaningful for those individuals. Not meaningful for the economy. She is only commenting on the economy and she is correct. The only way we "know" how to combat inflation is to slow the economy down and create a level of unemployment. The level it is now is not a surprise and not unacceptable, actually its good news when looking at the big picture. You cannot combat inflation without sacrificing jobs. Soft landing is still what it looks like.
Agreed. Also, FWIW, I love the"trading from North Korea" location
Soft landing? From what? This has been a mantra of the know-nothing economists for years. (I guess their memory does not extend farther than the inception of Twitter in 2006 so they do not remember Chairman Volker and his effective Federal Funds Rate of 22.38% by which he pared down the 1981 inflation rate of 13.5% to 3.5%.)

Then there are those pundits and journos who have been forecasting recession for years. They will be right some day - whether next year, in five years or in 20 years as our capitalist national economy of free enterprise is by definition cyclical.
when a fool like hellen becomes treasury secretary u are bound to get a hard landing someday
Quoting axecap
{quote}You cannot combat inflation without sacrificing jobs. Soft landing is still what it looks like.
Not entirely true.

Reducing government spending is step 1 in reducing inflation. As Ronald Reagan once said, "government isn't the solution, it's the problem."

As it stands now the governement spends 20% more than it takes in.
Pride always comes before destruction.... -Proverbs 16:18
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Quoting Expo33
{quote} Not entirely true. Reducing government spending is step 1 in reducing inflation. As Ronald Reagan once said, "government isn't the solution, it's the problem." As it stands now the governement spends 20% more than it takes in.
Agreed ! Reducing Gov't spending and increase oil/gas production to lower price of gas . Sit back and watch .
Quoting Expo33
{quote} Not entirely true. Reducing government spending is step 1 in reducing inflation. As Ronald Reagan once said, "government isn't the solution, it's the problem." As it stands now the governement spends 20% more than it takes in.
Of course govt spending is what started this cycle....but you wont reduce govt spending without losing jobs.
Its a bi- product of the actions you have to take. Some jobs were artificially created by the spending spree by govt.
If they started by firing themselves it might improve things....but still will create unemployment
its all just one persons opinion....
Quoting ffghost
{quote} I love the"trading from North Korea" location
its all just one persons opinion....
Quoting Guest
{quote} Agreed ! Reducing Gov't spending and increase oil/gas production to lower price of gas . Sit back and watch .
I agree about reducing spending as long as it's not the social safety net. You might get rid of some corporate welfare though, that amounts to 100 billion.
I would also help if billion dollar companies had to pay at least a minimum rate of 15-20%. As far as Oil we already have set output records and guess what it sells to highest bidder usually out of the country. Remember American capitalism. Top 5 oil companies in the world have made 281 billion in profits since Russia invaded Ukraine. (Exxon, Chevron, Shell, BP and Total Energy).
Quoting rockypoint
{quote} I agree about reducing spending as long as it's not the social safety net. You might get rid of some corporate welfare though, that amounts to 100 billion. I would also help if billion dollar companies had to pay at least a minimum rate of 15-20%. As far as Oil we already have set output records and guess what it sells to highest bidder usually out of the country. Remember American capitalism. Top 5 oil companies in the world have made 281 billion in profits since Russia invaded Ukraine. (Exxon, Chevron, Shell, BP and Total Energy).
This is the American capitalism of the free enterprise, which has guaranteed the highest standard of living ever achieved on Earth to all of us, including the poorest of the poor, for the past more than 200 years.

Take it from me, who lived under a socialist regime of communist eastern Europe for 30 years. And no bleeding heart liberals and "progressive" do-gooders are going to change this.
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