New home of @David_Charts. Armchair economist, sci-fi fan, impressed by good data viz. Node in the vast left wing conspiracy. Facts have a liberal bias.
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Finally, the good SCF news was on family income, which adjusted for inflation climbed 7% from 2021-2024 (the income year trails the survey year). At the median, Americans had about 10% more purchasing power in 2024 than 2019 pre-pandemic. 14/END
The Fed released its Survey of Consumer Finances, a great read on how households were doing in 2022-2025. Net worth fell for the lesser educated and younger groups. Those with less wealth got poorer as home prices fell. Download the PDF. 13/
federalreserve.gov/econres/s…
Recent Census data showed the # of uninsured has jumped about 2.3 million through September 2026. This is ACA subsidies ending, Medicaid requalifications, and higher prices. 12/
CBO published its annual report on income inequality. Since 1979, after-tax income share of the top 1% has doubled, while rest fell. The drop in share going to the middle class translates as ~$10,500 per household annually less income. 11/
cbo.gov/publication/62761
The long-term deficit challenge is flat revenue with an aging country. We have to tax the rich to get the revenue line moving. Spending has gone up about 5% per year on average since 1962 and aging and interest expense will ensure that continues. 10/
cbo.gov/publication/62105
How unusual is a 6.2% GDP deficit? Since 1962, there were only 5 fiscal years when the budget deficit was over 7% GDP (pandemic and GR). The 6-7% bucket is also rare, with only 3 instances, mostly since pandemic. High interest rates on a high debt balance is now a big driver. 9/
CBO reported the budget deficit was around $2.0 trillion in FY 2026 which ran Oct 1 '25 to Sept '26. This was up slightly from last year, around 6.2% GDP. 8/
cbo.gov/publication/61985
The real (infl-adj) hourly wage for production & non-supervisory workers* is barely above where Trump started, up 0.4% total. For all workers, it's back to the November 2024 level, erasing ~2 years of gains.
*The bottom 80% and a good proxy for the middle-class. 7/
Turning to household finances, prices of everything are up since Trump started, contrary to his campaign promises. This is directly due to Trump's tariffs and the Iran conflict, which were avoidable errors. 6/
+42% Gas
+8% Electricity
+5.5% Rent
+5.4% Inflation
+3.3% Groceries
People wonder if the employment numbers are faked by the Trump Admin. This is unlikely:
1. They're bad.
2. Wall St. wants true numbers.
3. The ratio of payroll tax collections to jobs is as expected. The former is from the Treasury Dept. It's tougher to fake the cash. 5/
The Household Survey part of the jobs report, where we get the unemployment rate, shows nearly all the key measures are worse than when Trump started:
Labor force: -434,000
# Employed: -679,000
Unemployed: +244,000
Unempl. rate: +0.2%
NILF: +3.3 million 4/
Trump's 2nd term job creation has averaged 39,000 per month, below Biden's any way you slice it and Obama's 2nd term. 3/
Over the past 3 months, healthcare has continued driving employment, but construction (AI/data centers) and manufacturing also have added jobs. Professional, financial & information have lagged, perhaps also due to AI. 2/
🧵Monthly economic update, through the September data. First, job creation was only 29,000 in Sept, with total downward revisions of 60,000 to July and August. The three-month average of 51,000 was unchanged. Historically, average job creation is about 125,000 / month. 1/
Yes, removing the cap and the rich paying a 1% wealth tax* we could have free tuition, SLF, fully-funded Social Security and a lower Medicare age.
*Rather than spending it on election interference
David Doney retweeted
You, and other Republicans, voted to raise taxes and costs on 99% of Americans.
I want every family in Michigan to picture $22,000.
That's a car. A year of groceries. A down payment.
According to the White House's own economists, that's what the socialist agenda would take out of the average worker's pocket EVERY YEAR.
David Doney retweeted
Q: How are you going to lower gas prices?
@JamesTalarico: I've already laid out a plan to suspend the federal gas tax and diesel tax, which would immediately drop the price of gas by 18 cents a gallon for Texans.
But that's a stopgap measure. The only thing that's really going to lower these prices is ending this disastrous war in Iran.
We need checks and balances back in our government. The legislative branch has to reassert its authority — Congress is the one that can and should declare war. We desperately need to restore those checks and balances and check the overreaches of the executive branch.
David Doney retweeted
97 years ago, on Oct 24, 1929, the Great Crash began on Black Thursday.
Wall Street bankers hoped they could instill enough confidence in the markets by buying large blocks of stocks to prevent a major crash, but it only bought some time. Black Monday and Black Tuesday followed.
From Thursday the 24th to Tuesday the 29th, the Dow fell about 25%. With several bear market rallies, the Dow continued to fall until July 8, 1932, when it closed at 41.22. This was a decline of 89% from its peak of 381.17 on Sep 3, 1929.
#OnThisDay
Sources:
federalreservehistory.org/es…
federalreservehistory.org/es…
#OnThisDay in 1929, the Wall Street Crash begins in New York with Black Thursday. It causes a worldwide economic depression.📉🪙 Learn more👉: buff.ly/h3r6qhM (@HistoryHit) #OTD #USHistory
