Markets Tank Over Fear Of A Second Trump PresidencyPosted By Rod Kaufman |
Today's economic news, likely largely lost on the minds of Trump voters:Originally Posted by Rod KaufmanHere's Trump's right hand man, Elon Musk, telling all the rest of us of the upcoming economic pain under a Trump presidency:
"Americans will suffer “hardship” as a result of efforts to address the national debt."
"Musk said that he would “balance the budget immediately,” "And if it’s not done, we’ll just go bankrupt.”
That said, "There's no evidence whatsoever the United States is at risk of "going bankrupt."
https://www.msnbc.com/the-reidout/reidout-blog/elon-musk-trump-hardship-austerity-taxes-rcna177732
"Third-quarter US real GDP came in at an annualized rate of 2.8%, driven by a strong consumer. PCE, the Federal Reserve's preferred inflation gauge, reached 2.2% — close to the central bank's target rate of 2%."
"This is excellent on the GDP, particularly when you look at the consumer spending," economist Claudia Sahm told Bloomberg TV. "It's not just one quarter: we have now put together four quarters that are about three percent growth in consumer spending, inflation-adjusted. "
"The labor market also appears strong, as ADP hiring rose by its fastest rate in over a year. The data potentially sets the stage for another big nonfarm payrolls report on Friday, which will help inform the Fed's next move at its November 6-7 policy meeting."
https://markets.businessinsider.com/news/stocks/stock-market-today-indexes-chipmakers-tech-earnings-gdp-fed-rates-2024-10