photo courtesy of Tourism Mississippi
Inside this Issue:
- A Fall Stall? Growth Prospects Slow Amid Delta Despair
- Cool Down from the Wind-Down? Stimulus Withdrawal Adds to Risk
- Debt Danger Deepens: U.S. Treasury Headed for Default if Congress Doesn’t Act
- General Dynamics: Building Subs for Uncle Sam
- Social Insecurity: Federal Pension Program Running out of Money
- Health Care Prices: How Much for that Crutch? It’s Complicated.
- Food Prices: What Price for that Rice? It’s Going Up.
- Meeting Weed’s Needs: Financing the Cannabis Sector
- Blow Tech: Breakthroughs in Offshore Wind Power
- Of Bonds and Bondage: A History of Slave-Based Finance
- And This Week’s Featured Place: Golden Triangle, Mississippi, Deep South Success
Quote of the Week
“One of the questions Amtrak is often asked is why the United States does not have faster or more high-speed trains like most European countries in corridors where that would make sense. The answer is simple: money.”
– Amtrak CEO William J. Flynn, addressing a House Committee on Transportation and Infrastructure in May
Autumn has all but arrived. Across the country, schools are back in session. But Covid just won’t go away.
As summer said goodbye, with it went optimism about the economy. The worldwide spread of Covid’s Delta variant, while nowhere near as impactful as earlier waves, is nevertheless causing trouble. We’ll get a better idea of just how much in a few more weeks, when Corporate America starts reporting Q3 results. But already clear is a slowdown in some leisure activities including travel, plus global supply chain disruptions that are getting worse, not better, as key Asian suppliers close factories. Still, there’s a great shortage of everything from chips to ships, with no end in sight.
That means no end in sight to the sharp price inflation that’s bedeviled policymakers throughout 2021. We’ll get the August consumer price index reading on Tuesday, offering new clues on how transitory or persistent the current situation really is. The job market, meanwhile, influenced by Covid’s resurgence, showed highly disappointing numbers for August—just 235,000 new jobs, none of them in the closely watched leisure and hospitality sector. This follows average monthly job gains of 350,000 during the six prior months. Restaurants and bars, in fact, saw 42,000 job losses during August.