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BILL CRAWFORD — Broken promises, record deficits, and surging debt

Well, if COVID-19 hadn’t come along the “greatest economy ever” would be well on its way to keeping President Donald Trump’s promise to balance the budget and eliminate the national debt. No, budget deficits and the national debt have increased every year since he took office. What? The year before Trump took office in 2016 the deficit was $585 billion ...

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BILL CRAWFORD — When will Mississippi’s economy recover?

As the $3 billion stimulus impact provided by Congress winds down, businesses spend out their Paycheck Protection Program loans, and the extra $600 in weekly unemployment payments ends, is Mississippi’s economy ready to go it alone? Both the president and the congress agree more stimulus money is needed to keep the national economy going, but they cannot agree on how ...

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2nd quarter outlook for 2020 economy in state takes a definite upswing, URC says

By JACK WEATHERLY Mississippi’s economy is responding positively to the loosening of coronavirus pandemic restrictions The outlook issued recently by the University Research Center (URC) of the Mississippi Institutions of Higher Learning calls for the gross domestic product (GDP) to contract 4.1 percent in 2020. The GDP is the total monetary value of goods and services produced. But how is ...

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US consumer spending up 8.2%, partly erasing record plunge

American consumers increased their spending by a record 8.2% in May, partly erasing huge plunges the previous two months, against the backdrop of an economy that’s likely shrinking by its steepest pace on record this quarter. Last month’s rebound in consumer spending followed record spending drops of 6.6% in March and 12.6% in April, when the viral pandemic shuttered businesses, ...

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BILL CRAWFORD — Republicans let Trump spend more than Obama

In December 1985 President Ronald Reagan signed the Gramm-Ruddman Act mandating a balanced federal budget by fiscal year 1991. “The American people expect their elected officials to take action now to reduce the size of government and to set upon a reasonable and equitable course to eliminate federal budget deficits,” the conservative, Republican president said. It took until 2001 and ...

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US retail sales up a record 17.7% in a partial rebound

U.S. retail sales jumped by a record 17.7% from April to May, with spending partially rebounding after the coronavirus had shut down businesses, flattened the economy and paralyzed consumers during the previous two months. The government’s report Tuesday showed that retail sales have retraced some of the record-setting month-to-month plunges of March (8.3%) and April (14.7%) as businesses have increasingly reopened. ...

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Unemployment rate falls to 13.3%, US adds 2.5 million jobs

America’s workers likely suffered another devastating blow in May, with millions more jobs lost to the viral pandemic and an unemployment rate near or even above 20% for the first time since the Great Depression. Economists have forecast that the government will report Friday that employers shed 8.5 million more jobs last month on top of 21.4 million lost in ...

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Expert: Slow economic recovery for Mississippi amid virus

Mississippi can expect a long, slow economic recovery from the shock of job losses and the steep decline in commercial activity tied to the coronavirus pandemic, state economist Darrin Webb told legislators Tuesday. It was basically the same information Webb gave to Ted Carter of the Mississippi Business Journal in an early May interview. » READ MORE: Swift, deep declines ahead ...

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Risk of reopening US economy too fast: A W-shaped recovery

When the coronavirus erupted in the United States, it triggered quarantines, travel curbs and business shutdowns. Many economists predicted a V-shaped journey for the economy: A sharp drop, then a quick bounce-back as the virus faded and the economy regained health. Others envisioned a slower, U-shaped course. Now, as President Donald Trump and many Republicans press to reopen the economy, ...

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Chinese investment in US drops to lowest level since 2009

China’s direct investment in the United States fell last year to its lowest level since the Great Recession, even before the coronavirus pandemic shut down much of global commerce. The decline in Beijing’s investment in the United States reflected tensions between the world’s two biggest economies and Chinese government restrictions on overseas investment. A report out Monday from the National ...

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